Michelle Byers-Robson
speaker
36 appearances
1 recordings
1 series
first heard May 2025
last heard May 2025
Michelle Byers-Robson’s voice in public audio — every appearance, attributed to the second.
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Appearances
That's awesome, Scott. Thanks so much for having me on today. I guess I would call myself a little bit of a serial entrepreneur and really started finding areas and places where there was a need. It's some of the stuff that you've spoken about on some of the webinars you've done in the past, which is finding that niche and then filling that and filling it really well.
So throughout the years, I've just kind of kept my eyes open and my ears open and looked for opportunities and places where we can fill a need. And it's really fun to me to have the opportunity to be able to see visions and then bring them to light. So I have a lot of fun doing that.
Awesome. So, well, I got into the business that I'm currently in a little bit. I like to tell people I tripped and fell over backwards into it. I actually was working in industry in the pharmaceutical biotech and medical devices industry and was an executive doing that and actually found myself at a position where my job was being outsourced
and had an option to take the job as a contractor versus staying on with a kind of a revised structure to the company. And so when I took that job as an outsourced employee, I started to realize that there was, again, this need out there to create medical conferences put on by physicians, put on by clinicians, for clinicians.
And so said, hey, you know, I guess what doesn't kill us makes us stronger. So I jumped in. I had a few friends of mine who needed some help putting together their conferences. And learned, I like to say, by drinking from the fire hose. There were a lot of things I didn't know that I didn't know. But when I survived it, I went, hey, that was a lot of fun. And I think there's something here.
I think there's something that I can grow. And that was about 20 years ago. So also during that time, I was living in California. And One of the things that I learned as a very young child was that real estate is a tangible asset. And that while we can't always understand what's going on in the markets, and you say it yourself, Scott, you can't time the market.
I didn't really feel comfortable in the stocks and bonds and that sort of investing, but my family had done a lot in real estate. So I actually did my first real estate transaction at the grand old age of 24 years old and started getting into it in California. thankfully for me, at a great time for flipping properties. And so I learned a tremendous amount about what to do, what not to do.
And again, like I said before, I survived it and learned from that and found some pretty incredible professionals to work with that taught me a lot that I now feel the need to share with others. And just some things that you can learn by not stepping on the landmines if someone tells you where they are.
Awesome question. And yes, real estate is, just like any major investment, it's scary. And one of the biggest differences, Scott, about real estate investing versus stocks and bonds is that usually in stocks and bonds, you aren't going in all in at $500,000 in one stock, right?
Whereas in a real estate investment, you are going in $400,000, $500,000, $600,000 in one thing, and you're putting all your eggs in one basket. One of the things that I learned very early on was, especially in real estate investing, two things. One, run it like a business. Don't get emotional. Run it like a business. Be smart. Number two, know you're out before you go in. Do your homework.
Make your projections. Come up with your plan for managing your business or your investment and then work that plan. Don't get greedy. Don't get ahead of yourself. know you're out before you go in.
And that is really important, especially today when you start looking at interest rates that are going up or the market that's fluctuating, is that if you keep your eyes on that original projection, was your original projection to be in to do a flip and to be in in less than five years? Well, that's a very different projection than
than if my goal is to hold on to this property as a short-term or long-term rental for 30 years. Very different emotional on that, but you have to know you're out before you go in. And then I think number three is continuously do your homework, read the market, know sometimes, hey, this isn't going the way I thought it was going to go. What do I need to change? And do I need to get out?
It's really important to keep your eye on it the whole time and not just assume that just because it worked yesterday, it's gonna work today.
Really depends on the market. That's an excellent, excellent question. It really depends on the market. For example, in the California market, I really enjoyed flipping properties. At the time, I also lived in California, so I could take advantage of some of the tax advantages of living in the property while I was doing the construction, which is
a terrible idea if you really got to do the gut check and you got to really know what you're willing to put up with. But living in the property two out of five years, you can actually offset some capital gains in that scenario. If you're not living where you're flipping the property, that's not possible because it wouldn't be your primary residence. So really know the market you're in.
Some other markets are better for short-term or long-term rentals, but may not have that equity gain that you would see in a bigger market. So for example, if I was in the California market, an 8% gain on the California market, let's say the property was valued at a million dollars, is much bigger than a $150,000 condo in, I don't know, Ohio. So you have less of an equity game.
But what I've seen in some markets is that you can look at, depending on your projections, what I like to aim for is a $1,000 or $100,000 turn in rent.
That actually pays out, if you look again at that $150,000 property, Scott, and if I'm making $1,000 per 100,000 in and on rent, so maybe I'm making $1,500 a month in rent, that adds up really to a nice, a significant amount of money after one year, five years, 10 years. And then if you sell it, let's say you sell it for a small gain, what you've made over the past five, 10 years,
Really, it's a tremendous benefit, right? It's a tremendous asset. So really, it depends on the market. There are also people that like to go in and do more commercial property or doing where you're doing... apartment complexes.
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