s4e51 Lifestyle Design & Freedom with Michael Vogel

Welcome to the Get Traction Podcast, a show aimed at educating aspiring real estate entrepreneurs. Today, Tom welcomes to the podcast real estate investor, Michael Vogel, who shares his experience as a rehabber, house flipper, and rental manager. Tom and Michael engage in a rich discussion about real estate investment strategies, the Lifestyle Design exercise and how to identify the right business partners. Michael speaks to the goals he’s set for himself and what lies ahead in the future.

Key Takeaways

0:41 – Tom introduces today’s guest, Michael Vogel who joins the show to share his background in real estate and how he got involved in rentals
04:10 – Managing rentals and growing the business
06:38 – From lofty goals to relatable goals
09:46 – The Lifestyle Design exercise
14:44 – The shift from 9-5 to full-time real estate investing
17:35 – The many hats Michael wears
20:36 – Michael reflects on an experiment he and his fellow partners took part in
23:50 – A necessary mental shift and finding the right business partners
32:48 – Michael talks about his goals for retirement
37:53 – Advice Michael would give to his younger self
40:23 – What’s next for Michael
50:39 – Tom thanks Michael for joining the show

Tweetable Quotes

“Managing rentals is a hard job, a hard business. And it really takes away from growing the business in my opinion.” (05:04)

“Close your eyes and imagine you’ve got all the money. You’ve got the whole network. You’ve got all the resources in the world at your fingertips. What does that look like? And write down, ‘what you would do every day, every week, every month?’” (10:19)

“One thing I tell people all the time is that if you get good at this and you develop the skills around investing in real estate and you enjoy it, even when you reach your goal you’re not gonna stop because it’s fun.” (13:31)

“I think if people spend more time on their strengths they’ll have exponential growth versus trying to focus on your weaknesses and make your weaknesses as strong as your strengths.” (22:48)

“I probably would have taught myself, at an earlier age, the whole lifestyle design part of it earlier. We had some struggling years where it felt like things weren’t going anywhere.” (38:44)