On this episode of Secrets to Real Estate Investing host Holly is joined by Mike Hambright. Mike is the founder of Flip Nerd; he knows all about flipping, land lording and wholesaling. Mike is a real estate investor who primarily invests in Dallas, Texas. Mike has been investing for about 8 years and before his real estate journey Mike and his wife were part of the corporate world. Mike and his wife started this journey and Mike says that they ramped up really fast buying hundreds of houses and rehabbing them. Mike and his wife also started Flip Nerd in addition to their real estate investing. Mike says that now when people ask him what he does that the answer is getting longer because he finds himself wearing many hats. Mike says that the basis for his success is networking and this has helped him to see what else is out in the world of real estate and he enjoys sharing that with other people. Mike also uses his website and his networking to help educate other people on real estate investing. Holly and Mike agree that you don’t know what you don’t know when it comes to real estate because there are so many niches in the business. Mike adds that although it is a varied field there is a basic fundamental of wanting to add value to your houses and to the relationships that you meet along the way.
Holly asks Mike to share how he has built his network and why his network is so important to him. Mike shares that even before real estate investing he was always the guy that would coordinate happy hours or other get togethers with friends and colleagues. Mike prides himself on being the person that brings people together and he says that he really loves it and he has used the love for entertaining to help build his network in real estate. Mike mentions that he is a huge believer in real estate clubs and says that he went from attending the clubs to becoming a sponsor of a real estate club so that he could meet new investors. Mike was once part of a large club that only had meetings once a month and he began to ask himself what was he to do with the rest of the month? Because of that he would have rehab seminars and he would invite a bunch of people to the house so that they could see the progress of the project. Attendees would visit the property 3 times during the rehab so that they could see the transformation and also a allow people to get engaged in a real life project. These live rehabs made their way onto the internet and shortly after they started the podcast to share with even more people. Holly says that she also remembers asking people from her club to come out and check out the rehab that she was working on. Holly says that it was so much fun and it allowed for the people who attended to share knowledge with each other because no matter how long anyone has been in this business no one knows every facet of the business.
Holly and Mike discuss how real estate clubs are very beneficial and they are a great way to get a low-cost education as well as a great way to meet new people and find out what they are interested in, what they are doing, and what their level of experience is. \
Holly asks Mike how networking has helped him to buy houses. Mike initially started going to clubs and networking to meet other people but over time networking has evolved and has allowed him to meet people who can connect him to deals. Mike says that if you continue to go to meetings and continue to talk to people and build your business and network you will begin to build a reputation and people will start to remember you and they might call you up one day and have a deal that they think you are a great fit for. Although it may sounds negative it isn’t meant to be Mike says that you need to go to a club meeting with an agenda; you need to know what you are looking for and who you want to meet. Mike says to view the meetings as a way of planting seeds because you never know when it’s going to come back to you. Holly agrees because she had a similar experience that someone she met a while back called her up with a deal she thought Holly might be interested in. While Holly wasn’t interested in the deal it was the seed that she planted with this individual that made her call Holly.
Mike says that when you become a real estate investor even though you become increasingly busy it can become lonely which is why you need to network because it helps you to stay grounded and engaged in the community. Holly mentions that when she is networking she likes to let people that she meets know that if they help connect her with a deal or someone who has a deal that she offers them compensation and that has helped her a lot and it shows the people she is networking with that she isn’t just thinking about herself she wants to share the wealth and the good information with her network.
Holly asks Mike if he has any advice for those who are new to networking Mike advises listeners to go to an event and get out of your comfort zone and ask some questions and meet some people. While real estate clubs can be overwhelming remember that it isn’t about shaking everyone’s hand and filling your cards with pockets. Make sure to keep your conversations and connection quality because in the long run that will be more beneficial. Holly agrees and says that networking should be about quality and not quantity. Mike says that the most important part of networking is the followup; whether it is monthly or quarterly to help keep growing your relationship and to keep your conversations fresh in their minds. Holly says that she will reach out to people that she met to tell them about books that she read, or swapping educational information; something to keep the relationship active.
If you are interested in getting in touch with Mike and find out more about what he is doing you can check out his website www.FlipNerd.com - his website offers educational information and also allows you to connect with other like minded people in the real estate world.