The Multifamily Wealth Podcast #66: Spending $20k on Marketing Before Getting a Deal, Hiring The Right People, and Finding Off-Market Deals with Mike Dehaan
This week’s episode with Mike Dehaan is all about finding off-market deals - how to start marketing, how to build infrastructure to scale your business, and how to develop an ironclad mindset that won’t have you abandoning your marketing because you aren’t closing deals immediately.
Mike and I discuss how he was able to leave his job, develop a marketing plan, and what he did to scale his business in a short timeframe. Mike started in the real estate business similar to a lot of folks… he bought a few deals, and realized there was a lot of potential in this business, but ran out of cash quickly. He then realized that if he wanted to quickly build a portfolio, he needed to start finding discounted, off-market deals.
We spend a ton of time in this episode discussing finding deals off-market as well as the mindset required to start looking for deals direct to seller. We also discuss in detail direct mail, the value of masterminds, paying for education, and how to work with partners. Mike does a lot of his deals with partners, and he shares how to find the right partners for you to work with and the key elements of a great partnership. We also touch on how you can leverage someone’s time by hiring and bringing people to your team. This is a great episode for those looking to scale their business by finding great deals off-market!
Struggling to find good multifamily deals? Looking to close deals with less of your own money? Want to operate like the pros and maximize the cash flow of your assets? Join The Multifamily Wealth Community, where we help multifamily investors start, build, and scale their businesses… specifically, those looking to grow from 1-10 units to 250+ units.
Are you looking to invest in real estate but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners partners with passive investors looking for the returns, stability, and tax benefits investing in real estate offers, but not the work - join our investor club to be notified of future investment opportunities.
Show Notes:
3:23 Mike shares his background, how he got into real estate, and what his business looks like today.
7:37 Mike talks about how he started finding deals off-market and how he quickly scaled his business.
12:30 Mike shares how he sets himself apart from other investors that are looking to use similar marketing strategies.
17:02 We discuss the mindset needed to start marketing for off-market deals before you even get started.
22:08 Mike talks about partnerships and how he structures his partnerships. He also gives tips to those that want to invest with a partner.
30:05 We discuss the hiring process as it relates to delegating and scaling your business.
37:57 Mike shares a piece of advice he would give himself before starting his real estate career.
39:37 Mike talks about one skill/trait that he attributes his success to.
40:47 Mike shares the best decision he has made in his real estate career thus far.
41:52 Mike discusses his short-term goals for his business over the next 6-12 months.
CONNECT WITH MIKE
https://www.instagram.com/mike_invests/?hl=en
Podcast - https://podcasts.apple.com/us/podcast/collecting-keys-real-estate-investing-podcast/id1590409613
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