Go against the Real Estate Grain with Michael Sherwood (CFFL 0018)

Go against the Real Estate Grain with Michael Sherwood Jack Butala:                   Mike Sherwood is a Real Estate investor, broker, property manager, he's been involved in Real Estate since 2007 buying his first duplex at 22, he currently owns 45 units and manages over 175 units primarily focused on multi-family homes in Buffalo. Hi Mike! Jill DeWit:                            Hello. Mike:                                    Hey, how is it going guys? Jack Butala:                   Good, I've got Jill on the line, I hope you can hear her okay. Mike:                                    Yeah, I can hear her, she's a little soft spoken, but I can hear her. Jack Butala:                   That'll change in a minute, trust me. Jill DeWit:                            I was waiting for that. Do you like Mike or Michael? Mike:                                    It doesn't matter. The only time I'm usually called Michael is when I'm getting yelled at by my wife. Jill DeWit:                            I will call you Mike. Jack Butala:                   Did you get yelled at for doing a podcast at 7 o'clock on Tuesday? Mike:                                    Well, my wife has become very understanding about Real Estate and having a business and working, so she's really kind of cool about it. When we first started dating she was like, "Oh, that's kind of cool, but it takes up a lot of time," and she didn't like it, but she kind of understands it now. Jill DeWit:                            That's good. Jack Butala:                   We always end up talking about people's spouses on these shows. Jill DeWit:                            It's funny. Mike:                                    I think the reason why that happens is because you kind of need to be on the same page with a lot of this stuff, and if you're not, then you run into issues, so my wife understands it's something for our long term retirement, so she gets it. Jack Butala:                   We have a pretty large member base now of people where we all together buy land and sell land and sell it on terms and generate a pretty good income stream, and one of our members recently said that his wife didn't buy into this. He's one of our most successful members by the way, when he started, he said his wife was so skeptical that he had to do a real quick flip, just for like a thousand bucks I think, or 7 or 800 bucks he made on it, just to convince her that this really can work. Jill DeWit:                            After that one, she's in, she's like "Okay we're good." Jack Butala:                   Happens to all of us. I would say the worse thing that can happen if you walk into a casino is that you win in the first three minutes. Then it's like you're just prolonging the death. Mike:                                    Definitely the case. I guess I'm very fortunate that she gets it. The only thing she doesn't like about it is that we kind of sacrifice a little bit on the Real Estate stuff because it's more of a long term strategy. She kinds of looks at it and says, "Hey, when can I buy more purses? Hey when can I buy this, hey when can I buy that?" I'm like, "This is for our kids." Jack Butala:                   That's great. No one can argue with that. "This is for our kids." Jill DeWit:                            That's good. Mike:                                    Yeah. We don't have any yet, but I know it's coming. It's definitely going to come some time. Probably the next year or so I'd say. We're closing on a house, like an actual house to live in, rather than an investment, in December, middle of December. It's exciting, I've done it many times, but I actually got sick to my stomach when I signed the paperwork because I was like "This is the first house I'm going to buy that isn't making me money, and it's not an asset." Jill DeWit:                            We have to back up and record all this St...