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

Zen and the Art of Real Estate Investing

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 sellers
• Why waiting can be detrimental for an investor
• The competition between homebuyers and investors
• Mike Schumm’s advice to continuously evaluate deals
• The benefits of being a hyper-local expert
• Falling in love with the idea of identifying and continually evaluating to grab a deal when it pops up
• Great investors have incredible vision
• The strategy of living in a home for a while and then flipping it for profit while identifying what buyers are looking for
• How 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 soon
• The difficulties of taking breaks from real estate and staying on top of your market
• The one thing all successful investors have in common
• The importance of remaining emotionally detached from houses
• Why moving quickly can turn off potential sellers
• Some of Mike’s strategies for offering time to sellers while creating a great deal for himself
• When to seek out a mentor or coach
• Staying motivated when your life isn’t running on all cylinders
• What makes someone a great coach
• Why hitting the “easy button” doesn’t lead to success
• Having a willingness to try something new and fail
• Mike’s ability to use what he learns anywhere and apply it to real estate
• The power of knowledge in a deal

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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 - [e-mail]

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.