Episode Transcript
[00:00:00] Austin (Host):
Hey everybody. Welcome back to another episode of the Off Market podcast. This week we have James Michener, a real estate investor, broker, and top 1% producer. James has successfully brokered the sale of nearly 1,500 homes and built a portfolio of over 30 homes himself. He's also built a team of rockstar agents, cold callers, and administrative professionals, and they're absolutely crushing it. If you're looking to buy or sell in the Prescott area, James is your guy. James, welcome to the show.
[00:00:20] James (Guest):
Hey, thanks Austin. We had a good conversation before this and so I'm excited to continue that on.
[00:00:30] Austin:
So talk to us about how you got into real estate. I've heard crazy stories from people having their brother or their mother introduce ’em to it. Some people stumbled into it by buying their first home. How’d you get into real estate?
[00:01:00] James:
So, my guardian father—I moved in with him when I was 14—was a real estate broker. At the age of 56 he retired off 24 rental properties, about a decade earlier than most. I thought that was incredible, so I asked him why he became an agent. He said, “I like sales, and if I’m going to sell something, I want to make the best money I can to stay here in town.” At the time I was in a master’s program getting paid the same as everybody else, no promotion path. So I jumped into real estate courses, graduated, then backpacked around Taiwan and Thailand for a year before deciding to try real estate full‑time.
At first I had zero deals for three months. My coach told me to “call your butt off”—cold calling terrified me, but sphere and online leads weren’t enough. After six months of dialing, I still hadn’t sold a house. Then from July 1 to year‑end I closed 26 deals, the next year 84, then 150, and eventually 365 listings (183 of which I closed myself). My wife and I lived on very little, so we funneled all earnings back into real estate.
[00:03:00] James (cont’d):
We were renting an apartment for $400/month, so I asked agents for any off‑market duplex leads. Two days later I bought one for $190K, rented out the other side, and the total mortgage plus utilities was still around $400. From there I kept house‑hacking until I had enough capital to buy properties without moving in. Fast‑forward from my initial $10K in savings: today I own 32 properties—16 paid off—and cash‑flow just over $300K/year. It happened fast, like an “omen” in The Alchemist: after six lean months, the universe gave me a shot, and I ran with it.
[00:05:00] Austin:
That’s amazing. Now you get to spend tons of time with your five‑ and seven‑year‑olds—and choose your own adventures. Take us back to your very first deal: after six months without a sale, what was going through your head when it finally came together?
[00:05:30] James:
My first sale happened on Mother’s Day. I was with my guardian mom and dad downtown Prescott when I got a call: someone wanted to see my listing. I told them, “Hold on—I haven’t made money in a while, but let’s do it.” They ended up not buying my listing but wanted another house. I got that under contract—turns out the listing agent was my Big Brother’s daughter (from Big Brothers Big Sisters)! She recognized me, and though I was lost, we closed. My commission check was $5,600. I thought, “If I do ten of these a month, that’s $60K!” The rush lit a fire under me. From there I was hooked: retail sales, rentals, fix‑and‑flips, hard‑money lending—it all came at once like a cocktail of adrenaline.
[00:07:00] Austin:
Of course there are ups and downs. What deal still stings as a missed opportunity?
[00:07:15] James:
I had a chance to buy a 3 bed/2 bath, 1,700 sq ft home for $180K with sellers staying 60 days at $1,100/month. I countered $1,150, they went with someone else, and I thought, “Man, I was too greedy.” Three years later I sold that same house as their listing for $400K—$220K more than my missed deal. That one still hurts.
[00:09:00] Austin:
With values so high today, is it smart to buy non‑cash‑flowing deals on the bet rates will drop and values rise?
[00:09:15] James:
It depends on your market, cash on hand, and carry capacity. But real estate is powerful because someone else is paying your mortgage. My 32‑property portfolio has tripled in value with market appreciation, and cash flow has more than doubled thanks to inflation. If you can hold the deal without “feeding the alligator,” buy it now—you’ll thank yourself when rates fall and competition heats up. Just run realistic numbers, budget a cushion, and don’t let emotion drive you.
[00:11:00] Austin:
Let’s talk teams. You’ve built a crew of “rookies of the year” who are crushing it. How do you recruit, coach, and retain top talent?
[00:11:15] James:
I couldn’t do it alone—Leanne, Becky, John Lee, and my VAs have been key. I’ve had 30–40 team members over the years, peaking at 13. The secret: document your systems, build scripts, show by doing, and support each person’s goals. Remember they’re human—some are happy with 1–3 deals a month, not 10–15. Adjust expectations, celebrate small wins, and keep improving your processes.
[00:13:00] Austin:
For new agents starting out, what are your top tips?
[00:13:10] James:
Don’t fear the market—it’s when you hone your skills. Document everything so you can teach it later if you coach or lead a team. Budget aggressively for your first 5–10 years: live on less now so you can live like no one else later. And invest in real estate yourself—agents get first‑look deals.
[00:15:00] Austin:
Last question: you have five minutes with your younger self. What do you say?
[00:15:10] James:
Talk to friends who made big crypto gains—learn from them and invest. Skip the booze that never felt right and spend time on personal growth—reading, fitness, self‑care. Structure your team for profit retention. And above all, marry my wife sooner—best decision ever.
[00:17:00] Austin:
Thanks so much for coming on the podcast, James.
[00:17:05] James:
For sure. Have a good day.
