Mike Higgins
@meetmikehiggins
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Flipping 4 homes/month | Keeping some | Growing a $1M profit flip biz | DMs open for RE/SMB talk.
Wisconsin, USA
Joined August 2010
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Pinned Tweet
This week, I did a 90-minute workshop diving into all our RE flip business frameworks.
126 people registered.
The topics we covered will generate tens of thousands for those who joined.
I set up a replay link for those who didn't make it.
Comment 'replay,' and I'll send it.
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People who have bought every iPhone since 2007 have spent around $20,600.
If they invested that same $20k into
#AAPL
stock, it would be worth $3.7M today.
Invest in assets, not liabilities.
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17K
People who signed up for Netflix in 2007 have spent $1,918.08 on their subscription
If they invested that same $2k into
#NFLX
stock, it would be worth $331,162 today.
Y'all misunderstood 'Netflix and chill'
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I was today years old when I found out this was a filter on Zillow.
New rental won’t last!
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The Billionaire power couple no one is talking about:
Their secret?
A 'family first' culture focused on taking care of their employees.
Andrew and Peggy Cherng grew from 1 to over 2,000 locations. They own and operate every location.
- College sweethearts
- 2,300
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The “Trap”:
$50k - car
$80k - college
$30k - wedding
$500k - dream home
5 years of decisions today turns into 35+ of working to pay it all off.
The American “dream” sounds more like a nightmare.
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REALTOR code words:
Cozy = unbearably small
Motivated seller = desperate
Minor TLC = literally a teardown
Good bones = about to collapse
Hidden Gem = No one wants this
Won't last = will be listed for 6 months
What are other favorites?
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The Mormon church has the most successful startup incubator in the world:
- 6.5 days a week
- Selling door to door
- Track metrics religiously
- Two year unpaid program
- 10 hours/day of selling God
- Dropped in an unfamiliar area
- Create new marketing channels
- Best
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The “American Dream” now costs $3.4M
- $35,800 - wedding
- $67,935 - pet care
- $576,896 - raising children
- $796,998 - mortgage interest
The math isn’t mathing.
Lifetime earnings across all education levels is $2.3 million.
Dream? More like a $1.1M debt nightmare.
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Someone should create a “CarFax” for rental tenants.
Landlords could buy the report when they receive an application.
Billion dollar idea. You’re welcome.
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A friend of mine makes $487,000/yr at his W2.
Twitter tells him he is dumb for not buying a business.
He lives on a 30% of his income and invests the rest in real estate passively.
He will build wealth faster than most of Twitter.
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2018: “I’m waiting till prices drop.”
2021: “I’m waiting till prices drop.”
2024: “I’m waiting till prices drop.”
Median home prices:
2018: $329,700
2021: $410,000
2024: $420,700
Probably should buy today.
You’ll look really smart in 6 years…
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Nothing kills a deal faster than:
A first time home buyer who brings their handyman dad to a second showing.
IYKYK
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You can only pick two:
1. Retire at 45
2. No mortgage
3. 800 credit score
4. $10k/ mo forever
Which do you choose?
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Are you guys sleeping on WI?
Low real estate prices (without the highs and lows) Roundabouts (IYKYK)
3rd lowest combined tax rate
Affordable cost of living
Low crime
The BEST summers in the country
Right to work state
No exotic bugs and reptiles
Green Bay voted
#1
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Society has told us Get a ‘real’ job and that it’s not cool to be a:
Roofer
Plumber
Electrician
My bet is in the next 20 years their bank accounts are going to look a lot cooler than anyone else’s.
Agree?
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I hate to break it to you, but $100k today isn’t impressive.
You need almost $225k to feel like a 6 figure earner of 30 years ago.
Inflation sucks. Buy real estate.
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Menards will sell you this 3 bedroom home for under $100k.
If the right municipality would support, this feels like it could help with the housing crisis.
What are your thoughts?
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Median net worth of Americans by age:
20 - $8,700
29 - $54,000
39 - $128,000
49 - $235,000
59 - $352,000
Do these surprise you? Are you on track, ahead, or behind?
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A friend of mine runs a Radon Mitigation SMB.
He spends $4k a month on Google Ads.
Gross between $50-$70k per month.
Works about 4 hours per day coordinating jobs and dropping off tests.
I am going to do a deep dive on this business next week. What do you want to know?
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@TripleNetInvest
Don’t forget that his Maralago property is only worth $18million. 😏
If I’m Trump, I’m using that as a loss on my taxes
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Is Turo still a side hustle thing?
One of my early mentors is building a TURO empire.
He currently has 5 cars
Brings in $4500/ month
They’re all paid off. $0 debt
He spends 6 hours per week managing it
Depreciation and tax benefits
I’m going to deep dive this little
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Classification status of Americans by income (separated into 20% chunks):
$27k Lower Class
$48k Lower Middle Class
$71k Middle Class
$124k Upper Middle Class
$187k Upper Class
Do the numbers surprise you?
$187k doesn't seem like a lot to be a top 20% er
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One of my early mentors is building a TURO empire.
He currently has 5 cars
Brings in $4500/ month
They’re all paid off. $0 debt
He spends 6 hours per week managing it
Depreciation and tax benefits
I’m going to deep dive this little side hustle. What do you want to know?
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How to find your dream home in an unconventional way.
My family is looking for a ‘forever home’ but since I don’t like to pay retail, I do things a little different.
Here’s what I did:
- Mapped out our idea geographical area (1st, 2nd, 3rd choices)
- Created a filter for
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Realtors should be disincentivized if their listing sells under asking price.
A dollar for dollar rebate off their commission for every dollar under their suggested list price.
$200k house @ 6% is $12,000.
If the house sells for $190k, they should only get $2000.
Seem
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So you want to be a landlord because real estate builds passive wealth…
36 month lease:
Gross rents: $39,600
Mortgage: $25,200
Eviction: $2,000
Trash out: $5,000
Renovation: $30,000
Lost rents: $3,300
Your $14,000 in ‘cash flow’ gets eaten up quick by those long term
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Help me understand this. We are suppose to:
- Have kids in our 20’s and 30’
- Work our butts off for 3-4 decades
- Neglect precious time that we will never get back
All in an attempt to have ‘enough’ money to enjoy a life when all those memories are gone?
Seems backwards
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4 words I never thought I would say at the age of 35:
“I had a stroke”
Yes. You read that correctly. On Thursday, Nov 16th, 2023 at 7:45am I had a stroke in my home. At the age of 35.
To say it was scary was an understatement. It was the most anxious, terrifying, helpless
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So you want to be a flipper...
Over $50,000 worth of work we paid our plumber over the past 2 years.
Not including other referrals.
Yesterday he reported us to the city for “non permitted plumbing work”
All because we had our general sub hook up the sink and dishwasher and
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New flex in 2030:
When your son grows up to be a plumber vs surgeon.
30+ years telling kids they should go to college to get a “real” job and neglecting the trades.
Now we are slowly seeing the repercussions of those decisions.
For every 100 folks retiring from the
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So you want to be a landlord...
$32,000 remodel/repair turnover on a $1100/mo rental - AFTER they didn't pay for 3 months, accumulated 14 cats, and started a small fire.
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You can buy an ugly house for $90k, renovate it for $30k, get 100% of your investment back.
Then have a tenant pay the mortgage down for the next 30 years.
Do this twice per year, and your retirement will thank you.
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My favorite entrepreneur:
The one guy in every small town that owns:
- grocery store
- 2 bars
- logging company
- 3 apartments
- corner store gas station
And is on the city council
Every small town has one and they’re the 🐐 of the community.
Be a big fish in a small pond
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A $747M side hustle.
The numbers, just like hips , don’t lie. Turo is a legit option for many.
One of my early mentors is building a mini TURO empire:
-5 cars
-$0 debt
-$4500/ month
- 6 hours per week managing it.
Depreciation, tax benefits, and cash flow
Is it
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In 2018, my flip was listed for $99,900 but it wasn't selling.
17 showings, 8 days on the market, no offers!
All the feedback was:
- bedrooms are too small
- there's only one bathroom
- there's no good dining room space
My decision was to take the property off the market
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$80,000 in the bank and a paid-off $1,000 work truck
Society: ‘wow that guys broke”
$1,000 in the bank and an $80,000 financed vehicle
Society: “that guys killin it!’
Possessions ≠ Wealth
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My roofer generates $800k/yr and feels like he lives on food stamps.
He reached out for some business help. (My advice is at the end)
Let’s paint the picture of where he’s at currently:
He spends $3-4k a month on marketing (ppc mostly)
Which generates 7 jobs at a $10k
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I met a guy making $300k doing something you’ve never heard of?
Being an Expert Witness.
How I stumbled onto this profession:
3 weeks ago, I got a call from an attorney who asked if I would consider being an expert witness.
“A what?”
I had no clue that was even a thing.
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Homeschool MBA:
Entrepreneurship 101
The boys collectively earned over $200 in these two latest snow storms.
Strategy:
- Grab a shovel, walk down the road and start shoveling driveways that haven’t been shoveled yet.
- Targeting the elderly homes first.
- Knock on the
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New flex:
Have my son be a Plumber VS Doctor
30+ years telling kids they should go to college to get a “real” job and neglected the trades.
Now we are slowly seeing those repercussions of those decisions.
For every 100 folks retiring from the trades, only 7 are coming in
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Menards will sell you this 3 bedroom home for under $100k.
What are your thoughts?
* Cutting and assembly required
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If you can build to $1,000,000 in liquid cash.
It can earn $120,000 per year lending to RE investors. Forever.
Never fix a toilet.
Every SMB should be taking their cashflow and investing it.
You keep working, your money is working.
Double whammy.
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Guru Real estate math:
$3000 rent and the total payment is $2100.
Cashflow = $900/mo
If you follow advice like this, you will go broke.
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My favorite entrepreneur HANDS DOWN:
The one guy in every small town that owns:
- grocery store
- 2 bars
- logging company
- 3 apartments
- corner store gas station
And is on the city council
Every small town has one and they’re the 🐐 of the community.
Be a big fish in a
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I’m not an “AI bro” but woah! This stuff is getting WILD
I just fed my blood work and DNA testing into a GPT.
The back-and-forth 'conversations' and suggestions blew my mind. It was as if I was chatting with my own personal doctor.
It even identified things that my
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400+ golf courses in Wisconsin are missing out on
7 Figures in revenue every Holiday Season. How?
Holiday Light Tours.
Some golf courses are already doing this and the returns aren't insignificant.
I would run this similar to a Halloween pop-up store.
Instead of a
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I’m convinced 90% of people participating in “No mow May”
Are just lazy tenants who don’t want to cut the grass for the month.
Agree?
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Bad tenants kill great deals. Screening them is key:
1. Landlord reference
2. Employer reference
3. Credit score (600+)
4. Background check (clean)
5. Sufficient income (3x rent)
What else would you add?
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We are being investigated by the FBI for Fraud.
6 weeks ago, one of our clients was sitting at the closing table for the purchase of their new home.
They just lost over $250,000. Below I broke down how it happened
For those that don't know, in addition to our flipping
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Many say Radon might be a scam, but that won't stop it from being an awesome biz.
- $500k/yr
- 20 hours/wk
- $50k/ yr marketing
I interviewed Radon Mitigation SMB.
The simplicity will shock you.
They spend $4k a month on Google Ads, and network with local real estate
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Contractor throws a $800k hissy fit. Now he’s looking for work.
A lesson in Sub-Contractor 101
6 months ago one of our main subs thought he called the shots.
8 months before that we hired him for our first job. It was great!
Fast work. Good quality. We were on fire
Over
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A REALTOR I know started building spec homes.
$600k sale price.
She will make $100k in profit after she sells, not including listing commission.
She would have to sell 20+ houses to make the same $100k.
This is working smarter not harder.
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Staging sells properties... PERIOD
In 2018, my flip was listed for $99,900 but it wasn't selling.
17 showings, 8 days on the market, no offers!
All the feedback was:
- bedrooms are too small
- there's only one bathroom
- there's no good dining room space
My
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Call me old school, but when I said “I do” 12 years ago, I made a commitment.
FOREVER. No matter what.
Both of our parents have been divorced. (Multiple times)
We committed that we would never let that happen.
For us and for our kids.
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What’s stopping you from going on a morning run and making $5k?
Maybe even start a ‘fence company’.
Here’s one I would do (almost did today on my run):
Find old fences like this.
Identify the ‘best’ fence company in the area. (Likely Hispanic handymen)
(By ‘best’ I mean
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I never read a single book for fun until college. Thought it was dumb.
Now I can’t stop learning new things.
Here are 6 books you never heard of that will change your life:
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Today I broke down.
Right song, right time, right place.
I came around the corner, saw my wife, embraced her and just cried.
She had no idea why.
You see, the last 6 months have probably been the hardest our family has ever endured.
- I had a stroke
- Heart surgery
-
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You can buy an ugly house for $90k, renovate it for $30k, get 100% of your investment back.
Then have a tenant pay the mortgage down for the next 30 years.
Do this twice per year, and your retirement will thank you.
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My oldest is 16 and doesn't want to go to college.
He does lawn care but wants to figure out another business he could start.
My advice:
1. Figure out the things that people hate doing.
2. Find the ones that will pay for that service. (Disposable income)
3. Charge
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If you’re mindset is “I’m going to wait for prices to come down before I start”
Let me share a little insight.
2017: $150,000
2024: $260,000
Same house, different market.
And if you’re saying “well I’ll wait for rates to come back down”
It’s going to be even worse.
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This truck just helped me realize a major limiting belief that’s been holding me back for decades.
How can that even make sense?
Well here’s what I mean:
I just got this brand new 2023 GMC Diesel delivered to me yesterday. (Business truck)
There was a moment of guilt
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Beginner mistake:
If a contractor has billboards and slickly wrapped vehicles?
They will likely overcharge you.
I know for 1/3 the price I can find the same work.
I’ll take the guy in the rusted truck, no stickers on the side.
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My $200k private money lender makes more cashflow than my buddy buying a $320k duplex.
I get that its not 'apples to apples'
But being a lender is the best position in real estate.
Hear me out.
A friend called me today to ask if I could show him a duplex tomorrow.
$320k
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A friend of mine just bought 25 acres to develop.
His plan?
'Build to Rent' model new construction.
*1600-1800sq/ft
*2-3 stall garage
*No basements
They will keep every home they build in their own portfolio.
What do you think? Will this be good or bad?
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I hate to break it to you…
You don’t get rich by having multiple streams of income.
You get rich by doing one thing really really really well.
After that feel free to add other streams.
Multiple stream don’t get you rich, they keep you rich.
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Growing up, dreaming of making $100k a year seemed like it would solve all my problems.
Today, it feels like $250k is the new $100k.
Purchase 1-2 properties a year:
-Offset taxes
-Leverage Debt
-Maximize depreciation
Inflations real. Buy assets.
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Walked through a property today. Duplex.
These are the sellers I love doing deals with.
IYKYK
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Paid $205,000 for the property on the left.
Spent $87,000 to fix it up and make it worth $400k
In just 4 months we turned this (left) into this (right)
Would this condition turn you away from trying a flip?
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My son is applying for a job at the local grocery store.
He said he can make $10-$11 per hour.
Looks like a good time to learn about taxes…
I’m excited for him!
Life is the best teacher.
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We flipped a property without every technically owning it.
Have you ever heard of a Novation strategy?
The seller held a $90k note.
I came up with $17.5k to fix up the property, using private money.
The new value of the home was $135k. I sold it.
After realtor fees,
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We get a 43% discount on our haircuts and don’t have to leave the house.
$35 at the salon. We pay $20.
Each month she comes and gives everyone a cut.
•4-6 haircuts
•keeps 100%
•we don’t leave home
Everyone wins.
You don’t need to be rich to have the efficiencies of
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So you want to be a landlord…
We just inherited tenants on a recent purchase.
They called to tell us the furnace wasn’t working.
We sent HVAC to inspect.
Turns out the house doesn’t have a furnace, and has electric baseboard heat.
Can’t make this up…
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A friend of mine runs a Radon Mitigation SMB.
He spends $4k a month on Google Ads.
Gross between $50-$70k per month.
Works about 4 hours per day coordinating jobs and dropping off tests.
I am going to do a deep dive on this business next week. What do you want to know?
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Health insurance may be the biggest threat to small business owners.
When I decided to dive in full time in 2017, insurance premiums were scary.
Upwards of $2,000 a month for Obamacare at the time.
We found a health sharing option that fit our families needs perfect for
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A TV producer just called me about starting my own HGTV flipping show.
We talked about pitching the network with two possible storylines:
1. Family flipping - me taking my kids to flips, and basically having the whole family involved
2. Mike and Mom - my mom is pretty
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Almost flipped a lid when I saw $6000 of flooring improperly installed.
Got the video walk through today.
At times, it’s hard to communicate with our subs because of language barrier.
I need to learn Spanish.
Today we found this awesome photo for LVP flooring.
Feel free
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I talked to a guy who would put 15 year mortgages on his properties.
Each year he bought 1-2. He did this for 15 years.
Starting year 16, he would refi one, fix it up, and then live off the loan.
TAX FREE!
Because, real estate.
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So you want to be a flipper...
Over $50,000 worth of work we paid our plumber over the past 2 years.
Not including other referrals.
He reports us to the city for “non permitted plumbing work”.
All because him and our sub got in an argument about a previous job and he
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You can buy a crappy duplex for $153,785, renovate it for $76k
And get 100% of your investment back.
Plus pull out $51k TAX FREE.
Then have a tenant pay the mortgage down for the next 30 years.
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Guru Real estate math:
$3000 rent and the total payment is $2100.
Cashflow = $900/mo
If you follow advice like this, you will go broke.
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A real life kick in the d**k:
I’ve posted over 10,000 times over the past year.
Most had to do with the growth of our company.
A highlight real, if you will.
Here’s the reality. The last 6 months have been the toughest of my life.
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People with a broke mindset:
-Play it safe
-Match their 401k
-Avoid debt at all costs
-Take one vacation each year
-Make enough to pay their bills only
People that understand money:
-leverage debt
-take calculated risks
-invest heavily in themselves
-see failure as a
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You guys are seriously sleeping on Wisconsin real estate.
Under $250k!
Green Bay is the 3rd largest city in Wisconsin.
Homes like this are common. It’s a great place to invest.
What would this cost in your market?
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Unpopular Mother’s Day Opinion:
90% of millionaires are NOT made through real estate.
They are made through SMB ownership.
90% of Millionaires likely DO own real estate, though.
Business is for getting rich, Real estate is for staying rich!
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Two checks for over $22k that paid for my son’s appendectomy.
One barrier to entry into SMB ownership for me was Insurance cost.
When I decided to dive in full time in 2017, insurance premiums were a real factor.
Upwards of $2,000 a month for Obamacare at the time.
We
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We just hired a new subcontractor team.
Here is how we pay them.
Typically contractors want 50% of the job up front.
Most of the time that money goes towards materials, but we buy our own.
So I negotiated 1/3 up front, 1/3 when rough in is done, and 1/3 after finish.
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Tiny Home Communities.
These could, in fact, be the modern-day MHP.
Key thoughts:
- ‘Affordable Housing’ option
- Retirement community
- Small footprint, high-end finishes
- Repeatable design (able to scale)
Think there’s an opportunity here?
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Me: Any updates since you've owned it?
Seller: We just fixed the basement.
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4.5 years ago:
- Full-time REALTOR
- Flipping on the side
- Slave to other people's schedule
- No consistent business to count on
Sick of showing houses from 4-7pm and writing offers in hopes of getting them accepted.
I was fed up.
Today:
- Own a business
-
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They found the blood clot and got me the medicine I needed. If it wasn't for my wife, I may have not been able to get the medicine in the timeframe needed.
The rest of the story is relatively happy. I began recovering quickly. So quickly in fact that they took me off of bed
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First flip in 2016:
Purchase: $90,800
Rehab: $18,000
Sold: $120,000
Profit: $7,000
This property took 60 days to finish. I made every mistake in the book. But at the end of the day it sold for a profit.
Flip today in 2024:
Purchase Price: $81,000
Rehab: $7,000
Accepted
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I started young. Had my first child when I was 20.
My (now) wife was 18.
Everyone thought we would fail. We should have...
In hindsight, it's been the ultimate cheat code. All of our best friends are a decade older than us.
We get to soak up incredible wisdom all the time.
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I’ve been paying these squatters to live in my flip.
Not really, but kind of.
Turns out our contractors decided to spend a few nights at our flip while they renovated.
They never asked, just made themselves at home. Literally.
Do I say something?
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Health insurance may be the biggest threat to getting started in entrepreneurship.
When I decided to dive in full-time in 2017, insurance premiums were scary.
Up to $2,000 a month for Obamacare at the time.
We found a health-sharing option that fit our family needs
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There are dads across the country who are getting ready to leave the house to go to a job they don't enjoy.
Leaving the house before their kids or wife wake up, only to arrive back home just before it's time for bed.
I feel for these situations, and for guys who feel like they
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