It’s our pleasure to introduce Mick Murray to our readers! Mick is an experienced investor, partner in our office, and also incredibly funny. We thoroughly enjoyed getting to know Mick even better, and hearing his stories and tips.
Q: How long have you been a real estate investor?
A: I have been a real estate investor off and on for the last15 years.
Q: How did you become a real estate investor?
A: I bought a Carlton Sheets home study course, and then purchased a rental property in Bolingbrook, IL.
Q: You mentioned that you started your real estate education with Carleton Sheets, but how do you continue to educate yourself?
A: I went through the Nouveau Riche curriculum and finished that up. Now I want to go to a boot camp for raising private money in June. I always want to continue to get education inside and outside of Nouveau Riche.
Q: What was your background before becoming a real estate investor?
A: I was in commercial banking for ten years, and I worked in insurance for ten years.
Q: What has becoming a full-time investor done for your life?
A: It has given me the opportunity to create more wealth for my family and freedom to do what I want, when I want.
Q: What are some of the things that you get to do now that you couldn’t before?
A: I was on the road quite a bit before [for work], and was away from my family. Now I can spend more time with my kids. I’m not tied to an office or a desk.
Q: What has real estate investing allowed you to do in your life that you weren’t able to do before?
A: Meet and associate with some awesome people from all walks of life–band teachers, janitors, corporate executives–that I have learned so much from. I will be more successful because of these associations.
Q: What strategy do you focus on in real estate investing?
A: Currently, I focus on REO’s and short sales. We either wholesale or fix and flip the properties after we get them. I am currently working to generate cash to use for buy and holds.
Q: Do you have any buy and hold properties right now?
A: I’ve got one.
Q: What is your favorite thing about buy and hold?
A: I primarily like the tax deduction. It’s not cash flowing that well right now, but writing off depreciation is great.
Q: What do you wish you knew before you did your first deal?
A: That buy and hold investing requires cash reserves or excess income to support those things that will inevitably do wrong–vacancies, repairs, drug busts, etc.
Q: Tell me about your latest deal.
A: My latest deal is a “two-for-one” – that means two short sales from same person. We’re wholesaling one for a $7K fee. We’re buying the second for $159K. We close in 3 weeks. In the meantime, we’ve cleaned and painted it, and will list for $239K. We should make $40K. Both deals required none of our money or credit.
Q: Are there any books that you have read that were crucial to your success?
A: The Answer by John Assaraff. This book helps you focus on your mindset and adjust it to overcome those things that could hold you back [from success]. The proper mindset is more important than the proper opportunity. Most people fail because of their mindsets. Think and Grow Rich by Napolean Hill is another great book.
Q: What’s the most challenging thing that has ever happened in your investing career?
A: There was a drug bust at the first property I owned. We had to appear before the Will County State’s Attorney, and we were potentially liable for what happened there. We ended up selling the property at a $10K loss.
Q: What is the most creative solution that you have come up with to make a deal go through?
A: My very first deal was a simple assumption VA loan. I was able to take over the loan on the property simply by signing my name–there were no qualifications whatsoever, other than be a living US citizen. It was a no-money-down deal.
Q: Do you have a partner?
A: Yes I do.
Q: How did you find your partner?
A: We went to college together. We were frat buddies.
Q: What advice do you have for new entrepreneurs in picking a partner?
A: I would say they should find someone who compliments their personality. Dave and I do so well together because we are dissimilar in a lot of ways. But, we compliment each other. Make sure that you have all of your entities set up, and that you each have your own attorneys looking at the operation agreement. Even though you may be good friends, you should still look out for yourself and have your own attorney.
Q: How many deals have you completed in your career?
A: 13 or 14
Q: Do you have a mentor or do you mentor anyone else?
A: I’m not officially mentoring anyone else. I do team up with people who purchase Nouveau Riche products and get involved in my team, and help them look for deals and opportunities and split the profit with them. I have a lot of informal mentors, but none that are not official. Some of those unofficial mentors are Scott Rowe, Justin and Kristina Kain and Steve Soll.
Q: Why is mentorship important to you?
A: It’s the best way to learn from other people’s experiences instead of making mistakes. It’s easier to do something if you can get the input and advice of people who have made mistakes before you, and you don’t have to make them yourself.
Q: What is the one piece of advice that you would recommend for someone who wants to get started as a real estate investor?
A: I would tell them to invest in a solid education and make sure you’re surrounded by like-minded individuals to support you. Don’t quit your day job until you’re financially ready to do so.
Q: Who has inspired you?
A: The person who has been the biggest inspiration to me is my son. He’s a wrestler and he’s in high school. He has come so far in the past few years through determination and hard work. The last tournament I saw him in was very inspirational to me. He’s my biggest inspiration, even though it had nothing to do with investing.
For more information on Mick and his business, visit www.foreclosurerescueteam.com.
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