YFP REI 95: Investing Ideas: House Hacking, 401k Real Estate, and Glamping

Michael Crowe, PharmD, MBA, a certified specialty pharmacist, talks about having a meaningful career in pharmacy while passively investing in real estate through some creative investing ideas.

About Today’s Guest

Mike Crowe (PharmD, MBA) is a certified specialty pharmacist with extensive outpatient, centralized, and retail specialty pharmacy (SP) experience. He is a Senior Consultant at Visante where he helps clients bring a collaborative, pragmatic approach to optimize their pharmacy’s effectiveness and efficiency. Prior to this, Mike opened and managed the fourth Walgreens local SP in Michigan, leading it to a $100 million/year site in just over three years. There he oversaw staff administering clinical programs, financial assistance, inventory management, order fulfillment, and prior authorizations. His regional team procured over $1 million annually in patient assistance. Mike also served as the face of the pharmacy, regularly detailing, and building relationships with specialty prescribers across the state.

Before Walgreens, Mike served in several roles for what was once the fourth-largest SP in the country, Diplomat Specialty Pharmacy. After completing a residency program with Diplomat, he was hired to establish and oversee its patient-facing pharmacists group. He later moved into the client-facing department, collaborating with current and prospective pharma and payer clients, designing adherence programs, and presenting results. In his role as Senior Manager of Clinical Product Innovation and Strategy, he worked routinely with the company’s IT team on the customization and implementation of several patient care programs. Mike earned his Doctor of Pharmacy degree from Ferris State University and his Master of Business Administration degree from the University of Michigan-Flint. He has been an active member of the Michigan Pharmacists Association since 2004, being elected to serve as its President in 2022. In 2009, he founded the Genesee County Pharmacists Association.

Episode Summary

This week, Nate Hedrick, PharmD, and David Bright, PharmD, MBA, BCACP, FAPhA, FCCP, welcome certified specialty pharmacist, Michael Crowe, PharmD, MBA, to the show. They discuss Michael’s start in real estate investing and how he has managed to maintain a successful and fulfilling career in pharmacy while passively investing in real estate in creative ways. Listeners will hear what inspired and motivated Michael to start his journey as a real estate investor with an Airbnb rental in his basement. After moving into a new season of life with the birth of his child, Michael took on real estate investing through syndication while renting. Listeners will hear how Michael used his 401k to invest in a syndication deal, how syndication works, and the level of commitment required with this type of real estate investing. He shares his progression from simple house hacking to his current project, planning to own a glamping resort. Nate, David, and Michael discuss how different types of real estate investing work for individuals at different seasons of their lives and how creative passive strategies may work for busy pharmacists who don’t have a significant amount of time to contribute to rental property ownership. Michael closes with a note on the power of networking and advice for pharmacists on preparing financially to become real estate investors.

Links Mentioned in Today’s Episode

• Mint
• Follow Michael Crowe on Facebook
• Connect on Michael Crowe LinkedIn
• Mitten Getaways Glamping Co.
• YFP Real Estate Investing
• Join the YFP Real Estate Investing Facebook Group
• Your Financial Pharmacist Disclaimer and Disclosures

Episode Transcript

[INTRODUCTION]

[00:00:08] NH: Hello and welcome to the Your Financial Pharmacist Real Estate Investing Podcast, a show all about empowering pharmacists to achieve financial freedom through real estate investing. I’m Nate Hedrick. And each week, my co-host, David Bright, and I explore stories from pharmacists all over the country who are achieving their real estate goals, while maintaining a meaningful career in pharmacy. Whether you’re a first-time investor or a seasoned pro, we’re here to provide education and inspiration about the world of real estate. Please note, this podcast is intended for educational purposes only and should not be considered financial or investment advice. 

[EPISODE]

[00:00:42] NH: Hey, David. How’s it going? 

[00:00:43] DB: Hey. Good, thanks. How you doing, man? 

[00:00:45] NH: Good. Good. I’m excited. We just had a great discussion with an awesome pharmacist, and it’s got me jacked up again about vacation properties, which I feel like happens to me a lot on this show. But it was a really good conversation.

[00:00:58] DB: Yeah. We just interviewed Mike Crowe, who’s a fellow Michigan pharmacist, and he’s been very active in the profession. Now, he was just inaugurated as the 2022 President of the Michigan Pharmacists Association, and it’s fun to hear about his real estate investing, as well as his professional career.

[00:01:16] NH: Yeah. I really like just how approachable and how relatable Mike’s investing kind of progress has been. He started off kind of like many other pharmacists. Like I wish I would have done house hacking and simple house hacking. He did short-term rental unit within his basement, and he moved on to syndications, right about as passive as you can get in real estate investing. 

Now, he’s getting to the point where he’s starting to turn more active, looking at a glamping vacation resort as his next opportunity. So just this progression is, I think, really relatable, and a lot of pharmacists can see themselves kind of in the same window.

[00:01:50] DB: Yeah. The concept of glamping had me just super intrigued and wanting to make sure that we got Mike on the show. Glamping or that kind of luxurious camping accommodation opportunity, it just – Again, super unique, and I love how Mike talked us through why that’s a fit for him and his family in their season of life and what their goals are and how that all kind of aligns. It’s something that’s really logical for them, but it certainly wasn’t on my radar before this.

[00:02:19] NH: Yeah, likewise. I know I’m kind of – My head is spinning with opportunities there. But I also like when Mike talked about some of the early injuries he had in the real estate investing and how he used his 401(k) to actually invest in real estate and how he’s able to accomplish that and, again, in a super passive way. It’s something that I think any pharmacist could look at and say, “Yeah, this might be a good fit for me.” I loved all the different ideas that Mike threw at us tonight. It was a cool grab bag of ideas for investing.

[00:02:47] DB: Yeah. I like to – Nate, what you’re saying about any pharmacist, I know sometimes we will have guests that are incredibly active in their real estate, and sometimes that can feel intimidating. But like you said, this is super relatable. This is ways to be involved in real estate investing without investing a lot of time, and so particularly with the 401(k), the passive investing, that kind of thing. So, yeah, definitely, I think Mike is a great role model for how you can have a very meaningful career in pharmacy and yet also be a real estate investor.

[00:03:18] NH: Yeah. Something we talk about on the show all the time. So I think, again, really relatable topic for us. So I hope you guys enjoy. With that, we’ll take you right to the episode.

[INTERVIEW]

[00:03:28] NH: Hey, Mike. Welcome to the show. 

[00:03:30] MC: Hi, Nathan. Thanks for having me.

[00:03:31] NH: Yeah, absolutely. We’re excited to chat tonight. I know David and you had a chance to connect, but it’s our first time meeting. So this is a great chance for us to learn more about you. So I appreciate it. 

[00:03:41] MC: Good to be here. 

[00:03:42] NH: So why don’t you just jump right in? Tell us a little about your pharmacy story, your journey so far.

[00:03:47] MC: Yeah. Well, I am a first generation pharmacist. I don’t know exactly what I wanted to do in early high school, even later in high school. But I had narrowed it down to the closely related fields of architecture and culinary school. A friend of my parents actually shared an article with them about a really good outlook for pharmacists, and this was back in 2001, 2002-ish. I had known that I liked science, and we had kind of a career day at my high school, junior, senior year, and there was a recruiter from Rite Aid there. So that kind of – Between the article and that recruiter talking about career and community pharmacy and mentioning maybe paying some of my tuition, that lured me in. I got a job with Rite Aid right after my senior year in high school, leading up to my freshman year at Ferris State University and enjoyed everything I learned about pharmacy from there on forward. It’s been a good career.

[00:04:54] DB: You’ve had a busy career too. You’ve had some pretty unique experiences. Plus pretty early in your career, I was there to see you inducted as President of the Michigan Pharmacists Association. So you’ve had some great honors in your career as well as a pharmacist.

[00:05:10] MC: I’ve been real fortunate to have a lot of good role models here in Michigan and in the profession of pharmacy to kind of lead me into those opportunities.

[00:05:19] DB: Now, that’s fantastic. I’ve gotten to see you, at least in that role with pharmacy, and so I’m excited to talk about the real estate side of things as well. So talk us through your just big picture of your real estate journey so far and kind of the why behind real estate investing for you.

[00:05:36] MC: I’m kind of still new into the area. I think I always kind of had an interest in managing my money well. I’ve been big into budgets and tools that support that. I use the Mint app pretty regularly, just to keep my budgets in place and see where my accounts are at. But my investing up until just a couple of years ago was really just my 401(k) and then establishing kind of a baseline savings account. 

But then, really, my wife and I, when we moved in to rent, which is another story, our landlords are actually friends as well that had been doing multifamily real estate active investing, and they talked to us about it. They had a project in the works also in Michigan, and we had an opportunity to invest there. Since then, we have invested in property in Florida as well through kind of the same syndicate.

[00:06:31] NH: That’s great. I know David mentioned to me before we got to hit record that you’ve done some entrepreneurial things before the real estate, right? So we talk a lot about real estate on the show. We also talk all things entrepreneurship, and you’ve had some kind of pharmacy-focused entrepreneurial activities before the rental real estate even came in. So maybe you can share a little bit about that first and how maybe that jump started you toward some of this other endeavors.

[00:06:56] MC: Yeah. I had some cool opportunities pharmacy-wise. Before I finished pharmacy school, I was doing my rotations in the Grand Rapids area, part of Kent County. My my preceptor, a past President of the Michigan Pharmacists Association, Paul Jensen, had invited me to a Kent County Pharmacists Association local meeting. As those things often go, you get invited, and then you get asked to serve on the board and volunteer. So I didn’t, and I spent that year on their board, as well as my year during my residency in Grand Rapids on the Kent board. 

But then I got hired on with Diplomat, a company that was based on the other side of the state. That’s in Genesee County, and we had a local association, which was where I grew up as well. So I was kind of missing that local pharmacy networking that you can do through a local association and decided that we would restart the Genesee County Pharmacists Association. So I did that. I brought together some pharmacists. The Michigan Pharmacists Association gave me resources of who were members, who were past members 20 years ago when it was still active. 

We reactivated. I had to incorporate with Michigan and get the nonprofit status with the IRS and some other things. I built a website for the association, and it was just a good learning experience for all those different things that I had never done before.

[00:08:23] NH: I love that. It’s a perfect example of what a lot of people go through, buying their first investment property, buying the first house. There’s all these pieces that we kind of know, right? Like we know a little bit about it. We know the right people to ask. But until you’ve done it, you don’t have that experience. So it’s neat to see you getting that experience in a very pharmacy-centric way. I can springboard you to being able to do in other places as well. That’s great.

[00:08:48] DB: Yeah. I like too that you have this way of taking an experience and building from there. Like you saw what was going on in Kent County. You’re saying, “I can go do this over here.” So you were able to build those lessons, to lean on other people, to look to folks that had been in the organization years before. It certainly seems like a lot of work along the way, but it seems like you found people that can help you, and you saw a vision for what that could be by being in the Kent County organization too. 

I feel like there’s probably some parallels into getting started in real estate because you said that your first venture into real estate was with an Airbnb in your basement. Is that what you’re saying?

[00:09:26] MC: Yeah. Yeah. My first home, I was living in it by myself, and it had a basement with a bedroom and bathroom and living space. I didn’t use it that much, and I’m not sure how exactly I had the idea. I probably used Airbnb before for personal getaways and things like that and just decided. I had put it to work and offset some of my mortgage by listing it on Airbnb. 

Overall, it was a pretty good experience. I mean, they make it pretty simple for you to do to go ahead and list something there. Maybe my one-night guests weren’t too profitable by the time I turned over the rooms, but I did have a few guests. By that time, my wife and I were married, and she was living there as well. So we did that a little ways after we got married. 

But we had these grandparents that would come in from one of the Carolinas to visit their grandchildren, and they’d stay with us pretty routinely. I also had a nurse, a traveling nurse, that stayed for about two months, actually, while she was working across the street at one of the local hospitals in my town. So those were good because they were repeat and stayed for multiple days. 

[00:10:43] DB: Yeah. So it sounds like you saw something that was working when you stayed there as a tenant in someone else’s Airbnb. Then you were able to draw upon those experiences, do something there. So how long did you then keep that rental for or do that? I think we refer to that often as a house hack, right? Where you’re able to defray the cost of your own personal residence by renting out a space to others. It’s a pretty creative way to do that. How long was that period of time that you were able to do that for?

[00:11:11] MC: I think we did about two years, and my wife persuaded me that it was time to stop when we had our first daughter. 

[00:11:16] DB: Fair enough. Fair enough.

[00:11:18] NH: After that, you actually took a pivot that most of our investors, most of our guests don’t, right? Instead of moving to more rentals, you actually became a renter yourself, right? So tell me a little bit about that and then what that process looks like and why you guys made that choice. 

[00:11:32] MC: Yeah. It was a unique situation. The home that we were in we knew wasn’t our forever home. It had some updates that needed to be done that we knew we weren’t going to get our money back on when we did sell the home. So we started looking, and we found a really great home, fell in love with it, put an offer in on it contingent on the sale of our home, and the offer was accepted. 

So we listed our house, and we actually listed it for slightly higher than our agent suggested we should. This was about three-ish years ago. So kind of COVID had been happening, but the housing market impact of it hadn’t fully settled in. We got an offer for our full asking price. Meanwhile, the appraisal on the house we’re going to move into came back, and it came back six figures shy of the offer price. It wasn’t a multimillion dollar home, so the margin of discrepancy was pretty big. 

We wanted to come up a little bit, and sellers want to come down a little bit, but we couldn’t meet in the middle. It was too much cash to bring to the table. So we contemplated our situation. We had a really high offer. It was probably about 20% more than I paid for the home just four or five years earlier. We knew it wasn’t going to be our forever home, so we said, “Well, let’s take this good offer.” It’s not like we had multiple offers people fighting over it. I think it was just good timing, and the people that wanted to move had found us and like their home. So we said, “Let’s take the offer and become better buying candidates or whatever would be our forever home.” 

Unfortunately, we’re still renting now because COVID made it a little bit difficult. But nonetheless, we’re still at least saving some money on things like property taxes, HOA fees, and some other things. So even though we’re not building equity, at least we’re saving some money in those areas.

[00:13:28] NH: I like that, though. It doesn’t have to always be the same lockstep as what everybody else is recommending, right? Sometimes, it makes sense to make that move and allocate resources in a new way and take what you can get when you can, right? It probably ended up being a pretty decent move for you.

[00:13:42] MC: Yeah. It’s been nice to downsize and other benefits. It’s taken a lot of things off my plate. I don’t – I’m not responsible for maintenance here. Frees up some time for other projects.

[00:13:53] DB: You mentioned too that it was right about this time that you moved into this house that’s a rental house that you were able to begin some additional investing. So I think one thing I think it’s just worth emphasizing that it seems like a lot of pharmacists start out with this. You graduate. You get a car and a house of your own. Then you think about investing. So you didn’t have to be a homeowner at this point in order to invest in real estate. You’re able to invest in real estate while renting. So I’m curious how that started, and you mentioned a syndication. If you could talk us through that for a minute.

[00:14:27] MC: My sister was the one who introduced me to the landlords at this condo. It’s a multi-unit condo, and they had been in multifamily real estate investing. This was a project of their own that they had bought and renovated, and we’re leasing out. They actually had just finished our unit the day we were able to move into it from selling our home. So it was really good timing.

Within a few months of us moving in, we were acquaintances to friends of friends through the same high school. They invited us over and kind of explained to us a little bit about this multifamily real estate investing, the syndicate that they’re a part of. They had a property that was going to be available for passive investing in Kalamazoo, Michigan. The returns just look really good, really lucrative, a lot better than the standard stock market 8% in a good year type returns. 

We liked the idea of diversifying our investments, taking some out from the standard 401(k) stock market investments and doing something different. It just made sense where there was room for the type of profit that was to be made and in that type of investment.

[00:15:47] DB: So in doing that, I know you mentioned with the 401(k) funds, so you’re saying that you’re able to take retirement funds and invest those in through the syndication and a portion of. You didn’t buy the whole place in Kalamazoo. This is a share of or portion of, right?

[00:16:02] MC: Yep, yep. We invest it. There was a minimum investment, and we did something around there with some 401(k) funds. It was actually a – It be a pretty unique situation for me, but there might be other listeners out there that could find themselves in this situation. It just depends on what their 401(k) is set up, what rules there are around it.

[00:16:25] NH: Yeah. I know we’ve talked in the past about syndications with some other guests in terms of as a great way to buy in and be extraordinarily passive. Is that what you’re finding as well, now that you’ve kind of dove in on the other side, that it’s really just about as passive as you can get, and it almost feels like another option within your 401(k)?

[00:16:43] MC: Yeah. I mean, it is pretty passive. Once you wire the funds over, fill out the paperwork. I mean, we get maybe a monthly update on each of our investments, and the payouts are on a quarterly basis, usually. But other than that, it’s just sit back and let it ride. Let it happen. Usually, they’re about five or six years in length, depending on when they divest the property or sell it off.

[00:17:09] NH: Yeah. That’s a good clarifier, right? This is not something you can buy into and just sell out of the next year a lot of times, right? There’s limits and restrictions on that. Are there other restrictions? Again, this is probably a better question for somebody’s accountant, right? But even so, I’ll ask it. Are there restrictions on like can you do the work yourself? Can you be a property manager? What are the things that you can and can’t do with like a 401(k) style investing? Because I think we haven’t talked about that on the show before, and I’m sure a number of people listening to this now are intrigued like, “Oh, how do I do that? Can I do that?”

[00:17:40] MC: Yeah. So maybe I should give a little bit of history on how I did that. The first employer I had after my residency was Diplomat Pharmacy. When I left them, I rolled my 401(k) funds over into my next employer, which was at Walgreens, and then continued to build my 401(k) with Walgreens while I was with them. 

When I met our landlords and friends who were doing the multifamily investing, they talked about different ways to invest, whether it be cash, IRA, 401(k), and referred me to a person who knows a lot more about that type of thing. We found out that with the Walgreens 401(k), by checking with my employer and the plan sponsor, that usually you’re not allowed to roll out funds from your employer’s 401(k), unless you leave the company. But if you’ve rolled funds in from another 401(k) plan, you can roll those funds and any gains that they’ve had back out. 

Additionally, I learned that there’s such thing as a solo 401(k) or a self-directed 401(k). You can establish one of those if you have your own kind of sole proprietorship or LLC, which I had through a pharmacy consulting business that I started as kind of just a side hustle. But because I had that, I was able to establish a solo 401(k), roll funds out of my Walgreens 401(k), and then use the funds in the solo 401(k) to do the passive real estate investing. Kind of an alignment of the stars for all that to work out, but some people might be a similar situation, possibly.

[00:19:23] NH: Yeah. I think there’s a lot of people that might resonate with that, right? You changed jobs from one to another. You probably didn’t bother rolling over the 401(k) from the last place. It’s probably still sitting out there untouched, and this might be a good opportunity for some people. Again, a great question for a tax professional about, hey, how’s the best way I can do this. 

Then like you said, you mentioned too, checking with your plan sponsor, right? Don’t just assume this is going to work out. Check with your plan sponsor first. Make sure you’re lining up the right way. But if you’re looking to do more passive investing and you would like to diversify into real estate, this is a great way to consider that. I think that’s awesome. It’s a great idea to bring up for our guests or for our audience.

[00:19:59] DB: I know that one of the potential downsides of that is, as you mentioned, it’s not very liquid, right? You’re buying into a share of an investment. Then you said that that may sit there for five plus or minus years. So it’s not as liquid as like a REIT or some of those other options, but certainly there and still probably – You mentioned about it being relatively passive compared to owning your own real estate. 

However, one of the reasons why I was really excited to talk with you tonight is you’ve been sharing on social media about glamping as an investment strategy and getting into real estate. We’ve not talked with anyone else on the podcast about this strategy. So I’d love if you could just do like a glamping 101 and what got you intrigued about this kind of real estate investing as your next move.

[00:20:49] MC: Kind of a long story, but the short version is after we moved and became renters, we kept looking for a home. That was always part of the plan, and came across this beautiful 176-acre piece of unimproved farmland. Very peaceful, secluded, quiet, but it was nothing we would ever practically own just for our residents to be on. I knew that if we could put the land to work and pay for some of it through a business operating on the land net, that may make it an option. 

Before I even knew what glamping was, we had in our mind maybe we do an event barn and some overnight accommodations for the guests, just promoting the nature and the peacefulness. Well, eventually we got rid of the event barn knowing that that kind of takes away from the peacefulness on weekends, if you’ve ever been to an outdoor event barn wedding like ours was. But we kept the overnight accommodations. 

Last year, we realized that glamping was a thing. Not just a thing but a growing industry. We actually went to the North American glamping show in Aurora, Colorado last October, and it was just acres of all these different glamping structures. So to answer your question of glamping, it’s just one way it’s described is a more luxurious form of camping, where the accommodations are nicer. You have a real bed and heating and cooling, a kitchen, a private bathroom. The structure is already set up. There’s no packing up the tent and in setting up your camper when you arrive. It’s there. It’s ready to go when you arrive. It’s predicted to grow quite a bit over the next several years, and these are overnight rates, charging between 200 and 300 dollars a night. 

There’s one company out there that says if you have land, you have a glamping property, which to a degree is right. But as you know, if you followed our social media, we’re looking for the right piece of land with maybe some additional features to draw people in. That’s kind of been one project we’ve been kind of working on the side is finding land to establish a glamping resort on.

[00:22:58] NH: I love that idea. Now, my head is spinning with like if you can find the right piece of land to draw people in and then get the right marketing materials, like all of a sudden you’re basically like running a hotel. Just it’s a very short spread out hotel of tents. It’s awesome.

[00:23:14] DB: Yeah. I would imagine too that the – Again, I don’t know all the terms here, but I would think of it like the cost per unit, if I’m thinking about multifamily investing. Like Nate said, this is multifamily spread across a big field, right? Like if it’s tents or campers or things like that, the cost per unit is got to be relatively small. Then to make a couple $100 a night sounds like there could be a great – Presumably, there’s quite a bit of land cost here. But it sounds like it could be a very strong ROI.

[00:23:44] MC: Doing some comparisons, there’s a variety of different structures. Some of the more premium ones are the geodesic domes. I’m talking like 500 to 700 square feet of space insulated and all the way down to tiny, tiny cabins. Or there’s probably just room for a bed and a couple chairs. In our model, we’re looking at having a bathroom and a kitchen, in addition to a nice bed to sleep on. 

The return on investment ranges anywhere from just less than a year all the way up to right around two years, so a pretty reasonable return on investment. But because of things like getting electricity and water and wastewater treatment, i.e. septic or sewer, to them, it does bump up the price a little bit. But that’s why we’re able to command 200 to 300 dollars a night. 

[00:24:36] NH: Awesome. Well, I’m excited to hear more once you guys figure that out. Maybe I’ll come stay someplace. I like Michigan. That’s where you guys are buying, I mean. Michael, I want to switch over to our final infusion questions. These are three questions we ask every guest on the show. I want to get your take. So the first one is what’s one tangible strategy that you use to make sure that you’re investing works hand in hand with your busy career as a pharmacist?

[00:25:01] MC: Yeah. I got these questions in advance, thankfully. So I had some time to give them a little bit of thought, be transparent. But when I came up with tangible strategy, definitely consider what your time is worth. We’re pretty fortunate as pharmacists to command a pretty good hourly rate. So it doesn’t always make sense to take active roles in real estate investing. Yeah, there’s some ways we can save money and doing things ourselves. But there’s always like an opportunity cost, where we could be doing pharmacist work if it’s something that someone else can do for us. 

Now, that being said, there’s always some things you only trust yourself to do or you want to do, just for the enjoyment of it. 

[00:25:41] NH: I like that.

[00:25:42] DB: Yeah. I would imagine like picking out the parcel of land that you intend to buy for your glamping use or something you wouldn’t be involved in. But maybe some of the tasks of improving the property and things like that. Yeah, that makes a lot of sense. What’s one resource that’s been most helpful for you in your real estate journey, whether that’s a book, a podcast, a person, author, website, whatever that would be?

[00:26:03] MC: Yeah. It’s pretty simple for us, just because we’re so young in the real estate investing world. But just those friends of ours that introduced us to multifamily real estate, that was really the jumping off point for us moving from a traditional 401(k) to doing something in the real estate space. 

[00:26:22] NH: That shows how important connections are, right? Don’t shut yourself down to having those conversations about money with other people because you never know what you’re going to develop a relationship with or find an opportunity with. So I think that’s great. 

[00:26:33] MC: Definitely. 

[00:26:34] NH: All right. Then our last question, what’s one piece of advice that you’d give to a pharmacist contemplating a start in real estate investing?

[00:26:40] MC: I’m definitely not an accountant, so take my advice with a grain of salt, and a lot of it’s probably what you’d hear from a financial planner. But I’d say get your priorities straight. Pay your debts first. Establish a savings. Max out your employer’s 401(k) program and their match if they’re offering one. I’d say attempt to do it tax deferred, if possible. I had the privilege of being able to do it through a self-directed 401(k). If you do invest with cash assets or with cash, make sure you consider the tax burden of any returns you’re going to get on that, and you can bear to pay those or have plans to pay for those when April comes around.

[00:27:22] DB: I like it. Like I had mentioned earlier, I’ve been following what you’ve been doing on social media. It’s been an inspiring journey to watch, from the business plan competition and some of the photos that you put out there of the different options that you’re looking at. It’s been a great story. So if people are looking to follow what you’re doing and some of your next steps, where can people find you?

[00:27:42] MC: Oh, thanks for asking. We are on most social channels, but probably the easiest two would be Facebook and LinkedIn. That’s where the most happens. Our company is called Mitten Getaways Glamping Company. Mitten for what we affectionately refer to our state, Michigan, as. Or they can go to mittengetaways.com and sign up for our newsletter. We try to put out a little fun monthly newsletter with a little more details in our social media conveys.

[00:28:11] NH: Awesome. Well, Mike, thank you so much for joining us. I’m excited to hear more about this as it develops. Again, just really happy you can come on the show today and share a little bit about what you’ve been up to and, again, give our audience an awesome way to consider a passive form of real estate investing with the funds they probably already have. I think that has a lot of value, so thank you for sharing that.

[00:28:31] MC: Yeah, absolutely. Thanks for having me.

[00:28:32] DB: Thanks so much.

[OUTRO]

[00:28:34] TU: Thanks for listening to the YFP Real Estate Investing Podcast. If you like what you heard on today’s show, please leave us a review and subscribe to the show, so you never miss an episode. If you have a question, know someone that would make a good guest, or want to connect with Nate or David, head on over to yfprealestate.com and join the growing YFP Real Estate Investing Facebook group. 

As we conclude this week’s episode of the YFP Real Estate Investing Podcast, an important reminder that the content in this podcast is provided to you for your informational purposes only and is not intended to provide and should not be relied on for investment or any other advice. Information in the podcast and corresponding materials should not be construed as a solicitation or offer to buy or sell any investment or related financial products. We urge listeners to consult with a financial advisor with respect to any investment. 

Furthermore, the information contained in our archived newsletters, blog posts, and podcasts is not updated and may not be accurate at the time you listen to it on this podcast. Opinions and analyses expressed herein are solely those of Your Financial Pharmacist, unless otherwise noted, and constitute judgments as of the dates published. Such information may contain forward-looking statements which are not intended to be guarantees of future events. Actual results could differ materially from those anticipated in the forward-looking statements. For more information, please visit yourfinancialpharmacist.com/disclaimer. 

Thank you for your support of the YFP Real Estate Investing Podcast. Have a great rest of your week. 

[END]

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