Episode 261 - Maui Airbnb to Gilbert Lake House Reverse 1031 — Financial Independence with Mike Neubauer
Description
What if one “smelly” condo became the springboard to financial independence, luxury short-term rentals, and a reverse 1031 into a waterfront Arizona home? In this Invest2FI episode, Craig is with Maui-based investor and former firefighter Mike Neubauer about turning creative strategy into real results. You’ll hear how Mike and his wife Caroline targeted hotel-zoned lockout condos on Maui, bought a $540,000 fixer that “smelled like cat urine,” DIY-renovated on a tight deadline, and optimized pricing to hit ninety-seven percent blended occupancy and 10,000–12,000 monthly revenue.
Mike breaks down the numbers behind a $ 7,000 net cash flow, then explains selling that unit for $ 1.365 million and using a reverse 1031 exchange to acquire and upgrade a $ 1.0 million lakefront home in Gilbert, Arizona, with a $ 400,000 remodel. What’s for you? A repeatable playbook for markets, zoning, lockouts, pricing levers, and exchanges you can apply now.
PODCAST HIGHLIGHTS:
[04:32 ] Mike’s background in photography and graphic design
[05:56 ] Earning his first passive income through Amazon book royalties.
[06:42 ] A firefighter mentor in Maui introduces him to short-term rentals.
[07:15 ] Mike reflects on the fire tragedy and retiring before 2021.
[08:53 ] He discusses building an ADU to house hack their first property.
[10:58 ] Strategy focused on Maui lockout condos with hotel zoning advantage.
[13:45 ] He details buying a $540k condo and budgeting $40k renovation.
[15:29 ] Handyman backed out, forcing Mike to learn DIY via YouTube.
[22:41 ] Occupancy soared to 97%, generating $10–12k in monthly revenue.
[23:19 ] Net profits hit $6–7k monthly after all operating expenses.
[25:08 ] They sold the Maui condo for $1.365M, using reverse 1031.
[26:42 ] Invested $1M in Gilbert lake house, adding $400k renovations.
[36:36 ] A preview of a 20-unit glamping development near Zion National Park.
[40:49 ] Mike emphasizes picking syndicators carefully, investing in operators not assets.
[42:42 ] His future plans include Coeur d’Alene living, Caroline’s Maui realtor expansion.
[52:05 ] Advice to invest early, network hard, and stay consistent.
HOST
Craig Curelop
📸 Instagram: https://www.instagram.com/thefiguy
📘 Book: https://store.biggerpockets.com/products/the-house-hacking-strategy
🏘️ Buy Real Estate: https://bit.ly/3V3QDze
GUEST
Mike Neubauer
📸 Instagram: https://www.instagram.com/mikeyneu/?hl=en
🎙️Podcast: https://ourfamilyinvests.com/
📱Facebook: https://www.facebook.com/michael.maui/
United States
