Episode 83: How to Acquire, Fund, and Develop Distressed Properties in Chicago


Malcolm Gladwell popularized the idea that it takes 10,000 hours to master something. Well, if that’s the case, Mike Olszewski has likely mastered his craft several times over. To date, he has sold over 17,500 REO properties, developed properties and has even begun his own private lending business. Today, you get to learn the process of acquiring, rehabbing and selling REO properties from a master and apply them to your own practice. 

Mike also gives an in-depth play-by-play tutorial on how to handle a cash for keys situation and addresses some of the key things to be aware of when developing properties or small areas. Listen in as Mike has a great conversation with Mark and Tom today. 

 Guest introduction 7:00

How did you get your first deal started? 8:10

What are REO properties? 9:00

How do you start buying REO? 10:45

What’s different about buying REO than traditional retail? 12:20

What’s the cash for keys timeline look like? 18:20

How did you get started developing? 21:00

What is the project and how it came to be? 25:30

Security solutions for rehabs? 30:50

What appeals you about Chicago? 33:20

Private Lending 35:45

What’s your competitive advantage? 38:45

One piece of advice for a new investor? 40:45

What do you do for fun? 41:40

Self development activity? 42:00

Network recommendation? 43:00

How can we learn more about you? 43:35

That’s our show! Thanks again for tuning in!


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