Financially Free in Less Than 5 Years Through Apartment Investing | BP Podcast 324
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- Опубліковано 9 чер 2024
- Do you want to invest in multifamily apartments but feel intimidated by the process? If so, today’s episode is for you!
Brandon and David interview Michael Blank, an experienced multifamily investor/educator, who breaks down the seemingly daunting process into super simple steps.
Don’t miss Michael’s advice on how to get started in the space, how “the law of the first deal” will increase your odds of success, and how multifamily investing can lead to financial independence in five years. You’ll also love learning common multifamily vocabulary, what an ideal property looks like, and how to develop relationships with potential investors.
Michael also shares incredible insight into how he built his empire, as well as his top two negotiating tactics and “three levers” to successfully negotiate a multifamily deal!
This is one of THE most informative shows we’ve ever done. Download it now!
Check the full show notes here: www.biggerpockets.com/blog/bi...
Easy to tell that this guest is very knowledgeable and very experienced. Get him back for another episode Brandon!
His podcast is solid if you're interested in multi
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I learned way more valuable skills from this podcast then I ever could in school
Loving the podcast as usual listen to almost all of them since you guys started. While listening to the podcast I just realize that you guys never interviewed a property manager before on big apartment buildings. not sure if I am correct hopefully in the future you will have someone like that on so we can hear what’s the inns and outs and the date today operation of taking over a new apartment building. especially a good one. Great show again thanks
People do not mind when you get super deep into the deals and the questions. I think a lot of us understand the concepts involved, and delving as deep as possible into both philosophy AND practice is very helpful. A great idea would to be to make a weekly or bi-weekly podcast going very deep into conversations, deals, etc. it’s very helpful to be able to functionally understand the nuances of this game. I think it’s more helpful for some to paint with a fine tip than always painting with broad strokes.
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Awesome show and guest. Would love to see BEN MALLAH on the show!
Yeah, and he should bring that little rat Danny with him.
That good for nothing little freeloader. 😂😂😂
That would be awesome
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My first deal; 0 money down, and I gave 70% away. I was willing to give 90% away because the first deal was about learning the game.
In other words, you kept 30% equity and gave the other 70% to your partners? That gives them incentive to invest with you again.
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How. Where did you go to do it? Pls explain it as if you were explaining to a 5 year old.
As I opened Google what are the words I type in to find this "Building/place/person"?
@@Paragon_Reason I started with friends and family members and I found 1 family member who was willing to trust me and take the ride with me. We bought the property in their name. I managed the property and took care of all landlord duties including finding and vetting tenants. I managed the tenants for 2 years. We sold the property for $110,000 profit 2 years later.
Thanks for all this information. It’s crazy how a couple years ago all I ever knew about real estate was the process of buying and selling property. My mind has expanded 10x since I’ve started learning from genuinely intelligent people on UA-cam who are kind enough to share their knowledge... What a world we live in. Think of how many books/courses/seminars you would need to go to in order to learn the amount of info we get on UA-cam in a day..
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Brandon, we don’t mind that this is getting deep. I’m loving this!
This is one of the best episodes ever. Michael's super smart. I've been doing singles and duplexes for 2 years now, and last week I decided I want to go into larger bldgs (8 to 16 units as a guideline) and then maybe more. I've been building relationships in this space. So THANK YOU for this episode, it's ultra relevant for me right now!
How can you manage buildings of this size and nature. It's like a full time job. Chasing rentals and tenant complaints about maintenance issues etc.
No longer passive income at that point.
@@farzana6676 property manager, math should be positive (rent-expenses-mortgage > 0)
@@eugenberzani1216 In my country it is almost impossible for rent - taxes - maintenance - manager fees - mortgage > 0.
It's possible with commercial properties but not with residential properties.
@@farzana6676 so you are telling me that you have gone and researched a market, viewed 100 buildings and found no deal?
@@eugenberzani1216 Yes. Not for residential property. Also, interest rate in my country is 12%.
But it is possible for some commercial properties.
Great episode! This isn't the style of real estate investing we want to do but I still find it really interesting and educational to learn about the ways people have found success. Thanks for sharing the interview!
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I love this guy and his channel. Great content!
Great episode. So if you're closing a deal with an attorney and title company and assuming the realtor was the one that told you about the deal, because you've built a great relationship with him and he likes you, but hes not the listing agent in this scenario he's your agent that wants to represent you, how does he get paid for referring you the deal if you're using an attorney and title company to close?
And what steps would you take to replace a non-performing property manager in the middle of a job if they don't seem to be doing what they should be?
I love listening to this every week
My first deal led to a second deal. On the first deal, I was foreclosed on because the market crashed right after I bought it (2008) and the second led to being sued by the county for $80 and 2 counts of felony theft charges (for buying the property at full market price) that were used to force me to settle on the civil case for $500. All for the audacity to help someone avoid having the county foreclose on his property and not be living out of a cardboard box.
All totaled, I probably lost at least $100k between the two deals. That was 10 years ago and I _THINK_ I've learned enough in this last decade to jump back in again.
Education is priceless.
I wasn't in real estate but I also had a six figure lesson in entrepreneurship.... expensive life lessons
What were you doing? Syndication?
Bought a tree service using too much debt. Was way too young and lack of Cash flow killed me
@@aaronbushue499 What do you mean you bought a tree service using debt? Did you pay a tree company to cut your tree for 100k? Why did you have to cut trees to manage these rentals?
Had nothing to do with real estate....I purchased a tree service that cut down and trimmed trees and removed stumps
Thank you for all this wisdom!
Congrats Brandon! You way surpassed your goal!
You guys make the whole learning process fun and intuitive. Bravo!!
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Thank you for this. Our offer on a duplex has just been accepted and we are on our way. THANK YOU for all the wonderful information in this podcast. I just purchased Micheal's book to learn more. Thank you. Bigger Pockets, for creating a forum that helps us grow as real estate investors. Thanks for being fun and entertaining too!
Sharon Edjan it’s a duplex who cares
@@airjordanatthis I do, it is generating over 3 thousand in cashflow a month now. That's 3 thousand in profits after I've paid my mortgage, home insurance, and taxes. Not bad for a duplex. Early retirement, here I come!
@@airjordanatthis I hope you find your success in real estate too, no matter how small the building is.
Sharon Edjan this episode is geared towards larger apartment buildings. Have fun with your duplex 😳😳
@@airjordanatthis I will. Thank you! Good luck with your endeavors. 🤗
"SMALL HINGES SWING BIG DOORS"
👌👌👌 I love these type of episodes.
Def going to watch this twice. Love the humor too.
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Awesome episode. Great information. Questions were some that I always wanted to ask. Thanks guys for this. This is my favorite episode. I listen to Michael's podcasts also and I think this was more informative than his own because he was giving information instead of being the interviewer. Thanks again
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This guy should have his own podcast!
Yes, he does, along with a couple of books, a coaching program. Hit themichaelblank.com
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Great questions David Green :)
@1:30:08 gold.... there was tuns of realestate deal gold here as well but until this above is done nothing will ever change. Excellent video. Subbed for sure now.
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Would love to see Ben Mallah
Still one of my top 3 channels after 2 years!
May I ask what are the other two? I am assuming they are real estate related.
I like motivational channels such as Evan Carmichael, Top Think for interesting psychology hacks, and afford anything for FI. Bigger pockets is probably my favorite RE channel.
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The first deal I gave away 100%. Just helped my parents buy their first investment property but guess what, I learned SO much.
Now going for my own deals with so much knowlege.
Couldn't agree more. The most important thing about the first deal is actually doing it.
one of the most informative podcasts you guys did. thanks
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Superb Content!
Another best of podcasts!
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Loved it!
Palm Bay and jacksonville is amazing
Tons of value here!
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Am definitely INTERESTed in syndicating after this episode.
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Super value
Holly shit. this was one of the most insightful videos so far.
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Great podcast! Real Estate investing is the BEST!
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Great video
This is ONE of my favorite podcast thus far!!! Thank you guys from a newbie! Hoping to buy my 1st real estate in 2 months. Making a huge change in my career. I feel confident on my decision after listening to your Podcasts daily!!!!🙌🙌
#momgoals
#freensingle
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Awesome!!
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Is there a resource to find reputable real estate conferences for beginners?
I have been searching for this information. This is my retirement plan. Best part, I am a commercial insurance broker.
Oh wow !!! I was wondering if you can share secret knowledge with me .... about commercial property insurance
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Property managers can really make or break a landlord's cashflow. I'm still small time in comparison to you guys but I've been burned by PMs a couple times.
LaRhonda Turner property managers can destroy a business. So many investors have had to sell because of bad property managers and that’s how we built our business
I felt like my PM purposely sabotaged my property bcs he wanted to buy or sell it. He was a broker/ investor as well. Do one thing and do it well
Yes, for me it seems like they overcharged for everything. $75 for light bulb change on top of taking a fee to just collect the rent. I totally thought that the 8% (this was 2013) they were charging monthly would at least include changing the bulbs in the hallway when they blew out once a year or 2...but nope. They charged me $1400 to replace a $250 door. Things like that. I had to let them go and go my own way after that.
This was a great episode podcast I really enjoyed it thank you guys so much I wanted to see if you could create a a podcast that breaks down all the costs associated with due diligence closing etcetera because everyone says okay they bought the deal for 4.5 million dollars and they financed it over a. Of 30 years but they never going to explaining exactly all the other cost associated with getting the deal done would you guys do a podcast all that? Thanks so much looking forward to the next episode
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Great podcast! So much good info in here and I love how they dove in, v.s just surface concepts.
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Brandon said he had said many questions and he didn’t know if there would be enough time to answer them. Then he talks and talks and talks, using up time that could have been used to ask questions. A good interviewer focuses on asking questions and letting the guest do most of the talking.
1:31:50 I like how David predicted 250k people watched 3 years later
I have a question for the pro's. Maybe you could discuss in a Q&A or on here in the comments? I have 15k saved. I am looked to start my real estate investing journey. I just relocated back to Houston. I need TWO houses. One for me, and one to for my first investment. What would be the best way to go about completing this? Buy a home for myself that will be a future investment home? Or buying the investment home first then try to by myself a primary home (both could be used as investments of course). I am a first time buyer and I am pre-approved for a 250k loan (FHA). I'm recently subscribed to your website and listen to my first webinar this week! Thanks for all you do. Look forwarding to the future.
@WESLEY ROLLINS thanks for your response. I have been looking into it for a couple months while saving money. I have heard on the bigger pockets podcast about the BRRR strategy, also I am going to a couple REI gatherings in my area soon to get more knowledge first hand. I guess my only concern with not starting with my own property, is being constantly on the move from one investment to the other.
You should be buying a Duplex, live in one side rent out the other as your first step.
@@davelong5333 I've thought about this too. There aren't a lot of multi-family properties available where I currently live. I've found few in terrible parts of town far from my job (about 40+ miles one way) I am still looking daily for these though as I know they have to be available. Ive also been doing some driving around town looking for possible units I can target for mailers.
Duplex House Hack is one of the best ways to start real estate investing. Spend solid time educating yourself first. Before you buy, go through Biggerpockets videos and other RE investing youtubers (there are tons out there). Make sure you look at a few dozen properties before you buy, even if you have to rent for awhile. You want to understand the market well before putting your foot on anything. Other than that... Go! 👍
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Great episode. Thanks so much!
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24:25 Do cap rates generally compress in economic pullbacks?
@@larrygarcia9048
Bullshit, fuck off with your scam.
We are talking about Grant Cardone right. Thank you guys for providing so much value for others for free.
Even if you make money on UA-cam videos or memberships, it’s well deserved. Life is giving you so much more because of your giving nature. Thanks from the bottom of my heart.
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I love Michael Blank and have been subscribed to his channel :)
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Thanks guys I leaned so much
Small hinges swing big doors.....yes, thanks, but how do i get the cap rate? Noi divided by cap rate = value of dwelling. How do i calculate cap rate? I don't want to ask a broker, i want to know how to calculate for myself. Anyone? ty 4 gr8 vids lads.
Need Ben Mallah on here! "If it don't make cents it don't make dollas" - Ben
Lol that guy is scammer he just talk Never show proof
Interested in becoming an LP. Question: does an LP share in the tax benefits (depreciation, etc.) as well as the cash flow and equity?
engineer background. love crunching numbers. making automated systems. have experience in construction, permitting, etc. so I can easily take that into account. will work for sweat
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Ok... This is probably the 20th post on Bigger pockets that I've asked this question and I've yet to get a response I've also messaged on Twitter over the last 3 months please if anyone can answer this question it would be greatly appreciated.
I have heard many many times on the podcast people say "I raised money or I raised $125,000" .....
1.) How is this done?
2.) Where do u go to achieve this?
3.) What is required of me?
4.) How does it work?
There aren't talking about a Hard Money Lender are they? That would be incredibly disappointing if they are
I like Brandon man, like to copy the guy. Love to live in Hawaii like him and have financial freedom! Not gonna do podcast though :)
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What’s the fastest way to build personal capital in the real estate environment ? I heard it was wholesaling
Would it be better for the first deal to do a smaller deal locally or a larger deal out of state?
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I live in Jacksonville Fl. And looking
I'm talking to a multi family syndicator who is offering 5% ROI as 50/50 partners in the first yr. Then refi out my original investment which would then go to a 85/15 split. Granted this would be my first deal, it seems very low to me. What do you guys think? As the one taking the risk as a primary investor, I would think 50/50 would be more accurate. Curios what others think on this.
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I can't seem to find How they "Raise the money"
Where does one go to Raise Money?
What is the building, business, or person called? I don't even know how to seek them out? Do you?
I have an LLC; what are banks looking for in order to get a loan from them? Some banks don't do speculative real estate but, I have real estate license and want to fix n flip. Any advice? Thanks!
Keep learning because you asked several different questions. Pick one area and focus on that.
Buy under your name then quit claim deed the property to your entity of choice.
If you want to “house hack” a property (up to 4 units) with a bank loan minimum requirements for FHA are 3.5% down and a 588 credit score.
Can be done with single or multi family properties. Add 203k to this and they roll the costs of the repairs into final refinance on property. Only downside is your stuck in it as a primary residence for a year.
If you just want to do a fix n flip go for the BRRRR strategy. See what the bank will give you in a HELOC on your current primary residence to start that if you feel good about the neighborhood and numbers in the flip.
@@j9488
Good look!
Use hard money lenders or private money
@The Go Getter Thanks! Did well on my first house hack. Lord Willing my next will be better!
Disc assessment?
GOLD $$$ 22:40
GOLD (LOCATION) 44:52
Can I use my LLC to get a Fannie and Freddie Loan??
Move it to an LLC and they won’t care
I don't understand how a "cap rate of 6" is possible if cap rate is NOI/Building value. Is that short for 6%? As in making $60K on a $1M building?
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Memphis tn or Arkansas?
I have to ask Brandon what do you have against dancing with the stars? I mean really... Lol
I hear Brandon does a mean mambo.
I am a programmer, I red RichDadPoorDad and I think that financial freedom is less then 5 years away. Great podcast, keep it up!
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I can't seem to find How they "Raise the money"
Where does one go to Raise Money?
What is the building, business, or person called? I don't even know how to seek them out? Do you?
So when he refinanced and returned 90% of the investors money do they still have their equity?
No it's a cash out refinance so he now bought the investors out and owns 100%
Hi, I have a boss would like to be a guest speaker in podcast about multifamily. How is it possible here?
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Pick a 20 unit your first time? What if you can't even afford a trunk of a Honda civic. How do you Raise the cash?
#1
20:00
The moment in the kitchen 😅 it happens all the time.
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Take a shot everytime he says "very good" in response.. you'll be on the ground by halfway through
🤣
Best video besides Tom Kroll....
Brandon, why do you go to Paris for a crappy Starbucks? “When In Rome..” 😃
FinBrain's Machine Learning algorithms beat the traditional financial analysis and prediction methods significantly, you can visit our website for more.
GOLD (BROKERS) 48:16
I'm number 2
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You don't need to spend hours studying chart patters and technical indicators. FinBrain does that for you, by analyzing massive amount of data using Deep Learning algorithms. You can visit our website for more.
GOLD : VALUE ADD 24:10 Yw
John Maldonado
You have commented 5 times, and not a single one of those comments have added any value or insight to the discussion. You deserve some kind of award🥇for your stupidity.
I can't seem to find How they "Raise the money"
Where does one go to Raise Money?
What is the building, business, or person called? I don't even know how to seek them out? Do you?
He said into it 7+8 wtf does that mean lmao
So he had millions of IPO dollars and he was worried about cash flow?
Smart people know money in hand is the beginning.
Please don't shout in your microphone at the beginning of the show again 🙏
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Are to dumb?
Cash out now and wait for the bottom of the market. Careful with the spending in the meantime
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Take the $250K and give it to a kid from Wharton to teach you how to do charts / calculate WACC. Use any extra to invest in an apartment deal or buy some houses. These knuckleheads and their "platinum" courses!
13:00 Brandon being a massive wimp AGAIN, and declining to just say it like it is: don’t be afraid to call a scam, a scam! It will do the community a world of good and build bigger pockets credibility in the eyes of the public.
Just because some people take those courses and then become successful doesn’t mean it’s not a scam. Clear out the scammers, and legit business will fill the gap at reasonable price points.
Not sure who you can hire for $20 an hour? Guys who are terrible at construction and are on drugs want $20-25 to haul out
garbage. There might be a smart college kid to do spreadsheets but they might have no real world experience...
Rich Hacking! lol
Kya huva raat I have no u
Brandon.....less is more, ever heard of that? It applies to words too. You repeat yourself.......and the host constantly. Many times it has been throughly explained and you start in......confusing and complicating the subject with a deluge of words.
😂
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And yet, he doesn't have enough money to fix those horrendous teeth.
You will be financially bolloxed in 5 years because of debt.
Laugh about that