The Widget Cost Secret: Building Real Estate Wealth

The REITE Club - Real Estate Investing for Canadians

Want to improve your ability to identify profitable investment opportunities?

Discover the secret to building real estate wealth with Mike Mannino as he shares the Widget Cost Secret, helping you scale your business and achieve financial success.

Mike shares his journey in real estate investing, detailing how he successfully flips houses unseen and manages over 100 projects.

Mike Mannino, the founder of Real Estate Wealth Builders, boasts an impressive nine years of experience in the real estate industry, specializing in flipping houses.

His expertise lies in the development of a standardized pricing sheet, meticulously crafted over thousands of hours and substantial financial investment. This tool has proven to provide a 90% accuracy rate in predicting renovation costs, significantly reducing financial risks and maximizing profitability.

With over 100 successful house flips to his name, Mike’s insights and strategies are invaluable for real estate investors aiming to scale their business and effectively identify profitable investment opportunities.

Mike Mannino’s real estate journey is a testament to the resilience and adaptability required in the industry. From early days spent tirelessly working on house renovations, Mike’s determination to streamline the process led to the creation of a game-changing standardized pricing sheet. This innovation not only made renovations predictable but also scalable, propelling his business to new heights.

Venturing beyond Michigan, Mike expanded into multiple states, delving into the world of apartment buildings with the same unwavering commitment to quality. His hands-on approach to every aspect of the business, from finding contractors to overseeing renovations, reflects his dedication to excellence.

Mike’s ability to navigate challenges and turn them into opportunities has been a driving force behind his success. His story serves as an inspiration for real estate investors looking to scale their businesses, showcasing the transformative power of perseverance and forward-thinking strategies in the competitive world of real estate.

In this episode, you will be able to:

• Master successful real estate investing strategies to maximize your profits and grow your business.
• Explore the art of flipping houses without seeing them, unlocking a whole new realm of investment opportunities.
• Learn the secrets to building a rockstar real estate investment team that drives your success to new heights.
• Implement standardized pricing in real estate to streamline your processes and boost your bottom line.
• Discover the art of finding discounted real estate properties, giving you a competitive edge in the market.

Timestamped summary of this episode:
00:00:04 – Introduction and Guest Introduction
Laurel Simmons and Katherine Nelson-Riley introduce the podcast and guest, Mike Mannino, of Real Estate Wealth Builders.

00:03:36 – Evolution of Flipping Business
Mike shares his journey from hands-on flipping to building a team and standardized pricing sheet over nine years, leading to scalable and predictable renovations.

00:08:36 – Expanding into New Markets
Mike discusses implementing his flipping system in new markets, including out-of-state projects, and the challenges and process of finding and working with contractors.

00:11:12 – Biggest Project and Profitability
Mike shares details about the largest single-family house project, including a fire-damaged property, and how his system enables accurate cost predictions to mitigate risks and maximize profits.

00:12:31 – Managing Large Projects
Mike explains the team structure for managing single-family and apartment projects, including his role, his business partner’s responsibilities, and the streamlined operations for handling renovations and property management.

00:13:26 – Starting Small, Thinking Big
Mike Mannino discusses his journey of buying apartments, starting with a small four-unit property and progressing to larger ones. He shares how his perspective on property size has evolved and the role he plays in managing renovations.

00:14:39 – Finding Buyers and Making Profit
Mike talks about the types of buyers for his properties, emphasizing the appeal of first-time homebuyer homes and how they insulate against market volatility. He also shares his experience during the 2020 shutdown and the strategies he used to mitigate risks.

00:18:50 – Challenges of Finding Discounted Real Estate
Mike discusses the difficulty of finding discounted real estate, especially in the apartment sector. He highlights the scarcity of opportunities for discounted apartment buildings compared to single-family homes, and the challenges of dealing with property owners who have different motivations for selling.

00:20:57 – Shortage of Supply and Property Finding
Mike delves into the shortage of supply in the real estate market, particularly for discounted properties. He explains the complexities of finding properties, the types of properties he avoids, and the limited number of suitable properties within his investment criteria.

00:22:51 – Helping Others and Publishing a Book
Mike discusses how he helps others become successful real estate investors through webinars, online resources, and one-on-one mentorship. He also introduces his recently published book, “The Infinite Money Glitch,” which provides insights into buying apartments and achieving infinite returns.

00:25:40 – Market Research and Demographics for Real Estate Investing
Mike discusses the importance of market research in real estate investing, highlighting the significance of analyzing demographic trends and growth patterns in new areas.

00:26:52 – Applicability of Tips to Different Industries
Mike emphasizes that the tips and strategies discussed are applicable not only to real estate but also to other industries, such as finance and investment. He stresses the relevance of the information provided in the podcast.

00:29:07 – Embracing Failure and Trying New Things
Mike shares his personal experience of trying different career paths and failing at some, emphasizing the importance of perseverance and self-discovery. He encourages individuals to embrace failure and explore various opportunities.

00:30:16 – Overcoming Learning Challenges
Mike reveals that he was in special education for reading and writing, highlighting his struggles in school. He emphasizes that despite challenges, determination and hard work can lead to success, as evidenced by his journey from special education to becoming an author and real estate investor.

00:31:11 – How to Connect and Access Resources
Mike provides details on how to connect with him and access resources, including his book “Infinite Money Glitch” and free resources on real estate investing available on his website. He also mentions the possibility of an audio version of the book in the future.

About Mike Mannino – Over the past 7 years, Mike has built a business that flipped over 80+ houses by the age of 30 and created multiple companies that generate over 1M per year in revenue, sold tens of thousands of copies of his book (making him an Amazon best selling author), he is the founder of Real Estate Wealth Builders which is an educational company that helps real estate investors quickly scale their real estate business.

Connect with Mike;

Email: [e-mail]
Website: www.ProliferationCapital.com
Instagram: @TheMikeMannino
Facebook: @MikeMannino.com
Tiktok: @TheMikeMannino