Frequently Asked Questions
Are you available for speaking events or podcasts?
Michael does appear in podcasts and speaking engagements from time to time. Send a message to us, and we will review it. After, we can set up a time when we can chat and discuss the event and determine if it is a good fit for all.
Were you always an “armchair” investor, or did you begin far more hands-on?
Real estate investing was never my full time occupation. Early on, I oversaw the renovations far more closely. I found the more time I spent on the project, the more other aspects of my life suffered. Over time, I built a strategy for any new properties, with a focus to get them running smoothly, but then having my team oversee much of the week to week activities. The goal became to have real estate investing fund my life, but not run my life.
Do you prefer properties that cash flow well, or are you looking to build wealth through your real estate properties?
The number one objective should be to buy and create a quality and legal property, with a renovated accessory dwelling unit. This property must be located in a location that contains proper market fundamentals. This will allow the buyer to find and select great people to rent the units to and finally making it much easier to keep that property for years to come, without having to babysit it on a regular basis.
Always buy properties that will at minimum cover its monthly expenses. Negative cash-flowing properties can hurt you in many different ways. However, focusing on properties with better cash flow or ones that are prime for more appreciation is more of a personal choice for each investor. Other factors to consider may include your age, how many dependents you have to support, your other regular income(s), and your short and long term goals.
What do you mean when you say financial freedom?
It could be different for many people, but for me and most of my colleagues, it is having steady revenue coming in on a monthly basis. Once the passive monthly income exceeds the monthly expenses you have, you are now into the Cash Flow Zone, as Robert Kiyosaki speaks about. This allows you to quit your 9 to 5 job if and when you want. The regular income can replace your other income you have to earn each week. This gives you so much flexibility in your life.
Is the Armchair theme for the book just a catchy title?
I like to think I live the Armchair mindset. Chillax whenever possible. Vacation often. Create a system where the revenue comes in without me having to get out and work on a daily basis. In fact, I wrote this FAQ in a recliner, feet up, in my pajamas, blanket on, and my dog (named Dodger by the way) laying in the nook of the chair, while in the middle of the traditional workday. If that doesn’t reflect the armchair mindset, I don’t know what does. Also, for what it is worth, my corvette convertible has the license plate “ARMCHAIR”.
Do you have any advice for younger people just thinking about getting started in real estate?
I would begin by reading the chapter in the book titled the Millennial Profit. There is no question that there are new challenges facing younger people that prior generations never faced before. However, there is no questioning the wealth gap between the people who fight through the challenges, versus those that simple commit to renting their residence. That gap continues to widen over the years. Those who actually obtain multiple properties see a further bump in wealth. The plan to purchase your first property may take years to accomplish. However, for those that commit to the plan, the benefit will be felt for years and decades to come.
Do you have any tattoos?
No I do not. However, if I were to get a tattoo, it would likely be of the Los Angeles Dodgers logo. Perhaps a paw print as well.
I would like to add a team like Doors to Wealth for my power team, as my investment realtor. However, I don’t live nor plan to invest in the market you service. Is there still benefit in joining the database?
Absolutely! We are committed to ensuring that all investors, regardless of their geographic location are best equipped to build real and significant wealth through real estate investing. We intend to provide blog articles, lease clause updates, missing middle developments, education opportunities and much more. In addition, if you are searching for an investment realtor in your market or perhaps looking to participate in a joint venture opportunity, we can help you along that path.
Dealing with tenant issues seems like a real pain. Is real estate investing worth all of the hassle?
I don’t know many people that wake up excited that they get to be a landlord. However, this is a proven strategy that can have you reaching your financial freedom years earlier. It affords you more time to do what you WANT to do versus what you have to do to pay the bills. It affords you more freedom. It affords you more choices. Real estate investing offers you a plan to not just retire but allowing you to retire well.
There will be challenges along the way, however, when done properly, few people I know simply sell all of their properties in their portfolio and say it wasn’t worth it.
OK. Back to the LA Dodgers. Why are they your team?
From the time I was a kid growing up in southern Ontario, I was always infatuated with everything LA. My two favorite TV shows were The Brady Bunch and Adam 12, both taking place in LA. I became a fan of the teams in LA. I became a Lakers and Kings fan, but baseball is by far my favorite sport, so I gravitated to the Dodgers. Over the years, I have seen them play across North America. My favorite player all time is Fernando Valenzuela and one day I would love the opportunity to meet him and perhaps have lunch with him. Meeting Vin Scully is a life goal as well.
How can I order books in bulk?
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