Find It, Fix It, Flip It – Make Millions in Real Estate One House at a Time (with Michael Corbett)

Show Notes

Emmy award-winning actor turned multi-million dollar real estate investor and best-selling author MIchael Corbett teaches the proven moves that you can use to successfully flip properties without get-rich-quick scams and schemes. Throughout Michael’s career he’s been performed on Broadway, he had a 5 year recurring role as David Kimble on The Young and the Restless, he’s guest starred on The King of Queens, Star Trek: The Next Generation, the Tyra Banks Shows and countless other prime time shows. Since 2000, Corbett has hosted real estate and lifestyle segments for the NBC entertainment news program EXTRA!, and won a 2014 Daytime Emmy Award for Outstanding Entertainment News Program as part of the show’s team. He is also the host and senior producer of EXTRA’s Mansions and Millionaires!, and the executive producer of Hollywood Medium with Tyler Henry on E!.

  1. Michael Cornett, have a long history as an award-winning career as an actor, what made you decide to want to transition into focusing your attention and your career on real estate?
    1. I was always interested in it, and after my first $10,000 check, I thought I would buy a house and make it look nicer (we didn’t have terms for flip it) and see what I could do to spruce it up while still acting/working
      1. I did that and I made more money than I did then I did while on TV so I kept doing it.
  2. Michael, I first became of your real estate expertise when wandering around Barnes N’ Noble in Dallas looking for my next great business book to read, and beyond there was your book Find It, Fix It, Flip It – Make Millions in Real Estate One House at a Time…In Today’s Market. When did you first have the inspiration to write this book?
    1. I wrote it to explain the “nuts and bolts” in flipping a house
    2. I wanted to clarify and keep people from getting screwed
    3. It was almost an “idiots guide”. It was how I did it, and I am very conservative.
    4. It has to make C.E.N.T.S.
  3. Michael, I love this book and your overall writing style because it’s so practical, so I wanted to take a few moments to have you break down some of the key principles and concepts that you teach in the book…Michael why is a home a good investment both yesterday and today?
    1. If you’re putting your sweat equity in it, has potential for today’s market…you have expanded the price per square ft of this house.
    2. Find a house where the right thing is wrong that you can do the work and fix
    3. Must put 20% down and weather the storms of the market “ups and downs”
  4. Michael, in your book you demystify the strategy of home flipping. For all of the listeners out that don’t have experience buy and flipping real estate, I’d love to have you share how flipping works?
    1. Stay away from people that say “no money down”
    2. If you find a property that you can take a look at what you have to improve, how much time and effort it will take you to get it up to par, you then calculate what you could sell it for based on what other houses are selling for.
    3. Bottom line, I am not making money off of you so I am being honest to help save your butt.
    4. If you can come up with money for a down payment, flipping houses is a great way to make a profit…if you cannot…do not do it.
  5. Michael, in your book, you walk the listeners through how to calculate the profit or lack thereof before buying, why is this step so powerful?
    1. It empowers them, allows them to put it on paper and see every scenario.
    2. It makes sure you counts property insurance, closing costs, and so much more.
  6. Michael, in your book you explain that in order to be successful in the world of real estate investing you are going to need the right realtor, a quality mortgage broker, a competent insurance agent, an experienced accountant, a lawyer who know what they are talking about and a skilled contractor handyman
    1. Everyone needs some seed money – Do not forget that
    2. It is unrealistic to not have money and get into “flipping” .
    3. Once you do it the right way, it is so incredibly fruitful.
      1. Take the profit and put it into the next property.
    4. NEVER flip a property that you do not live near.
  7. Michael, let’s talk about the mortgage banker. What makes a good mortgage banker in your mind?
    1. DEFINITION – Thanks to IRC Section 1031, a properly structured1031 exchange allows an investor to sell a property, to reinvest the proceeds in a new property and to defer all capital gain taxes.
    2. NOTABLE QUOTABLE  – “If you live in a house 5 years or more you get person $250,000 with no taxes on it.” – Michael Corbett
  8. Michael, our listeners are voracious readers and I’m always curious about what 1 or 2 books you would recommend for all of our listeners to buy and why?
    1. Suze Orman – All of her books – Order them here – https://www.amazon.com/s/ref=nb_sb_noss?url=search-alias%3Daps&field-keywords=suze+orman
      1. No BS – Calls it like she sees it.
    2. Tony Robbins for Positive Motivation and “You can do it”
  9. Michael Corbett, you are always working on big projects, I’d love to have you share with us about any projects that you are working on during the next 12 months that we should be looking out for?
    1. I am a TV producer for “EXTRA. I shot a property $1 Billion Property that was owned by Bill Griffen and The Shaws.
    2. I have been fortunate to parlay Real Estate and Television together.
    3. Send everyone to Michael Corbett.com
      1. Check out my instagram – https://www.instagram.com/1michaelcorbett/
  10. What do the first 4 hours of your day look like
    1. I wake up at 6am – 7:30 is my private time.Spend 45 minutes information gathering
    2. If I work from home or work from the studio – NO EMAILS until I have set my goals until i am ready
      1. I have pre-paid my day
    3. The first task you do, should be the hardest….the one you want to do the lease
      1. DO NOT AVOID IT…Get it of your plate first.
  11. For Abbey – Where to Start?
    1. BUY Find it, Fix It, Flip It…
      1. It gives you a road map
    2. Just take a couple hours and read the book….you will see why it is so important
      1. Do not buy an investment property if you are second guessing yourself
    3. ABBEY – READ THE BOOK!!!
Business Coach | Ask Clay & Z Anything

Audio Transcription

Men, 13 multimillion dollar businesses, eight kids. Get ready to enter the thrive time show.

All right, thrive nation. Welcome back to the thrive

time show on your radio and podcast download. Now, those of you listened to our show, often know that I’ve been involved in a lot of different real estate in that ventures over the years. I’ve flipped a few houses. That’s not my core competency, but the book that I used kind of like my handbook, kind of like my real estate Bible when I was flipping those homes, was a book called find it, fix it, flip it, make millions in real estate, one house at a time. And on today’s show we’re interviewing the author of the book, Michael Corbett. He’s the bestselling author of, once again, find it, fix it, flip it, make millions in real estate, one house at a time. And today’s guest, Mr Michael has been. He began his career in the world of Broadway and through this man’s epic career, he had a five year role on the young and the young and the restless from 1986 to 1991. I saw this man in Star Trek, the next generation, uh, he’s been on the tyra banks show the view Larry King. He’s kind of a big deal and through a series of poor life choices, he’s now on the thrive time show. Michael Corbett, how are you, sir?

Wow, that is the best introduction I’ve ever had. Great. How are you today?

Well, I appreciate you for being on this show. And first off, thank you for writing the book. You’re a guy with this award winning career as an actor. So what made you decide to actually want to transition from focusing your attention as a, as an award winning, you know, you’re, you’re an award winning actor. People are seeking you, you have your film credits are massive. What made you decide to go from being an actor to pursuing a career in real estate?

No, I don’t think it was sort of a choice of one or the other. I’ve always, from the very first day I was basically on it, so proper 17 years. So when I first started in second in New York and Broadway and all that sort of thing, um, you know, my dad was an accountant and I always was interested in finance and investments. So after my first sort of $10,000, basically a overpayment or, or, or kind of bonus from when I was on Ryan’s hope back on ABC back in New York, I said, well, Geez, what do I do with that? So I thought, uh, you know, what, I’m going to buy the house next door to my grand mom and I’m gonna make it look nicer because we didn’t really have terms for flipping and they, they, they, it wasn’t as defined as it is today, so I’m just going to buy the house next to my grandma’s and maybe convert it from a two bedroom, three bedroom and kind of spruce it up a little bit and see what I could do. So I did that while I was still working in New York. I would commute back and back down to Collingswood, New Jersey. And I did that and I ended up making more money doing that than I had done in the whole quarter being on television. So I thought, wait a minute, maybe I’m onto something. So the entire time I’ve been doing everything from Broadway to film to television to now I’m actually producing television shows. Um, I have always been doing real estate on the side.

Kind of funny today is I pride myself on reading a lot of books. I hold myself accountable to a book and so I’m always wanting to read a certain number of books. Okay. So my idea was a young man I grew up in possibly poor and I thought to myself, I’ve got to read at least one book a week, uh, written by somebody who’s more successful than I am. So I go into Barnes and noble and I’m looking for the book of the week, you know, the book of the week. I go in there and perusing around, wandering around with no discernible to particular thing I’m looking for. And I find your book, find it, flicks a, fix it, flip it, make millions in real estate, one house at a time in today’s market. And I opened up the book and there was so much detail in it. I mean your book is a true idiot’s guide. That’s why I bought it because I’m an idiot. I mean I bought the book and I wanted to know how do you. Can you talk to me? What was your inspiration for writing this book? It is so good.

I did write it. I basically wrote it as sort of the nuts and bolts. It was just when, when there were a lot of television shows about flipping and this old house and all that sort of thing and there were a lot of misconceptions about flipping and what that meant and there were a lot of people coming forward at that time. Would that make a make a million dollars? No, you don’t need money. You don’t need this. You don’t think. A lot of people getting a lot of trouble. And this was before the book was written before the big crash and if you notice I’m in all the principles that I talked about in the book, if you follow those principles, you would have done fine during the real estate down.

It was because I wrote it because I knew that’s what worked for me and I literally chronicled exactly how I address properties and how I analyze them. I’m very conservative and I also kind of wanted to be an advocate for the consumer as opposed to being real estate agents. That’s, you know, buy, buy, buy, sell, sell, sell. Mine is very much only do it if it makes sense. And you have to, uh, you know, and it’s mean sense like cnts so that it actually makes you money and you also have to come up with some sort of a formula to figure out ahead of time if the property is going to make you money or not. Rather than just blindly jumping in and hoping you can pull it off and hoping you can make a profit. You want to prepare yourself against every worst case scenario. How I’ve always done it

are sorry, or are kind of nonlinear, but this is something that happened in your book. You talk about you, you need to put 20 percent down, you need to put 20 percent down. And so, uh, I was working with a company called fears and Clark. I’m Clark, he was fierce and I was helping him grow his company and I’m reading your book and one of the things you want to put 20 percent down and you want to look for, do you want to do your formula? You have a formula in your book where you calculate it, am I going to make money? You can figure out what they’re going to. You’re going to make money or not before you even buy it. And so I heard of a pastor in town who unfortunately had to leave the church due to some poor life choices. And uh, the, there were selling this parsonage and it wasn’t a neighborhood where the average house in Tulsa was worth 250,000.

And if you can, believe it or not, Michael, this house was on sale for $70,000. So I go through your checklist of all the things you know, it’s kind of like the deal breakers, you know, if it has a mold or it has and your book is very specific, you’re listing off all the things, like if you don’t buy a house, if this is wrong with it, but Dubai buy a house if this is wrong with it, and I’m just going through and I’m like, this house isn’t a good fit, this house isn’t a good fit. And Michael corbett, I’d probably gone through 20 houses and I’m thinking this Guy Michael, this guy is not only a great actor but he’s making an impossible list of things. There’s no houses that fit this criteria. And then I found a house. It was like a miracle. I found a house that fit that criteria. We bought the thing for $70,000 approximately. I did the math using your formula before buying it and all in. I figured we can’t possibly spend more than 60,000 renovating it. We’ve got 20 percent down, let’s do the move. And Michael, we came out of there even though everything went wrong with every contractor. We still made money as a result of your practical formula. How many times have you heard stories like this over the years?

Thank you so much for keeping me from getting into bad deals because when they look at a house, they get emotionally attached and they think like, this is going to be exciting. It might cost this, but I’ll. I’ll deal with it or got that problem in it. Don’t worry about that now. I’ll fix it later. No, no, no, no, no, no. These are all the things. Basically you have to kind of renovate that house in your head ahead of time. You have to know what the costs are going to be ahead of time. You have to really prepare for the worst case scenario ahead of time and one of the things that I was talking about is it’s go ahead and take 20 percent longer and it cost 20 percent more. No matter what your new, not even if you’re being conservative, add that on.

If you can do all that and then you can determine how much are your closing costs are going to be, how you’re carrying costs are going to be when everything goes wrong and you’re stuck holding onto that property and extra three months. If you can do all that and you can calculate out a profit at the end, it’s great house and if you can’t then just walk away because you will be spending nine months, anywhere from six to nine years renovating a property that you’re not going to make any money on and you have a potential to lose money. Why would you do that?

You’re the only book that I’d read it seriously where it was the only because I’d read a lot of these books were a lot of people have like a European or an Australian accent or on Youtube late at night and they say, make money with no money down. You get the house, you can make millions, and then they have these people with these false testimonials. They’ve got the palm trees in the background and they say, well, my wife and I made a million dollars in seven weeks as a result of this. No money down system, but your book is optimistic, but yet it tells you to even if everything goes bad, worst case scenario, factor that in and then you go on to say that a home is a good investment both yesterday and today. If you follow my system, can you talk to me about why home is a good investment both yesterday and today. If people follow your system

and your putting your, you’re putting your sweat equity into it by improving that is as I like to call it, a house for the right things wrong. That is a house that has a potential for a lot of the improvements that are really part of today’s market. Very simple. I’ll give you one very simple example is I love any house where you can sort of bring the outdoors in. So many houses have the potential so that rooms have small windows onto a backyard or onto a side yard. If you can have the potential to put in a French doors or a slider and put a little deck out that out that side of that wall, you’ve just expanded the basically the the perception of this square footage of the house. What a great way to do that. Rather than people saying, well, I’m going to add on another room.

I’m going to get permits. I’m going to put in another no you. You don’t want to be doing that. So if you find a house for the right things wrong, then you have now invested not only your money at a minimum rather than having somebody else do it and you’re buying them at retail. It’s basically like buying a house at wholesale and you’re doing the work and if you do that and if you go into it having 20 percent down, you can also long term weather the storm of markets, ups and downs. Now at the time, back when I had first written the book, the market was just on fire and I used to say a monkey with a credit line could, could make money flipping houses, but where people got into trouble was that when the market started to tank the people that were putting no money down and were sort of counting on the market, increasing in value to make a profit, we’re the ones that got into a lot of trouble. And I know a lot of people who did that and some people got into financial ruin at the time. And unfortunately I see it happening again. We’re, we’re loaning to people that really at the time shouldn’t have gotten loans. It would’ve saved them. Uh, I mean, I, I feel horribly for the people that got into loans that were balloon loans. They were balloon mortgages. They were no money down. They were a variable rates that when the money came due, they didn’t have the money.

You know, a guy who hasn’t had to change your story. As the economy’s gone up and down, know you see a lot of people. And that’s one of the things is, I mean, I mean this, I love the fixer upper show that was out years ago, you know, with, with chip and Joanna, they’re loved that show, but you have been like the fixer upper before the fixer upper. I mean you’ve been very consistent in your message. You have not changed it, but you see a lot of these charlatans that will teach a system and they have to go away. If the economy’s tough, you’re going to want to make these changes. You’ve been very consistent with your fundamentals and we have a lot of listeners. We’ve got 100,000 folks that will download each and every one of these podcasts. And I’d like you to, for somebody out there who says, I’m not really familiar with home flipping, but yet I have a bad taste in my mouth because I’ve heard of these get rich quick people who are calling it flipping homes. Could you kind of introduce people into the world of home flipping and why? Because you’re doing it the right way. But I think a lot of people just immediately the hearer of the word home flipping, they have a bad connotation. Could you kind of introduce our listeners into how home flipping works, maybe on a third grade level so I can grasp it

out on tour for a while with a couple of these people and we were very much always at odds when promoting you don’t know anybody you can. We will find you investors, you, you could get no money that you can. Basically they were teaching people how to get the worst possible loans from a consumer point of view where if anything goes wrong in interest rates, economy, stock market, you’re holding, you’re left holding the bag and it happened to many, many, many, many, many, many people. So basically home flipping is if you find a property that you can, as you as I talked about with sort of my formula, have you can. You can take a look at what you have to pay for it, what the improvements are going to cost, how much it’s going to take you to get that property up to a certain value. You’ve got to look, you got to see what the other houses in the neighborhood are doing, what they’re selling for, what amenities they have. You have to calculate. Hmm. Now that sounds like. See this house for 200,000? Everything else in the neighborhood is selling for 2:50. Wow, what a great deal. Okay. You hear that a lot. Oh my God, I’ll make $50,000. No you won’t because you have closing costs. You have repair costs, carrying costs, all that sort of.

You’re being negative by the way, by bringing somebody out there says, this guy’s being negative. I just went to a conference this weekend and they showed me I can put no money down and how does he have the audacity to give me the negative information? He’s blocking

right to the bottom line. I have no agenda. I’m not making any money by you buying packages and seminars and things like that. Mine is very much A. I want to help the consumer. So if you could find a house though, that’s $200,000 and other homes are selling for 350 in the neighborhood and this one is, looks like it could be a really good fixer, needed some Tlc, a lot of things that I suggested my book, a lot of the kinds of things that I say really improve a home and a homes value. If you can come up with the money for a down payment so that no matter what happens, you can weather the storm and you’re not stuck having to be underwater or sell it. If you, if the market begins to tank, this is a great way to be able to make a profit. Because with the way I talk about it, you kind of do the numbers up front. You know, you want to know how much you’re going to make before you even start and if you can’t answer that question, then you don’t want to do it. You never go into these things blindly. You never put no money down because you’re going to be the one holding the bag. When things go south.

Michael, I’m not the kind of person that’s going to tell our listeners that they’re bad people if they don’t buy your books, but I, but I could have said that because your book is so, so deep. I’m serious. I’m not the kind of guy that’s gonna say if you don’t buy, find it, fix it and flip it. Your mind might not be fully functional, but I am saying that I would recommend that listeners would read the book and in your book you actually give away this, this, this chart, this system, this. You break it down very specifically how to calculate the profit or lack thereof before actually buying why. I mean I’ve seen it personally for my own life, but why has this system been so powerful for the readers of your book? It’s so awesome.

Basically because it empowers them to actually put on paper and give them every possible scenario, every cost that they’re going to incur. Let me. I’m going to give you a great example. A lot of the home shows, and it may be used to make me curious. A lot of the home shows, they’ll say, oh, Susan and Bob bought a house for 300,000. They spent $50,000 motivations. They sold it for three $90, $40,000.

By the way. I was yelling at my tv like, get that garbage off on. Right,

right. They didn’t make $40,000, but they’re not counting is the fact that it took them four months, let’s say for example, to to renovate it there. They didn’t include the closing costs, selling costs, commissions. We didn’t include the fact that they had to pay property taxes, water and sewer. They had to pay property insurance and they had to pay the mortgage on there. So when I. It was such misinformation that was being sort of put out there on a big scale in a lot of those home shows that I got so frustrated. I said, let me, let me break it up for you. Really, this, these things should really consider

Michael and I. I know it’s probably not ethical, but I put a virtual microphone inside your cranium and I was able to play an audio of what you were thinking and feeling at the time that you heard these things so that any further ado, here is an audio allegedly of what Michael was thinking when he watched these shows. Scamming you.

It’s just not a good thing. I mean, you are very specific. You’re very, uh, it’s very pragmatic. It’s not a scam. You’re teaching people and you break down, you say clay Clark, you say Mr. Listener out there and Mrs. Listener, in order to be successful in the world of real estate, you’re going to need to have the right realtor, a quality mortgage broker, a competent insurance agent and experienced and you can trust. And a lawyer who knows what they’re talking about. Oh, and by the way, a skilled contractor. So I know we don’t have a ton of time, but I want to go one by one because this is so powerful. Can we talk about the mortgage banker? What makes a good mortgage banker in your mind? What, what, what makes a bad one? What makes a good one, which we look for in a mortgage banker

on that list of things that you need, the one thing that everybody really doesn’t want to hear it money. You have to have some seed money you have. You can’t go into this process without any money, so yes, you need a real estate agent. You did great. You need a great mortgage broker. You, you need a to it and you do have to have money money, so you’re just have to. You cannot. I do not advise any, anybody, anybody, anybody going into it,

which is why you had a job, Michael corbett, I mean you. I know you’re passionate about acting, but you. I’m sure you have other things you could have been doing with your time, but you were a very sought after act and that was your job. Here’s your job. I started America’s largest DJ entertainment company called Dj Connection Dot Com. It was my job, but to build wealth, you take your income and you it into things that can make you more passive income. You got hit it until we get up somebody.

It’s unrealistic as much as people really want to say, but I can’t tell you how many emails I’ve gotten from people that said, I don’t have any money right now, but I really want to get into flipping. I’m honest. I just said, then this is not the time for you to get into flipping. Find a way in your regular, in another area, make money. If you can save some money, start building up a nest egg so that you have to do it, but if you throw yourself into this with very little money and not enough money to then carry your own life or pay for your food and and, and, and take care of your family and pay your rent. This is not the best place for you to be.

I noticed I noticed you never responded to my email that I might or might or might or might not have sent, but I remember emailing you and I wrote. I have no acting skills and know to like I should be on the young and rex breastless with you sometime between 86 and 91 side your friend in the future. Clay Clark and I just want to be on the young and the young and the restless. You have to have skills. You can’t just be on star Trek. The next generation, I mean you practice, you practice, you practice and so no money down. You just got to delay gratification a little bit. Got To save a little bit of money. Michael is not a mean person. He’s just telling you how life works. You’ve got to save a little money

and when you. Once you do and once you begin to do this the right way. So incredibly fruitful. I mean and and I, I even talk about after you’ve done a couple of, let’s say you’ve done a flip property and make some profit. You again, me being conservative and I can hear my father’s voice saying people flip a property and then they want to go spend the money. No, no, no. This is a business now so that money gets reinvested into the next property. Once you have enough profit that you can keep flipping, then takes you to a whole nother level. I hope my next thing is invested into some rental property.

There it is.

That’s that’s. That’s where you want to take the money from your flipping, so you want to just. It’s a. it’s a slow build and as think of it as a lifetime build so that little by little by little, you’re building, building, building, and you start small. You start with a very small property that somewhere in your vicinity because you never want to flip a property where you don’t live near and you start small. Do your first one, make your mistakes on a first one and they keep building from there and it’s something you’re gonna do for the rest of your life.

I’m not asking for an opinion to a corner and ask you specific questions where it’s like a gotcha question, but they’re the tax laws. I worked with a lot of accountants. I helped grow a lot of accounting practices. The tax laws benefit you when you take the profits from one sale and you rent have reinvested into the next property. Can you explain that a little bit about how you can delay the taxation of your money or reduce the taxation of your money? When you take the profits from one property and you roll it into the next property

money, let’s see what else you’ve renovated. It picks it up well and you ended up with a profit of maybe 50 grand, 50 grand, but you have all the money that you’ve already spent as well. So when you cash out and you sell the house, you, let’s say you sell it for three, 3:50 and you’ve made a profit of 50, you pay off your mortgage, you get back the money that was your 20 percent down. You get back the money that you put in renovation, that whole amount of money. Now you can roll into the next property of the same or greater value without paying any short term capital gain. So let’s go to 10:31 tax deferred exchange. As long as it’s a like property, there’s also another tax wise. And, you know, at some point it will go away that um, you do have the opportunities if you’ve lived in a home for five years, this is something that the people, a lot of people don’t realize that if you live in your Europe for five years and it’s increased in value, the tremendous amount as probably these past five years.

You get per person $250,000, no tax on it. And if you’re a couple, it’s 500,000 with no tax on it. Wow. So if that’s why. And getting back to your original question of why do you need these very smart people like accountants and real estate agents and mortgage brokers, you want to be talking to your accountant. You want to talk to an accountant who could tell you exactly what your situation is, what the state laws, what the, what the current laws are for you. Um, because you can save yourself a lot of money, a lot of money just by knowing what the actual tax laws are.

Well, here’s the deal. Why make all this money? And then I have to give it up and taxes. Here’s the deal,

there’s ways you can delay a sale by a month or or if you can roll it into another property. So there’s again another. That’s a whole nother way of, of keeping a lot of the money that you’ve made.

I want to make sure the listeners get this. Michael, you have, I don’t know why you decided to make the poor life choices to reach me in 100 thousands of listeners, but I appreciate you doing that and I want to respect your time and I lost a bet. Yeah, and so you, I mean again, if you’re out there and your mind is sound, you want to go on Amazon, it’s going to take you about a $20 and you could spend that money to convenience store this month on Red Bulls and things that aren’t good for you or random Burritos, but go buy, find it, fix it, flip it, make millions in real one house at a time. It’s a great book, but since that book, Michael has been working on new stuff, there’s a lot of new things you’re working on and I would like for you to have an opportunity to, to share with our listeners what you’re working on now and because a lot of people are just loving what they’re here and they want to learn more from you. What, what kind of projects are you working on now and maybe for the next couple of years here? What, what, what, what’s the future of the world of Michael Real Estate?

I’ve done a bunch of shows for HGTV and, and um, I had been, um, been doing a lot of real estate finance. I’m being sort of the real estate finance expert for CNN. I’ve done it for Fox and friends. Uh, I’ve been working with realtor.com, Trulia, zillow. So my thing is, is there a way to combine real estate and television? And one of the ways I, I do it is I’m one of the hosts and one of the producers on the television show extra now, and I have spun off of what we call our, our show from extra called Extras, mansions and millionaires,

right

to travel around the world looking at the most unbelievably magnificent real estate properties in the world. The craziest, I mean, just for example, this week I shot a segment on the most expensive property in America. It is priced at $1,000,000,000, not million billion dollars. It’s insane. It was originally owned by Merv Griffin and then, uh, one of the, one of the Shaw was from the Middle East and now it’s a, it’s basically at the top of Beverly Hills and it’s for sale. And I was able to go up there and shoot it and see what it was all about. And it’s a billion dollar. So if we’ve got a billion bucks, I got property that I can recommend to you.

I hear we have a lot of Saudi princes that love to listen and a lot of members of the Chinese government loved to listen to our podcast, so that’s awesome

what would be called a trophy property,

so

I’ve been very fortunate to be able to parlay television and put real estate in together and it’s something I really enjoy it because I love being able to to look at real estate. I loved being able to see what people do right, do wrong some of the troubles that they get into and some of the huge successes and and very smart things they do as well.

Now, as far as a particular website, you would direct all of our listeners to go check out cause a lot of our listeners, very action orientated. They want to take action right away, right after the show. They want to just go look at it. What’s, what’s the website you would direct all of our listeners to go check out?

My website is [inaudible] dot com. My instagram is one, Michael Corbett and I always post. I post a lot of stuff on there, especially about some of the, uh, some of the properties shoots and places. I think I just put something up. I just came back from, from Tahiti to two things, a real estate development there in a, in a visit. There’s a big trend now a days before resorts like fine resorts, five star resorts, developing their own real estate and a and private residences. So I went down to Tahiti and I got to stay in one of these beautiful residences in a, in a resort called the Nicu down in Fiji and look at the new properties that are coming up. Um, it’s, it’s, uh, there’s, there’s a lot of great stuff out there and I get to go and explore it. Tomato that on my instagram and my website.

I have two final questions for you. If you don’t like these questions, I’ll, I’ll know that when you hang up on me, that’s a sign that you don’t like them. So you’re, you’re a guy who comes across as a very voracious reader and a full disclosure thrive nation. I have not had the opportunity to talk to Michael directly in the past, and so you come across as very well read person and our listeners love to read books. So is there a certain book or do you have a one or two books that you would recommend that all of our listeners would buy and why?

I would have to say I think it’s almost one person in particular that I would recommend and I love her. And you probably met her on your show, Susie Orman, who I think for basically for an average American for anyone from, from, from middle class, it doesn’t matter where you are financially, you could be very, very wealthy. You can be very successful. You could be just starting out and you could be right out of college with a load of, of student loan debt. Her books I find really, really terrific. Um, I just think she’s, she’s great. She breaks it down. I kind of, I mean that’s sort of modeled the way I approach it by the way she approaches finance. It’s that it’s very basic step by step, no bs. I’m call it like it is, and those I think are really like, I love those kinds of smart financial books. Those are really amazing for me. Um, and then also I’m probably partial if I had to pick a book that I really like to read is a because it happened to be out on tour with him at one point was Tony Robbins and I just love his, his sort of positive motivational upfront. You can do it kind of attitude.

Actually, I’m a big believer in if you, if you set a goal, work towards it, step by step won’t happen overnight, won’t start out. You won’t be a millionaire in a day. Doesn’t happen. But if you set out in the photic Lee with the life plan, you can make it work.

My final question for you is, so

many of our listeners are big believers that when you change your habits, you can change your results. You know when you change your daily routine, you change your results and you’re a guy who’s obviously stacked one day of success upon another day of success upon another week of success, another month of success than a year of success. It didn’t happen overnight. And Michael corbett, that you’ve been able to get where you are today and you’re not done climbing the ladder. What do the first four hours of a typical day in your life look like? That’s a good one. I do. I do like to read and I like to know what’s going on. So pretty much I get up and ill myself maybe the first half hour to 45 minutes I can have a cup of coffee and I read through what we used to call the newspaper, which is now everything on obviously on your own.

What do you wake up? When do you wake up? When do you wake up? What time do you think?

I’m usually up by six, so I get up at six, so it’s sort of like my, my time before because I’m on the west coast. Even though the, you know, New York has already cranking at 9:00, but from six to 7:30 is sort of my private time. I can read what’s going on. I see what happened overnight. I look at world politics, I look at the US politics, so obviously if there’s a lot to read their um, I sort of look at trends and all that sort of stuff. So that’s my kind of my information gathering time is first thing in the morning. After that, even if I’m working from home or if I have to be at the studio, I get ready, I get all prep to do my day and I don’t really get onto anything like emails or anything else until I’ve had at least an hour and a half, maybe two to acclimate for the day, set up my goals. I look at my calendar, what have I got to do today? Check it out, kind of prepaid, prepaid the day as opposed to, um, when you have to jump out of bed and run straight screaming into the office, I will always make sure I have time in the morning. Amen to that. I’m not doing it,

man. This is so good. This is so good. Continue my friend. This is good,

and then somebody wants to taught me and it’s a. it’s a good one. It’s the end. It’s hard to. I have to remind myself of that every day. Someone always says, the first task you do when you least want to have to do to tackle the hardest task first because you can get so immersed in lots of little, little, little, little things. Get the first one out of the way. If you ever,

Oh God, you’re like the Oprah of entrepreneurship. You must continue. This is so good.

It was something that I had read years ago and I. It just holds true and it is really hard to do it and we will all avoid it upon penalty of death. We really don’t do anything else to distract ourselves, but if can get that one big Magilla off your plate first thing in the morning as your first task, it just makes your whole day go smoother.

Now here’s the deal, $180,000 because that’s how much money I made off of the houses I flipped as a result of your system, so the listeners out there, it’s incumbent upon them to buy at least 9,000 copies of your books. That’s how I look at it. I feel like we need to reciprocate and I had one final, a sneaky question for you. We have a young lady who works in my office. Her name is abby, and abby wants to buy her first investment property. She does a great job in her office. She really does a wonderful job. She graduated from the University of Tulsa and she’s saying, I don’t even know where to start. Can you share with abby and anybody out there why? Honestly, I mean this is. This isn’t like a high pressure sales thing. Why your book while your book is such a valuable for me, because again, your book kind of lays out these specific steps and I think it will. Why does Abbey, everybody out there you need to buy, find it, fix it, flip it, make millions in real estate. One house at a time,

honestly, to be perfectly honest, I get people ask me that all the time, so I really want to get into flipping. What do I do? Or I found a house. I wanna just take a couple of hours, just read the book because it really explains what flipping is. It explains where the pitfalls are. It it will empower her, especially if she. Someone who’s who smartsheet, she has saved a little bit of money. She has enough to do this, but it will empower her so that she’s not always second guessing herself. That’s one of the worst things you can do is when you get, when you buy an investment property, you’re buying something to flip or to even to as a rental property. If you don’t know that you’ve checked off all the boxes ahead of time, you’re always going to be second guessing St. did I do this right?

I don’t know. Should I do this? Wouldn’t it be nice to kind of know the step by step of what you should be doing so that you know, okay, I covered that. I covered that. I covered that. Wait a minute, I covered that and this checks out so this just might be a great idea and if they don’t check out, you know, you know what? I’m glad I went through the checklist because I don’t think this is such a great, a great way to go. It kind of gives you a roadmap and that’s always been my goal and I’ve had many, many, many people who who sent me thank you notes or over the years about, you know, thank you so much. I actually really like you’re saying I, I read through the book first and just do that

a quick shout out because I’m, I, I don’t have any credibility. Can you give me a quick shout out?

Read the book.

Great. Well Michael, I appreciate you so much. It’s been an honor to have you on the show. Everybody out there go to Michael Corbett.com. That’s [inaudible] dot com. Michael and then c o R, b e t, t.com. Michael would like to end every show with a boom. We, we it in the show by saying three, two, one, boom, boom. Stands for big, overwhelming, optimistic momentum. If you would partake the boom, it would be awesome. So are you ready to give us a boom at the end of the three? Two, one. Okay. Here we go. Three, two, one.

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