Wire Fraud - Mike Morawski

09/21/21 • 35 min

Multifamily Missteps Hosted by Christy Keeton

While the potential for growth in the real estate business is staggering. Once you are in it and witness how much you can scale, it can be tempting to keep going. That’s definitely possible, however, in today’s episode, Mike Morawski reveals his story and reminds us of the dangers of not trimming loose ends in implementing business strategies. Hear how he managed the drastic uphills and downhills of the industry from its early parts and how those impacted his life all throughout.

[00:01 - 05:01] Opening Segment

I welcome today’s guest, Mike Morawski
How he sold his business and stumbled upon real estate

[05:02 - 12:16] The Significance of Information Disclosure to Investors

The sudden shift in the market and the 2008 bubble
Mike shares his struggles as a multi-business owner
From being convicted for wire fraud to becoming a commendable real estate coach

[12:17 - 29:47] The Repercussions of Scaling Too Quickly

The intentions may be good, but it’s important to check on the manner
How Mike figured out the real estate systems at the early stages
The contributory factors to realize in building confidence before scaling up

[29:48 - 35:55] Closing Segment

How to position yourself towards proper execution
Final words

Tweetable Quotes:

“I had a guy walk up to me and said, ‘Hey, don't let these people beat you. All they want to do is take everything from you. And they can take your real estate, they can take your cars, they can take your business, they can destroy your family, but what they can't take is what you're made up of.’ ” - Mike Morawski

“[The investors] may panic, but be willing to just say, hey, we're in business. Business doesn't always go as planned. Here's what happened. We want you to be a part of the solution. I think that's something that I think more of us can do.” - Jerome Myers

Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3

Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC

Support the show

Are you feeling overwhelmed with Multifamily deal analysis? Are you uncertain about the right investment? Christy is an expert underwriter and mentor and wants help you on your journey! Visit her website at www.ChristyKeeton.com to book a discovery call now.

[00:01 - 05:01] Opening Segment

I welcome today’s guest, Mike Morawski
How he sold his business and stumbled upon real estate

[05:02 - 12:16] The Significance of Information Disclosure to Investors

The sudden shift in the market and the 2008 bubble
Mike shares his struggles as a multi-business owner
From being convicted for wire fraud to becoming a commendable real estate coach

[12:17 - 29:47] The Repercussions of Scaling Too Quickly

The intentions may be good, but it’s important to check on the manner
How Mike figured out the real estate systems at the early stages
The contributory factors to realize in building confidence before scaling up

[29:48 - 35:55] Closing Segment

How to position yourself towards proper execution
Final words

Tweetable Quotes:

Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3

Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC

Support the show

Previous Episode

Losing Money on a 400 Unit Reposition - David Lindahl

Reassuring ourselves of a good deal is not as simple as determining the potential future value appraisal. It comes with consideration of varying aspects and the market cycle is one of them. David Lindahl discusses the importance of recognizing the patterns of the market and using such observations to elevate our decision-making process in property acquisition. Just as how the flow of trends goes, there exists a method to effectively evaluate deals further.

[00:01 - 05:24] Opening Segment

I welcome today’s guest, David Lindahl
How he moved from small to big property acquisitions in the emerging markets

[05:25 - 11:50] Understanding the Full Cycles of the Market

The ultimate advantage of grasping the market transitions
Where people go wrong in assessing the market cycle
David shares his experience as an author and the pursuit of making his parents proud

[11:51 - 29:24] Revamping Deal Selections and Finding Partners

David shares his first deals and finding his first investor
The heavy influence of market cycles in household formation
The dangers of disorderly inventory and lack of risk assessment

[29:25 - 35:14] Closing Segment

Have the right mindset and overcoming your limiting beliefs
Final words

Tweetable Quotes:

“Now, if you understand the full cycle of the markets, the four phases, the transitions, and what strategies to be using during each phase, which is explained in the book, then you can sit in your own backyard and make money in each particular phase with the right strategies. The key is recognizing the transitions. That's where people usually go wrong.” - David Lindahl

“This first deal is gonna be the hardest, you know, but if you get through the obstacles and get through your limiting beliefs and get it done, oh, it's like the sky opens up, the sun shines down, you love life gets better, and your face clears up. It's just a beautiful thing.” - David Lindahl

Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3

Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC

Support the show

Next Episode

Fake Invoices and a Trip to Mexico - Cary Love

It goes without saying that in the real estate business, we must know how to work with people all the while determining who to work with. Trusting one company to do the works may seem to be the safest way to go, however, Cary Love points out that we must consider the possibility of inconsistent quality of services rendered, the dangers of sob stories of contractors just to flesh in more cash, and how the contact person may vanish, leaving you hanging. In this episode, Cary talks about the horror story of working with irresponsible contractors, the lessons he learned, and how he overcame these mistakes.

[00:01 - 04:49] Opening Segment

I welcome today’s guest, Cary Love
How he got into the real estate business to retire at 44

[04:50 - 12:07] The Dangers of not Being Hands-On Enough

When things aren’t going as smoothly as they seem
Issues on working with irresponsible contractors
The contact person may vanish or the quality may diminish

[12:08 - 22:17] Steps to Finding Consistent Contractors

Recognizing the changing parameters in contractor work
Giving chances for smaller companies to do the job
Allow time for healing from mistakes to build a solid foundation

[22:18 - 24:48] Closing Segment

Creativity solves problems
Final words

Connect with Cary via Linkedin: https://www.linkedin.com/in/caryjlove/

Tweetable Quotes:

“This has always been my fear and multifamily. When you're doing a deal, if you don't have a proven team, right, if you think you're just gonna go out and grab a contract off the street to do the turns on your property that’s got bridge financing on it, I think you're setting yourself up for failure just because you don't know if that company is going to perform at the level that you need them to perform.” - Jerome Myers

“If you make a mistake, because you will make a mistake, you can look at your financial information and look at it and say, ‘Hey, in three years, what does this look like?’...’What will it look like in five years?” - Cary Love

“You know, one of the things is that time has a way of healing mistakes.” - Cary Love

Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3

Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC

Support the show