Raising Private Money with Jay Conner

How Mike Deaton Raised Over $1,000,000 for Real Estate


Listen Later

In this episode of the Raising Private Money podcast, we delve into an inspiring journey of financial transformation with Mike Deaton. Mike and his wife, Ligia, found success in a niche part of the real estate market—flipping vacant land. Mik shares their story, educating listeners on how they raised over $1,000,000 in private money and crafted a life they desired.

A Nagging Dissatisfaction with Corporate Life

Mike Deaton was once deeply entrenched in the corporate world, relying heavily on his job for income, supplemented only by modest investments in the stock market. Like many professionals, Mike faced the stark reality of job loss, which propelled him into a period of introspection. Despite contemplating a return to corporate life, he couldn't shake a persistent feeling of dissatisfaction, urging him to explore alternative income streams.

Inspiration from "Rich Dad Poor Dad

The influential book "Rich Dad Poor Dad" catalyzed Mike and Ligia's venture into land flipping. Inspired by the success stories depicted in the book, they invested in their education by attending a boot camp focused on flipping dirt. Armed with newfound knowledge and a 12-month timeframe with a defined budget, they embarked on their land-flipping journey.

The Mechanics of Land Flipping

Land flipping, also known as "flipping dirt," involves purchasing vacant land below market value and reselling it at a profit. Mike and Ligia primarily focus on properties with acreage, leveraging owner financing to facilitate more accessible transactions. They employ a strategic approach to locating potential sellers, utilizing list service providers to gather data on property owners. A particular focus is placed on out-of-state owners, who are often more willing to negotiate.

Raising Capital for Real Estate Ventures

Raising over $1,000,000 in private money is no small feat. Both Jay Conner and Mike Deaton emphasize the critical role of education and trust-building in this process. They highlight the importance of personal contacts and networking, attending events and clubs to educate individuals about passive investment opportunities in real estate.

Jay Conner shares his approach to simplifying real estate financing language and hosting networking events to attract potential investors. Both speakers stressed the necessity of confidence and caution against appearing desperate, which can deter potential investors.

From the Corporate World to Real Estate Success

Mike and Ligia's transition from the corporate sphere to successful real estate entrepreneurs wasn't instantaneous. They started by purchasing properties through direct mail campaigns, offering specific purchase amounts like $6,500 or $3,200, with the initial funding coming from their company's cash flow. For larger deals, they explored options such as institutional and private funding.

Finding Buyers and Building on Success

Selling the properties is another critical aspect of their venture. Mike utilizes a combination of social media platforms, paid listing sites, and an email list of interested buyers to secure sales. Their land-flipping success has paved the way for further real estate endeavors, such as raising funds for multifamily syndications.

The Power of Coaching and Mentorship

Understanding the complexities of the real estate market, Mike offers coaching services through flippingdirt.us. This initiative is designed to provide support and guidance on various strategies within the land-flipping business, helping aspiring entrepreneurs kickstart their real estate careers.

Advice for Aspiring Entrepreneurs

Mike's advice to those aspiring to break into real estate or any entrepreneurial venture is straightforward: take action. He emphasizes the importance of starting, even when conditions aren’t perfect. Waiting for the "right" moment can often lead to

...more
View all episodesView all episodes
Download on the App Store

Raising Private Money with Jay ConnerBy Jay Conner

  • 5
  • 5
  • 5
  • 5
  • 5

5

97 ratings


More shows like Raising Private Money with Jay Conner

View all
Creating Wealth Real Estate Investing with Jason Hartman by Jason Hartman

Creating Wealth Real Estate Investing with Jason Hartman

539 Listeners

Motley Fool Money by The Motley Fool

Motley Fool Money

3,203 Listeners

BiggerPockets Real Estate Podcast by BiggerPockets

BiggerPockets Real Estate Podcast

16,806 Listeners

Real Wealth Show: Real Estate Investing Podcast by Kathy Fettke / RealWealth

Real Wealth Show: Real Estate Investing Podcast

406 Listeners

Rental Income Podcast With Dan Lane by Rental Income Podcast

Rental Income Podcast With Dan Lane

821 Listeners

Get Rich Education by Real Estate Investing with Keith Weinhold

Get Rich Education

610 Listeners

Main Street Business by Mark J Kohler and Mat Sorensen

Main Street Business

587 Listeners

Real Estate News: Real Estate Investing Podcast by Kathy Fettke / RealWealth

Real Estate News: Real Estate Investing Podcast

571 Listeners

The Jordan B. Peterson Podcast by Dr. Jordan B. Peterson

The Jordan B. Peterson Podcast

33,862 Listeners

The Mentor Podcast by Ron LeGrand

The Mentor Podcast

70 Listeners

Real Estate Rookie by BiggerPockets

Real Estate Rookie

1,819 Listeners

Directed IRA Podcast by Mat Sorensen and Mark Kohler

Directed IRA Podcast

166 Listeners

BiggerPockets Daily by BiggerPockets

BiggerPockets Daily

322 Listeners

The BetterLife Podcast: Wealth | Real Estate Investing | Life by Brandon Turner & Cam Cathcart

The BetterLife Podcast: Wealth | Real Estate Investing | Life

822 Listeners

The David Greene Show by David Greene

The David Greene Show

672 Listeners