Get Creative with Pace Morby Breaking into Foreclosures: A Starter Guide
Welcome to a new episode of Get Creative, where we delve into the lucrative world of foreclosures in real estate investing. Join us as Michael Franke shares his transformative journey from being a high school teacher to becoming a leading expert in foreclosure deals. This episode not only covers the essentials of getting started in foreclosures but also offers a detailed walkthrough of Michael's first deals, the challenges he faced, and the strategies that led to his success.
Highlights:
"It's easier to get a house 50 cents on the dollar than to teach a kid algebra."
"Real estate opened Pandora's box for me; once you're in, there's no going back."
"The biggest lessons in real estate aren't found in books; they're learned through action and perseverance."
"Every setback in real estate is just setting up for a bigger comeback."
Timestamps:
00:00 - Introduction: Meet Michael Franke, Foreclosure Specialist
02:00 - Why Choose Foreclosures in Real Estate?
04:29 - Michael's Transition from Teaching to Real Estate
07:29 - First Steps and First Deal in Foreclosures
10:11 - Overcoming Challenges and Learning from Mistakes
15:00 - The Turning Point: Gaining Confidence and Scaling Up
20:04 - Key Strategies for Finding Foreclosure Deals
25:40 - Building a Team and Expanding Operations
30:16 - The Impact of Persistence and Hard Work in Real Estate
35:10 - Collaborations and Community in Real Estate Investing
40:12 - Advice for New Investors Starting with Foreclosures
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