S3 E20 Mike De Haan -- Real Estate Systems

Summary

The conversation begins with a discussion about Mike's VR headset. They then talk about VR mini golf and Mike's gaming routine. The conversation shifts to Mike's real estate losses and his experience with a business coach. They discuss the benefits of hiring a coach and implementing systems and SOPs. They also touch on the DISC assessment and personality types. The conversation concludes with a discussion about Mike's wholesale business and his partnership model, as well as his plans to expand to new markets. The conversation covers topics such as expanding to different markets, standard operating procedures, the real estate market and realtors, investing in Japan, investing in foreign countries, and opinions on Pace Morby. In this conversation, Mike DeHaan discusses his experience with investor grade loans and due-on-sale clauses. He shares a recent incident where a lender called a loan due after discovering a change in title. Mike explains his approach to dealing with loan defaults and finding alternative financing options. The conversation also delves into the ethical considerations of wholesaling and off-market real estate. Mike emphasizes the importance of transparency and ensuring that sellers are in a better position after the transaction. The episode concludes with information on how to connect with Mike DeHaan.

Takeaways

Expanding to different markets requires a collaborative team effort.
Standard operating procedures are essential for scaling a business.
The real estate market and realtors should be approached with caution and a focus on responsible financial decisions.
Investing in foreign countries requires local knowledge and understanding of cultural differences.
Opinions on Pace Morby and his teachings vary, with some expressing concerns about unethical practices. Investor grade loans face more due diligence than Fannie Freddie loans and may have stricter loan agreements.
Lenders can exercise the due-on-sale clause and call a loan due if they discover a change in title or ownership.
When faced with a loan default, it is important to explore alternative financing options and be open with lenders.
Wholesaling and off-market real estate can be ethical if there is transparency and a focus on creating win-win situations.

Chapters

00:00 Introduction and VR Headset
01:15 Discussion about VR Mini Golf
02:40 Mike's VR Gaming Routine
03:41 Mike's Real Estate Losses
08:24 Mike's Experience with a Business Coach
10:53 Benefits of Hiring a Coach
12:42 Implementing Systems and SOPs
15:26 DISC Assessment and Personality Types
20:45 Lessons from the Mastermind Retreat
28:51 Mike's Wholesale Business and Partnership Model
33:10 Expanding to New Markets
34:39 Expanding to Different Markets
37:22 Standard Operating Procedures
40:47 The Real Estate Market and Realtors
52:37 Investing in Japan
57:29 Investing in Foreign Countries
01:00:17 Opinions on Pace Morby
01:09:22 Investor Grade Loans and Due-on-Sale Clauses
01:10:27 Dealing with Loan Defaults
01:11:17 Ethics in Wholesaling and Off-Market Real Estate
01:12:31 Creating Win-Win Situations
01:13:23 Connect with Mike DeHaan