From Duplex to 13 Units: Chicago Investor Mike Johnson's Real Estate Success
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In this riveting episode of the BiggerPockets podcast, we meet the remarkable Mike Johnson, a Chicago investor who defies all odds with his meteoric rise in the real estate world. Starting with a mere $113,000 down payment on a duplex in 2021, Mike now boasts a staggering 13 units in his portfolio within just four years. Living in one of Chicago's most coveted neighborhoods, he enjoys hefty monthly cash flow and the promise of millions in appreciation on the horizon. What sets Mike apart is his unconventional approach - finding deals on the market, minimizing cash investments, and executing hands-off renovations that have propelled him to real estate stardom.
Despite his background as a medical device sales rep, Mike's foray into real estate during the tumult of Covid in 2020 was a game-changer. With student debt out of the way and a growing nest egg, he turned to real estate as a vehicle for long-term financial growth. House hacking became his signature move, providing a safety net in his W2 job while allowing him to take calculated career risks. Hailing from Wisconsin but now firmly rooted in Chicago, Mike strategically chose Milwaukee for its low cash requirements before expanding his empire to the Windy City, drawn by its cash flow potential and proximity to his job.
Mike's investment strategy is a masterclass in financial wizardry, as he navigates the complex world of real estate with finesse. By leveraging seller credits and prorated property taxes, he snagged a $750,000 4-unit building with a jaw-dropping $27,000 cash investment. His knack for securing large units with premium rents maximizes his income streams, painting a portrait of a savvy investor at the top of his game. Despite facing challenges like dealing with unruly tenants and navigating eviction court battles, Mike's tenant-centric approach and proactive management style have cemented his reputation as a real estate maverick to watch.
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Image copyright Youtube
Image copyright Youtube
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