Reading Rich Dad Poor Dad inspired me to build generational wealth. But the first few cashflow businesses I tried didn’t produce the passive income I expected.
So, if you’re thinking about starting your real estate career with fix-and-flips or even a SFH portfolio, know that neither strategy leads to financial freedom.
But can you really skip single family investing and jump right into apartments?
On this episode of the podcast, I’m sharing my journey to financial freedom with real estate, explaining why I tried to earn passive income with restaurants first—and why that strategy didn’t work.
I discuss why it’s impossible to scale a single-family portfolio to achieve financial freedom and describe the light bulb moment when I pivoted to multifamily investing.
Listen in for insight on getting into multifamily without money or experience and learn how to skip SFH investing and start building wealth with apartments!
Key Takeaways
Michael’s early pursuit of financial freedom
- $110K profit on 2 house flips
- Chose restaurants for passive income
What mistakes Michael made with restaurants
- No mentor to avoid mistakes
- Grew too fast, had to sell for loss
How Michael got back into real estate
- Went back to flipping for fast cash
- Got friends and family to invest
- Got 12-unit deal from wholesaler
Michael’s initial challenges with multifamily
- Section 8 building in pro-tenant market
- Property manager for specialty housing
Michael’s multifamily light bulb moment
- $1,500/month mailbox money on 12-unit
- Flips and wholesaling transaction-based
- Can’t scale SFH rentals or BRRRR method
Michael’s next steps to achieve financial freedom
- Started blogging, teaching on syndications
- Work to scale portfolio in 2017
Why you don’t need to start with SFH investing
- Brokers not impressed with SFH experience
- Raise money through syndications
The experience of working with Michael Blank
- 6 months to first deal, $4M average
- JV with others in network of experts
- Proven system (Deal Maker Blueprint)
Connect with Michael Blank
Apartment Investor Network Facebook Group
Email [email protected]
Resources
Watch Michael’s Apartments 101 Masterclass
Explore Michael’s Mentoring Program
Join the Nighthawk Equity Investor Club
Check Out Our Deal Maker Success Stories
Learn More About Michael’s Syndicated Deal Analyzer
Access Michael’s Deal Maker Blueprint
Schedule a Call with Michael’s Team
Review the Podcast on Apple Podcasts
Financial Freedom with Real Estate Investing by Michael Blank