250 episodes

New Shows twice per week! Exciting interview with top entrepreneurs. I get to the bottom of their business to discover the secret to how they became successful. Every episode is full of actionable advice and tips that you can use in your business to immediately help you further your success in real estate.

Just Start Real Estate with Mike Simmons Inspiring interviews with today's most successful real estate investors!

    • Business
    • 4.9 • 234 Ratings

New Shows twice per week! Exciting interview with top entrepreneurs. I get to the bottom of their business to discover the secret to how they became successful. Every episode is full of actionable advice and tips that you can use in your business to immediately help you further your success in real estate.

    Self Storage Success with Scott Krone

    Self Storage Success with Scott Krone

    Today's Guest: Scott Krone
    Scott has been in self-storage for the last 9 years after transitioning from real estate to multifamily investments. Scott is a Chicago native whose career in architecture began in 1991 after pursuing his Master of Architecture from the Illinois Institute of Technology. In 2012, Scott founded Coda Management Group, a firm that specializes in managing real estate assets. Scott is also a co-founder of One Stop Self Storage with facilities across the Midwest and the founder of Coda, an award-winning design and build consulting firm. Coda has won numerous design/build awards, including the international Green GOOD Design, Best of Houzz, and Design Evanston Award. Their work has also been featured in notable publications such as Storing Up Profits by Paul Moore, Dream Homes, Midwest Luxury Homes, NBC TV Show Taste, and more.

     

    Highlights From The Show:
    We begin the episode with Scott sharing his background story and how he ended up in the self-storage space. Scott shares that he grew up as a creative kid involved in various sports but was fortunate to study architecture in high school. However, Scott gave up architecture to play sports and do normal college things rather than being dedicated to a studio. Scott wanted to get into their family business after graduating from college, which was not possible, so he had to go back to architecture. Fortunately, at that time, they had new programs that allowed him to earn a Masters in architecture. He jumped into it and was again fortunate to get connected to a professor who owned a real estate development architecture company and got right in multifamily. Scott started his own company in 1998, with single-family, multifamily, mixed-use, and institutional properties, and then the market crashed. Scott started exploring other options because it was difficult in the residential market except for apartments. This led him to self-storage, which had a lot of similarities to multifamily, but it was more resilient, especially in recession and massive downturn markets. 

     

    We then talk about why self-storage is more resilient than other real estate investments, including multifamily. Scott shares that it is difficult in the market, and self-storage gives viable options to address these problems and overcome the challenges. Scott went back and analyzed every recession since 1979 and compared self-storage occupancy in each of them. Scott shares that no other class of real assets has a natural resilience like self-storage, even the housing market. In recession markets, housing slows down, renovation slows down, and construction stops, but self-storage will always continue to thrive.         

     

    Next, we discuss how you can break into the self-storage world of investing as a new investor. Scott shares that there are three asset classes within self-storage, and they all differ from multi-family. They include class A, B, and C assets. According to Scott, Class C assets include first-generation self-storage (small under 200 units from mom and pops), and they give a nice return on a regular basis. The next one is class B which is a more suburban, larger driver facility and sometimes with primary control. At the top is class A, a property with both appreciation and cash flow, which comprises large institutions in the city.  According to Scott, the three assets represent different strategies, and the easiest way to get into self-storage is by buying class C properties. However, if you want to do a B or A, he recommends joining a venture or partnership group.

     

    We then talk about how to find opportunities and people who own self-storage and want to sell. He shares that you get more opportunities by driving for dollars. Scott tells me that if you are looking for class C, it’s pretty hard to find them because they are not corporate, and the properties might be under their own name. They also use them as bank accounts with cash flow coming in to pay their bil

    • 28 min
    Live Q&A - Tips for College Students, Seller Financing Explained, Direct Mail Struggles, and Hiring an Assistant

    Live Q&A - Tips for College Students, Seller Financing Explained, Direct Mail Struggles, and Hiring an Assistant

     Highlights From The Show:
    Welcome to this version of the Just Start Real Estate Podcast! I am excited to bring you another replay of my Live Question and Answer sessions. For those people that are unable to join us live, this will provide an opportunity to hear the awesome questions I am fielding about business, taking risks, real estate, and so much more!

     

    This presentation is the live Q&A that I did the week of July 20th and each Thursday we will offer you another chance to take advantage of listening to the answers to our guests’ fabulous and compelling questions! Don’t miss this new episode of the Just Start Real Estate Podcast!



    Notable Quotes:
    “Ask them if you can work for them for free and learn the business.”

     

    “Internships are a vastly underutilized and underestimated path to success.”

     

    “Too many people want to go straight for the gold and I get that because I am impatient.”

     

    “Get busy learning from the inside of a successful business.”

     

    “Age is just a number. Whether you are old or young, it just doesn’t matter. Go after what you want.”

     

    “Seller financing is under the umbrella of creative financing.”

     

    “Let’s say you buy the house for $120,000 so I can do easy public math here.”

     

    “Seller financing poses the exact same risks to you as the buyer as any other type of financing.”

     

    “Send out a letter or postcard to your list once a month for six months before you even consider they are not interested, but in the meantime, build up your list.”

     

    “When I say drama I mean almost Jerry Springer-level drama.”



    Thank You for Listening!

    Connect with Mike on Twitter, Instagram, YouTube, Linkedin, Facebook

     
    Help Out the Show:

    Leave an honest review on iTunes. Your ratings and reviews really help and I read each one.
    Subscribe on iTunes.

     
    More Resources From Mike:

    Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months
    WINNING DIRECT MAIL - How to CRUSH IT with direct mail!
    7 Figure Investor Video Course - Scale your business to 7 figures. I'll show you how!

    • 40 min
    Asset Protection for Real Estate Investors and The Dangers of Our Current Real Estate Market with Doug Lodmell

    Asset Protection for Real Estate Investors and The Dangers of Our Current Real Estate Market with Doug Lodmell

    Today's Guest: Doug Lodmell
    Doug Lodmell is a co-founder and Managing Partner of Lodmell & Lodmell, one of the nation’s leading Asset Protection Law Firms. Today, Doug’s law firm is responsible for protecting over $4 billion in client assets. He is originally from Geneva, Switzerland, and he stood out at an early age as one of the brightest minds of his generation. Doug spends much of his time teaching, speaking, and leading thousands of professionals in business in Scottsdale, AZ. He is also the author of The Lawsuit Lottery: The Hijacking of Justice in America and was recently featured in BiggerPockets.

     

    Highlights From The Show:
    We begin the episode with Doug sharing his background story and what he does as an attorney. Doug shares that he started practicing with his father. His father was an attorney for many years but didn’t practice law. He was in real estate syndications, but the 1986 real estate crash steered him toward asset protection after the banks failed to reach him even though he had assets in the syndication. When Doug graduated from law school in 1997, he joined him, and they grew the practice along with his brother, which is also their foundation as real estate investors. They all have a deep understanding of real estate and asset protection and how it all works together. 

     

    We then talk about what you can do in asset protection to ensure you are doing the right thing. According to Doug, when you start investing, you should keep one concept in mind. The safe part of your life and the risk part of your life should be as separate as possible.  The safe part of your life is simply the safe assets you hold. They include your cash in the bank, stocks, bonds, cryptocurrency, etc. You have to keep them in a separate legal entity from assets that can create liability. A home you are flipping can create liability; you have workers, equipment, and a house that can fall or burn down. Doug says the first legal entity you should understand is a Limited Liability Company or LLC. Its purpose is to help you limit liabilities.    

     

    Next, we discuss why you should buy your first property in an LLC and not in C-corp or S-Corp. Doug shares that an LLC and a corporation are two different legal entities, but you can have an LLC taxed as a C-corp, S-corp, partnership, or disregarded entities. According to Doug, the reason it’s always going to be an LLC for asset protection is that LLC has members, and they can create restrictions on who can be a member, which can help eliminate entire classes of people from ever becoming a member. Corporations, on the other hand, are not membership entities. They are shareholder entities and have no way to exclude anybody from becoming a shareholder. 

     

    We then talk about the volume of properties you can hold in one LLC. Doug shares that when you are flipping, you get your property in LLC, but after flipping, it’s out of the LLC, and the LLC is empty again. According to Doug, you can use that LLC as many times as you want, but as long as that LLC is alive, it has all the hangover liability from any deal it ever did. Doug advises that you should always pick a number that you are comfortable with, such as 10, do the 10 flips in that LLC and then let the LLC die a natural death to start a new one.  Why? If a deal goes bad and they come to you years later, you want the lawsuits to be on an LLC that is empty, not in use, and dying its natural death as opposed to your current LLC with properties in it. LLCs are easy and inexpensive to form, so you should often kill your LLCs if you are in high-risk activities such as flipping houses.  

      

    Next, we talk about a holding company and the importance of having one from a legal standpoint. Doug shares that a holding company can be an LLC, but Doug recommends using a limited partnership, and a lot of syndication deals use limited partnerships instead of LLCs. You should also select a favorable state, and he recommends Ari

    • 35 min
    Live Q&A - Best Times to Cold Call, How to Work with Wholesalers, and How to Scale Your Business

    Live Q&A - Best Times to Cold Call, How to Work with Wholesalers, and How to Scale Your Business

    Highlights From The Show:
    Welcome to this version of the Just Start Real Estate Podcast! I am excited to bring you another replay of my Live Question and Answer sessions. For those people that are unable to join us live, this will provide an opportunity to hear the awesome questions I am fielding about business, taking risks, real estate, and so much more!

     

    This presentation is the live Q&A that I did the week of July 13th and each Thursday we will offer you another chance to take advantage of listening to the answers to our guests’ fabulous and compelling questions! Don’t miss this new episode of the Just Start Real Estate Podcast!



    Notable Quotes:
    “Market cycles always change.”

     

    “Your cold calling software should give you feedback and analytics on what times are most effective.”

     

    “Traditionally, the best time to get a hold of clients is in the afternoon.”

     

    “There is a lot that I would change if I was starting my business over again.”

     

    “Use other people’s hindsight as your foresight.”

     

    “When you are scaling, generally speaking, you are going to have to build your team.”

     

    “When I first built my team, I didn’t take the training aspect seriously enough.”

     

    “When you hire people, you can’t expect them to be incentivized as you are as the business owner.”

     

    “A huge mistake that I made was to hire people and give them too much responsibility too quickly, with little to no management or oversight.”

     

    “I am really good at execution.”

     

    “Execution is a skill set of action, not of learning.”

     

    “Trustworthy is a little different than ethical.”



    Thank You for Listening!

    Connect with Mike on Twitter, Instagram, YouTube, Linkedin, Facebook

     
    Help Out the Show:

    Leave an honest review on iTunes. Your ratings and reviews really help and I read each one.
    Subscribe on iTunes.

     
    More Resources From Mike:

    Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months
    WINNING DIRECT MAIL - How to CRUSH IT with direct mail!
    7 Figure Investor Video Course - Scale your business to 7 figures. I'll show you how!

    • 35 min
    Flipping Houses Remotely FULL TIME At Age 24 with Dominique Gunderson

    Flipping Houses Remotely FULL TIME At Age 24 with Dominique Gunderson

    Today's Guest: Dominique Gunderson
    Dominique is co-founder with her husband Mitch of Gunderson Homes and has been involved in real estate since graduating high school at age 17. She started her career as an agent and then transitioned into wholesaling to build experience and capital, but her main interest was always in owning and investing in fix and flip properties. After building the right relationships and doing a lot of deals through wholesaling, Dominique was able to start her own fix and flip business at age 21. Today she still runs that house flipping business in New Orleans, all while living in Colorado. Her mission is to transform houses into beautiful and affordable spaces for new buyers and tenants and help as many families as possible to solve problems such as foreclosure, large repairs or structural damage, unpaid liens, bankruptcy, and problem tenants. 

     

    Highlights From The Show:
    We begin the episode with Dominique sharing her background story and how she ended up in real estate. Dominique shares she is currently 24 years old and has been investing in real estate since she was able to work. She started investing in her teens after graduating from high school. Dominique started by learning about real estate, contracts, and what it meant to buy and sell houses to get her feet on the ground. She became an agent as soon as she could, at 18 years, to get some experience and one year later jumped into wholesaling. She did that for a couple of years before transitioning into what she is doing today, flipping houses to revitalize neighborhoods and add value.

     

    We then talk about what inspired Dominique into real estate at an early age. She shares that neither of her parents was in real estate, they didn’t own a home, and she didn’t know what real estate was until she started learning about it in high school. Seeing her parents struggling while growing up, always in debt, trying to figure out their finances, and working 9-5 jobs, Dominique wanted to do something different. She shares that she heard about real estate at fourteen when her mom finally figured out how to save up and qualify for a loan to purchase a townhome. This was in 2012, and the market was very low, but they bought a home that needed renovation. The whole process of buying and renovating the house was fascinating, and it sparked her interest in real estate investing and value addition.     

     

    Next, we talk about Dominique's experience as an agent and her perspective on the real estate agent track. Dominique shares that after her first day working for the most successful agent in their area, she knew she did not want to be an agent. It was so transactional, had a lot of paperwork, and had nothing to do with buying and selling real estate. According to Dominique, that was 0% of the work she wanted, but she knew it would be a pivotal part of her journey.

     

    We then talk about why Dominique started with wholesaling first. She shares that she knew from the beginning that house flipping was her goal but felt like she didn’t know enough yet. Dominique was 19 years old, had no money, and had never done an investment deal. As an agent, there were many things she didn’t know from the buyer and seller standpoint, such as going through the escrow or title search, and she wanted to learn all that. Dominique also shares that she wanted to have her own money and not depend on other people all the time. According to her, being young was the hardest thing when she was starting out because people immediately didn't trust her because they thought she didn’t know what she was doing.

      

    Next, we talk about Dominique's strategy of finding deals. Dominique shares that back in 2016/2017, when she started investing, she was part of a wholesale team, which was the key to her success in different ways. First, it was working with a small team of people. The team was similar to the real estate agent, where everyone was on their own, doing their own

    • 43 min
    Live Q&A - Wholesaling During a Recession, Buying Out-of-State Rentals, Selling Your Portfolio, and Managing Millennials

    Live Q&A - Wholesaling During a Recession, Buying Out-of-State Rentals, Selling Your Portfolio, and Managing Millennials

    Highlights From The Show:
    Welcome to this version of the Just Start Real Estate Podcast! I am excited to bring you another replay of my Live Question and Answer sessions. For those people that are unable to join us live, this will provide an opportunity to hear the awesome questions I am fielding about business, taking risks, real estate, and so much more!

     

    This presentation is the live Q&A that I did the week of July 6th and each Thursday we will offer you another chance to take advantage of listening to the answers to our guests’ fabulous and compelling questions! Don’t miss this new episode of the Just Start Real Estate Podcast!



    Notable Quotes:
    “Learning what works, learning what doesn’t, all on my dime.”

     

    “Wholetail is a hybrid term coming from wholesale and retail.”

     

    “Sometimes in a wholetail situation, you might replace the carpeting and paint, but not refurbish the kitchen.”

     

    “You may spend $5k doing that but you can ask $20k more than you could before.”

     

    “I think a good real estate investor, for the most part, will do whatever they need to do to get the deal.”

     

    “Wholetailing in this market is great.”

     

    “We take a lot of properties and put them on the market right away just to see what will happen.”

     

    “The spirit of a wholetail deal is not to go the extra mile to provide appliances and stage it.”

     

    “If you want steady rent checks all year long, I would suggest a single-family rental.”

     

    “Realize there is a big difference between a long-term and short-term rental.”

     

    “Short-term rentals can be more profitable and produce more revenue, to be sure, but they also require more work.”

     

    “Either the deal isn’t as good as you think it is or your buyers’ list isn’t as strong as it should be.”



    Thank You for Listening!

    Connect with Mike on Twitter, Instagram, YouTube, Linkedin, Facebook 

     
    Help Out the Show:

    Leave an honest review on iTunes. Your ratings and reviews really help and I read each one.
    Subscribe on iTunes.

     

    More Resources From Mike:

    Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months
    WINNING DIRECT MAIL - How to CRUSH IT with direct mail!
    7 Figure Investor Video Course - Scale your business to 7 figures. I'll show you how!
    Simon Sinek: On Millennials in the Workplace

    • 35 min

Customer Reviews

4.9 out of 5
234 Ratings

234 Ratings

ASobering ,

Such a wealth of knowledge! 🧠

Whether you’re well established as a real estate investor, or just getting started, this is a must-listen podcast for you! Mike does an incredible job leading engaging conversations with industry leaders who’ve actually experienced success themselves and every. single. episode. is jam-packed with helpful takeaways. Highly recommend listening and subscribing!

Mariann!! ,

GREAT SHOW!

I really enjoy your show, after listening to a few episodes I was totally hooked, it has great direction, it deals with very instructive and interesting topics. I really love this program!

Alexstrath1 ,

Great content

Out of all the podcasts that I have listened to, yours provide extra information regarding your listeners' concerns.
I totally agree with what you said “you don’t have to have everything to bring people in”. As for me it isn't necessary to have the whole game plan in place. They’re going to help you build that but it is very important to have the vision and the willingness to ask others who already know how to play the game.
Answering various investment-related questions has greatly pleased me. Thank you for such an impactful episode.

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