Mike Scanlon of the Axon Group returns to share his personal real estate journey with several insights on how he has reached his success!
Mike starts by discussing his background prior to real estate and then jumps into his first property acquisition which was a rent-by-the-room condo house hack! He shares how he got gritty and creative to finance and acquire a pair of distressed properties in University Park. Mike breaks down how he identified value and got a down payment to purchase a prime 3-unit house hack in Lakeview! He explains how he grinded to build his real estate brokerage business and used commissions to fund his portfolio. Mike closes the show with how his investment strategy has shifted and with Chicago neighborhoods that he’s extra bullish on!
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01:50 Housing Provider Tip - Consider offering tenants a valuable unit improvement when enforcing large rent increases.
03:23 Intro to our guest, Mike Scanlon!
10:17 Mike’s start in real estate.
17:25 How Mike acquired his second deal.
23:45 Buying a prime 3-unit in Lakeview!
32:49 Building a pipeline of leads as a real estate broker.
37:16 A creative 8-unit deal in Melrose Park!
43:27 Mike’s shift in investment strategy.
49:01 Up and coming Chicago neighborhoods!
50:25 What is your competitive advantage?
52:15 One piece of advice for new investors.
54:01 What do you do for fun?
55:23 Good book, podcast, or self development activity that you would recommend?
56:38 Local Network Recommendation?
57:33 How can the listeners learn more about you and provide value to you?
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Connect with Mark and Tom: StraightUpChicagoInvestor.com
Email the Show: StraightUpChicagoInvestor@gmail.com
Guest Name: Mike Scanlon
Guest Company: The Axon Group
Guest Link: https://www.theaxongroup.com/
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