E18: Rebuilding After Setbacks in Business and Life with Mike Morawski

Wealth Well Done

Joining us again is Mike Morawski, a highly experienced, decorated real estate investor. From a 100-million-dollar company to prison, Mike's story teaches valuable lessons on scaling responsibly and avoiding pitfalls. His journey is a testament to perseverance, and that success comes at a cost. Learn from Mike's story on the importance of listening to those around you and having an 'exit plan' for your investments.

Here are some topics from today’s discussion:

• How Mike built a 100-million dollar real estate company in just 30 months
• What led to the company's downfall during the financial crisis
• How Mike landed a 10-year prison sentence
• The chance encounter that motivated him to turn things around through his faith
• The value of visiting prisoners and treating them as human beings
• How Mike rebuilt his life through writing, teaching, and syndicating deals again
• Listening more, attention to details, and understanding that your past mistakes don’t define you

Episode Highlights:

[08:00] Maximizing Investment Opportunities in Unprecedented Market Conditions

Don't chase any false dreams or something that seems too good to be true. You have to watch the market because we're in unchartered times right now. But with that said, this is the greatest time to be investing, especially in multifamily. If you get positioned right now, and you’re in front of the next Bull Run, you're going to be successful. This is going to be the greatest redistribution of wealth the world's ever seen – again.

[11:51] Mike's Shocking Experience with White-Collar Crime

Mike was shocked to discover that he had violated the law, trusting his accountant and attorney who advised him to create a paper trail. Though he lived a simple life, Mike's world was turned upside down when he was sentenced to prison in 2013. Living in fear for two years, his reputation was destroyed, and even family members accused him of wrongdoing. Mike admits that his ego had gotten out of control, leading to his downfall. Despite being a Christian, he lacked a strong connection with God and focused solely on achieving his goal of owning and operating 10,000 units. His experience serves as a cautionary tale about the high price of white-collar crime.

[24:08] A Journey of Faith and Humility

Mike believes that God's design around his experience was impactful, and he sees it as an opportunity for growth rather than a setback. Though he knows many others who have gone to in real estate, he is one of the few that openly talks about it. Mike credits his faith in Jesus as the reason he was able to get through each day. He hopes that by sharing his story, people can see him as a humble Christian who loves Jesus and serves others, rather than the arrogant and prideful person he once was. Though things don't always happen the way we want them to, Mike strives to move in a positive direction.

[25:48] The Importance of Listening and Paying Attention in Life

Mike reflects on the importance of listening and paying attention in life. He acknowledges that he didn't pay attention to details, nor did he listen to the important people in his life. His wife expressed concerns about his partner's lack of trustworthiness, but he dismissed her. He thought he had everything under control, but his world crumbled. Mike believes that God uses our experiences to teach others, reminding us to pay attention to the signs around us. He emphasizes the need to listen to the details and people around us since God or the universe sends warnings that we need to heed.

Resources:

Multifamily Unplugged

Mike’s book: Exit Plan: Your Complete Guide to Multi-Family Investing and Why You Need an Exit Plan Before You Buy