Here’s our latest interview with a millionaire as we seek to learn from those who have grown their wealth to high heights.
If you’d like to be considered for an interview, drop me a note and we can chat about specifics.
My questions are in bold italics and his responses follow in black.
Let’s get started…
OVERVIEW
How old are you (and spouse if applicable, plus how long you’ve been married)?
I am 44 and my wife is 38, we have been married for 3 years.
Do you have kids/family (if so, how old are they)?
No kids.
What area of the country do you live in (and urban or rural)?
I live in the Southwest. Rural.
What is your current net worth?
$6.5M as of May 2018
What are the main assets that make up your net worth (stocks, real estate, business, home, retirement accounts, etc.) and any debt that offsets part of these?
- Cash: $500k
- Home: $300k (own free and clear)
- Apt Rental: $7.3M (with a mortgage of 3.1M)
- Healthcare business: $1M
- Pension/401k: $500K
EARN
What is your job?
I have 2 businesses and I spend a total of 7-10 hours a week running these 2 businesses.
I started a healthcare business about 14 years ago. I built my business in a way that it runs itself; I spend about 1 hour a day working on this business.
I also started investing in and managing multi-family apartments about 5 years ago. It is also set up to run by itself, but I do spend about 5 hours a week managing this second business.
What is your annual income?
I make $50k/month or $600k/year.
Tell us about your income performance over time. What was the starting salary of your first job and how did it grow from there?
My first job out of college was working as an IT support at a startup company during the 90s internet boom. I was making $15 an hour and was let go after just 4 months on the job.
I was never good at working for someone else, getting fired from all the jobs I ever had after I graduated from university – a total of 8 jobs to be exact. But I always learn something from each job I had. Looking back, I think getting fired from all the jobs is a blessing in disguise that made me the person I am today.
In 2002, I started my “one-man” trading company, but was forced to sell the business after big retailers such as Walmart began ordering in big bulk from the manufacturers directly, leaving the middlemen like myself with no margin and out of the market.
What tips do you have for others who want to grow their income?
Always have multiple income sources and learn to take calculated risks.
About 5 years ago, I saved up extra cash when my healthcare business started picking up. I decided to go into commercial real estate. I brought about 15 real estate related books, ranging from how to acquire a property to how to manage bad tenants. Within a month, I learned everything I could and became very knowledgeable in the multi-family rental business.
I found that the quickest way to learn something is just to pick up a book and read. Learn from the industry experts and other successful people so as to avoid making mistakes. I was also fortunate to have a good realtor who helped me acquire some properties that generate a good monthly income.
What’s your work-life balance look like?
It’s great! I spend no more than 10 hours a week working, and then spend the rest of my free time reading. I enjoy motivational books by great authors such as Tony Robbin, Brian Tracy, John Maxwell, and Tim Ferris. I also like business/management books by authors such as Napoleon Hill, Michael Gerber, and Martin Meadow.
I also plan my work around my vacations, where I take 6 domestic trips and 6 international trips every year. My goal is to visit 5+ new countries per year; I was fortunately able to do this in the past 6 years.
Do you have any sources of income besides your career? If so, can you list them, give us a feel for how much you earn with each, and offer some insight into how you developed them?
As mentioned above, I have a total of 2 business, a healthcare business, and an apartment rental business. The monthly income for each business is about 50/50, so $25k a month from each business.
As there are significant changes in the healthcare industry, I am not sure if my current healthcare business is sustainable. So, I would like to acquire at least one more rental property, so I can be comfortable selling my healthcare business in the future.
SAVE
What is your annual spending?
Personal Expense: $42,000 per year.
Trips: $45,000 per year (we take 6 domestic trips and 6 international trips per year)
What are the main categories (expenses) this spending breaks into?
Average Monthly Expense:
- Food: $1,200
- Gas: $200
- Gym: $100
- Misc: $300
- Utilities: $500
- Insurance: $1,200
- Travel: $3,750
Do you have a budget? If so, how do you implement it?
I don’t have a budget but I do watch what I spend. I use coupons whenever I eat out (it’s quick as just do a quick Google search when I arrive at the restaurant). I always buy used cars; I shop at Walmart, Ross, Amazon, and even local Goodwill stores.
I always wear black T-shirts because it saves me the hassle of having to decide what to wear (learned that from Steve Jobs and Mark Zuckerburg). That also saves me money on clothing. My mentality is that a penny saved is a penny earned.
What percentage of your gross income do you save and how has that changed over time?
Currently, I put away 60-70% of my income. My goal is to save up enough money so I can leverage to buy another property.
Because my personal expenses have stayed the same the past 5-7 years, as my income goes up, the percent of money I save increases tremendously.
What is your favorite thing to spend money on/your secret splurge?
I love traveling, as mentioned above, I spend about $45k a year just on trips. I love going to a new country, learning about a new culture, meeting interesting people on my trips and, of course, the beautiful beaches!
My wife and I also love to eat! Anything from street food in Asia’s night market to fine French cuisine at Beverly Hill’s high end restaurants. For those foodies out there, try going to The Restaurant Week where you can save about 50-80% dining at some of the best and most expensive restaurants.
I spend a lot of money and time buying and reading books. Nothing gets me more excited than learning something new when I read. Learning and self-growth is the only way to live a fulfilled life.
Any type of new experience, either taking a cooking class, learning a new language, or playing a new sport like tennis. Anything different is good.
One thing I’ve learned about wealth and happiness is that, spending money on material things does nothing for me, but spending money on “new experience” or acquiring “new knowledge” make me feeling fulfilled and happy. It’s funny, older I get, stronger I feel about this sentiment.
INVEST
What is your investment philosophy/plan?
Save up money as quickly as I can, then leverage that money to acquire new rental properties.
But I will only act when a good deal presents itself. Being patient is essential in the commercial real estate business.
Also, I think staying laser-focused on my niche and self-discipline is the key to my success.
What has been your best investment?
I bought a building for $700k and now it’s worth about $1.5M after 3 years.
What has been your worst investment?
I tried investing in the stock market when I was in college, it was a nightmare.
I bought YHOO at $99 and was forced to sell due to a margin call when the stock hit $12 a share. I lost about $5,000, and that’s a lot of money for a poor college student.
But I did learn from it, that investing in stocks is just not my thing; I should stick with what I am good at, which is buying and holding a rental property.
What’s been your overall return?
Apartment rental business generates about 10% annual CAP, not including appreciation.
Healthcare business is about 30% annual ROI, not including the value of the business.
How often do you monitor/review your portfolio?
Don’t have a stock portfolio, but I do monitor my net worth on an Excel file monthly.
NET WORTH
How did you accumulate your net worth?
I started the health care business about 14 years ago. It grew slowly in the beginning before it really picked up the last 5-8 years.
Then with the extra cash I saved, I started investing in rental properties about 5 years ago.
My advice to fellow ESI readers is that you will never get rich working for someone else, so find a way to start your own business as soon as possible. Maybe you can work for someone else for the first 3–5 years after you graduate from school, but the sooner you can start working for yourself, the better.
I was fortunate to have worked in a variety of industries (IT, retail, food servicing, trading, government, financial brokerage, healthcare), and even blessed to have been fired from all those jobs. The key is to always learn something from your jobs, and use your experience as a stepping stone to eventually start your own business.
As for the key to owning your own business, no matter what industry you are in, always create a “business system” or SOP, where the business is generating cash even when you are laying on the beach somewhere 3,000 miles away.
What road bumps did you face along the way to becoming a millionaire and how did you handle them?
Both businesses I have, I started from scratch. I did not know anything about either industry, nor did I know what I was doing at the beginning. I just pick up books and learn as much and as fast as I can, then just apply what I learn when I go to work the very next day.
Also, learning by doing is the only way to learn, so don’t be afraid to fail, just get up and get back at it.
I have been fortunate to have good help along the way; my secret is to surround myself with people that are smarter than me or can execute a key component of the business better than me.
My motto on hiring staff is “hire slowly and fire quickly.” I think I also learned that from a book I read.
What are you currently doing to maintain/grow your net worth?
Keep everything simple; I use the 80/20 principle to run my business.
For my healthcare business, my main job is to generate traffic through advertising and keep my employees happy with incentives, so the business can run smoothly even when I am away.
For my apartment rental business, the key is to automate repair requests and monthly rent collection.
Once again, for any business, the ability to create a business system where everything is automated is the key to being successful. You want to work smarter, not harder, so you can spent most of your time enjoying your wealth.
Do you have a target net worth you are trying to attain?
I would like to have a net worth of $7M by the end of this year. My “long-term” goal is $10M by the end of 2021.
How old were you when you made your first million and have you had any significant behavior shifts since then?
I made my first million when I was 37 back in 2011, then my net worth grew quickly once I started doing real estate in 2013.
As for the shift in behavior, I became more humble and more appreciative of what I have, as well as more considerate of others. I also learned to think before I speak. As I grow older, and hopefully wiser, I spend more time thinking and less time speaking.
What money mistakes have you made along the way that others can learn from?
I have made so many mistakes when it comes to investing:
- Because of my Chinese American background, I was taught in an early age to put all my money in the bank and to stay away from “risky investments” such as stocks and real estates. I used to have money in the bank earning 0.01% interest without realizing I’m actually losing money having it there when I factor in inflation. I need to get money to work for me instead!
- I used to think borrowing money to invest in real estate is risky and I should only buy when I have saved up all the money to buy. Only after I purchased my second building did I realized that taking a reasonable risk by borrowing money is necessary when investing.
- I once invested in a biotech company; what a mistake! What do I know about biotech? Nothing! Why would I even invest in something I don’t even know? I lost my shirt on that investment.
If you had to give advice to ESI Money readers about how to become wealthy, what would it be?
- Finding the right person to marry might be the most important decision you have to make in your life; it can make or break you. My advice is to live with that person at least 5 years before you consider marrying him/her.
- Put some emergency money away, then invest the rest. Have money work for you. Also, it’s important to have multiple income sources.
- The road to becoming a millionaire is challenging; you must be both mentally and physically fit. So, workout every day and always have a positive mindset. I have a morning routine, where I wake up at 5am every day, I would work out for at least 30 minutes, followed by meditation for 15 minutes to clear my head, then finish with reading a list of positive affirmation out loud. So, every day I would start the day full of energy and positivity, that put me ahead of everyone else to start the day. It’s a great feeling and it really works!
- If you have employees, train them yourself, pay them well so they will stick around, give them incentives so they will work harder and, most importantly, trust them by giving them full authority to do their jobs. That’s the only way to run a successful business.
- Read at least one book a week. Pick up an Amazon Kindle and take it with you wherever you go.
FUTURE
What are your plans for the future regarding lifestyle?
I am living a beautiful life right now, visiting new destinations, meeting new friends, and having full control of my time. I see my future lifestyle as exactly the same as I have right at this moment; no reason for that to change.
What are your retirement plans?
I live close to a retirement community and I have seen many seniors die within a year of their retirement. The logic is that they lost the reason to wake up every morning and they lost their purpose. I don’t see myself “retiring” since I am basically living the retirement life at this moment.
As Tim Ferris stated in his book “4-hour workweek,” “it’s better to take many mini-retirement when you are young.” And that’s exactly what I am doing at age 44.
Are there any issues in retirement that concern you? If so, how are you planning to address them?
The rising cost of health insurance scares me. My wife and I’s monthly health insurance premium has gone from $350 just 5 years ago to $1,200 today. I really envy my Canadian friends and Taiwanese friends that enjoy Universal Healthcare in their countries. Maybe I will consider moving there in the future.
MISCELLANEOUS
How did you learn about finances and at what age did it ‘click’? Was it from family, books, forced to learn as wealth grew, etc.?
I read many books on how millionaires think. I found they all have the following in common: 1) Most of them own their own business, 2) They are frugal and really watch what they spend, 3) They wake up early and start their day in a gym. I decided that, if I want to be a millionaire, I have to do the same!
Who inspired you to excel in life? Who are your heroes?
I found many “imaginary mentors” in books and audio tapes. I grew up listening to Tony Robbin’s audio tapes, and I still read Brian Tracy’s books on business and motivation. I have learned a lot by reading, so I consider every single author of those books my mentors and I am forever grateful.
Do you give to charity? Why or why not? If you do, what percent of time/money do you give?
I have done volunteer work in the past, but I can always do more. I also would like to start donating to causes like finding a cure for cancer and PETA.
Do you plan to leave an inheritance for your heirs (how do you plan to distribute your wealth at your death)? What are your reasons behind this plan?
If I have kids in the future, I would not leave them with any money because I don’t want to “rob” them of all the fun of making money! I will donate everything I have at my death, hopefully a long time from now.
One more thing I would like to add is that it’s never too late for anyone to pursue their dreams.
Take me for example, I always wanted to fly an airplane when I was a kid, but I couldn’t afford taking flight lessons. So, once I started making money, I decided to get into flying. I started taking lessons when I was 38 years old and, after 2.5 years and 130 flying hours, I got my private pilot license! It’s a great feeling to accomplish something I always wanted.
I encourage everyone to do the same. Having money is great, but real wealth is when you have full control of your time, you get to spend time with ones you love and use money to do what you enjoy. Tony Robbins defined financial freedom as “Do what you want, when you want, where you want, with whomever you want, and as much as you want.” I couldn’t agree more.
Lily | The Frugal Gene says
July 23, 2018 at 3:35 amLove the numerical takeaway for readers, those are really solid gold wisdom nuggets. I need to wake up early I suppose…but at least I do exercise right after I wake up!!!…at 11 am haha….?
This hidden gem – “For those foodies out there, try going to The Restaurant Week where you can save about 50-80% dining at some of the best and most expensive restaurants.”
I love Restaurant Week when they do multiple courses for a set price of $30. Normally it’s such a splurge!
Groupon (sign up for their coupon codes too) is another way to save on restaurants but do research on the establishment before.
MI-77 says
July 24, 2018 at 4:57 pmhaha.. Give it a try, waking up early really changed my whole perspective on life. It seems like I have so much money time in a day, and feels like it gives me a leg up in the world 🙂 Yes, restaurant week is great now they have it in all major cities. Sometime I would schedule to visit certain cities just for their restaurant weeks, i love fine food!!
Bhavani says
July 23, 2018 at 4:38 amGreat to hear your story on using motivational speakers as ‘mentors’. I have struggled to find mentors especially in the career or professional world as opposed to those that know personal finance inside out. I owned a durable medical equipment business with my wife for a long time, I was hoping that would be our ticket to financial independence. Unfortunately the market turned and we had to sell out to a larger competitor. I am curious what is the nature of the medical business you own. Perhaps it might be a sector/industry that would be worth investing in or motivate other readers as an avenue to financial independence.
MI-77 says
July 23, 2018 at 12:22 pmIt took me a couple of “failed” business before I got my medical care business going. There’s no magic to it, i just learn from my many mistakes, and keep at it. Just make sure you don’t make the same mistake twice! Good luck!
ZachM says
July 23, 2018 at 5:24 amIMO, this was one of the best interviews on the site! It really hit home for me, and I can relate in so many ways. I only have a net worth of around $200k at 30yrs old currently, but with a household income of approximateky $280k annually, I have a long term goal of hitting $10M by age 55. We will see! I wish you well on your future goals!
MI-77 says
July 23, 2018 at 12:29 pmThanks for the kind words Zach. 200k by 30 years old is not bad at all, I don’t think I had $300 in my pocket when I was 30 😛 I would recommend you to set up short term financial goals as well as long term. Such as 1M by age 33, 2 M by 35…ect. It just makes it easier for you to achieve those goals. And it gets a lot easier once you get your first Million, Good luck!
Erik @ The Mastermind Within says
July 23, 2018 at 5:28 amThanks for sharing your story MI 77. I love your perspective on wealth and using business to get there. I’m 26, started a business last year and while things haven’t been successful yet, I’m learning lots and figuring things out along the way.
As you mentioned, it probably makes sense to work a few years to get a good base of cash/assets, but once you do that, then it’s time for lift off.
One of my favorite books is by John Maxwell: Everyone Communicates, Few Connect. Great interview
MI-77 says
July 23, 2018 at 12:32 pmYes, there’s no instruction book for starting your own business, so learning and figuring things out along the way is the only way to go. Yes, I love all the books by Maxwell on leadership. There’s nothing more fulfilling than reading and learning new things. I can see you have the right mindset and you are definitely on your way to your first million soon! Best of luck!
The Crusher says
July 23, 2018 at 5:47 amAbsolutely an amazing path to financial independence.
Completely agree with you assessment of millionaire traits (up early, exercise, etc).
Kudos!
MI-77 says
July 23, 2018 at 12:34 pmYes, best shortcut to success is to learn from people that’s already successful. You are already ahead of 99% of people when you wake up early and exercise everyday!
Chris @ Duke of Dollars says
July 23, 2018 at 5:56 amI find it so interesting that you have 500K in cash, and are against investing in the stock market.
Even just taking some of that cash and using it to invest in other opportunities could diversify your income if healthcare changes – index fund investing is quite simple compared to something like commercial real estate.
If you are interested in learning about it, plenty of great books out there to read:
The Intelligent Investor
a walk down wall street
Unshakable
One Up on Wall Street
Just another option if you were to ever look at something besides real estate!
Love that you get to travel every year – totally love the new experiences too!
MI-77 says
July 23, 2018 at 12:36 pmYou are absolutely right, I should look into diversifying my investments. As I stated in my story, I am saving up the down payment for another apartment complex. I need at least 1M to leverage to purchase a building in 3M range. Hopefully after that, I can retire 😛 Thanks again for the advice Chris!
Mi-77 says
June 9, 2019 at 12:32 pmI just started reading a book you recommended. A walk down Wall Street. I love it!!! Should have pick it up earlier 😛 index investing is a great idea!
https://esimoney.com/millionaire-interview-77/
Denise says
July 23, 2018 at 6:31 amYou mentioned owning a HealthCare business but thinking of selling due to changes. What changes are you expecting?
MI-77 says
July 23, 2018 at 12:39 pmHMO moving into my area will pretty much obliterate my medical care business, so I am aggressively looking to build up my real estate business. Always want to look ahead 🙂
Brenden says
July 23, 2018 at 6:53 amHi! What are the 15 real estate books you read?
MI-77 says
July 23, 2018 at 12:43 pmlook up books by the following author:
david lindahl
john wilhoit jr
john w schaub
brian hennessey
matt a martinez
james randel
mark furguson
brian murray
joe fairless
brandon turner
terry kass
lance a edwards
steve berges
GOOD LUCK!
Emma says
July 23, 2018 at 2:26 pmThank you sooo much for this. I loved this post, my favourite so far. You are living the dream.
MI-77 says
July 28, 2018 at 6:12 pmThanks for reading Emma. Not sure about living the dream, but definitely living the life on my own terms 🙂
Mi-77 says
September 2, 2018 at 10:10 pmJust want to add to the list of books I have read recently that’s worth recommending!
The richest man in babylon
The happiness advantage
The One Thing
Choose Yourself
Reinvent yourself
The happiness Equation
Your money or your life
The simple living guide
Wake up successful
How much is enough?
Love yourself
Shit My Dad says
Don’t sweat the small stuff and it’s all small stuff
https://esimoney.com/millionaire-interview-77/
Mike H says
July 23, 2018 at 7:04 amThis is a great interview, M77. You have come so far so fast. Congratulations on your successful rental investing and creating a business. It’s great that you don’t need to put so many hours into it as well.
I’m inspired to start working more on my own business. Thank you.
-Mike
MI-77 says
July 23, 2018 at 12:45 pmThanks for the kind words MikeH. Yes, I kinda got lucky start doing the apartment rental as my side business, then it really took off. No matter what business you are in, I highly recommend you to have multiple income source. Good luck!
Tom says
July 23, 2018 at 7:07 amI’d really like to hear more about your apartment building.
Where is it located? Is there any industry nearby? What do rents look like? How many units is it?
MI-77 says
July 24, 2018 at 4:52 pmno specific area, but look for apt with at least 10% cap, close by major employers such as factories or hospitals, usually B or C class buildings offer better returns. good luck
Lucas says
July 23, 2018 at 7:21 amReally agree with your philosophy of creating business systems. What are some of your favorite books on business systems and real estate investing.
MI-77 says
July 23, 2018 at 12:47 pmplease see my answer above on some of my favorite authors in apartment investing and management, good luck!
Ellie says
July 23, 2018 at 7:55 amYour expenses are extremely low considering your income. What about real estate taxes, life insurance, disability insurance, other home expenses- not having children also cuts expenses tremendously. We have spent over 1 million on just tuition for 3 kids, undergraduate and graduate. We have an income near yours, and live in a low cost of living area, but have about a million less in net worth, and we are older!
MI-77 says
July 23, 2018 at 12:51 pmI really watch what I spend, only buy used reliable cars like Honda Accord and Toyota Camry, and I really drive them to the ground 😛 I use coupons whenever I go out to eat, wear the same black tshirts to work everyday, and the only big item I splurge on is traveling… Living a simple life wouldn’t cost too much money at all if you do it right. Good luck!
MillionaireInterview73 says
July 23, 2018 at 8:38 amGreat story and congratulations on all your success and find it interesting as well as although we took totally different paths our stories are very similar as well as our healthcare cost concerns 🙂
One question though as I found it interesting that you got fired in all your jobs as can tell you are a high achiever so curious the reason why. I think the variety of jobs was a great thing to experience but why not leave each on your own terms.
Thanks again for sharing and wont lie, envious of the 10 hours a week working 🙂
MillionaireInterview73
https://esimoney.com/millionaire-interview-73/
MI-77 says
July 23, 2018 at 12:58 pmLooking back at all the jobs I was fired from, may be I could have handle it better, I was young and stupid 😛 But I was also poor as a college grad with no career, so the severance pay and the monthly unemployment checks help pay the rent. Knowing what I know now, I probably would have done it differently. One thing I don’t regret is learning so much in all those jobs which makes me a better entrepreneur/manager today.
MI-77 says
July 28, 2018 at 6:24 pmHi Mi-73, I read your article again, I love the part about calling cable/internet/satellite to renegotiate a better rate every few month. I have been doing that for the past 10 years, but recently, I found it to be more difficult to do, since i guess a lot of people are doing it now 🙁 I also switched from regular security monitoring to SimpliSafe because their monthly monitoring fee is 50% less. As for car insurance, I do switch car insurance every year, just do some quick search on internet site such as geico and progressive..ect always gets me better rates, i recommend you to give that a try, you’d be surprised on the amount of money you can save 🙂 You are exactly right when you say being smart and being cheap are two complete different things!!!
Jason says
July 23, 2018 at 8:47 amCould you be a bit more specific on “Healthcare company”. What type of healthcare?
Mi-77 says
August 30, 2018 at 6:53 pmMedical service provider to seniors in a retirement community. They are the only ones with disposable income and willing to spend money on themselves. It’s a lot less competitive marketplace when you identify your own niche clientele.
Cool Half Million says
July 23, 2018 at 8:59 amWhat books on Real Estate were most influential to you? There are so many books out there on the subject that it’s difficult to differentiate the good from the bad.
MI-77 says
July 24, 2018 at 4:53 pmYou can start with Brandon Turner and Steve Berges’ books. Those books are great for beginners. Good luck!
Nigel says
July 23, 2018 at 9:03 amGreat interview but I am wondering whether the lack of diversification is a concern to you since most of your asset is in rental real estate
MI-77 says
July 23, 2018 at 4:36 pmThank you for the comment. Yes, I have been doing research on diversifying, but after weighting the Pros and Cons, I decided to stick with what I know, commercial real estate. I understand it’s risky having all my eggs in one basket, but I just can’t find anything else out there that can generate type of returns my apts can.
MrFIREby2023 says
July 23, 2018 at 10:13 amHere’s a great book recommendation for you, it’s a quick read (216 pgs), “The Subtle Art of Not Giving a F*CK” by Mark Manson.
I just finished it this morning and I plan to write a review on my blog later today.
Mi-77 says
August 30, 2018 at 6:56 pmJust finished the book, very interesting read, I don’t agree with everything Manson talked about in the book, but he does have some interesting thoughts on how to living a good life. Thanks for the recommendation MrFireby2023 🙂
Matt says
July 23, 2018 at 10:38 amI’d love to hear more about the real estate investing. What books did you read that made you comfortable with jumping in? What other lessons or recommendations can you share with us?
MI-77 says
July 23, 2018 at 12:59 pmplease see above for a list of my favorite authors on real estate investing, good luck!
Phillip says
July 23, 2018 at 3:35 pm“Finding the right person to marry might be the most important decision you have to make in your life; it can make or break you.”
Why? There are some obvious answers but can you elaborate on your reasons?
Awsome interview and best of luck in your continued success!
MI-77 says
July 23, 2018 at 4:50 pmHaving a good partner there to share your success is one of the most fulfilling thing. And divorce can be brutal, I have witness it first hand, it sucks so much time and energy out of the person going thru it. So choose wisely.
Patrice @ Financial Peacock says
July 23, 2018 at 3:46 pmThis interview is my favorite so far in millionaire series! Congrats on all your success and I admit, I’m a bit envious of your work and travel schedule.
One question…can you tell us why you chose apartment buildings over single family homes?
Mi-77 says
July 24, 2018 at 9:30 amLogistics. It’s easier to drive to just one place and manage 50 tenants then just one house. Better ROI as well. Also all my properties are close by so I can take care of everything in one morning per week!
Mike W. says
July 23, 2018 at 5:30 pmGreat interview — one of the best yet!
I’ve always had regular jobs, it seems daunting to learn all the tax and other regulatory requirements of having a business. How did you get over that hurdle? What do you recommend for a beginner who has lots of ideas for a business but doesn’t know the nuts and bolts of setting it up and managing it?
MI-77 says
July 23, 2018 at 5:49 pmDear Mike, the stuff you mentioned, tax and regulatory stuff, are really no big deal, you are making it harder than it really is… just put together a sounded business plan and start executing, and if you don’t get it right the first time, it’s ok, learn from your mistakes and try again! Pick up copy of Four Hour Work Week by Tim Ferris, and any business book by Brian Tracy, that would give you a foundation on how to run your own business. Good luck, you can do it!
TCS Group says
July 27, 2018 at 11:04 pmMI-77 – Awesome job my friend. You are in the elite top bracket that most are hoping to achieve in their lifetime. Very sound advice. Thank you for sharing it.
Mi-77 says
July 28, 2018 at 6:30 pmThanks for your kind words TCS. I still have a lot to learn and there are always room for improvement for me. I have to say this esi website gave me a lot of insight of how successful people think, and also it gave me motivation to work harder and wanting to accomplish more!
SB says
July 23, 2018 at 5:54 pmThanks for sharing! What are your favorite travel destinations? Are you also a frugal traveler? Any travel tips?
MI-77 says
July 23, 2018 at 8:03 pmItaly is my favorite, so many things to see and do, and the food is amazing! as for tips, 1)use Sixt to get rental car in Europe, it’ll save you $, 2)use tepwireless for internet ($8/day), 3)Viator is a great way to book local tours, 4)use google flight to search for cheap flights, but book directly on the airline website to get the flexibility, 5)book on Wednesdays to get the best price, 6)go in the slow season to avoid the crown and save $, 7)spend some time just wonder aimlessly around the city, be friendly and talk to the locals, that’s the best way to get to know a new culture. Have fun!
RocDoc says
July 23, 2018 at 11:28 pmWhat specific work is your Health Care business?
Mi-77 says
August 30, 2018 at 6:57 pmProviding healthcare services to seniors in a retirement community.
[email protected] says
July 24, 2018 at 9:09 amIt’s so interesting that you look at getting fired as a benefit in your financial journey. Of course it was–probably gave you the courage to go for it and make your own business work but it’s helpful to hear you include it in your story. I find I am the most productive and do my best when I’m consistently waking up early and exercising. Great reminder!
Mi-77 says
July 24, 2018 at 12:26 pmGetting fired all the time 1)gave me thick skin 2)better understanding of my own strength and weakness and what I need to work on 3)confirmed my own believe that I need to own my company before I starve 😛
Dan K says
July 24, 2018 at 11:42 amI really enjoyed this interview. Had some points that have me thinking. Wish I’d done more when I was younger. Wish I was more focused and had a better mindset. I do now, but it will take me longer to reach FIRE. Thanks for a great blog.
Mi-77 says
July 24, 2018 at 12:28 pmIt’s never too late! I’m hoping that sharing my story can motivate readers to start their own company and reach their own financial freedom 🙂
Jace says
July 24, 2018 at 12:05 pmDo you buy your apartments in/around the rural areas you live or do you try to find more urban areas?
Mi-77 says
July 24, 2018 at 12:30 pmI buy where roi or cap is high. At least 10%. Those properties tend to be in less than desirable areas. But very lucrative. Good luck.
Dean J says
July 25, 2018 at 4:48 amGreat story. Love how you persevered despite numerous employment setbacks. You display a strong sense of courage in doing so. Regarding your real estate acquisition strategy, are you a lone wolf? If so, what are your primary reason(s) for choosing to go at it alone, especially in the commercial real estate arena?
Mi-77 says
July 25, 2018 at 7:27 amI don’t believe in partnership, I read somewhere that a partnership will end eventually, and that’s so true. I partnered up with a family member a while back and it didn’t end well, and we stopped talking because of it. It’s very unfortunate to lose someone close to you over business. As for reason why I chose commercial real estate, it’s because of the higher roi, 10% is usually what you can expect. Good luck !
Gt says
July 25, 2018 at 6:42 amI enjoyed reading your amazing journey to financial independence on autopilot.
Thanks for sharing.
Mi-77 says
July 25, 2018 at 7:28 amThanks for reading. Autopilot is the key 🙂
MI75 says
July 25, 2018 at 12:10 pmGreat story! I have read all these 77 interviews and you start to see the similarities in personalities, beliefs, strong work ethics, and several common interests as well as habits.
Congratulations on your success ! I read somewhere that everyone overestimates what they can accomplish in 1 year, but grossly underestimates what they can do in 5 years. Imagine where you’ll be in 10 years?
We share several traits including the love for flying.
Congrats again.
https://esimoney.com/millionaire-interview-75/
Mi-77 says
July 25, 2018 at 12:22 pmThanks for your comments. Love your MI-75 story as well! You are right, I think all of us share some similar traits, hard work and watch what we spend is the key to success. I also like to have sense of complete control, that’s why I find flying so fulfilling. Good luck!
R says
August 11, 2018 at 3:13 pmI agree fully. I don’t have partners either for my large commercial properties. I have friend asking all the time to partner or want to invest. I just don’t want to discusss or explain why I want to spend money to repair or improve something. I spend a little more then I should in some cases for commercial tenants before leases start or are about to expire. But the goodwill more then pays for itself when the tenant renews and I have saved on agent fees. I will pay agent fees if I have to. But why not use some of the money to improve the space and keep a tenant happy instead.
Plus I have no issue evicting Someone if they are messing around (which happens) or are late. If your scared to have some empty spaces your in the wrong business. Commercial has big returns, big incomes and also sometimes big expenses. I see no issue with his cash position for commercial. It takes time to find a good investment. So you need the cash to pull the trigger.
Great interview. I am surprised there are not more millionaires into the commercial stuff. I am still working even through I should be on the 10 hour week like you.
Mi-77 says
August 11, 2018 at 5:54 pmHaha. I know exactly what you mean. My time needs to be spent on the business itself, not explaining to a business partner why I spend the resource or why I run the business. I read in a book that “all partnership will only end in one way – breaking up”, that is so true, and most likely it will take a friendship with it. So definitely no partership for me, no time for babysitting :-P.
Working 10 hours a week is easy, just need to have a system and execute it. Delegate things and trust someone to do what you need them to do is hard, there’s going to be learning curves, but you will just need to do it!
Glad to see someone that’s also into commercial real estate commenting here, I can see we have a lot of similar mentality forward work and life. Good luck to you !
Paper Tiger (aka MI 27) says
September 2, 2018 at 12:11 pmHi MI-77, I appreciate your kind words on my MI-27 interview. I just left you a comment on your interview as well. Yes, my wife was the best decision I ever made and has been the key contributor to any success we have together. I loved your story and I won’t repeat what I commented on just now in your response to my interview but I do wish you and your wife continued financial success and a happy marriage!
Mi-77 says
September 2, 2018 at 10:00 pmThank you Mi27. It seems like we have a lot in common, shared a lot of same mentality regards to how to make and spend money. It’s funny, I never think of myself as millionaires, I have not changed in anyway in terms of how I live or spend my money, the only thing changed is just a bigger monthly paycheck. I read it in a book today that at the end of the day, the only thing I can take with me is the fond memories I share with the ones I care about, precious little moments in life, experience I gained during my travels, and all my accomplishments. Nothing else really matters, not a fancy car, beautiful mansion, or money. I think we are at the age where time is the most important and most expensive for us, I want to spend every minute of my life on stuff make makes me happy and on my love ones 🙂
Paper Tiger (aka MI 27) says
September 18, 2018 at 5:05 pmI couldn’t agree more. Time well spent is more important to me than money well earned at this point in my life. Materially speaking, I have no goals. Personally speaking, I want to develop better relationships and invest in people I care about more than in the next mutual fund or REIT. I now try and focus on each day and making it really count and improving my relationships, one person at a time, as life goes on. I’m also not going to continue to waste time on fake news and fake people. I’m only letting things in my head that touch my soul and make my heart feel good. Let others complain and wallow in it if they must; I’ve now checked out of that hotel for good 😉 God Bless!
Mi-77 says
September 19, 2018 at 1:11 amIt seems like we have a lot in common, especially about life and attitude toward money. That’s great ! I’m also love reading, any books you can recommend ? Thank in advanced Mi-27! 🙂
Feisty FIRE says
November 15, 2018 at 7:59 amMI 77! Congratulations! This is my favorite interview and definitely among the top 5 of this millionaire series.
Loved the point where you mentioned about learning on any topic by picking up books.
Would you recommend any books to learn more about starting a business? Tax implications, types of companies etc. I’m from a technology background looking to start an independent commercial Insurance agency and just lost as to where to start? Thanks!
Mi-77 says
November 15, 2018 at 10:25 amThanks for the kind words. I would recommend any book by Brian Tracy for biz start up. As for something specific such as tax and type of entities, you can just search for related books on amazon and find the one with 5 star review, you can’t really go wrong with that. I know it can be overwhelming starting a new biz, I feel the same way when I started my first company. My suggestion is to just do it, you will learn along the way! Good of luck!!
Mr. Hobo Millionaire says
October 9, 2019 at 7:58 amJason,
I just got a chance to read your interview (I wanted to be able to focus when I read it).
Great stuff. We really do have a lot of parallels in our story. Please message me through my site. I’d like to email/keep in touch with you offline. I’ll give you my direct contact info from there.
MHM/MI-149
https://esimoney.com/millionaire-interview-149/
MI-77 says
April 9, 2020 at 9:24 amjust left you a message on your website, welcome to email me mi149