Mike Hagewood: Balancing Firefighting, Real Estate, and a Moving Company

How many hats can you wear as a real estate professional? Whether you're new to the industry or you're a seasoned agent, we want to let you know that it's possible to be an agent with multiple income sources, as long as you stay focused and take on opportunities in the right way.

Our guest, Mike Hagewood, is here to tell you exactly how he does it. 

Inspired by "Rich Dad Poor Dad": The Shift to Real Estate

In episode 44 of the Realestatable Podcast, Mike Hagewood shares his journey balancing multiple businesses. Initially working at a mental health facility and aiming to be a firefighter, Mike's path took a turn upon discovering the entrepreneurial insights of Robert Kiyosaki's "Rich Dad Poor Dad."

Inspired, Mike transitioned into real estate, looking for ways to generate a sustainable income beyond a traditional salary. His strategic moves in the real estate business have since evolved into what almost looks like a fairy tale - he is able to balance multiple ventures (and none of them came from replying to scam texts from fake recruiters... if you know, you know).

Leveraging Connections: Selling to Firemen, Medics, and Cops

Mike's real estate beginnings involved selling houses to his community; his first sales were to his co-workers and to the medics and cops he knew through his work. These sales turned into referrals, and he was able to have a very successful first year because he learned to leverage his connections and understand his clientele's unique needs.

Recognizing the value of having a stable income, he initially kept his firefighter job while getting into real estate. Mike's business flourished with the support of a dedicated team and strategic guidance. This allowed him to embark on property investments, including rental properties and flipping houses, and voilà - a profitable side hustle.

Balancing Acts: Managing Time and Responsibilities

Mike's journey into the industry wasn't always smooth sailing. Real estate is a demanding field, and Mike cautions against adding a side hustle before you're stable in your primary business. If you're just getting started and you're struggling, he suggests that double-down and focus on real estate before trying to add more to your plate.

One of the best ways to streamline his real estate transactions has been to have a supportive staff member to help him with day-to-day tasks. This has allowed him to boost his productivity and focus on generating leads and gaining clients.

Diversifying with a Moving Company

Recognizing opportunities to diversify, Mike co-founded a moving company with his brother. This enterprise stemmed from the understanding that offering an additional service could complement his real estate business.

Starting the moving company did pose challenges, especially in balancing his time between the two businesses. He attributes his initial decline in real estate transactions to the effort invested in establishing the moving company. But, by dividing responsibilities with his brother and investing in more trucks to offset insurance costs, they managed to stabilize and grow the operation.

Strategic Thinking and Adaptability Grows a Real Estate Business

If you’re considering balancing multiple businesses as a real estate agent, Mike is proof that it's possible! However, the journey of starting them and maintaining them won't be an easy one.

For inspiration, listen to our conversation with Mike Hagewood to learn how he overcame his challenges. His insights on balancing multiple businesses offer invaluable advice for anyone considering diversifying their income streams. Whether crafting a social media strategy, managing cash flow during slower seasons, or dealing with insurance costs, his versatility and resilience are inspirational.