The goal of Hardly Hustle is to provide inspiration, drive and motivation in a 10 minute read or less. What you see is what you get. This is hot off the press without an editing team. Mitch Miller is up.
Who are you and what do you do?
I'm Mitch Miller and I feel like I have a little different of a story from what I have read on "Hardly Hustle" so far. I work a typical 9-5 in technology here in Raleigh, NC. I was born and raised in Indiana and after college I lived in Indianapolis. I quickly found myself not wanting the average story of working for 40 years and retire with my 401k and my gold watch from a company to spend my last 10-20 years finally living life the way I want. That feeling was validated and it all came together when I read the book "Rich Dad Poor Dad." That book created a total mindset shift for me. It talked a lot about real estate and I started to dive into that space. I found that buying real estate was a powerful way to grow what I call passive income and give me the freedom that I was looking for.
What did it take / how did you get started?
The first property was a Tri-Plex that was for sale and fully rented that made money after all expenses were paid. I didn't have the down payment saved up for the property. I just remembered a saying from "Rich Dad Poor Dad" that has been the most impactful quote of my life. The quote is "Rich people don't say they can't afford something, they say how can they afford something." I worked with the seller and got him to sell it to me financed by him which allowed for a smaller down payment. I still had to raise private money from other people I had met in the past to have enough for the down payment. All in all I didn't put a dime of my own money into this first deal. From there seeing the compounding effects of the value of the house rising, the mortgage getting paid down by the tenants, and getting cash deposited into my business account, I was hooked.
What does the future look like for you and your hustle?
I now have 9 units that I own. The powerful thing of compounding is starting to show its face in my business. As I add more units to my portfolio, the time between me buying other properties is shrinking and I am able to grow faster and faster. My dream is to eventually transition into selling my portfolio of multi families to buying an apartment building. I started to get into apartment syndications where I am able to buy into apartment complexes with a group of other investors. I think the future will be me focusing on building systems to be able to scale my business into something that can continue to grow. I have a dream to support not just my family and I, but also other families through both housing and jobs inside my business.
What drives / motivates you?
My main driver is to reach my goal of being financially free. I want to be able to not rely on a 9-5 job to support my family. I don't like average. I want to live a life that I choose and not what society says is acceptable or average. I tell people I don't want to have to work for a company after 35. I kid you not people actually laugh in my face and give looks of disbelief, but I truly believe and can see that being a true reality for me. What advice would you give someone interested in doing what you do?
I think my advice can be summed up into a variation of that quote from "Rich Dad Poor Dad." "Don't say how you can't do something but how can you do something." Take action. There is nothing, I truly mean nothing that you can't do. You will just need to find ways to make it happen. I had no family money, or handouts in this process. This was all curated through building business relationships and finding ways around hurdles I encountered. What has been the hardest part of the hustle?
Getting started. The first is always the hardest. But more than that the hardest thing is not being your own biggest critic or setting self limitations. Finding ways to get what you want and getting into the mindset that nothing is impossible. What are a few resources that you'd recommend?
For real estate, I would recommend Bigger Pockets website and podcasts. It is a treasure trove of everyday people getting into real estate. For mindset, I would recommend the "Rich Dad Poor Dad" series. I also really enjoy content from Tony Robbins and Jim Rohn.
Side or full-time hustle? Side List the founders I have partnered with a friend of mine Brandon on deals. How many hours a week do you work on this hustle? Ranges but 4-8 hours a week would be a good average # of Employees? None When did you start? 2016 How much did it cost to launch? Technically around 500 dollars for starting a bank account, LLC, and the admin stuff, but the first investment was 0 down on my behalf. What were your funding methods and ballpark amount raised? Private money, in the form of debt. Sharing the deals I found and the business plan and offered rates of return to make it a mutual benefit for both me and the investors. I have raised a total of $75,000 through this method. Annual Revenue? $74,642, I will say real estate total rents/revenue is not as useful of a metric as with most other businesses. Projected Revenue? I don't have any projections on what future revenue is. It is more of a cash flow game for me than just revenue, but more than last year. Any call to action? Always willing to help others get started or answer any questions. Please feel free to reach out me at my email below, and I'm happy to meet up in person if you are ever in the Raleigh area. I am also always open to people looking to invest money for a decent return backed by real estate. Social: