My First Million

#31 - The Wild Wild West of Mineral Real Estate

17 snips
Dec 18, 2019
Mike Brown, an ex-military man turned entrepreneur, shares his journey of transforming small mineral rights into a thriving oil and gas business. He discusses finding overlooked opportunities in real estate and the core values of building a fulfilling company with friends and family. His insights on balancing hustle with personal fulfillment offer a fresh perspective on entrepreneurship. Mike highlights the importance of high standards, team accountability, and the significance of community in personal growth, redefining success beyond mere ambition.
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ANECDOTE

Pre-Entrepreneurship Mentorship

  • Mike Brown worked at an oil and gas company before starting his own.
  • This mentorship provided valuable industry knowledge and a "playbook."
INSIGHT

Private Mineral Rights in the US

  • The US uniquely allows private citizens to own mineral rights, unlike most other countries where the government controls them.
  • This system has generated significant private wealth and incentivizes deal-making.
ANECDOTE

First Deal Success

  • Mike's first deal, closing when he had only $2,000 left, became his best deal.
  • Six new wells were drilled on the property immediately after, generating substantial returns.
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