Ritter on Real Estate Overcoming Big Mistakes with Mike Morawski
Mike Morawksi’s journey in the real estate industry, and in life in general, hasn’t always been smooth sailing but it has certainly been colorful and full of great successes to make up for the low points. Everybody makes mistakes, but some are bigger than others; the mistakes that Mike made during the 2008 financial crisis led to him being sentenced to 10 years in federal prison. But we are not defined by our failures, we are defined by how we get back up from them. Mike took a situation that could have ruined his life and turned it into something that he is extremely proud of. In today’s episode, Mike candidly shares his mistakes and what he learned from them, as well as his numerous achievements and how they have shaped his life. One of these is the book he has written, Exit Plan, which is freely available as an Ebook, and is well worth a read. Mike has a wealth of knowledge, experience, and advice which will be extremely valuable to anyone in the real estate industry so don’t miss out on this one!
Key Points From This Episode:
- The moment Mike decided he needed to change his life and what made him decide to pursue a career in real estate.
- Mike’s journey from house-hacker to coach, and everything in between.
- How Mike quickly scaled up from his first 11-unit deal.
- Decisions Mike made that led to him being sentenced to 10 years in federal prison.
- Words of wisdom from a man Mike met in prison, which turned his life around.
- The numerous achievements that define the majority of Mike’s time in prison.
- Why Mike decided to enter the coaching and training space when he left prison.
- What Mike loves about the multifamily real estate space.
- Advice for anyone in working in real estate who has not had to deal with a financial crisis yet.
- Mike explains why it is essential to have an exit plan (which is also the name of his book) and the different types of exit plans that exist.
- An example of one of Mike’s exit plans that he used in 2008.
- The “sweet spot” and suggestions for what you should be doing when you get to that point.
- What Mike is most proud of and the quality that has helped him get to where he is today.
- Book recommendations from Mike, and how you can get in touch with him.
Links Mentioned in Today’s Episode:
My Core Intentions on Instagram
My Core Intentions on Facebook
The 7 Habits of Highly Effective People by Stephen Covey
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Production by Outlier Audio