What if one “smelly” condo became the springboard to financial independence, luxury short-term rentals, and a reverse 1031 into a waterfront Arizona home? In this Invest2FI episode, Craig is with Maui-based investor and former firefighter Mike Neubauer about turning creative strategy into real results. You’ll hear how Mike and his wife Caroline targeted hotel-zoned lockout condos on Maui, bought a $540,000 fixer that “smelled like cat urine,” DIY-renovated on a tight deadline, and optimized pricing to hit ninety-seven percent blended occupancy and 10,000–12,000 monthly revenue. 

Mike breaks down the numbers behind a $ 7,000 net cash flow, then explains selling that unit for $ 1.365 million and using a reverse 1031 exchange to acquire and upgrade a $ 1.0 million lakefront home in Gilbert, Arizona, with a $ 400,000 remodel. What’s for you? A repeatable playbook for markets, zoning, lockouts, pricing levers, and exchanges you can apply now.

PODCAST HIGHLIGHTS:

[04:32] Mike’s background in photography and graphic design

[05:56] Earning his first passive income through Amazon book royalties.

[06:42] A firefighter mentor in Maui introduces him to short-term rentals.

[07:15] Mike reflects on the fire tragedy and retiring before 2021.

[08:53] He discusses building an ADU to house hack their first property.

[10:58] Strategy focused on Maui lockout condos with hotel zoning advantage.

[13:45] He details buying a $540k condo and budgeting $40k renovation.

[15:29] Handyman backed out, forcing Mike to learn DIY via YouTube.

[22:41] Occupancy soared to 97%, generating $10–12k in monthly revenue.

[23:19] Net profits hit $6–7k monthly after all operating expenses.

[25:08] They sold the Maui condo for $1.365M, using reverse 1031.

[26:42] Invested $1M in Gilbert lake house, adding $400k renovations.

[36:36] A preview of a 20-unit glamping development near Zion National Park.

[40:49] Mike emphasizes picking syndicators carefully, investing in operators not assets.

[42:42] His future plans include Coeur d’Alene living, Caroline’s Maui realtor expansion.

[52:05] Advice to invest early, network hard, and stay consistent.

HOST

Craig Curelop   

📸 Instagram: https://www.instagram.com/thefiguy   

📘 Book: https://store.biggerpockets.com/products/the-house-hacking-strategy   

🏘️ Buy Real Estate: https://bit.ly/3V3QDze   

GUEST

Mike Neubauer

📸 Instagram: https://www.instagram.com/mikeyneu/?hl=en

🎙️Podcast: https://ourfamilyinvests.com/

📱Facebook: https://www.facebook.com/michael.maui/