SHOW NOTES
Are you looking to transition from single-family homes to more lucrative investments? Have you ever considered the high potential of hotel investments?
In this episode of Financial Freedom with Real Estate Investing, Micah Haworth joins Michael Blank to share his rapid journey from single-family houses to owning a hotel through syndication.
Micah, who transitioned to real estate investing after losing his job in the live event industry in 2020, has impressively built a $5.5 million portfolio in just 18 months. He walks us through his journey from a twelve-unit multifamily property to acquiring a 61-unit hotel, applying syndication principles to a different asset class.
Micah details the key steps in his success, including the importance of building a strong team, conducting thorough due diligence, and leveraging relationships for capital raises. He explains his conservative underwriting process, the impact of renovations on guest satisfaction, and the significance of having experienced partners.
Listen to gain insight into how Micah managed to meet and partner with seasoned investors, overcome the challenges of unpredictable weather in the hospitality market, and achieve his first profitable month. Plus, learn about the “Dealmaker Blueprint,” a systematic approach for easy entry into multifamily and hotel investments, and how leveraging the right “who” rather than figuring out the “how” can accelerate your real estate success.
Key Takeaways:
Micah’s Journey into Real Estate
– Transitioned to real estate after losing job in live event industry, 2020
– Started with a twelve-unit multifamily and expanded to a hotel in 18 months
The Importance of Conservative Underwriting
– Emphasis on padding numbers to avoid objections from investors
– Building in buffers and margins for error in renovation budgets, occupancy rates, and exit cap assumptions
Raising Capital and Building Partnerships
– Importance of investor comfort on numerical splits (70/30 and 80/20)
– Strategies for raising $1.5 million, including using a capital raiser
Hotel Syndication Process
– Key performance indicators for hotels: ADR, occupancy, and revPAR
– Underperforming property analysis and value-add opportunities
– Importance of thorough due diligence, including mystery shopping
Leverage and the Right Team
– Met veteran hotel industry investor Mike Colossimo through networking
– Importance of having trustworthy, experienced partners to manage and scale investments
Community, Network, and Mentorship
– Benefits of joining a mentoring program like the one by Michael Blank
– The critical role of community and networking in accelerating deal success
Weathering Unexpected Challenges
– Impact of renovations and unpredictable weather on occupancy rates
– Navigating market challenges with a long-term, strategic approach
Key Advice for Aspiring Investors
– The necessity of understanding the deal, money, and work involved
– Essential pillars of deal maker success: deal readiness, analysis, flow, and capital
Join us for this enlightening episode to discover the secrets of hotel syndication and learn how Micah Haworth leveraged partnerships and systematic approaches to scale his real estate empire swiftly.
Resources Mentioned:
– MichaelBlank.com – Schedule a call to advance in real estate
– NighthawkEquity.com – Opportunities for passive investors
– “Who Not How” by Dan Sullivan and Dr. Benjamin Hardy
– Apartments 101 Masterclass– Strategies to buy an apartment building
Listen now and unlock the strategies to jumpstart your transition to high-reward real estate investments!
Connect with Micah Haworth
Connect with Michael Blank
Apartment Investor Network Facebook Group
Email [email protected]
Resources
Access Michael’s Apartments 101 Masterclass
Schedule a Call with Michael’s Team
Explore Michael’s Mentoring Program
Join the Nighthawk Equity Investor Club
Check Out Michael’s Deal Maker Blueprint
Enroll in Michael’s Deal Maker Mastermind
Review the Podcast on Apple Podcasts
Financial Freedom with Real Estate Investing by Michael Blank
