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EP.3 The Lifestyle & Freedom Creative Financing Provides, with Michael Thompson

The Lifestyle & Freedom Creative Financing Provides, with Michael Thompson

 

In this episode, our guest is Michael Thompson.  Michael is a journeyman real estate investor since getting his real estate license in 2014.  He started out in retail real estate, managing properties for mom and pop landlords. While slowly growing that business he was learning how to purchase off market real estate.  By 2018 he grew his property management company to 150 doors.  After selling his property management company in early 2019 he decided to solely focus on buying off market real estate.  He lives in southern Indiana with his wife and two children.

 

But Michael wasn’t always a real estate investor. He had a W2 right out of college. Listen in to learn how he was able to bust out, allowing him to afford the lifestyle he desires!

 

Background on Michael Thompson

[01:11]

Michael is a husband and father of two and lives in southern Indiana. He has been a real estate investor since 2014.

 

Michael's favorite investment strategy

[02:13]

Michael prefers buying creatively as this strategy has made him lots of money. This strategy involves buying property from sellers subject to their mortgages, and he takes ownership of the property and continues to pay the mortgage.

 

W2 job before diving into real estate

[06:00]

After completing college, Michael realized he had to pay student loans and pursue his MBA. He started his W2 job, but he was not making enough money. He acquired vending machines, and quickly realized the power of earning passive income. However, the location he picked for vending machines was not making him more money. After completing the MBA, he thought about real estate.

 

Getting into real estate

[10:13]

He got his real estate license in 2014 and started managing rental properties. This was an eye-opener as he realized he could manage other people’s property. He had to balance between taking care of kids when his wife was at work and working his two jobs. 

 

Leaving the W2 Job

[15:36]

Michael decided to leave the athletic training job and focus on real estate, and his wife supported his decision.  At the time, he managed 50 units by himself, decided to start buying properties, and started managing more units in 2015. 

 

What entrepreneurship provides

[25:07]

Michael got the chance to learn about creative real estate, and it helped change his mind to a greater extent. He could gain traction and buy more properties, making more money. 

 

He is now able to manage time and also work from home. Being an entrepreneur gives clarity to him on the kind of life he wants.

 

Be the owner

[30:14] 

Bring other people to work for you. You don't have to do things you don't like. Instead, learn to outsource tasks to other like-minded people and only focus on managing your life.

 

Real estate journey

[31:31]

Michael talks about imperfect action. You don’t have to be perfect, just take action and that will move the needle in your life.

 

Take some type of action daily

[33:42]

You are not going to feel motivated every day. When Michael does not have a good day, he gets to do something physical like work out to balance back lifestyle. Even business people get burned too.

 

Michaels recommended books

[34:41]

Michael recommends: Rich Dad Poor Dad by Robert Kiyosaki, which changed his perception of money. Moreover, he recommends Asset Protection by Clint Coons, which got him thinking about trusts, and Think Again by Adam Grant.

 

Connect with Michael:

 

 

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