Mastering My Time. My First Year as a Wholesaler | Michelle Miralles
Michelle Miralles (14s):
I pre-plan that allows me to be a successful wholesaler, start going into more advanced investment opportunities. It allows me to be class mom for my daughter's class. It allows me to be in every event that I want to be for her school. Any after school allows me to be there for my husband. It just gives so much freedom when you plan your hours and your time.
Etinosa Agbonlahor (45s):
Michelle Miralles has been in the real estate industry for a year as a full-time mom based in Virginia. Michelle has been working since she was 15 in sales. She says she can sell anything to anyone. She got her summer job selling tennis shoes and just kept going. She moved to the US from Guatemala when she was 18 and became an esthetician at 20 and then spent 15 years in beauty, in luxury sales. Everything from working in boutiques to writing services to the wedding industry as a makeup artist, network marketing and much more. Michelle got into real estate when she turned 29 and became a mom. She says her life changed overnight and it felt like her priorities shifted and she wanted to find something that would fit into her new life.
Etinosa Agbonlahor (1m 29s):
Michelle enrolled in a woman in entrepreneurship certificate from Cornell University, which recommended that women look at their background and see the industries that they grew up around. For inspiration, Michelle looked around and realized real estate was the best fit for her and that's how she got her start. She started with wholesaling and since then she's been partnering with her buyers to complete real estate deals, which is very unusual but also really clever as a way to get into real estate. She and her husband Alex, have a six-year-old daughter who I know for a fact is definitely doing things in the real estate world. I've seen her on like little building sites and so I'm excited to talk to Michelle about what she's done as a wholesaler and investor, but also about what she's learned in her first year in real estate.
Etinosa Agbonlahor (2m 14s):
So welcome to the show Michelle. Thank you for being here. Thank
Michelle Miralles (2m 17s):
You so much. I'm so excited.
Etinosa Agbonlahor (2m 19s):
So tell me why real estate I, I've heard a little bit about the background and like the drive and what kind of got you there, but truly like why real estate out of all the options that you had in front of you when you're looking to transition?
Michelle Miralles (2m 31s):
So real estate for me was something that I always looked at a way to retire and not only retire but leave something for the generations that come after me. So I knew I definitely wanted to have properties, have some passive income or somehow somewhere fit real estate into my retirement and legacy plan. But I didn't know how to fit it into like a full-time job or everyday active income as well. I did try real estate as a realtor and it wasn't a good fit for me. I'm a little bit more number entrepreneurial minded, so the feelings part of you know, buy your first home and all that, it just wasn't a good fit for me.
Michelle Miralles (3m 20s):
So I was very thankful to find wholesaling because it provided a perfect opportunity for a beginner because I have a little bit of experience through my family background of real estate in my home country of Guatemala. But it's a completely different, I'm sure you can relate to this, having grown up in a different country, it's a completely different story doing real estate in the US. So I knew there was just a lot more to learn, a lot more opportunities and of course with that risk. So I wanted to find a way to do it full-time, but also find a way to add it to my retirement plan and then the legacy that comes after me.
Etinosa Agbonlahor (4m 3s):
So real estate in Nigeria is, to your point, it's definitely different and it's similar to what you're saying about Guatemala in the sense that usually when people are buying in Nigeria, and this might have changed, but when I was there, when people are buying in Nigeria, they're buying the whole house. Yeah. Once with all the money.
Michelle Miralles (4m 17s):
Yeah, cash. Yeah.
Etinosa Agbonlahor (4m 18s):
And most people would rather build a house. So like the properties that like my parents own in Nigeria, they built them. They did not buy a house they built so from scratch, you know, they're laying the ground or get digging the foundation, they'd put out the everything they did from scratch. And so it's a very different like mindset to the US where like you can get financing, you don't have to put a lot of money down, you buy a house that already exists. Like it's pretty different. What is real estate like in Guatemala?
Michelle Miralles (4m 45s):
It's very similar to Nigeria where you have to purchase with cash. If they finance it for you, you pretty much have to prepay before you get access to the property. So they will give you, let's say two years while something is being built and then once you're finished paying it, then it's yours. So I talk with my friends who, you know, we we're in similar places in life or we're younger and we have children and all that. And you know, if I had $50,000 in the bank and they have $50,000 in the bank, I can do so much more and I can stretch that into so many more opportunities that they can because like you said, everything needs to be paid in full cash.
Etinosa Agbonlahor (5m 25s):
Mm. I was talking to Shani Moreno and he was making the same point about Dominican Republic where you can have the same amount of money but the things you can do because there's just not enough leverage there. It's so
Michelle Miralles (5m 36s):
Different. Yes. So you know, talking to my friends, I was like if I don't become successful in real estate in the United States, it's because really I don't want to, because I have so much more opportunity and it's just so much easier for me.
Etinosa Agbonlahor (5m 49s):
I think there's a mindset there that a lot of people come from other countries to America. Like there's almost a privilege of having that mindset. Yes. Because you have a basis of comparison, you understand Like it could be a lot worse. You could not have this opportunities. Exactly. And so when we come here like yes, there's all of this like issues and things to work through and like all the isms are right, right. There is this, there is that. But also there's so much opportunity that to your point, like sometimes you have to look at yourself in the mirror and be like, listen If, you are here in this country and you have opportunity and access and you don't take advantage of that. That's on you.
Michelle Miralles (6m 22s):
Exactly. Exactly.
Etinosa Agbonlahor (6m 24s):
That is on you. It's not the isms, it's not other people. It's probably a little bit on you.
Michelle Miralles (6m 28s):
Yes. If I wanted to I can because I'm in the US So that's like been a mentality that I have.
Etinosa Agbonlahor (6m 36s):
I love that mentality. So thinking about wholesaling, I think that you do wholesaling and you think about it beyond just the assignment fees. So first of all, tell me what, or tell the audience what wholesaling is and then I have a couple of questions about how you specifically do it. 'cause I know that you do it differently to most wholesalers.
Michelle Miralles (6m 54s):
Yes. So wholesaling, it's very popular among investment like conversations. But at the same time it is misunderstood a lot. And it's also not as popular for anybody wanting to get into real estate or even advanced real estate investors who could benefit immensely from learning how to go directly to seller. So basically what wholesaling is, is that you seek distressed property. The structure can be distressed, the mortgage could be distressed, the owners could be having a hard time keeping up with the property, distressed in any way. You reach out to that seller directly and then you ask them, Hey, would you like to sell your property? I can help you close it quickly and then you can get cash in your hands fast.
Michelle Miralles (7m 39s):
So if they want to go ahead and move forward with it, you would offer them let's say a hundred thousand for their property. Then you do what is called a purchase and sale agreement, which is a legal agreement where you are allowed to sell the right to transfer or assign that legal, you know, the Bs a yes to an investor. So then you go around and it has to be a good opportunity for profit for the investors.
Etinosa Agbonlahor (8m 6s):
Okay. I'm starting to run into friends, friends of friends and family who are saying that they're loving the podcast, but it's also helping them start to think about and organize towards buying an investment property or monetizing a property that they currently own, which I love. It's amazing. However, I have a favor to ask If. you are listening to the podcast and you're loving all of the amazing insights that all my great guests are sharing. Please share the podcast, share the episode that you're liking with your social network shared on your Facebook, your Instagram, your LinkedIn, your Twitter or ex share it on your Snapchat, your clubhouse.
Etinosa Agbonlahor (8m 48s):
Share it in your family group, share it with your friend, share it with your neighbor, share it with your actual ex. Share it with all the people. People in your life because that's how we get to grow this incredible community. And that's how we get to make more of an impact. So again, thank you for listening to the podcast. Thank you for giving me all of your incredible feedback. And please continue to share this podcast with your network so we can't get the word out to as many people as possible and grow this community. All right, I'll let you get back to the episode.
Michelle Miralles (9m 17s):
So then you start offering to investors, I have this property and this is what the after repair value could be. Or these are the opportunities that you could have to make profit on this. And then once you find an interested buyer, you will assign that purchase and sale agreement to them. So then they have the right to purchase that property. Mm. And you would make what is called an assignment fee for assigning that contract to the buyer. So you really are like selling paperwork or assigning paperwork and you're getting a little assignment fee out of it.
Etinosa Agbonlahor (9m 48s):
So step by step it's you found a distressed property and you said it could be distressed in the sense of the owner is going through things and just can't hold onto the property anymore. The property itself needs a lot of like repair. So the property itself is distressed or like the terms, the financing of the property is distressed owner gonna, or taxes, taxes owner gonna mortgage it can no longer afford like something about the situation is longer working for the seller. You have a conversation with that seller. What does that conversation look like? What are you saying to them? Because you know this is a stranger you've never met before. Yes. But you're walking up to them and being like, Hey, I have the solution to your problems. So what does that conversation look like?
Michelle Miralles (10m 28s):
So I think it depends on who you're talking to. If you're talking to somebody who has lived in that house for a long time and they just are having a hard time, you know, having to move elsewhere or having to move with one of their children or a situation where it's not ideal for them, you would approach it with a lot more care and being more gentle. You know, figuring out where they are at in their life at this moment. Or let's say if you're talking to a burnout landlord, they don't really care about feelings or anything like that. They just want you to be quick, be concise, be efficient, and help them get rid of that property quick. They don't want you to be calling them all the time. They don't want to tell you their life story when maybe somebody who is older or who has lived in that house for a long time, they want to share memories with you about the property and they might want to talk to you for an hour or two.
Michelle Miralles (11m 20s):
So it really depends on your ability to connect with people and create trust by whatever they're seeking. It could be time, it could be efficiency, it could be that you speak in terms that are investor friendly or in terms that are very basic for every person to be able to understand. So you have to be really good with I guess, people skills.
Etinosa Agbonlahor (11m 44s):
Mm. Because it sounds like there's also a lot of listening that is involved, right? For you to understand what the issue truly is. Yes. You probably are asking them a lot of questions and then like stepping back and listening quite a bit.
Michelle Miralles (11m 56s):
Exactly. And I think that's when my experience from the beauty industry comes in because I would have to do a consultation with every single person and find out why you're here, what do you want to get out of this? So finding out their why, why are you having to get rid of your property? Do you want to get rid of your property? Do you not want to gauging that level of motivation? Mm. That has been a key for success as a wholesaler.
Etinosa Agbonlahor (12m 22s):
I definitely have a lot more questions about wholesaling and how you are doing it, but what was the experience of working in the beauty industry like?
Michelle Miralles (12m 31s):
You know, it was great. That was my passion since I was a kid. So then again, going back to being in the United States, I would have never been able to make a living in the beauty industry back home. So going back to I'm here, I have the opportunity, I don't do it, it's because I don't want to, you know, I loved it. It was my passion, but at the same time I pretty much got to a place where I had kept the income that I could make after 15 years. And it wasn't really great as a mom because I, I had to work a lot of weekends. Hmm. So I just knew it was time to move, move on.
Etinosa Agbonlahor (13m 5s):
I'm so curious about like what the progression is in beauty. 'cause I think beauty is like a billion dollar industry. It's it's huge. It's
Michelle Miralles (13m 14s):
A huge industry.
Etinosa Agbonlahor (13m 15s):
Yeah. And for me who like my idea of like full face is I put some mascara on, I do a little bit of like lipstick and some blush, highlighter, that's it. I'm done. Maybe some powder foundation. I'm like how are, how do you even like grow in the beauty industry? Like what does that even mean?
Michelle Miralles (13m 31s):
So basically, because I've always had a very entrepreneurial mindset, right? Once I became a service provider, I had to do all this math and I had to figure out what service will allow me to make the most amount of money in the least amount of time. Ah, let's say. So let's say I was doing a facial and I would make 50% commission on that facial. So a hundred dollars facial for an hour. I made $50 an hour. But then I realized that if I added an eyebrow wax, which was $20 to that service, I could keep that same hour blocked in my book. But instead of making 50, I could make 60 mm because I didn't need to add any extra time to that hour facial.
Michelle Miralles (14m 17s):
But then if I added the lip then I could make 70 instead of 50. So I just started figuring out how I can work like 10 hours a week and make what my husband makes. For example, like I always, you know, use my husband as an example. Like how much are you making? And then can I make more for working much less than you.
Etinosa Agbonlahor (14m 35s):
I love that you're like, you're the benchmark. I'm like, I'm gonna get to this benchmark with less time. Let's go.
Michelle Miralles (14m 41s):
Yeah. So I've always loved to like play with time. Like I'm obsessed with income producing activities and going for those.
Etinosa Agbonlahor (14m 50s):
Tell me more about, about income producing activities. What does that mean?
Michelle Miralles (14m 54s):
So basically whatever industry you're in, whatever your job title is, you would say like right now I could Google, let's say I don't know what to do. I'm stuck on a Monday and I will Google income producing activities for wholesaling real estate and it'll give you a list. And then you just start going after those income producing activities for makeup artists, income producing activities for estheticians, income producing activities for house flipping income producing activities for lending. And then you just start going after that.
Etinosa Agbonlahor (15m 25s):
So is the idea that like an income producing activities, something that you can do that directly like generates an outcome that's more money?
Michelle Miralles (15m 32s):
Yeah. Specifically generates income. So let's say I wake up on a Monday and because you know, being an entrepreneur by yourself, it's tough sometimes where you don't have a team, there's nobody guiding you. So if, if I'm feeling a little lost instead of organizing my Gmail inbox, I'm gonna go figure out what I can do that will produce income. Mm. Maybe cold call people or you know, just a task that won't produce me money.
Etinosa Agbonlahor (16m 2s):
I really love that idea 'cause it's like I think about most important next step like it's called a min. Yes. And it's almost similar to the concept of a min where it's don't do things for the sake of doing them. Be very intentional and very strategic about what you're choosing to do. And so in your case, it's like as an entrepreneur I have to choose to do the things I gonna directly affect my bottom line. And organizing my Gmail is not one of them.
Michelle Miralles (16m 25s):
Yeah, no. And it's so easy to check your email and then get into, oh let me clean this up. And then sometimes, you know, I might have a strategy, I might finish early or I might just have a few extra hours before my daughter gets out of school and you know, this is very easy to distract you. So instead of checking my Instagram, because Facebook is great for networking for me, so I do see that as a important activity. Instead of checking my Instagram, let me see what else I can do really quick to make extra income.
Etinosa Agbonlahor (16m 56s):
Do you have a list of income producing activities or do you use like a schedule where you're like, okay, Monday at 2:00 PM I have to be doing this thing?
Michelle Miralles (17m 4s):
Yes. So I use income producing activities and I also started doing time blocking when I became a mom and I had a little baby, but I'd only had maybe like 10 hours a week to work. And Monday from nine to 10 I did this. From 10 to 11 I did this and I just kept up with my schedule. And that has been really helpful to keep me disciplined and always doing what I am supposed to be doing.
Etinosa Agbonlahor (17m 30s):
It's really interesting that you say it was something you implemented when you became a mom because I know a lot of new moms, you know, have a lot of friends who, everyone is having babies now. That's the thing that's happening and they complain a lot about like the time just disappears. Like yes, there's no time, there's no energy, it's just a blur. But it sounds as If you had found a way to understand, okay, I have 10 hours in a five day week, that's two hours a day. How am I gonna make use of this?
Michelle Miralles (17m 57s):
Yes. And then I even go further and I say, what's my goal income? And then whatever the number is, I need to split it into the hours that I have so I know how much I'm bringing in every hour. So that keeps me motivated. I am not going to waste one of my 10 hours because I know if I waste that hour I'm wasting $2,000. You know? Wow,
Etinosa Agbonlahor (18m 20s):
That's awesome. I've never heard anyone explain it like that.
Michelle Miralles (18m 23s):
Yeah. And that's I think where the beauty industry was really important for me because I was able to start playing with my time and my money and realizing that it is true. Your time is your money and you get to choose what you want to spend your time doing.
Etinosa Agbonlahor (18m 39s):
That's phenomenal. And I hope people really take something away from that. Like even just to hack, I'm totally gonna try that of like right, what is my goal income? And if my goal is like $10,000 and I have 10 hours and I understand that every hour is a hundred dollars and if I misuse that hour, I have thrown away a hundred dollars.
Michelle Miralles (18m 58s):
Exactly. And then it also gives you the freedom of, let's say in that one hour you're able to, let's say me as a wholesaler, I can assign a contract and I make 10,000 out of that assignment. Then that frees maybe a vacation. So that frees time that I don't have. I'm like prepaying that time. If that makes sense.
Etinosa Agbonlahor (19m 17s):
Love it.
0 (19m 22s):
This
Etinosa Agbonlahor (19m 23s):
Episode is sponsored by the Her First House community called Fireplace. You can learn more about the community by going to Her First House dot org. My goal for the podcast is to get people who say Hey, because of Her First House, I felt confident buying a home. I felt confident buying an investment property and listening to the podcast episodes will help you start to build those muscles. But I also feel that community is really going to be where it's at in terms of actually starting to feel comfortable taking some of the great information you're going to learn on the podcast and putting it into action and also having the support from everyone around you to be able to do that. I wanted to fire a place to get to that campfire essence where there's comfort, there's warmth, and if you're with the right people, there's vulnerability and a chance to see yourself in a different light.
Etinosa Agbonlahor (20m 12s):
Once you are in, we have some really great resources. You can hop on a call with me and everyone else in the community, ask any questions you have, hear what other listeners like you are up to in their own journeys. You get vetted list of resources. I personally attended, read, or used to grow my portfolio, access to training from experts, maybe even special private community sessions. We guests who come on the show for our brand new podcast, we are starting small, which means that the first few members in the fireplace community will really get that support and undivided attention. But we are excited that the community is going to be the strength of this podcast and it's really gonna drive the why behind Her First House. So check it out Her First House dot org.
Etinosa Agbonlahor (21m 4s):
So going back to wholesaling, I know that you do it differently in the sense that most wholesalers, they work for the assignment fees. Yes. But you found ways to remain in the deal. So tell me more about that.
Michelle Miralles (21m 18s):
So I think that goes back to your goals, right? I wanted to start as a wholesaler because one, I needed liquid cash. I needed cash in my bank as fast as I could get it. And then I wanted to get into investment with the least amount of risk because it was scary to me how much I didn't know about the industry. Hmm. So this way I was able to start kind of testing the waters and assigning things, creating very, very good professional relationships with my buyers and seeing which buyers I really work well with and which buyers may be, you know, it's just assigned and that's that.
Michelle Miralles (21m 59s):
So by doing that and telling my buyers, Hey I'm very interested in new construction, I'm very interested in learning about repair costs, which was one of my highest struggles. I'm very interested just sharing what I'm interested in doing. They have been so welcoming and hopeful and bringing me along, taking me to the county to do the questions that they normally would do. And then I just started proposing to them, because again we go back to growing up in a different country where negotiation is so easy, it's very easy and natural to me to throw something crazy at you and then you're like, no, or you might throw something crazy back at me. And it's just very easy to negotiate.
Michelle Miralles (22m 40s):
So those were open to negotiate with me and I was open to negotiate with them, would just figure out what they had that I didn't have and what I had that they didn't have. And we just started working together.
Etinosa Agbonlahor (22m 52s):
So what are some examples of things you threw at them?
Michelle Miralles (22m 55s):
So for example, some of my buyers who have, and most of the time they actually ask me for lunch and then they propose that we partner up somehow. So what they like about me is that I understand investment numbers so well and I'm able to organize those numbers very clearly for them. So for example, we went to see a property the other day and the buyer said that the repairs would be 75,000. Hmm. So when we started plugging in all the numbers, which is something that I like to do, he realized that the repairs would really be 100. And if it had not been because I'm more organized with numbers, then he would have missed, you know, he would just have to come up with an extra 15,000 or 25,000.
Michelle Miralles (23m 43s):
Right. So they just like how I'm a little bit more organized with the finances and then their contractors and things that I don't have that experience.
Etinosa Agbonlahor (23m 52s):
So what are things that you're proposing to them to remain in the deal? Is it like, hey, when you sell this I want 5% of like the profits you made on it. Because I'm gonna walk with you through the whole time. What are things you're proposing?
Michelle Miralles (24m 5s):
So some of the things we propose, my mom is a real estate agent. So we propose that she would be the listing agent if they sell, we have proposed things like a percentage of not only the assignment fee but a percentage of the profit. Once the flip is closed and then we started doing lending out the assignment fee. Hmm. At a percentage. So let's say the assignment fee is 10,000. So I would lend it out to you in the terms might be like three months at 10%.
Etinosa Agbonlahor (24m 38s):
Interesting
Michelle Miralles (24m 39s):
Interest.
Etinosa Agbonlahor (24m 40s):
So in the paperwork, are you essentially saying buyer ex agrees to pay Michelle $10,000 in three months plus an additional $325 for every month that the money's held?
Michelle Miralles (24m 57s):
Yes. So now I'm getting more lenders to advise me and attorneys to advise me on what the verbiage should be. And they said that I needed to have like a node and like a mortgage on it. Yeah. So the more I do it, the better I get at it. And then maybe, you know, in my future lending might be a thing because I'm starting to again like a little bit of experience lending. Yeah. But add very little risk
Etinosa Agbonlahor (25m 25s):
Because the note is essentially saying, this is the agreement that I have with buyer X for my $10,000 assignment fee. He's gonna hold onto it or she's gonna hold onto it for 11 months while working on the flip and the interest rate is 5%. And so every month it's gonna be interest only until Yeah. And then by the end you get the money back and then the mortgage is you saying, Hey county, I have a note with buyer, your ex, he owes me 10 grand, I'm gonna record this against the house and I'm going to go into junior position as like the third person on the list or whatever. Yes. If he does not pay me my 10 grand, I get the right to take over that house.
Michelle Miralles (26m 1s):
Exactly. And because I have a good relationship with these people already, it's lower risk because for ones, I've worked with them for the past year, my mom has worked with them even longer for two, they are contractors by trade. So they are doing the labor themselves. They have teams in place that will always show up their forte is the repairs. Hmm. And then number three, I'm lending money that I've never even touched. So my assignment fee is never coming into me, but it's just making me a little bit of extra money for an extra three months.
Etinosa Agbonlahor (26m 35s):
Yeah. So you don't even miss the money.
Michelle Miralles (26m 37s):
Yeah. It never touches my account until, you know, it's, it comes time for a little bit extra to come in. It's just really trying and creating relationships with people who are creative and who are open to being creative with you.
Etinosa Agbonlahor (26m 51s):
It feels like you're applying the same mindset as you applied when we talked about time, which is like how do I get the most value from this block of time that I have to what you're doing with your assignment for? Which is how do I get the most value from this 10 grand that's supposed to come into me?
Michelle Miralles (27m 6s):
Yes. So strategizing, how can I squeeze the situation and how can, not only me but everybody involved create the most opportunity for profit.
Etinosa Agbonlahor (27m 17s):
You also mentioned that a lot of your buyers are contractors. How is that? Because most people, their buyers are investors. So how come most of your buyers are contractors?
Michelle Miralles (27m 25s):
So it started because being from Guatemala, a lot of Guatemala people who live in Richmond feel comfortable with us because we're also Guatemala and they just happen to be successful contractors. So when, let's say one of them started investing with us, and when I say with us it's because we do it more of a as a team mentality. They might tell their cousin and then their cousin might tell the neighbor and then the neighbor might tell. So we just start by reputation. Yeah. Having great people.
Etinosa Agbonlahor (27m 59s):
You have the real estate plug for the Guatemalan community in Richmond.
Michelle Miralles (28m 2s):
Yes. And then it all goes back to your reputation and if you're good If, you know, create good opportunities for profit for them and then you speak the language, which is major. Yeah.
Etinosa Agbonlahor (28m 12s):
Because I think a lot of the real estate, you know, the conferences we attend, the people we talk to, everything is in English. So I imagine there's just this massive opportunity to service the Spanish speaking community in real estate investing specifically.
Michelle Miralles (28m 26s):
It is. And there is great opportunity for those of us who can breach these two worlds because with my buyers, I have a great background in labor and like contractors for example. But then they don't really know the financial part of it or owner financing or all the creative things or all the things that people like for example at deal maker are talking about. So it's great if you're able to mash the two.
Etinosa Agbonlahor (28m 57s):
Tell me about a deal that you're currently working on.
Michelle Miralles (29m 1s):
This is an interesting one. We assigned a home that was supposed to close at the end of this month, but then through a lot of problems with the title, it will take about two to three months is what the lawyer is saying. Oof. Of just clearing things up legally. So when you're a wholesaler or if you're going direct to seller and you're thinking, okay this property will be perfect for the spring market, I will flip it and sell it. Sometimes that's just might not be the case. So I'm not seeing that assignment fee until three months from now. The buyer is not selling that property as a spring flip, which is what he wanted to. So there's great properties and then there's properties that take a little bit of extra time and effort and patience.
Etinosa Agbonlahor (29m 46s):
What's wrong with the title?
Michelle Miralles (29m 47s):
They said that they have to do a partition suit. I don't know exactly what that means. Do you never? I'm just like, I love lawyers, they take care of everything, but I don't understand.
Etinosa Agbonlahor (29m 59s):
Yeah. I think the more you do this thing, I'm sure you're becoming more of a, you're learning more about the law, you're learning more about banking and finances, like you're getting the 360.
Michelle Miralles (30m 8s):
Yes.
Etinosa Agbonlahor (30m 9s):
So just talking about cloudy title, I think wholesalers sometimes get a bad rap because I've heard of wholesalers who will put a lien on a house that they have an assignment on, they have no other claim to the house outside of the assignment. But then they put a lien on the house and they're unable to close. And now the house has a cloudy title for no good reason. What are some less good things you've heard about wholesalers and how do you like circumvent that in your business?
Michelle Miralles (30m 34s):
Like you have? I have heard some very bad experiences from my buyers and just, you know, things that you hear in the industry. But I think If, you come in as a wholesaler, as a flipper, as somebody who holds properties as a lender and you are honest and you have transparency with both your selling parties and your buying parties, you will be successful. Transparency has been for me, very, very important. Where I don't tell my sellers I'm the buyer, I'm the investor and they, I go around and assign, I always tell them I'm a wholeseller and I explain to them what this is like. And then it normally what we do is my mom and I, we both go together to the selling appointment and we offer the option to put it on the MLS and get the max price for their property even though it might take longer or we do it off market and we can sell it fast at a lower price.
Etinosa Agbonlahor (31m 29s):
Oh, interesting. So your tag team in, 'cause you said your mom is a real estate agent. Yes. So she's saying to them, Hey I can put this on the MLS. You'd have to clean it up and you'd have to deal with people walking through your house for a month. Yes. And you're saying you don't have to clean it up, nobody's gonna come in, but you will make less money.
Michelle Miralles (31m 45s):
Yes. And now we're learning to add the third option, which would be like installment sale, creative owner financing. So that's what I'm starting to learn more of. So we can offer that third option, which might get them a higher price for their property. But you know on terms
Etinosa Agbonlahor (32m 3s):
Yeah. Is the third option so that you can take down the property yourself
Michelle Miralles (32m 7s):
Eventually. So for now I'm assigning those because I want to really get to know the process. And that's where I think If, you are an experienced investor and you're doing a flip or you're holding a property. Have business cards that say I buy houses. Go to the neighbor's houses and tell them, Hey, I'm the investor who bought this house. We're gonna be doing construction over here. Any problem that you have, please give me a call. Mm. Give them your card that says I buy houses cash quick. And then you're not telling them, Hey do you wanna sell your house to me? But you are creating those relationships with them. So one day, you know, a year from now one of them might call you and say, Hey I wanna sell my house. I have a wholesaler who's reaching out to me.
Michelle Miralles (32m 48s):
But because I met you and I liked you that one time and you were worried that if there was any problem with your construction that I could call you, I wanna sell it to you. And that has happened to us in the past because we do reach out to the entire street when any of our buyers are doing a flip.
Etinosa Agbonlahor (33m 5s):
That's such a clever marketing strategy. 'cause now they know you, they see the work you're doing 'cause it's on their street and they can associate, oh I know the person who's working on that. And so when they're in the mindset of like, huh, maybe I should think about selling, like you're kind of top of mind for them.
Michelle Miralles (33m 20s):
Exactly. We are not even the ones doing the flips because it's our buyers, but we do the outreach. So If, you are an experienced investor and you are working on properties that have neighbors go out there and you know, do that. It'll take you like five minutes of your time and then you might get 1, 2, 3 amazing properties.
Etinosa Agbonlahor (33m 40s):
So you are a full-time mom and you are balancing being a full-time mom with doing real estate. What does that look like on a day to day? And I only ask 'cause I felt like if I had a full-time dad, I would also ask him the same question. So to be gender neutral here,
Michelle Miralles (33m 56s):
I love that. Yeah. Well it is harder for us moms I feel a lot of times and people don't realize that I don't really have anybody at home cleaning for me, cooking for me, making sure my daughters everything is ready to go. For example, my husband does. But it comes down to time blocking. I time block every single day of every single week, of every single month. And I pre-plan that allows me to be a successful wholesaler, start going into more advanced investment opportunities. It allows me to be class mom for my daughter's class. It allows me to be in every event that I want to be for her school.
Michelle Miralles (34m 37s):
Any after school allows me to be there for my husband.
Etinosa Agbonlahor (34m 41s):
Hey, quick reminder, all the content you hear on the podcast and in the fireplace community, all for your entertainment and education only. It is not financial advice. Please get advice from a competent financial professional, especially If. you need expert help for your very specific situation. Okay. Onto the episode.
Michelle Miralles (35m 3s):
It just gives so much freedom when you plan your hours and your time.
Etinosa Agbonlahor (35m 8s):
Are there trade offs that you are making though with like all of the things that you have to
Michelle Miralles (35m 12s):
Yes.
Etinosa Agbonlahor (35m 12s):
Juggle.
Michelle Miralles (35m 14s):
So basically if this is a busy season for my job, I plan ahead of time to maybe my house is not going to be the best it's been. You know, as far as doing my dishes, I'm getting laundry, everything done. So if I'm struggling with that, I'm okay with it because I know I'm busier at work. Hmm. Or if it's summer break, I know I can't really focus that much time into work because I have to be more present as a mom. So yeah, I just kind of shift like a mental needle depending on what needs more attention and I just had to learn to be really flexible with my expectations.
Etinosa Agbonlahor (35m 54s):
So it's almost as If you are thinking about it as like the car gauge, right?
Michelle Miralles (35m 58s):
Yes. The car gauge like a dashboard and then that dashboard has all my priorities and then I can move this. So let's say, hey mom, I'm gonna be really busy the next month coming up. Can you help me maybe pick up my little one from school? Today's a week or something. So she also has, you know, she's not just seeing her mom working after school. So
Etinosa Agbonlahor (36m 18s):
Yeah. It sounds like you also have people who can lean in and like pick up, you know and help sometimes.
Michelle Miralles (36m 23s):
Yes, for sure. My mom is a huge help and my husband too.
Etinosa Agbonlahor (36m 27s):
Shout out to moms and husbands who, yes. What is your priority in this?
Michelle Miralles (36m 33s):
This season? My priority is continue to assign and then find creative ways to stay in the deal as long as I can. I'm working really hard to learn creative financing, owner financing and offering those more creative options for my sellers so they can maybe get more for their house, pay less taxes, you know, all the benefits. And then the third one is get my first investment to hold.
Etinosa Agbonlahor (37m 0s):
Hmm. Okay.
Michelle Miralles (37m 1s):
Yeah. So hopefully at the end of next year I will be successful and have all those three.
Etinosa Agbonlahor (37m 7s):
Amazing.
Michelle Miralles (37m 8s):
One thing I've learned is that confused minds will say no. Yes. So I don't attempt something unless I'm so well informed in because I know I will lose the person if I attempt something and then I'm like, oh I don't know the answer, you know, I will immediately get a no. So I need that. Yeah.
Etinosa Agbonlahor (37m 27s):
And I think that even for like ourselves, sometimes that applies to us where something looks so big and complex and you're like eh, I'm not gonna try it. And it's not until you think about it or like you can kind of understand the process a little bit. At least for me that's how it work. Then I understand the process a little bit. I have no fear of jumping in. Like I understand I will make a mistake at some point I will bump my head that's fine but I know what to expect. Yes. Whereas if it's just like this muddy process of like stuff just happens, like people just kind of do it, then I'm like eh, maybe not.
Michelle Miralles (37m 57s):
Yes.
Etinosa Agbonlahor (37m 58s):
So I've heard you say is that you are really good at sales and you've been in the sales business for decades. What does it take to be good at sales?
Michelle Miralles (38m 7s):
I've always believed because I always had the hardest time academically in school, right? So I had to figure out what am I good at? How am I going to compete with everybody else in my life? And I'm not saying compete like oh she's better than me or whatever, but how am I going to be able to be successful without like big academic background that everybody around me has. And I just always had an easy time connecting with people, figuring out their why, helping them find solutions to their problems. So for me personally, I believe that If, you have a natural talent for something you should go after it If, you wake up in the morning and you're excited to have a sales job, you're excited to see figures, you're excited to make sure you're meeting your benchmarks, you wanna talk to people about how you can improve.
Michelle Miralles (38m 57s):
And then it's for you If, you wake up in the morning and you're dreading benchmarks. If you're dreading making sure that you're hitting your goals for the month. Partner with somebody like me because you have something that I don't have and I have something that you don't have. If that's something you're good at, develop it. But I don't believe somebody who maybe is like a software engineer all of a sudden wants to start selling it might not be that great of a fit.
Etinosa Agbonlahor (39m 22s):
I was talking to a coworker about this yesterday and she was talking about her own mentor who says to her double down on the things you're good at. Instead of trying to become a good generalist, like you're a little bit good at everything, focus on being really good at like the things you're naturally great at.
Michelle Miralles (39m 37s):
Good at. Yes, I believe in that because it'll just be easier and then you'll be excited and you'll be good at it. So
Etinosa Agbonlahor (39m 43s):
When you started all of this, the making the switch from beauty to real estate, did you have any fear, imposter syndrome, anything like that? Like I've been thinking recently and I've been watching a lot of stuff recently that says even the expectation of imposter syndrome is like not great. Like why should anybody feel like an imposter? Like you're not an imposter, but it is a factor. Sometimes we go into a room and we're like, oh my goodness, what am I doing here? Yes. So did you have any of that and how did you work through that?
Michelle Miralles (40m 15s):
I did. I had a lot of fear. I was very intimidated. Even I remember when I met you, it was after Dealmaker had finished and we were at the networking dinner and I was like, Hey, can I sit with you? And then you told me you have properties in this. And I was just like, oh my gosh, I don't have anything. I'm so intimidated by everybody. And I was just like, oh that's nice. But yeah and and I also think fear imposter syndrome are part of your process. So If you are not feeling fearful of what you're about to do, then maybe try and add more to your goal. So you do feel a little bit of fear. And for me, mentality is a big, big thing. So as I was thinking of transitioning, I would lay in my bed at night and I would literally feel nauseous of how much fear I had and how much excitement I had because my life was about to change so drastically and I knew it was going to change drastically and I believed it was going to change drastically and I knew that my income was going to completely explode.
Michelle Miralles (41m 19s):
Mm. So having that nervousness and fear happen while you're changing mentality versus while you're going through the process helps me. So I kind of get it out of the way as I'm working on my mentality, if that makes sense.
Etinosa Agbonlahor (41m 34s):
Hmm. So you almost take the fear and the anxiety as this is part of the process, this tells me I'm going after something that's big enough.
Michelle Miralles (41m 40s):
Yes. And then I will say I'm mentally ready to take on my next goal before I attempt the goal. So I will start to work on mentality and for example, I would say this chant obsessively, money comes to me easily and abundantly money comes to me easily and abundantly. And I just repeated in the shower, I repeated as I'm doing whatever, money was not coming to me easily or abundantly because I was not working as a wholesaler yet. But I was telling myself that and I was opening a business bank account and I was writing a list of what I was going to spend my money on and I was just believing, yeah. That this is about to happen.
Michelle Miralles (42m 22s):
So when I took action, my mind knew that this was gonna happen. There was no question. And I wasn't fearful then I had imagined the experience before. So I had gone through that fearful stage before.
Etinosa Agbonlahor (42m 34s):
That is so cool, I should probably do this. But like there's a mantra and it says the blessings of the Lord brings wealth without painful to for it.
Michelle Miralles (42m 41s):
I love that
Etinosa Agbonlahor (42m 42s):
And that I have on my vision. But as like you don't have to struggle, there will be like, you know, there's work to do but it doesn't have to always be a struggle and that's a blessing. So even just you repeating that like listen, I know money's not coming easily right now, but I'm gonna get my mindset to a place where I believe it's possible. That's so powerful.
Michelle Miralles (43m 1s):
Yeah. And you know, having that gap of income, which even though I was working, I wasn't earning nearly as much as I was before I became a mom. So it was hard, it was harder for me to get my mentality going because you know of that gap of income.
Etinosa Agbonlahor (43m 16s):
So it's like you see the gap or you're trying to get your mindset to stand in a place where the gap has been closed.
Michelle Miralles (43m 21s):
Yes. And then I remember also another one that I would repeat. I just thought when you said about God, I would just say please God give me the opportunity and I will take care of everything else. Hmm. Just put the opportunity in front of me and then I will recognize it and take advantage of it.
Etinosa Agbonlahor (43m 37s):
Love that. So bringing it back to the more practical side of things, what tools are you using for your real estate work?
Michelle Miralles (43m 45s):
So right now I'm pretty simple. I just use Google Maps when I go out and I drive for dollars and I do it with my mom, her and I, we drive for dollars together and she's driving and I'm screen shooting and I'm like circling which property I wanna reach out to. I started doing, and I'll have to get the name of this site for you, but you basically take public lists. So you can do code violators, you can do all the lists that you want and then it will see what properties are on more than one list. Oh. So you can target people who maybe need seriously your help a little bit more. So that's another one. And then I started using another one where I'm able to text the properties to my buyers all at once instead of doing it one by one and then A CRM, which I use podium.
Etinosa Agbonlahor (44m 33s):
Okay. And the CRM allows you to get in contact with the buyers and the sellers?
Michelle Miralles (44m 37s):
Yes. And then I'm able to type, this person has a dog or they love the dog. So when I reach out to them again I'm like, Hey, how's your dog doing? Cool. That's for sellers or for buyers, very important. What's their buy box? What are they looking for? Are they using their own cash or do they use a hard money lender? You know, just keeps my mind organized. What
Etinosa Agbonlahor (44m 58s):
Is driving for dollars for the audience who might be listening to this and doesn't know what's driving for dollars?
Michelle Miralles (45m 3s):
So driving for dollars, If, you Google wholesaling, how to start wholesaling. You're gonna immediately read or hear or see a video about driving for dollars. You go around the areas of your town that have a lot of cash purchase activity and you start driving around it and you see which houses look distressed. And then you go to the tax record of the county, you see who owns it, you find the person who owns it, you find their mailing address, then you skip trace them and you reach out to them hopefully through phone, email, text, postcard, and you ask them if they want to sell their house.
Etinosa Agbonlahor (45m 40s):
Okay. Where is all of this leading to one day you look back and you've done everything you wanted to do and you're where you want to be. What does that day look like?
Michelle Miralles (45m 50s):
So for me it will be when I'm in my sixties and my daughter is around 30 and not only I'm retired comfortably and I'm able to enjoy life with her or if I end up having another kid, but also where I'm able to help her with properties or some passive income where she can use, well she's on her mid twenties or thirties. So that would be my dream.
Etinosa Agbonlahor (46m 15s):
I love that vision of like when my daughter is old enough, I want my money to be useful to her.
Michelle Miralles (46m 19s):
Yes. And you know, it's amazing because yesterday she wasn't feeling well. Her stomach was bothering her so she skipped school and we went to show a lot that we had that needed to be assigned and the buyer ended up wanting it so we assigned it. And then on the way out driving back home, she pretty much negotiated with my mom and I a hundred dollars cut of the assignment fee.
Etinosa Agbonlahor (46m 44s):
So based on what, what services did she render?
Michelle Miralles (46m 48s):
'cause she came with us and she didn't wanna, I'm also leaving good mentality and experience, you know, it would be so helpful for her.
Etinosa Agbonlahor (46m 55s):
And she's six, right? He's six,
Michelle Miralles (46m 57s):
Yes.
Etinosa Agbonlahor (46m 57s):
I gotta let my brother know. 'cause I have a brother who's also young. I'm be like, listen, six year olds are negotiating a hundred dollars payout. You know?
Michelle Miralles (47m 5s):
How old is your brother?
Etinosa Agbonlahor (47m 6s):
He's 12.
Michelle Miralles (47m 7s):
Yeah. See I think that's a great age.
Etinosa Agbonlahor (47m 10s):
Amazing. Thank you so much Michelle, for this conversation. I know that people are going to get a lot from it really partly around the time blocking and thinking about your time very concretely in terms of my time is valuable, this is what it's worth. Now how do I stack my activities to get the most value from my time? I think that's a game changer for people who really like understand it all the way down to the basics of wholesaling and even for wholesalers, how do you think about your assignment fee and like get more value from that assignment fee. Yeah. There's just a lot in this conversation that I know people will take away from. So thank you so much for your time. I appreciate it. Yeah,
Michelle Miralles (47m 45s):
Thank you. Thank you so much. I appreciate it and you are such an inspiration. Thank you. I'm sure not just to me but to a lot of people.
Etinosa Agbonlahor (47m 51s):
Thank you, I appreciate that. Hey, if you've finished with census episode and you missed a part where Michelle talks about how she organizes her time and how she thinks about it to help her be more effective, I think you should go back and look for that clip because I took some of the tips that Michelle shared and I implemented them in my own life and I could already see a difference in how effective I am over the last couple of weeks since I've been using the tips that she shared. So just a quick note might be useful to you. Go back and listen for when Michelle talks about time management and how she thinks about her time because there's some gold in there and I don't want you to miss out on it.
Etinosa Agbonlahor (48m 35s):
Thank you for listening to today's episode. Remember to check us out on Her First House dot org and join the community for access to bimonthly calls with me and everyone else in the group as well as loads of cool resources. Also like share this episode with two people and tell me what you liked or learned from the episode by tagging me on Instagram at realestate with et that's real estate, with et i. We'll see you in the community and on the next episode.