Why Flippers Fail to Scale and How to Fix It with Mike Simmons
Mike Simmons, a real estate investor, and author of the book Level Jumping, has shared the stage with some of the greats like Gary V. Has made over $1 million in profits in 12 months! He knew he wanted to invest in 2003, and bought his first flip in 2008….why did it take so long? Like a lot of people starting out Mike was afraid to tell his spouse because of the difficult conversation. It wasn’t until he finally decided he was tired of allowing fear to be his excuse that he dove in.
[00:01 – 08:36] Opening Segment
- Mike Simmons was born in a solid blue-collar kind of an environment
- He shares how he found his way into real estate
- Mike interviewed Gino Wickman, author of Traction, on his podcast
[08:37 – 25:35] Why Flippers Fail to Scale and How to Fix It
- How to Turn Flipping into a Business and Not Just a Second Job
- Get a mentor and learn from people whose point you’d want to be in
- Know your numbers and understand future cash flows
- Hire people to increase your productivity
- The Reality of Company Culture
[25:36 – 29:26] Rapid-Fire Tips for Flippers
- Why You Shouldn’t Just Jump into Business
- The cost of creating a company culture is zero
- Mike summarizes how to keep scaling your flipping business
[29:27 – 35:11] Closing Segment
- Quick break for our sponsors
- The first step to growing your wealth is tracking your wealth, income spending and everything else about your finances, you can start tracking your wealth for free and get six free months of wealth advisor. Learn more about Personal Capital at escapingwallstreet.com
- What is the best investment you’ve ever made other than your education?
- His first deal
- Mike’s worst investment
- A property under contract where he lost six figures
- What is the most important lesson you’ve learned in business and investing?
Connect with Mike Simmons on Just Start Real Estate podcast or https://www.mikesimmons.com.
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Tweetable Quotes:
“Sometimes you could be born an entrepreneur, but because the proverbial piano has never been put in front of you, as a prodigy, you didn’t know you could play.” – Mike Simmons
“The vast majority who are house flippers are not doing a great job of creating a business. They create very, very, big scale jobs for themselves.” – Mike Simmons
“The minute you start hiring and bringing on people, company culture means a lot, a whole lot.” – Mike Simmons
About our Guest
Mike Simmons
Mike Simmons, a real estate investor, and author of the book Level Jumping, has shared the stage with some of the greats like Gary V. Has made over $1 million in profits in 12 months!! He knew he wanted to invest in 2003, and bought his first flip in 2008….why did it take so long? Like a lot of people starting out Mike was afraid to tell his spouse because of the difficult conversation. It wasn’t until he finally decided he was tired of allowing fear to be his excuse that he dove in.
