What if one “smelly” condo became the springboard to financial independence, luxury short-term rentals, and a reverse 1031 into a waterfront Arizona home? In this Invest2FI episode, Craig is with Maui-based investor and former firefighter Mike Neubauer about turning creative strategy into real results. You’ll hear how Mike and his wife Caroline targeted hotel-zoned lockout condos on Maui, bought a $540,000 fixer that “smelled like cat urine,” DIY-renovated on a tight deadline, and optimized pricing to hit ninety-seven percent blended occupancy and 10,000–12,000 monthly revenue.
Mike breaks down the numbers behind a $ 7,000 net cash flow, then explains selling that unit for $ 1.365 million and using a reverse 1031 exchange to acquire and upgrade a $ 1.0 million lakefront home in Gilbert, Arizona, with a $ 400,000 remodel. What’s for you? A repeatable playbook for markets, zoning, lockouts, pricing levers, and exchanges you can apply now.
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Watch the episode here
Listen to the podcast here
Podcast Highlights:
[04:32] Mike’s background in photography and graphic design
[05:56] Earning his first passive income through Amazon book royalties.
[06:42] A firefighter mentor in Maui introduces him to short-term rentals.
[07:15] Mike reflects on the fire tragedy and retiring before 2021.
[08:53] He discusses building an ADU to house hack their first property.
[10:58] Strategy focused on Maui lockout condos with hotel zoning advantage.
[13:45] He details buying a $540k condo and budgeting $40k renovation.
[15:29] Handyman backed out, forcing Mike to learn DIY via YouTube.
[22:41] Occupancy soared to 97%, generating $10–12k in monthly revenue.
[23:19] Net profits hit $6–7k monthly after all operating expenses.
[25:08] They sold the Maui condo for $1.365M, using reverse 1031.
[26:42] Invested $1M in Gilbert lake house, adding $400k renovations.
[36:36] A preview of a 20-unit glamping development near Zion National Park.
[40:49] Mike emphasizes picking syndicators carefully, investing in operators not assets.
[42:42] His future plans include Coeur d’Alene living, Caroline’s Maui realtor expansion.
[52:05] Advice to invest early, network hard, and stay consistent.
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Important Links
HOST
Craig Curelop
📸 Instagram: https://www.instagram.com/thefiguy
📘 Book: https://store.biggerpockets.com/products/the-house-hacking-strategy
🏘️ Buy Real Estate: https://bit.ly/3V3QDze
GUEST
Mike Neubauer
📸 Instagram: https://www.instagram.com/mikeyneu/?hl=en
🎙️Podcast: https://ourfamilyinvests.com/
📱Facebook: https://www.facebook.com/michael.maui/
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