In a culture that often demands instant gratification, embracing patience can produce substantial rewards. On this episode of Zen and the Art of Real Estate Investing, Jonathan interviews his coach, Mike Schumm, a real estate investor and coach with over 35 years of experience. As the co-founder of Profytz Coaching, an on-market coaching company, Mike has been guiding Jonathan for more than five years, sharing his insights into the benefits of a patient, long-term approach to real estate investing.
In their conversation, Jonathan and Mike address the uncertainties in real estate, how these affect buyers and sellers, and why delaying purchases can harm investors. They discuss the competitive dynamics between homebuyers and investors, strategies for evaluating deals, and the advantages of being a hyper-local expert. They explore successful investors’ visionary approach, limited inventory’s impact on the market, and the challenges of taking breaks from an investing career. Additionally, they highlight the common trait of emotional detachment in successful investors, the importance of offering sellers patience, and when to seek a mentor or coach. Mike shares advice on avoiding shortcuts, being open to failure, and leveraging knowledge in deals. Emphasizing patience as a critical asset, Mike Schumm offers strategies for real estate investors to succeed.
During Jonathan and Mike’s conversation, you’ll hear more about:
- Waiting to pursue a deal can have potential costs, so know the risks before you decide to hold out.
- If you flip a home after living in it, prepare it for sale before a buyer ever sets foot in it.
- Offering patience and the ability to wait can sway a seller in your favor.
- A coach or coaching program offers the accountability to take your investing to the next level.
Mike Schumm’s track record of helping investors achieve even greater success is unmatched, and his advice is set to help take you to the next level.
If you want to learn more about Zen and the Art of Real Estate Investing Podcast, check out https://zenandtheartofrealestateinvesting.com/podcast/152/.