Do you feel like you’re slaving away and running a business where money is good but you get nothing in terms of fulfilment or satisfaction? That’s how today’s phenomenal guest felt prior to discovering wholesaling.
Mike Bolen is a rockstar rhino from Napa Valley, California. Exposed to entrepreneurship at an early age (his dad is a successful entrepreneur), he was also able to successfully run his own chain of restaurants.
However, while he made good money, he felt like he was slaving away and doing very tedious work that he didn’t really enjoy. Fortunately, he discovered real estate (and wholesaling)—a business that generates staggering returns in just a short amount of time.
While Mike is a now a very successful wholesaler, there is more to his story than meets the eye. Fortunately, he so generously and candidly shared many of his struggles and tribulations in today’s special episode. As if not enough, he also shared many valuable wholesaling tips for good measure.
So if you’re looking for proof that success is not always linear, today’s episode would be perfect for you. You will not only admire Mike’s persistence, wisdom, and business acumen, you’ll also appreciate his remarkable resilience in the face of adversity. Truly, this is one episode that truly inspires!
- Mike found his seller from the tired landlord list.
- After talking with the owner, he was able to purchase the contract for the 4 unit apartment complex for $350,000.
- He got around 7 offers for the property, with the highest offer at $590,000!
- After a few deductions, he was able to net a whopping $250,000 profit from the deal. That’s a mind-blowing reward for something he only spend approximately 30 hours on!
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Cody Hofhine: You’re listening to another episode here on Wholesaling Inc. My name is Cody Hofhine. I’m going to be hosting today’s episode. I want you guys to get ready for a rockstar Rhino that’s been in the Tribe for a little over a year now. He’s living in Napa Valley, California. Today we have Mr. Mike Bolen with us. He is going to deep dive some of the things that he’s doing with his wholesaling real estate business. It’s going to blow your mind.
This guy is doing things different than just the typical wholesaling business. Tune in and listen. All you young entrepreneurs that are getting involved and you’re like, “Man, how do I turn this on to like beast mode?” This is the episode to be listening to. Get your pen. Get your piece of paper and get ready to jot down some gold nuggets. Because this guy has been on fire for many, many years.
He has an amazing background where he’s always been an entrepreneur. He just want to be able to find ways to get money working for him. He came across great deals at a young age. He just wanted his money to continue working for him. He’s going to share how he’s been able to do that with wholesaling. Let’s bring on Mr. Mike Bolen from Napa Valley.
Mike, my man, how the heck are you brother?
Mike Bolen: How are ya?
Cody Hofhine: Dude, it is an honor to have you on the podcast. Me and you get to see each other a few times a year.
Mike Bolen: Absolutely.
Cody Hofhine: I’m always interested to hear what you’re doing. Because every time I meet you you, you just know how to make money. I love it. We’ll talk a little bit more about this. I mean you’re in Airbnbs. You do some interesting things with high-end homes. I’m just excited to have your story be shared on this podcast because it’s something unique. It’s different from our typical podcast episode.
Mike Bolen: Absolutely. I appreciate you having me on. I kind of think of myself and I’ve had some members of the Tribe refer to me this way. I’m not in my 20s any longer unfortunately.
Cody Hofhine: I’m not as good as I once was.
Mike Bolen: I always joke that I’m still 27, but I’ve been 27 for quite a few years. I like to think of myself as kind of an elder statesman of the Wholesaling Inc Tribe. But, I have been at a real estate and entrepreneurship for many, many years.
Cody Hofhine: Let’s break that down. I want to hear a little bit about your background and get them involved, our listeners, Rhino Nation, to understand a little bit about, because your story is so cool. I love listening to how things started off for you right at an early, early age. Let’s break it down and help them understand a little bit about your background.
Mike Bolen: Sure. You bet. I will say this too, that I think there’s really great lessons here for both the younger folks out there coming up, the guys who are getting into entrepreneurship. I mean you’ve got folks in the Tribe that are still in college and are wholesaling a house or two.
Then you’ve got some folks that are more advanced in their career like myself that maybe have made a lot of money and are branching out into wholesaling or some type of real estate investing.
Cody Hofhine: Love it.
Mike Bolen: I think that there’s two people or two different types of people that can pull information from what we’re going to talk about today.
Cody Hofhine: So, so, so true. You’ve had a successful run at real estate. That’s why I love what you’re going to bring to this podcast episode because it’s so different. Usually, usually it’s someone breaking the corporate chains and maybe they living paycheck to paycheck. They’re looking for that financial freedom. Wholesaling is that vehicle that allows them to do it. But, that’s not the case for you. You come from a background that’s been heavily involved in real estate and has done well in real estate. Let’s break it down.
Mike Bolen: So kind of boil it down, I graduated from college. I went to the University of Missouri. Graduated from college and went into work for my father’s business right out of college as a traveling salesman. My father had a restaurant furniture manufacturing business in Missouri.
Cody Hofhine: That’s quite the mix. Is it an all-in-one shop or is this separate businesses?
Mike Bolen: He had a manufacturing plant and had guys out on the plant floor. They would manufacture furniture for Marriott Hotels and restaurants and IHOPs and just different chain restaurants, booths and tables and chairs. Where I really got into my, I guess honed my sales skills was they would fly me into Texas. They would say, “Okay, here you got $60 a night for hotel and food. You’re going to be here for three weeks. We want you to visit every single IHOP restaurant in the state of Texas and sell them a new furniture package, new booths, new tables, new chairs.
Here I am right out of college, calling on these restaurant owners, these salty restaurant owners that own one IHOP for 45 years. It was a tough road to hoe, but that really honed my sales acumen, if you will. Somehow I ended up meeting a guy in Chicago who was the same age as me at the time. We were both mid-20s. He had opened up an IHOP restaurant by himself with a few small loans and was doing really, really well with it.
That was my first foray into both entrepreneurship and the real estate business was I found an old Perkins Pancake House in St. Louis, Missouri. Borrowed money from family and friends to buy that defunct restaurant, it was closed, and convert it into an IHOP. I did that. Then subsequently did multiple restaurants after that, all IHOPs. I got in and the money was good. The problem was I didn’t enjoy what I was doing.
Cody Hofhine: Were you the guy that had to work nonstop? If you own these things, it’s also you that’s there nonstop. Or was it kind of more of a passive-
Mike Bolen: Absolutely, I mean you have managers and stuff, but it just doesn’t matter. I mean, the restaurant business is, it’s a grind. It’s a grind. When do you own multiple locations, it seems more of a grind. I realized the restaurant business wasn’t for me. I went to go put my first restaurant up for sale. I think I sold the business for $250,000.
I had paid $50,000 for the franchise. I made a little bit of money on that. But the real money was made in selling the real estate. I had bought the building for, I believe it was $400,000, I’d probably put $100,000 into it and sold the building for 1.5 million. That’s where I really got introduced into the real estate game, if you will.
Cody Hofhine: Now, were you still in your 20s when you sold this and you were already-
Mike Bolen: Yes.
Cody Hofhine: Oh, man.
Mike Bolen: Yes. Yes. I was 27, 28 years old when I sold the first restaurant and had made my first million. It was at that point I had this epiphany. I’m like, “I’ve worked in these restaurants for hours and slaved and slaved away. I sell the business and I don’t get squat. But I sell this piece of real estate and I make far, far more money on that than I did on all of this tedious work in the restaurant.”
At that point I realized, “Gee, I got to do something different. I got to do something in the real estate space.” I kind of floundered around. I didn’t work for probably six months or a year. Then I just took another job. I was working for AT&T just kind of trying to bide my time, figuring out what am I going to do? How do I get into real estate?
I got my hair cut at the same place. Every time I needed a haircut, I’d always go to the same place. Same guy cut my hair in St. Louis that gave me my first hair cut. I had been going to the same place for 27, 30 years, whatever it was. Everybody in town used to come through there. The United States congressman that represent our district got his hair cut there. We got to talking one day. He was telling me about a project that he was working on trying to get money for to fix up this railroad station in the little city that we lived in. Going to get Amtrak to stop there and rehabilitate this train station.
I thought to myself, “Man, that seems like a great opportunity if they can get that done.” I started quietly buying up the little pizza restaurant, just the real estate, not the business. But the little pizza restaurant and the dog grooming shop, some multi-family vacant ground and small apartments and stuff around this train station. Turned out that the appropriations bill came through. They got the money. Then simultaneously, this is 2004 or 2005 I don’t remember, so the real estate market was just roaring at that time anyway and so I-
Cody Hofhine: Here’s something that’s crazy though, Mike. I’m sitting in this and I’m like, it’s not easy what you did. That was a high, high risk with what could be a great reward or a very big flop. I want to make sure that people understand that this was not an easy game for you. This was something that took a lot of hustle and a lot of action and a lot of imperfect action just hoping for the best, right?
Mike Bolen: Absolutely. I mean-
Cody Hofhine: Or did you just think this was going to be a slam dunk?
Mike Bolen: You don’t know what’s going to happen. I mean there’s government works projects. They work out or they don’t work out. Anybody can go onto the internet and search and see what’s happening in your area. You can talk to your Congressman. You can go to public hearings. You can go to city council meetings and all this stuff. But how much of that stuff really comes to fruition?
Cody Hofhine: Sure. Sure.
Mike Bolen: I mean, everybody’s got a great plan, right? But it doesn’t always come to fruition. Even if it does come to fruition, does it do what-
Cody Hofhine: They speculate it-
Mike Bolen: … the entities think it’s going to do? Yeah. The reality is I had to look at each one of those properties and say, “Hey, it’d be great if they go up in value. But if they don’t, do they cashflow?” They all cashflowed. They made money off the tenants that were in them. They were well located property. Whether it worked or not, it was still a calculated risk.
Cody Hofhine: Super smart. You have more than one exit on this in the sense of it wasn’t a flop if this didn’t work out. You also now owned real estate that cashflowed.
Mike Bolen: That cashflowed that you could reposition, get the dog groomer out of there. Clean the building up and get a higher quality, higher paying tenant in there. There’s a lot of ways to look at real estate. It’s one of the things that I love about real estate is that an allows somebody who … my mother is an artist. I am not an artist and in the classical sense, but I do like to say that real estate is art in a lot of ways. Because five different people can walk onto a property and come up with five different great ideas.
Cody Hofhine: So true, so true.
Mike Bolen: To be able to do that really is an art in itself. You have to be very creative and be able to see things that other people can’t see with a piece of property. That applies to wholesaling as well. It applies to fix and flipping and everything, right? You have to be able to look at something very critically and then come up with ideas that nobody else can.
Fast forward, I sold those properties in 2004 and 2005. Then I moved out to Napa Valley, California. I’m still here in Napa all these years.
Cody Hofhine: Those buildings ended up being a win for you. Did you time it right and it worked out right?
Mike Bolen: Yeah. Those buildings turned out and those projects turned out to be huge wins for me. I mean, buildings that I had purchased for $85,000 or $150,000 I was selling for $950,000, 1.2 million, that type of margin. I came out to Napa with a lot of money. Then got into a couple of different businesses. I opened up an art gallery, bought a real estate brokerage. Both of those businesses failed. Abject failures, lost millions on those businesses.
Cody Hofhine: Now the money [crosstalk 00:13:55] that you made in real estate, did it get you to start over from ground zero? Do you feel like you had to start all over again?
Mike Bolen: Pretty much. There’s been many times I’ve had to reinvent myself. Then I got into doing just being a real estate agent. Grew that into a very, very profitable business making anywhere from 600,000 to a million dollars a year as a real estate agent. Then started to get into some investing and stuff. Realized again that being a real estate agent is a lot like owning a restaurant. It’s like Groundhog Day every time you sell a property. You’re starting over again.
Cody Hofhine: I have to find a new client all over again.
Mike Bolen: Exactly. I do want to say that everybody faces adversity and challenges. I’ve listened to many, if not all of your podcasts over the past couple of years. It’s interesting how some of your most successful people, like Matt Vukovich. You have somebody who has a very interesting background and a challenging background and is able to, I guess rise to the occasion. I think that sometimes having a punch in the face if you will, really sharpens your resolve and your steely determination.
I’ve been through hell and back with a lot of stuff from losing the business, the art gallery didn’t make it. I had three offices in my real estate brokerage, that didn’t make it. I became a real estate agent, was very successful doing that. I over delegated and handed off a lot of my stuff to other people. We made some mistakes. I should say I made some mistakes in running that business. I was forced by the state of California to surrender my real estate license due to some technical errors that we made.
Cody Hofhine: These are all good points though, Mike. You’re bringing up something that everyone should be writing down right now. It doesn’t come easy. It’s never going to be easy. The road that brings you some of your greatest joys, greatest happinesses, your greatest successes, is not an easy road. It never will be the easy road.
That lets you know you’re actually on the wrong path if it’s easy. It’s that tough, it’s that consistent pushback. It’s that trial. It’s that challenge that should also let you know you’re on the right path. You’re saying things that are so, so true, but so powerful. It’s these challenging moments and tried moments that build us.
Mike Bolen: Right. For the young guys out there, you have to realize that you’re going to face a lot of adversity in life. I mean, I know when you’re 22 or 26, you don’t think that and that everything’s going fine. But life has a way of turning around and punching you in the face over and over again for different things until you really figure out how to do things right.
I got kicked out of two colleges. I mean, I was a horrible student. I had to surrender my real estate license. I’ve had failed businesses. I mean, but really at the end of the day, your mess, my personal mess is really my message. It’s like, “Hey, you can go through all this crap and you just continue to make money, continue to do well.” I mean, I’ve had people tell me, “Well gee, Mike. You’re making all this money in the real estate business as a real estate broker and now you can’t do that anymore. You’re screwed.” Well, I’m really not. It turned out it’s like anything else. You lose a job.
Cody Hofhine: The obstacle is the way.
Mike Bolen: The obstacle is the way. Isn’t that awesome?
Cody Hofhine: It is.
Mike Bolen: It’s interesting. I’ve always said to myself, and I was thinking about this last night. I was reading a book that I really enjoy. We can talk about that at the end. But for me personally, I’ve always found that I don’t necessarily trust people who are not laden with chronic contradictions. Life is really messy. Nothing in life goes in a straight line. Nothing goes the way that you intended life to be.
Cody Hofhine: So true.
Mike Bolen: You’ve got all these unintended consequences and all this stuff that punches you in the face. Those kinds of consequences, they reign supreme. They’re always there. They knock you down, but it’s that ability to get back up and just keep pushing forward.
Cody Hofhine: So true. This matches even a message I’ve heard recently. I know you’re familiar with him, he’s a good friend of yours. He lives right here in Utah with me is Sean Whalen. It’s the same thing. It’s like he’s gone through so much mess, but now that mess has become his message.
Mike Bolen: Right, exactly. Yeah, it’s similar. I’m actually in a coaching program currently with Sean.
Cody Hofhine: Such a good dude.
Mike Bolen: Yeah, it is. I mean, what you have going on and all the turmoil that you have in your life, whether it be an abusive parent or whether it be drug addiction or whether it be prison or whether it be losing a business and losing your ability to practice your business or whatever it is, all that stuff really is who creates you. It’s what creates the inner resolve inside of you. It’s really, what do you do after that?
Cody Hofhine: So true.
Mike Bolen: How do you build after that?
Cody Hofhine: So true. Well, let’s rock it out. Let’s go right to the meat and potatoes, my man. This background by the way, is so unique. That’s why I wanted you to get this out. It doesn’t matter. Yes, we’re talking about the successes you’ve had and the money made in real estate, but the whole point to get really out there, the message that I want to get out there, it was not easy.
This guy has been punched in the face more times than he ever wanted to be punched in the face, but life continued to punch him in the face. He would get right back on the rhino and just keep charging. That’s what you have to do. You have to be persistent. You got to be determined. You got to be motivated. You got to hustle. You got to work hard because life will throw curve balls. Life will punch you. But it’s not meant to keep you down. It’s meant to show you how to be tougher, how to be stronger. This story right here is perfect, perfect evidence.
We’re going to break it down now. Let’s go right into this big mama deal that you just recently did.
Mike Bolen: Yes. My partner Chris Young, who is a lifelong friend of mine. Great guy and we compliment each other in so many ways. Because he’s really good at stuff that I am not good at and vice versa. I do want to say too that we do our business probably differently than a lot of people do out there. I’ve learned so much from Brent Daniels and the TTP program and so much through going through Wholesaling Inc. In going through the mentorship with you guys and being involved in the higher level groups. We’ve really been all in on your guys’ training mentorship.
Cody Hofhine: Well, I have loved that relationship by the way.
Mike Bolen: Yeah, it’s been awesome. For somebody like myself, who again is more advanced in my career, I have a lot of cash. I got a lot of money. I use what I’ve learned at Wholesaling Inc and through TTP to really focus in on that art of consistently finding discount properties to purchase.
What we typically do, what Chris and I do, I don’t think we have never done an assignment, a true assignment. Every single property we have purchased. We go in. We buy it. Now, some properties we turn around and sell immediately, two days later kind of thing. Other properties, we will keep them and rent them out. Other properties, we’ll keep them and turn them into an Airbnb because I live in an area that’s perfect for that. Other properties we will fix it and flip. Personally, I don’t like fix and flipping, but we found we’ve got a partner, Michelle Giacalone. She is our project manager. She loves doing fix and flip for properties.
Cody Hofhine: And is getting just better and better. I noticed some of the things she’s done. From where she started and where she is now, she just continues to improve at her craft.
Mike Bolen: Chris is constantly tutoring her and working with her and shadowing her to help her build that knowledge base. But we built that business around her. We didn’t want to do a fix and flip business, but we knew we had somebody who wanted to do it. This is a great, great nugget too for folks out there that are building a business. I don’t always focus on what I want to do. I focus on who I have in my stable and what kind of business can I build around that person that would be successful.
Rather than, “Hey, I’d really like to do this.” No, Michelle wants to be a rehabber. She’s very passionate about that. She’s very engaged in that process. I’m not. Chris was not. But we said, “You know what? Let’s put some money behind that. We’ll peel off some of these properties that were wholesaling. You can fix and flip a few of them and we’ll see how it goes.” It’s been a terrific revenue generator for us with not a lot of effort on our part.
Cody Hofhine: Mike, so key about this is you’ve used wholesaling really justifying, which it really is, is just to find the deeply discounted property. Then what you’ve done is find the best exit strategy for each property. Versus just pigeonhole into one process, you really now are able to look at each property and say, “Okay, what is my maximum return on this investment?” You’re able to just go forward. Does that sound correct?
Mike Bolen: That’s exactly it. I’ll tell you it completely 100% dovetails with what we were talking about earlier about all this adversity and stuff. Push through that. Push through that stuff to get to where somebody like I am. I have the luxury of going in and if somebody, we had an agent call us up not too long ago, maybe three, four months ago. I had a realtor call us up and say, “Listen, I’ve got this listing. I just took the listing.” This is on a Monday night.
“I just took the listing, but there’s nothing I can do because the property is going to foreclosure on Friday. Four days, four days and there’s no way I can put it on the MLS and get offers and whatever. She’s got some equity in it. Would you be interested in buying it? The only problem is we need you to rent it back to her.”
We step in and in four days we closed that property. Really got it closed on Thursday because you can’t close on Friday because that’s when it gets foreclosed on. We had to close on Thursday. We find out about this on a Monday night. We have that property closed on a Thursday. These are opportunities that when you’re more advanced in your career and you push through those trials and tribulations, and you save up a war chest, and you have money and you figure out how to legally source funds from other investors and things like that, that you can really maximize your profits as you said. But you’ve got to push through the tough stuff because-
Cody Hofhine: That is true.
Mike Bolen: As you push through that tough stuff, you get a bluer and bluer ocean. Because I can do things that other wholesalers cannot do.
Cody Hofhine: I love it. I love it. Well, how did you find this deal that we’re going to talk about? How did you market it? Or is this the one you got from the real estate agent? Let’s break it down step-by-step. Let’s help people realize if you do have money and you are a seasoned individual, you do have some money that you want to keep working for you. What is that you did to find this deal?
Mike Bolen: What we did is, maybe it’s been about a year, we joined the TTP program with Brent Daniels. Chris and I were doing a lot of the calling. We kind of realized, “Hey, that’s not really us either.” But we were doing the calling because we wanted to put it in our time doing it, et cetera. We just kept at it. Then we hired a caller. We got to caller in here. Now she does the calls, etc. But we still follow up on them.
This particular property was a four-unit apartment complex. This is from the Tired Landlord List. This gentleman had the property for a very long time. Like so many small landlords, there is a lot of opportunity with small landlords because so many of these guys spend zero on [cap backs 00:26:59]. They’re living off of their capital expenditure budget.
They do not fix up the properties. They don’t rehab them when they should. They’ve got the leaky gutters and the busted down roof.
Cody Hofhine: The preferred maintenance just keep going bigger and bigger.
Mike Bolen: Tons of it. They’re living off their R&M budget. But so many of these guys, especially when they get older, they start doing that. That was the situation here. The property had been neglected. It was worth, fixed up it was probably a really good margin, maybe $800,000, maybe $900,000 if it was fixed up appropriately.
But the property was a ramshackle. We found the property through a TTP. Purchased the property directly from the landlord or the owner. We paid $350,000 for the property. Again, we closed it, buy the property, closed escrow on it. The day we closed we banged out our buyer’s list with the emails and the broadcast emails. I think she does the, what is it, the text blast thing?
Cody Hofhine: Yeah. Now wait, before you even get to here, tell me this, because I’m interested in myself. On this one, did the $350,000 make sense to this guy because he owned it free and clear and he just needed cash because he didn’t have any and this property obviously didn’t have money to fix it up? What was the motivation behind it that was able to get you to purchase this at such a good price?
Mike Bolen: I think that he’s in a situation where he just wanted to sell the property and he also wanted us to buy several other properties. I think he was just worn down. The tenants in a building like that are horrible as you can expect. I mean, you’ve got low rents. You’re in not the best neighborhood. It’s the kind of situation where the guy should’ve sold the building 10 years ago. He didn’t. Now he’s at a point where he’s like, “You know what, I paid a $100,000 for the thing eons ago. I just want to get rid of it.” I wouldn’t say the guy was super hypermotivated. He was just tired. He just wanted to be done with it.
Cody Hofhine: You sent out your text blast to your cash buyers, sent out your email. What did that look like?
Mike Bolen: Well, I don’t like to be bothered with open houses and showing properties and all that kind of stuff. I run a really tight timeframe. We did a half an hour open house. I had the staff there so people could get it through the units. We do the open house at like 10:00 or 11:00 in the morning. Then offers are due at 2:00 or 3:00. That’s it.
We got offers in. We got seven offers on the property, six or seven offers on the property. Most of them were all cash. They were from decent buyers. We just took the offer that was the highest price with the best terms. I think it was a little over $590,000 that we sold that property for.
Cody Hofhine: Holy Moly. You put it under contract for $350,000 and sold this for close to $600,000?
Mike Bolen: Right at $600,000, just a hair below.
Cody Hofhine: Holy smokes. Holy smokes. Hold on. Before you keep going, you know what’s coming brother. Hold on one second. Victory Bell. All right, Mr. Mike Bolen. Hold on. You get this Victory Bell because I don’t know, I’m trying to think in my head if we’ve had anything this size. In my mind I would feel bad if I personally have interviewed someone doing a deal this big. Tom might have. But I will tell you that is one heck of a deal. What did you end up right around ballpark make on this deal?
Mike Bolen: We made just a hair under a quarter of a million on it.
Cody Hofhine: Quarter of a million dollars. How much time, if you said, “Okay, from the start time when I talked to this individual to put it under contract, to go into closing to doing the showing because you own the property to now it’s sold to this investor.” How many hours would you say was involved in this process?
Announcer #2: Gosh, I would say all in everything maybe 30 hours.
Cody Hofhine: 30 hours. Now, I can promise your math is better than mine, but a quarter million dollars in 30 hours, whatever that equates to. Instead of just going down to the nitty gritty, it equates to a lot of money per hour. That is an incredible, incredible deal. This is something that I wanted you on the podcast so bad because it’s so unique.
You guys do think so different. You happen to be in a state where there’s some great homes that when you think outside the box and when you can really truly take time to maximize your profits, you’re in a state that allows you to make a good chunk of money in a very short amount of time.
Mike Bolen: Yes. The prices here definitely are astronomical. But I will say that even if you’re working in an area like Missouri or Kentucky or someplace that very inexpensive, if you put your nose to the grindstone, save your money and build up a good reputation with folks that could potentially be investors or hard money lenders, et cetera, you can do what we do.
Most of the deals that we get have hyper, hypercompetitive market. I mean, the San Francisco Bay area is filled with real estate wholesalers. It is not uncommon for us to have, even with this property that we purchased, the apartment, I think he had three other offers on the property. But he went with ours because we had verifiable proof of funds. I told him that we could advance the $350,000 purchase price into escrow with no contingencies, no inspections, no nothing. Buy it basically sight unseen.
We have the ability to do that. It doesn’t mean that other people can’t get to there, but again, it’s just staying with your process, building up your war chest. I’m sure that if I went to say Evansville, Indiana, where my ancestors are originally from, that I could probably do the same thing there. It would just be much smaller price points. But if you could go in and swoop properties up.
Cody Hofhine: Just go in for more deals. Try to do it at a mass-
Mike Bolen: More deals, right. Yeah, but having that ability to go in and say, “Hey,” … we recently did a deal where HomeVestors, the “We Buy Ugly Houses,” guy, had a contract on the property. But they had a very long contingency period and all these things. I go in, no contingencies, $10,000 nonrefundable. I can advance your money out of escrow if need be. There’s a lot of stuff that we can do to fight the wholesalers in our area.
Cody Hofhine: Yeah, the speed and convenience factor.
Mike Bolen: Right. You go in. You sign your closing papers. Once you sign your closing papers, he’s $5,000 or $10,000 to you that day before we even close so you can get your affairs in order, get a moving truck, whatever you need to do.
Cody Hofhine: Super smart.
Mike Bolen: That’s a lot more appealing even at a lower price sometimes than what a typical wholesaler can offer. In my market because it’s so competitive, we had to figure out how to cut through some of the other guys that we compete with in the market.
Cody Hofhine: Well Mike, you have shared so much gold on this episode, but I still have to go for two more questions that we always ask on every podcast episode. That’s first and foremost, what book has been a game changer that you’d like to share with Rhino Nation?
Mike Bolen: I will give you a very short story on this. I just launched a podcast called Mindset Squared with a guy who I have admired for a long time. His name’s Michael Cernovich. He has a huge social media following. We connected over my enjoyment of his book. That’s a whole another story.
But he has a book out called Gorilla Mindset, which is like a Bible for me. It is a fantastic, fantastic book. There’s been multiple people in the tribe that I have purchased and mailed that book to them and said, “Read this. It’ll change your life.” Gorilla Mindset for men or for women is just in the parlance of our times, it’s a game changer.
Cody Hofhine: Love it. Love it. I have not read this book that’s going to be, literally, when I push end on this podcast, I will be on Amazon ordering that book. So awesome, awesome, awesome. I love your passion behind that.
The second thing is hindsight usually we have that 20/20 vision. Here we have new people just learning about wholesaling. We have people maybe they have never done a deal. We also have people that are seasoned investors. But if you were to go back to the beginning, what words of advice would you give knowing what you know now?
Mike Bolen: I’ve said this a couple of times to the podcast, you are 100% going to get punched in the face. You’ve got to get up, dust yourself off and keep pushing forward. It’s like that goofy little meme that you’ve seen sometimes on Facebook or whatever, where you got the two guys digging with a pickax. They’re almost to the gold and the one guy keeps going and the other guy turns around a couple inches from the gold or diamonds. That is true.
You’re going to face a lot of adversity. Your story is not going to be my story. You’ll have different adversity than me, but you have to push through that stuff. It’s really important that you get a mentor and connect with a group of people that know what they’re doing. But push through the tough times to get to the better times because they’re always right around the corner. Have people on your side, mentors that can help you along the way.
Cody Hofhine: Awesome, awesome stuff. Mike, I want to thank you so much. I know we’ve been talking about doing this podcast for quite a few months. I’m so grateful I actually waited till this point. I feel like this was the right timing. This was the right season, the right place and everything came together perfect. I want to thank you so much for taking time out of your busy day to hop on the Wholesaling Inc podcast and share your wealth of knowledge. Seriously, you’ve opened my eyes in so many ways, but I know there’s so many listeners right now that are thinking, “Oh, my goodness. I never even thought about doing real estate that way.” Thank you so much, Mike.
Mike Bolen: Absolutely. Thanks so much for having me.
Cody Hofhine: Rhino Nation, holy smokes. I don’t even know what to say to end this podcast. I don’t have any thing to add to it or take away from it other than just listen to this podcast over and over and over again. Mike Bolen, this guy is a rock star. I’m going to look forward to even six months down the road to do another followup podcast with this guy because he’s so knowledgeable in real estate and thinks so much out of the box. He’s not just thinking one way, but he really is thinking of how to truly maximize his profits. You’ve heard so many of those ways today.
If you guys are looking to get into wholesaling where you can find deeply discounted properties, where you can find properties consistently every single month so that you can escape living to paycheck. Or simply like Mike, put your money to work, go over to wholesalinginc.com, book a call with our team. We would love to see if this might be a good fit. If not, Hey, it’s all right. There’s no harm, no foul. But I will tell you what Mike said is crucial. Make sure you find someone that’s doing it and get mentored and get helped through the process so that you can get there quicker.
Hope you guys have jotted down a ton of gold nuggets. I will see each one of you on the next episode. God bless and take massive imperfect action. Take care, guys.