YFTC 017 | The Homeless Millionaire

17: Mike Wolf is The Homeless Millionaire

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Mike Wolf is a serial entrepreneur best known for his real estate investing. He’s been investing for 25 years and now teaches others how to create a lifestyle of freedom through passive income both from real estate and also in their businesses.

How about if I were to introduce you to a homeless millionaire? A guy who’s a multimillionaire, who lives in Marriotts and Hiltons, travels the world, owns 200 properties, 200 single-family homes and even started with the first one buying it with no money at all. On top of that, he’s here to share his secrets with us.

Mike Wolf is The Homeless Millionaire

Mike Wolf, great to have you on the show.

It’s so good to be here. Thanks for the invite.

What city are you in right now, Mike?

This is one of the rare occasions where I’m in my hometown of Calgary, but days ago I was in Vienna, then I’ll be in Fiji and then New Zealand. That’s more par for the course. I’m not usually here.

Unfortunately, you’re not a photographer because if it were me, I would be making a gazillion pictures every place I went.

I’ve seen your pictures. They’re phenomenal. I love your pictures. I want to be a photographer, but I have no skill.

What we’re here to do is we’re here to serve our audience who are entrepreneurs building their businesses. My job and my mission in life is to bring guys like you directly into their car, into their headsets and have you share usable tips that they can take and make money with. The way we’re going to do that is I’m going to ask you to go back in time and dig deep and tell me about what it was like before you had $1 million, before you had any money at all, and you were about to buy your first property because that’s what you did. Am I right?

Yeah. The interesting thing is I can honestly tell you that I’ve practiced gratitude. Even when I had no money, I was still a pretty happy guy. When I was going to university and I was a starving university student, I definitely didn’t have the lifestyle that I have today. I always was happy for wherever I happened to be at, whatever level I was at in life. If we go way back in time, back to those university days, for example, the biggest difference between then and now is then, I was living my parents’ dream. I didn’t know what I wanted to be when I grew up. I still don’t know what I want to be when I grow up, but they wanted me to be a lawyer. By default, I decided, “Because I don’t know what I want to do, I’ll go get a law degree.” I went to University of Calgary and got my first degree. I managed to rack up a whole bunch of student loans, and decided, “I’m going to pay these things off before I go get my second degree.” I got a job at the phone company because it was a government and union job so it paid well.

While I was there, I said, “I’m actually starting to make, by those standards, not bad money,” so I decided to buy my first home. The only problem was I was making decent money and I had good credit, but I had no down payment. One of the things I teach my students these days is that if you don’t have resources, you’ve got to become resourceful. What I did is I took out a line of credit and the banks want to see your down payment in your bank for 90 days, so I cut myself a check from a line of credit and let it sit there. I made some payments on it. 90 days later, I applied for a mortgage, got it and that’s how I got into my very first property. At that time, I wasn’t planning on being a real estate investor. It wasn’t even slightly on my radar, but what ended up happening totally by luck is that the Calgary market, over a two-year period, took off and all of a sudden I was sitting on a bunch of equity.

I remember doing the math and looking at, “In the last two years, I made this much on my property without doing anything. I made this much going to this job that I don’t love. I’m just doing it to pay off my student loans. I don’t love it. I’m not passionate about it.” I had made more money on the property doing nothing. I thought, “If I could do this by mistake, what would happen if I learned how to do this on purpose?” That was the start of what I’ll call originally a rollercoaster ride. It was by luck and by chance and not because of skill, I just happened to get lucky the market went up. It wasn’t because I was smart. Once you start to make money, you start to take credit for it. My ego got the best of me and I thought, “I don’t want to wait two years for my next big paycheck.” I decided I was going to go flip homes and in the meantime, I quit my job at the phone company and I told my parents I wasn’t going to law school and they’re still pissed at me to this day. That was the start of my career. There was definitely some downward momentum after that because back in those days, I was a know-it-all. I thought I knew everything there was to know about real estate because I got this big paycheck from it. I had some very humbling lessons. I had already burnt the bridges so I had no choice but to continue in real estate. Luckily, I went from being a know-it-all to a learn-it-all. I started to ask other people and get mentors and go to seminars. I went from being too proud to ask to having no choice, and that made all the difference.

I want to dig a little bit deeper with you because most of us who start businesses, whether it’s a real estate business or a software company, we all start with a lot of enthusiasm, a great idea, and even maybe some early success just like you did, but that’s not where we learn. We don’t learn when it’s easy and when the success comes quickly, right?

For sure. We’re going to learn the wrong things when we have success.

Let’s go back to what happened after you were a little bit puffed up about having made all that money on the first property and you now started looking for and buying potentially your second property. What happened?

Basically what happened is I decided that it was because of my great skill that got me into that property. On the one hand, it was smart to take a leap and borrow all the money and get that first deal, so I was smart from that perspective. Other than that, everything else relied totally on timing. You have no control over timing, and so I decided that instead of having a long-term approach to real estate, I was going to have this short-term approach to real estate without any education on how to do it. I just thought, “I’ll just figure it out as I go.” The second property I bought, I thought I was getting a good deal on it. It needed a fair bit of work. I’m not handy so I have to hire people to fix everything but that’s another story. In any case, after I bought that property, a lot more things went wrong with that house than I initially thought. I didn’t get it inspected. I just brought a friend of mine who isn’t an expert. He’s not an inspector, but he knew more than I did so I brought him along because I tried to save some money on the inspection. A whole lot of other things were wrong with the house like electrical and plumbing. Needless to say, at the end of the day, I didn’t lose all my money on that deal but before I finished that deal, I also got into another deal. Between those two properties, I lost a lot, almost all of what I had made on the first one, and both very similar.

I had a lot of humbling lessons. One, I learned to always get a home inspected, which I do to this day. The other thing I learned is not to be afraid to ask for help. It doesn’t mean you’re dumb because you ask questions from somebody who’s more skilled than you. Also, I learned that you’ve got to be careful where you get your advice from. I brought a friend and he meant well and he did know more than me by far, but he didn’t have the equipment to go look behind the drywall, so he could just give a very basic opinion of what was wrong with the property. I did have a lot of lessons from that which I have utilized to this day. The biggest thing that I got from it was I became a much humbler person. If I were to continue down that path and had every deal went as smooth as that first one and as easy, I’d probably be a big jerk right now.

There’s this moment, and I want to pinpoint the moment of what you said because we forget what we went through. There’s this moment of where we face potentially our largest crisis. It sounds like you had just about blown all your money, and you were at a tipping point in the sense. Were you going to continue with real estate, were you not, were you going to maybe try to flip more properties, were you not, were you going to get help or were you just going to continue the way you were. Help me understand what you went through when you decided at that point to do the next thing that you did.

The biggest thing for me was a mindset shift where I went from thinking, “I can figure this out as I go,” to all of a sudden, “It would be smart to get somebody who’s already paved the path before me.” I started to seek out other people that were in real estate. I was shy. I am to a certain extent a little bit today, but back then, I was very shy. I didn’t like asking people for help. I was very independent. There were definitely times where I was thinking, “I’ve got to go and try something different. This real estate maybe is not for me.” I’m glad I was young enough because if it happened today, a lot of people, they hit a brick wall and then they want to give up. I see a lot of people that try to get into real state and they hit that first brick wall, and they don’t have a passion for it. For me, I developed a passion after that first deal. I was excited about it. I was on fire. Even though I was getting discouraged when I hit bottom there, in the back of my mind, I always knew that I could make real estate work. I always had this feeling that if I stuck with it, and maybe was a little bit more willing to get help, that I could make it work. I never totally abandoned the idea. Also, I had no choice because I burnt the bridge at the phone company and I already told my parents that I wasn’t going to go to law school and I didn’t want to go to law school in the first place. I was only going by default.

YFTC 017 | The Homeless Millionaire
The Homeless Millionaire: I went from being a know-it-all to a learn-it-all.

I finally found something that I was interested in. Even though I managed to lose a bunch of money on a couple of those deals, I always knew in the back of my mind that I was going to keep doing it and that if I did, I would eventually figure it out and make it successful.

You said something interesting. You said you went to find others to help you. Tell me what happened. Did you hire a coach or a mentor? Where did you find that help?

Back in those days, it was a lot tougher than today. I want to caution people, because there are a lot of companies out there that sell information and they’re not very good but I won’t mention names. Be very careful where you get your help from because a lot of these companies that sell real estate information are good at marketing and they’re not so good at real estate. I had a few people that I knew that were flipping properties and they were successful at it. I never thought to ask them for help. I was more, one, shy and, two, proud. I started to see what they were doing and shadowed them a little bit. I remember I started to team up with some other people and do joint ventures because I was starting to get low on capital. I let them keep most of the profits, but that’s how I learned. Over time, as I could afford it, I got more and more mentors to help me. Not so much necessarily even with real estate. I got more into personal development and I became a better person. That’s another thing that I recommend to people. Don’t just work on your business, work on yourself too. You have to get yourself in the right mindset and the right frame of mind. That makes all the difference too. How you view things, how you perceive your environment and the world around you. That made a big difference as I got more and more into that stuff.

What you were doing is you were building your inner world hopefully as quickly and as powerfully as your outer world, and that makes a big difference. Here you are, now you finally are back in the business and you’re buying some additional properties. You probably had two, three, four or five. When did you decide that number one, you wanted to keep doing it and number two, that if you were going to keep doing it you needed some system to keep track of everything?

Interestingly enough, real estate investing was the first time ever in my life where I discovered something that I said, “This is what I want to do for the rest of my life.” It wasn’t even on my radar until I’ve gotten that first paycheck. After that, I developed this love for it even though I had my setbacks. Once I got past that, I continued to do some flips. I also started to get smart and started to think, “I can make quick paychecks now or I can hold on to some of these. If I hold on to them and you buy smart, these properties will provide cashflow. The money will come in effortlessly and the bigger prize will be later on when we have another one of those booms that made me my first paycheck in the first place.” Every time I would get enough money saved up, I would buy property and start holding on to them as opposed to selling them off. I do a lot of that today. I have a lot of properties that feed me passive income. I make money while I’m sleeping. I have other people go collect my rent for me, but it took a while to develop the systems. Most entrepreneurs, we’re visionaries and we have this vision and it pops into our brain somehow and we go running off with it. It’s our baby and we don’t want anybody else to touch our baby. When I first started, I was a bit of a control freak. I didn’t have anybody else on the team, I was a one-man show, I was a solopreneur.

As I started to get more properties that I was holding and that I was starting to work on to flip, I remember one day I woke up and for the first time in a long time, that day it seemed like everything was going wrong. I remember that it seemed like every candidate owed me money and in every house there was something going wrong. All of a sudden, it just felt like, “I can’t sustain this. I can’t keep doing this at this pace.” By the way, I was working long days. I was working fifteen-hour days. I didn’t mind it after that point because I was so passionate about it. It still felt like fun and it still felt a lot better than being in that cubicle or in a university for that matter. Just this one day I started to feel like I can’t do this on my own anymore. I still kept doing it, but an interesting thing happened. A good friend of mine moved from Calgary to Las Vegas. I thought, “I need a vacation,” so I went to visit him in Vegas. If you’re me, I have this addiction. It’s not to gambling or drinking or all the things that other people go to Vegas to do. It’s that if I see an open house, I’ve got to go into an open house. I just have to look at real estate. Even to this day, I still do that. I would go visit him and I’d go looking at properties there. Every time I’d go there, the prices were going up and up and up. I started to buy some properties in Vegas. I never bought anything outside of my hometown of Calgary before and I bought my first property in Vegas. At the end of the month, I had no choice but to hire somebody because I couldn’t collect rent in two different cities at the same time.

We usually go from solopreneurs where we want to do everything ourselves either because we think we’re saving money or because we don’t think anybody can do things as well as we can. When I hired this property manager in Vegas, at first, even though I wasn’t doing the work, I couldn’t give up the control. I basically told him, “If anything goes wrong with this property, I need to know everything that happens.” I remember there was one week where he called me twice with the same problem. We had two different properties where we had an appliance breakdown. I never said the tenant doesn’t need a fridge. In both cases, I said, “See what it costs to fix it. If it’s more than a certain amount, let’s just replace it.” Then I started to realize that me babysitting him is not giving me any more control. Why don’t I just put a system in place where every time an appliance breaks, this is our policy on it? Then I started to realize he was collecting a lot more rent than I was on my homes in Calgary and I found that, believe it or not, somebody is better than me in what I do.

I went from being a one-man show to a delegator, but a baby sitter and a control freak. Then I finally gave up the reins. I started to put policies and systems in place and let other people do the work for me without them having to report to me. What I found is, one, I had a lot more spare time and a lot more freedom. I started to add more and more people to my teams. They were a lot happier working with me because they felt like they had some say in the outcome and they were, frankly, better at what they do than I am. Those are some of the major turning points in my career, starting to delegate and add to the team. That allowed me to scale to the point where I am today. I could have never done that had I tried to keep that control and do it all myself.

You were lucky in a sense that you were able to do it. I had a lot of difficulty with delegation. I am a typical entrepreneur; what they call that entrepreneur’s disease. I could not delegate and I had to get coaching on how to delegate. It was ridiculous, but I finally built the management team for my first company and that’s how we scaled to 100 people and over $10 million in sales. What you’re explaining now is the foundational information that anyone can use building any business. I love hearing how you did it, but what I also noticed is the pattern. We all go through the pattern. We get to the point of where we’re almost ready to break. The level of effort and time we’re putting in could crush us until that moment in time when we say, “I’ve got to get some help.” That happened to you and you did that, you put that help in place, and today you have 200 different homes. Where are they located? Are they all in Calgary and in Vegas?

No. As a matter of fact, these days, my favorite market is Atlanta, Georgia but I’ve got stuff in Vegas and Phoenix and Florida. We’ve done stuff all over the US. I don’t buy any properties in Canada anymore because they’re way too expensive, much like Boston where you live, and the prices are crazy in most Canadian cities right now and the numbers don’t make sense. There’s no return on investment. There’s no way that you can scale your business to the levels that you dream of if you’re trying to be a one-person show. This is our baby. Every entrepreneur I know has a very hard time delegating at first and so did I. I made it sound easy but it was not easy at all. As a matter of fact, I continued to manage my properties in Calgary until I started to see that, “I’m doing all this work and I’m collecting less rent than the person in Vegas.” That’s because that person does that for a living. That’s his area of expertise. I thought I could save myself a 10% on the management fees by not hiring him and even after paying him 10%, I was still making more money and I had the freedom in my life where I didn’t have to deal with all that stuff.

YFTC 017 | The Homeless Millionaire
The Homeless Millionaire: There’s no way that you can scale your business to the levels that you dream of if you’re trying to be a one-person show.

We go through those three phases. One, do it yourself and then you get to the point where you don’t love the thing you used to be passion about. Then you reluctantly bring people on, but you micromanage them because you think they’re ripping you off and you don’t think they know what they’re doing. Then you realize, “They’re doing a better job than I ever did,” and then you step away. The good news is once you do that a couple of times, delegation becomes the only option. You don’t even imagine going back to your old self. Once you transform to that level, nobody ever goes back to saying, “I feel like giving up my freedom and being the worker in my business again.” The most successful entrepreneurs all get to that phase where they learn to give up the control and they learn to step away from it and continue to be the visionary and sometimes even give that up. I have people on my team now that do a lot of the planning on where my companies are going for me and they take the reins. I make more money when I don’t interfere. I get out of the way and I step back. That’s why I love to travel. I stay out of the way of everybody else and I get more and more successful the less I do, which is a good thing to have happening.

I’m still learning, I’m still doing personal development, and I still love teaching. I still do the things that I’m really passionate about, but any of the other stuff, other people are dealing with. There are people on my team that are 100 times smarter than me, and I would not be where I am if I didn’t give up the control at some point. It keeps going to a higher level, where I have my team delegating to me and saying, “Mike, you’re speaking in this city on this day.” It’s cool when that starts to happen, but you have to take little baby steps. It’s not going to be easy at first. It’s very tough.

What’s happened after 27 years is you’ve developed something that’s called mastery, and mastery only comes from having gotten battened around by the world enough to have gotten your lumps, learned your lessons, pulled the arrows out of your back. Now, as a master you get to do the most rewarding thing of all and that’s to teach others.

It’s so rewarding to help others not make the same mistakes that we made. That’s why I love being on a podcast like this especially for entrepreneurs, because I don’t think I’m unique in my entrepreneurial journey, a lot of entrepreneurs go through that and they try to do everything themselves. A lot of times they give up too soon because they do hit that brick wall and they lose the passion. It’s very sad to see that.

I want to ask a little bit more about your background. I asked you about whether or not you’ve found anybody to help and you said you tagged along on a couple of deals and you got some experience. Is that what you’d recommend, that people follow the path you did, or would you recommend something different?

These days, there’s a lot more education out there. For instance, if you want to get into real estate, tag along with somebody successful, offer to help them, add value to them. I definitely recommend that. These days with technology and things like Meetup.com, you can go to a different meet-up on whatever topic you’re interested in pretty much every night of the week if you’re in a big city. Go hang out with people that are doing the things that you want to do. Be of service to them. See how you can help them. Don’t be asking them for favors all the time but say, “How can I add value to you?” It’s amazing what will happen when you do that stuff. Definitely, go get educated. Be careful, because there are some good people out there that are selling information and there are a lot of sharp marketing people that know how to separate you from your money, not just in real estate. There are a lot of things on stage that I’ve seen that are amazing and a lot of stuff that’s poor, unfortunately. Keep educating yourself, keep learning, and hang out with the right people. Another thing I’d recommend is hang out with people that believe in you and that push you.

There are a lot of people out there, especially if they’re not entrepreneurial, that are not of that mindset. They’ll try to bring you down and they’ll say, “You’ll never do that. You’ll never achieve that.” I had a lot of naysayers in the early part of my career. These days, everywhere I go, I’m always hanging out with entrepreneurs and positive people. It makes all the difference who you’re hanging out with. That’s a huge part of it.

They say that you are the composite of the five people you spend the most time with.

It’s absolutely true. I always say you’re either bringing people up or they’re bringing you down. I love to be the dumbest person in the room and I’m good at that. I have amazing people in my life and I’m very blessed. It didn’t start that way.

I want to make the point that there are very, very few rooms where you’re the dumbest person in it. I’m telling you that because you know I know you.

Thanks for saying that but I just want to clarify. Everybody is smart in different ways. I’ve got stuff that I am very, very good at but in 99% of things, I suck and I’ve got no talent. The stuff that I’m good at, I’m very, very good at. When I say I’m hanging out with people way smarter than me, they’re smarter in the things that I’m lacking in. Everybody brings different resources to the table. When I’m looking for people on my team, I’m not looking to duplicate myself. I’m looking for people that are strong in the things that I’m weak at. I like to add value by being strong in the things that they’re weak at. I’ll give you an example. I’ve got people on my team, I can give them a to-do list of ten things that would literally, no word of a lie, take me months to get done. I’m not a list guy. I’m not a to-do guy. I’ll give them a list and they’ll call me up a few hours later saying, “I’m done. What do you want me to do next?” There are people that are not visionary. They don’t get these downloads from the universe where something all of a sudden pops in your brain and you go, “This is my passion. I want to run with this.” We don’t know how we’re going to do it a lot of times. We just know this is what we want to do.

A lot of dreams are shattered by people who are trying to figure out the how. One of the things that I’ve learned over the years is I don’t want to figure out the how. I want to get those people on my team that know the how already, they’ve already done that. They’re not visionary, they’re usually not the people that are going to get these visions themselves, but they are good at finishing the things that you start. One of the biggest problems of entrepreneurs is we start things but we never finish them because we have this shiny object syndrome. We start something, hit a little bit of a brick wall and then something else comes up and it’s a good excuse for why we never finished the first thing if we start the second thing. A better way to do it from my experience is I’ll start something, then I’ll build a team around it and let them run with it. When that second thing pops into my mind, I’ll build a team around that. I’ll start them, I won’t finish them, but the people on my team will finish them. That’s what I mean by having people smarter than you in the things that you’re weak at on your team and on your speed dial. Those are the people you want to be hanging out with where you can add value to each other and build something. Because if they don’t have the vision but they’re good at completing things but they can’t start, they’ve got nothing. If you can start something but not finish, you’ve got nothing. When you collaborate, now you’ve got something, so that’s the key.

It is so key to my success as well. The thing you said, “I have the vision, I build a team around it, and I let them finish it.” That has made me more money than almost any other idea that anyone has ever said, and that’s so true. It’s knowing where your strengths are and playing to them and then getting others whose strengths are a complement to yours to take it to the next step.

All the most successful people I know, they embrace that idea that, “I’m not a one-person show. I don’t even know how my team does the things that they do.” It’s incredible, but I’m very grateful I’ve got them. They know that because I tell them every single day. They can’t do what I do and I can’t do what they do. Together, we’ve created some amazing things.

You’ve shared a lot with us. I have one or two questions that I love to ask my guests, and I can’t wait to hear what you say. Who, in all of space and time, would you like to have one hour to enjoy a walk in the park, a quick lunch or potentially an intense conversation with?

I have quite a few people that I look up to, and some of them I’ve now become friends with so I’m very grateful for that. The one person who I’ve had the chance to meet once but I didn’t get much time to talk to him unfortunately, and I know you know him, is Tony Robbins. He’s one of the people that inspired me. I still love going to his stuff. He has a very unique ability to inspire so many people, so I would love to go for a walk in the park with him. That’s who I would love to have time in a park with.

YFTC 017 | The Homeless Millionaire
The Homeless Millionaire: I’ll start something, then I’ll build a team around it and let them run with it.

That is such an incredible and fantastic choice. I’ve spent many hours with Tony. I’ve spent time alone with Tony, and Tony once was kind enough to spend over a half hour with my daughter and I. It was the most amazing gift. She’ll never forget her experience. When it came time to walk on the coals, Tony asked that my daughter be in his line. Just at the moment that she was approaching the line, she was about to back off and get all scared. Tony gave her a little, “Go,” and she sprinted across those coals and she came out without a scar, a scrape or even a little burn. Tony is still a client to this day. I finished a job for Tony. He is one of the gifts to mankind that we’ve been blessed with. If I can, I promise you Mike, I’d love to set that up. Maybe the three of us can find a way to get together.

I’m in. Just let me know when and where, I will be there.

I do have another question. The reason I ask this next question is because once you get to be on my show, you are the type of person that has a vision beyond just making money and earning a living. You typically are the type of person who would like to change the world, and I bet you are. My ‘change the world’ question is this. What is it that you are doing or would like to do that truly has the potential to literally change the world?

I’ve got a few things. One of them, obviously with my real estate background, all these properties that I’ve been buying over the years, especially the last number of years in the United States, you went through a big recession and a lot of people lost their properties, it would be good to have a lot more financial literacy taught in schools. I remember I was in grade three, I learned how to square dance. I can honestly tell you that I’ve never used that once in my entire life. Most of the most important lessons I’ve had, to deal with my finances and deal with creating passive income streams, I’m still getting paid for stuff I did twenty years ago. Properties I bought twenty years ago are still giving me a paycheck, and those paychecks keep going up every month. If I could get financial literacy taught in schools, that would be huge. The stuff that I learn, I’m obviously going to pass on to my daughter and my grandson, but I want to share it with the world because it’s not that complicated. We have all these people losing their homes, and these people can’t possibly teach our kids about finance if they don’t know themselves, if they can’t balance a checkbook and they’re living beyond their means. That’s one thing,

One of the things over the years, if you would have known me in my younger days when I started to be successful, I used to have every toy you could imagine. I had this huge home back on a golf course and I don’t even play golf. I had fancy cars and the best stereos, the best of everything. I traveled around the world for two years, put all the stuff in storage, and when I came back I honestly didn’t want any of that stuff that was in storage. I’d go to other countries in the world where people didn’t even know where their next meal was coming from, let alone a paycheck and yet they were always smiling. They were always happy and willing to help other people. Then you come back to North America where we have all these things that are supposedly going to make us happy, and we’re all miserable. We buy a toy and it’s like a drug. You buy a toy, then your neighbor gets a better boat than you and now your boat is no good anymore, and you’ve got to get the bigger one. It’s just this game.

Over the years, they call me the Homeless Millionaire in one of my masterminds that I belong to. The reason they call me that is even though I’m a real estate guy, I don’t have a principal residence anymore. I travel around the world and I live in hotels. I measure things these days not by money. You get to a certain point where the money doesn’t matter. I get these “once in a lifetime” deals in my inbox every single day and I turn them down because my currency now is happiness and joy and fulfillment. If something’s going to make me a lot of money but it’s going to put stress in my life, I don’t want it. If it’s going to take away from time with my grandson, I don’t want it. I totally changed from being very money-centric earlier on in my career, to now measuring things in terms of what lights you up, what truly makes you happy. I don’t think a lot of those toys do for most people for very long. What I found out from my experience is that giving back and helping other people, sharing, teaching, that stuff are the things that are meaningful.

My favorite real estate project ever was after Hurricane Katrina, we went into New Orleans, bought a bunch of properties, and it was a giveback project. We brought a bunch of people back to the city that would have never gotten back to New Orleans. We were dealing with homes that were under twenty feet of water for three weeks straight. It was a lot of work to rehab these properties. I’ve had projects where I haven’t worked nearly as hard and made a whole lot more money than that one because, like I said, it was a giveback project. That by far is the most meaningful project I’ve ever done in my life. I’ll never forget it. It’s about creating memories and helping other people. All the people I know that are happiest are the people that give back the most. They’re not the richest people. I know lots of people, I have lots of friends who are multimillionaires, and they will tell you they’re not happy. They’re depressed, they’re sad and unfulfilled. When you’re poor and you’re depressed, you think, “Once I make money, I’ll be fine.” When you have lots of money and you don’t know why you’re not happy, it’s a whole different thing trying to figure that out. That’s my biggest thing. I want to teach people how to be happy, how to have fulfilled lives, and not just chase after the dollars.

I love that, Mike. It’s so beautifully said and so meaningful as well because you’ve lived it. I’ve so enjoyed this conversation and I have a feeling you’ve made a lot of new friends and you don’t know it yet. I know that you were kind enough to prepare something special for my audience. If you wouldn’t mind, tell us a little bit about what you do, your business and how you reach people and things like that.

I’ve got several businesses. The one I’m most known for is called Mike Wolf Mastery. We basically sell turnkey properties to investors all around the world. What turnkey means is we’ve already bought them, so they’re in the right neighborhoods, and we fix them from top to bottom. We’ve got tenants in place. I’ve already got a team in place so that when people buy them, they don’t have all the work. They don’t have to work fifteen-hour days. The money comes in effortlessly at the end of the month because my team will collect the rent, put it in your bank account, you’re not going to get calls from tenants at 2 AM with leaking toilets. It’s truly passive income where your money is working for you and you’re not trading your time for money anymore. What I’ve created is something called Passive Income Secrets, and I’m going to give it for free to your people. It talks about several different ways I’ve learned to create passive income. The definition of passive income is doing something once and getting paid for it over and over and over again. The property I’ve had the longest that I’ve had for around twenty years, for almost every month since I’ve owned it, it’s paid me out a paycheck from rent every single month. These days I don’t collect the rent myself, so it comes in automatically. I talk about different ways that you can do this in your business. Real estate is one of them, but there are other ways that you can create passive income streams and put what you’re doing on autopilot. I’d be happy to share it with your audience for free.

That’s such a great offer, and I can’t wait to learn more about this myself. I know that if we were to spend even another twenty minutes together, we’d figure out another two ways to make money together. You’re an amazing guy, I can’t stand it.

I feel the same about you. Even before I knew that you knew Tony, I even liked you then. I’m very honored to be here.

Mike, thank you for appearing on the show. Thank you for your generosity. Everybody, if you liked this show, please subscribe, download, rate it, you know what to do. Show your appreciation to Mike and I for bringing you these types of interviews because I love having you. I love bringing them to you. Help me make them continue to happen week after week. Thank you.

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