170 – Steve Mills–Real Estate Investing Superstar (Part 2)

IMG_0003In this episode, I interview a really impressive real estate investor named Steve Mills. Steve first entered my radar as a wholesaler. I knew that he was a very big wholesaler here in Michigan, but I was surprised to find out exactly how experienced and successful he is as an overall real estate investor. He’s much more than just a wholesaler, and we get into that in this interview. I split this interview into two parts because it was going so incredibly well that I just had to find out more, and the interview went much longer than expected. This is the second half of that interview!

Steve Mills is a successful entrepreneurreal estate investordevelopermarketer, and giver. Born October 19th, 1983 and raised in Metro Detroit Michigan, he’s co-founder of Michigan Property Superstore, a wholesaling and flipping company that’s bought and sold almost 400 properties since 2008. Steve is also managing member in a development company, and owner of Chunk of Earth Real Estate, a holding company whose portfolio includes single-family homes, multi-family homes, land, and commercial properties.

Steve has consulted and coached some of the most influential real estate investors and speakers across the nation. Although doing deals and creating opportunity is his “day job,” personal development and creative wealth building is his focus.

In the second half of our interview, Steve shares with us how he feels about his list, and how he finds properties, wholesales, flips, etc. He has a very unique method, that I had frankly never heard of before, which he calls his “top 100 list.” His top 100 list is a list of the top 100 properties that he would like to one day own. He continuously markets and stays in contact with the owners of these properties until one of two things happens: 1. he buys the property, or 2. he is asked to remove the property from his marketing campaign by the owner.

Steve also talks about the right way to market to sellers. By doing it the right way, he is specifically talking about how to crack the direct mail letter, and, perhaps more importantly, how to speak to sellers when they call you from your direct marketing efforts. Steve emphasizes the importance of speaking to sellers as human beings, not just as owners of properties. In other words, Steve will spend a considerable amount of time getting to know the sellers and their pain points before he asks them to rattle off their financials. By doing this, he creates a great rapport and a genuine sense of caring about the sellers and their issues before he tries to buy any property they own.

I also ask Steve to break down the mechanisms in the structure of his wholesale  deals: what type of contracts he uses, how he explains the process to the seller etc. Steve sometimes uses something called an option contract, which is a very interesting and not often used method for purchasing real estate.

Steve’s advice for new real estate investors: GO BIG!  Don’t put a ceiling on your opportunities; always try to think bigger. I love that advice and I couldn’t agree more. If you aim high and miss your mark by a little bit, you are still going to be successful. If you aim low and miss you mark, you will not do very well.

About the author, Mike

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