RE Veteran Teaches Keys to Long Term Real Estate Success & Surviving Recessions with Michael Carr
In this episode, Michael Carr shares lessons from the Great Recession. He talks about repositioning, reselling, and auctioning off properties being repossessed, as well as key lessons to building and preserving wealth during rocky times.
[00:01 – 07:37] Opening Segment
- Michael shares about his background and what he does in real estate
- Michael got his start in real estate investing in 1994 when he couldn’t get a bank to lend him money
- Getting a $10,000 unsecured line of credit and bought his first house for $73,000
[07:38 – 15:21] Lessons From the Great Recession
- Many people were smart in the way they were buying houses by purchasing them lower than their value
- Have reserves to prepare for short-term turmoil
- Don’t go over 50% loan to value ratio
- Get a line of credit to cover unseen expenses
[15:22 – 21:27] Identifying Long-Term Value Opportunities in Declining Markets
- Look for markets with long-term potential and growth opportunities
- Consider buying properties that have a personal connection
- Selling off rental residential property for developable properties
[23:53- 29:50] 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?
- Buying multiple mobile home units in 2013
- Michael Carr’s worst investments
- A town home he bought 30 years ago
- What is the most important lesson you’ve learned in business and investing?
- Buy with a purpose
Connect with Michael Carr:
Website: https://michaelcarrrealty.com/
Invest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/
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Tweetable Quotes:
“Don’t over analyze, but be sure you’ve got your bases covered.” – Michael Carr
About our Guest
Michael Carr
He has been an auctioneer since 1991 and has sold billions of dollars in auto, heavy equipment, land, commercial and residential properties. Since becoming a licensed real estate agent in 1994, Michael has been actively involved in the sale of over 78,000 homes and licensed in as many as 27 states in the continental U.S. as a broker and an auctioneer. Overall, he has conducted over 6,500 auctions throughout the last 25 years.
Michael Carr is a former Senior Vice President of Brokerage for Auction.com and personally conducted over 2,000 auctions during his tenure there. He recently resigned from that post in order to continue to expand his own companies, focusing on a more customer service oriented direction.
Michael Carr & Associates, Inc. was founded in 2000 and serves as the umbrella corporation for his auctioneer practice and real estate company. He currently spends part of his week traveling to consult investors or conduct auctions, while balancing the rest of his time at his Jefferson, Georgia headquarters.
Michael Carr recently co-authored a marketing and personal branding book called BrandFace® for Real Estate Professionals (Be the Face of Your Business & a Star in Your Industry), and is currently scheduling a book and speaking tour. See www.BrandFaceRealEstate.com for more information. He is available for interviews and appearances on the subjects of real estate investment, real estate management, real estate marketing and auctions.
