Today on The Wealth Secrets Podcast, Sean Adams talks to Michael Morawski, a multi-family real estate coach with 30 years of industry experience. Mike is also an author, entrepreneur, trainer, public speaker, and personal coach. He shares the story of how he built several successful businesses, how he lost it all during the recession, and how he bounced back from the lowest point in his life.
[01:55] Getting to know Mike Morawski
[05:50] People are more than willing to help
[09:33] We don’t need to know everything
[14:06] How Mike handled The Great Recession
[22:29] Don’t let pride, ego, and greed control you
[24:29] Pay attention to the details
[29:39] Screen the people you work with
[35:28] 10 years in prison: “Do the time or let the time do you”
[39:18] Bouncing back with gratitude and a new mindset
Mike got his start in real estate after meeting a successful agent who became his mentor. He taught him the ropes and had a very successful first year, selling 78 houses in total. Eventually Mike built his own team that specialized in selling residential property. In 2005, Mike saw a shift towards apartment syndicate investing and did the same. He built a property management company that handled thousands of units. In the process of scaling his company, he made the mistake of not paying enough attention to the details.
When the recession hit in 2008, some of his businesses were greatly affected. In an effort to try and save it, he inadvertently committed fraud by moving money between his companies. This landed him in federal prison for 10 years. He admits letting his pride get the better of him. Instead of coming clean to his investors about the companies’ state, he tried to find a solution that did not work in his favor.
During the early days of his sentence, Mike felt lost and defeated. But through the encouragement of a trainer, he changed his perspective. While serving time, he exercised, wrote a book, attained a bachelor’s degree, and taught ethics among other endeavors. He maximized his time in prison and has come out as a better man, with a renewed sense of gratitude and purpose.
The key takeaways to Mike story are: don’t be afraid to ask for help, pay attention to tiny details, screen the people you work with, and show more gratitude.
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All shared information from the Wealth Secrets Podcast should not be taken as legal or financial advice. Please consult with a professional before making any decisions.