From Laid Off to Financial Independence Through Real Estate with Mike Deaton
What does it mean to be truly financially free? In this episode, we’re exploring how Mike Deaton went from being laid off to achieving financial freedom through real estate investing. He and his wife studied real estate investing in their newfound free time. They were committed to downsizing their lifestyle and had replaced their previous income with passive income from their investments within one year. He also discusses how they could qualify as real estate professionals, which allowed them to take advantage of tax deductions. He’ll share the strategies for investing in multi-family properties, how to assess your personality, resources, and situation when investing in real estate, the importance of fear setting, and more. Join us as we explore Mike’s inspiring story of achieving financial freedom through real estate investing.
[00:01 – 08:04] Opening Segment
- How Mike and his wife committed to real estate investing and achieved financial independence
- Diversifying into commercial real estate, primarily multi-family investments
[08:05 – 12:28] From Unemployed to Financially Free: A Journey of Reinvention and Cash Flow Generation Through Real Estate Investing
- Mike in a program and found a coach to help with the journey
- Set conditions for success, but adjusted as the business model became successful
[12:29 – 25:11] Exploring Passive Investing and Multi-Family Real Estate to Create a Passive Income Stream
- Investing $5,000 in property and selling it for $25,000 can yield high returns
- Owner financing is often used when selling properties
- Fear setting can be used to explore worst-case scenarios
- Multi-family properties are a good asset class due to the housing gap
- Syndication models can be used to purchase more significant properties
[25:12 – 30:18] Closing Segment
- Mike’s best investment: the land business
- Mike’s worst investment: being an angel investor in a tech startup back in 2010
- Most important lesson: do it with your eyes open
Quotes:
“If you find a community that’s doing what you want to do, you will accelerate your learning.” – Mike Deaton
“The most important aspect of doing your due diligence is on the people that are involved in the deal.” – Mike Deaton
“Success leaves clues.” – Mike Deaton
Connect with Mike!
Website. www.FlippingDirt.us
Invest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/
Participate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your terms.
Join our Passive Investor Club to access passive commercial real estate investment opportunities.
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About our Guest
Mike Deaton
Mike is a successful real estate investor, experienced Supply Chain executive, coach and entrepreneur. He has over 30 years experience running international Supply Chain organizations in Fortune 50 companies and has successfully transitioned into business entrepreneurship, owning and operating 3 successful companies with his wife Ligia.
Mike’s experience in leadership, operations and coaching gives him a unique perspective and the sharpened skillsets necessary for finding, analyzing, and executing on superior investments. Understanding macro-level market forces; building outstanding, high-performance teams; and translating those resources into sharp execution yield superior results.
Mike believes the true joy in life comes from giving back and as such, he finds purpose in providing as much value to others as he can. He loves nature and finds ways to spend as much time outdoors – hiking, trail running and simply appreciating the beauty of life as he can.
