• 152: How to Avoid the Cost of Waiting as a Real Estate Investor with Mike Schumm

  • Jul 4 2024
  • Duración: 1 h y 14 m
  • Podcast

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152: How to Avoid the Cost of Waiting as a Real Estate Investor with Mike Schumm

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  • While today’s culture wants instant gratification, patience and the ability to wait can lead to rewarding dividends. On this episode of Zen and the Art of Real Estate Investing, Jonathan sits down with his coach, Mike Schumm. Mike is a real estate investor and coach with over 35 years of experience. He is the co-founder of Profytz Coaching, an on-market coaching company. Mike has been Jonathan’s coach for more than five years. As Jonathan and Mike start their conversation, they discuss real estate uncertainty, how it impacts buyers and sellers, and why waiting to purchase can harm investors. They also explain the competition between homebuyers and investors, how to evaluate deals, and the benefits of being a hyper-local expert. Jonathan and Mike delve into the vision great investors have, a strategy they’ve both used as investors, and how the lack of inventory is impacting the market. They explore the difficulties of taking breaks from your investing career, the one thing all successful investors have in common, and why you must remain emotionally detached from real estate purchases. You’ll also hear why offering sellers time and patience can avoid turning them off, Mike’s advice for when to seek out a mentor or coach, and what makes someone a great coach. Finally, Jonathan and Mike cover the importance of avoiding the “easy button,” being willing to try something new and fail, and the power knowledge can give you in a deal. Patience can be a secret weapon for real estate investors, and Mike Schumm reveals some ways to use it to your advantage. In this episode, you will hear: The uncertainty surrounding real estate right now and how it impacts buyers and sellersWhy waiting can be detrimental for an investorThe competition between homebuyers and investorsMike Schumm’s advice to continuously evaluate dealsThe benefits of being a hyper-local expertFalling in love with the idea of identifying and continually evaluating to grab a deal when it pops upGreat investors have incredible visionThe strategy of living in a home for a while and then flipping it for profit while identifying what buyers are looking forHow lack of inventory and investors are impacting the market as a whole, and why Mike doesn’t see inventory levels becoming a buyer’s market anytime soonThe difficulties of taking breaks from real estate and staying on top of your marketThe one thing all successful investors have in commonThe importance of remaining emotionally detached from housesWhy moving quickly can turn off potential sellersSome of Mike’s strategies for offering time to sellers while creating a great deal for himselfWhen to seek out a mentor or coachStaying motivated when your life isn’t running on all cylindersWhat makes someone a great coachWhy hitting the “easy button” doesn’t lead to successHaving a willingness to try something new and failMike’s ability to use what he learns anywhere and apply it to real estateThe power of knowledge in a deal Follow and Review: We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. If you enjoyed this episode, we've created a PDF that has all of the key information for you from the episode. Just go to the episode page at https://zenandtheartofrealestateinvesting.com/podcast/152/ to download it. Supporting Resources: Profytz Coaching website - profytz.com Find Mike Schumm on Facebook - www.facebook.com/mike.schumm Connect with Mike on Instagram - www.instagram.com/mikeschumm_ Website - www.streamlined.properties YouTube - www.youtube.com/c/JonathanGreeneRE/videos Instagram - www.instagram.com/trustgreene Instagram - www.instagram.com/streamlinedproperties TikTok - www.tiktok.com/@trustgreene Zillow - https://www.zillow.com/profile/StreamlinedReal Bigger Pockets - www.biggerpockets.com/users/TrustGreene Facebook - www.facebook.com/streamlinedproperties Email - info@streamlined.properties Episode Credits If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.
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