Delayed Gratification Is Your Key To Financial Freedom With Mike Hambright Of Investor Fuel Mastermind
Sometimes, being naïve about how things work in a business can be a blessing. While others are running away or cowering in fear, you might just go against the grain and reap massive rewards as a result. That’s exactly what happened to Mike Hambright when he started out in real estate. Mike is a real estate investor for 14 years, podcast host, and founder of Investor Fuel, America’s top mastermind for professional real estate investors. Joining Tim Herriage in this episode, Mike takes us on a tour to his real estate journey, which started in 2008. If you’ve lived long enough to know what 2008 means, you’d know that this guy ran straight into the fire while everyone else was running away from it. But he came out of it even stronger and now has diversified into multifamily, coaching, and a lot of other things. Tune in as he dishes out nugget upon nugget if wisdom that only a smart, seasoned investor, coach, and thought leader like Mike can offer! — Watch the episode here Listen to the podcast here Delayed Gratification Is Your Key To Financial Freedom With Mike Hambright Of Investor Fuel Mastermind Welcome back to the Uncontested Investing show. I’m Tim Herriage. Thanks for coming back. I’m here with my buddy, Mike Hambright. How are you doing? I’m excited to be here. I’m glad you are here. Thanks for being here. Why don’t you tell people who you are and what you do? First and foremost, I have been a real estate investor for a couple of years but over the years, you start to bolt more things on. First, I became a rental company owner. We are managing rentals and then started getting into coaching. Over time, I founded the Investor Fuel Mastermind, which you have shared there. Over the past years, I have run a data and tech company and lead generation called The Investor Machine. There’s a bunch of stuff in the real estate space. I’ve flipped hundreds of houses here in Dallas. You and I used to be running shoulder to shoulder, maybe competitors that we are all competing on some level. Now, I mostly do large multifamily syndication. It’s a little bit of everything over the last years. You are an interesting fellow. You are doing probably the best job in the industry on the mastermind with Investor Fuel. I’ve enjoyed being there, not only as a lender but I still run my investment company. I find myself sitting in the presentation like, “We suck,” rather than, “This guy is doing $80,000 a month, and I’m doing $50,000 a year.” We need to fix that. In one of my first segments when I was in the Marine Corps, I used to brief generals. I was an intelligence analyst. They always told us, “You had until the most important thing up front.” You don’t bury the lead in a briefing because you start getting mortar shells or the general has to get up to go to do something. He needs to know the most important thing. Imagine we’ve got someone reading. Maybe they go to coffee. They don’t get to catch the whole thing. I want you to take two minutes to deliver the bottom line up front. What do you think people need to be thinking about, doing, not doing or focused on? Give general, relevant, actionable advice. Take it away. Ultimately, folks need to understand that this is a long game. For the first couple of years that I was in business, I was living day-to-day, very transactional. This is a transactional business as a real estate investor. However, when you have the hindsight to be able to look back on the failures, the wins, and everything that’s happened over time, and you could do it over again, it’s good advice to know that you should be in this for the long haul. In this day and age, everybody wants to pop a pill and lose 50 pounds, and everything is supposed to happen fast. We have immediate gratification when I have an idea for something, and it’s at my doorstep later that day from Amazon. That’s not how the real world works in terms of your career or business. You have to play the long game in terms of being willing to fail. If folks that are reading are just getting into real estate or in any business, that’s not a normal thing. We think failure is a loss. When you are an entrepreneur and have been in the game for a while, you realize that failure is a stepping stone to success. You have to be willing to fall but you have to be willing to get up. It’s not over until you don’t get up. Play the long game. Think about the end in mind. I posted something on social media about delayed gratification being the key to financial freedom and freedom ultimately. If you wholesale everything and gets that quick buck or rehab it and get that not as quick a buck but more bucks, and you don’t keep them as rentals, at the end of the day, you will be disappointed. Play the long game, think with the end in mind, and make sure you are setting yourself for a long-term legacy. It’s good advice from a smart guy. Let’s talk about what we are going to talk about. What are some things that you think are interesting happening in the market nowadays? It’s interesting because there are a bunch of folks that are in the business that they weren’t in here during the last downturn or any other market cycle. This is all they know. I started in 2008, so it was a down cycle, which was never that bad in Dallas. Let’s be honest. There are a lot of people that have practices now that are going to get in trouble like overpaying for houses because they are counting on
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