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This is my story about how I bought a 12-unit apartment building with money raised from private individuals.

This deal closed against all odds and then nearly bankrupted me.

Don’t make the same mistakes I did and learn how to raise money to buy your first apartment building.

If you want to make sure you don't make the same mistakes I did, download ALL my resources for FREE at this link:

Finding the Property

One day in March 2011 an email came in from real estate investor friend (we’ll call him “Frank”) who learned of a 12-unit apartment building in NE Washington DC. Even though I get the vast majority of deals through my brokers, every once in awhile there’s an exception

My investor friend positioned the deal as a rehab flip (i.e. buying it, fixing it up, and selling it for a profit), which is what I also do occasionally.

Another investor he knew (“Richard”) had it under contract. The seller was asking $500,000. Frank had a marketing agreement in place with Richard that if he referred a buyer, he would be paid a marketing fee (nice, huh?).

I ran the sample rent roll he sent me through my Deal Analyzer Software and quickly realized that there might be an opportunity. The deal itself worked OK, but my gut was telling me that $500 for a 1-bedroom, even in NE Washington DC, seemed low. I confirmed this with some quick rent comps on I then asked Frank for an introduction to Richard, was looking to assign the contract to an ultimate buyer (maybe me?) for a fee.

After speaking with Richard, I still liked the deal, but there were issues with the building (there always are, aren’t there). It had been listed at $650,000 and had been on the market for over a year. Even though buildings like this are selling for around $900,000, the rents are so under market that buyers couldn’t justify a higher price.

The seller was a widow who was slowly selling her deceased husband’s assets, including this building. She was motivated, but not super-motivated. My sense was that the purchase price would be at fair market value based on the financials on the building, but that this might be a value-play opportunity. I felt that if the rents could be increased from $500 per unit to $750, we could add significant value over time.

I decided to proceed.

The next step was to sign an agreement with Richard to assign his purchase contract to me.

Here it is:

This agreement of sale is made April 11, 2011 between You (“Consultant”) and Me, LLC (“Buyer”). Whereas, Consultant performs marketing services for Buyer with the intent of purchasing real property; Whereas, Consultant referred to Buyer the sale of the property located at 123 Main Street (“Property”) for which Buyer shall pay to Consultant a marketing fee of $xxxx at closing; The parties hereby agree to the following: Fee – For services rendered, Buyer agrees to pay to Consultant a marketing fee of $xxxx (“Marketing Fee”), payable at closing.

He then sent me a copy of his purchase contract. Instead of assigning it, we decided to shred it and sign a new one (this seemed more straightforward to the seller. You should always make it easy to do business with you. If it doesn’t hurt you, be accommodating).

The contract we used is a standard state Multi-Unit Sales Contract that is accessible by any residential or commercial real estate broker.

The contract terms to buy this apartment building were:

There were a few clauses that were missing in this standard contract, and I addressed this with a one-page addendum that added these conditions:

Once I receive all of the requested information, I have 20 days to complete due diligence and to terminate this contract if the Property is unsatisfactory to the Buyer in any respect. That way, if the seller drags her feet with getting documents to me, she is not eating into my due diligence time.

The seller signed the purchase contract and addendum – we were ratified. My heart was pounding! I was going to buy my first apartment building!

The Long Road to Closing

My exhilaration was quickly tempered after the closing attorney asked me a few questions like, “Have the tenants waived their TOPA rights, or have they expired?” and “Can you provide me with current rent registration form?” Say what?

I knew the building was under rent control, but I wasn’t aware of the details. Every year, the owner has to register the current rents with the city. The last time the current owner did this was in 2005, so there was a compliance issue that needed to be resolved.

In addition, selling a building in DC is more challenging than many other parts of the country because of its Tenant Opportunity to Purchase Act (TOPA). This gives the building’s tenants the right to organize and to purchase the building. This rarely happens, but it complicates and oftentimes delays or even prevents a sale.

It turns out the tenants had decided to exercise their rights to purchase the building, and the seller was working with them on this process, which can take 6-9 months to play out.

I realized that these two issues would take longer than the 20 day contingency period we had put in the original contract. So I fixed this by having the seller sign another addendum with these additional terms:

This Contract is contingent upon:

At this point, I was in a holding pattern. I checked with the listing agent once per week to get an update. It took seven weeks to satisfy those two contingencies. The seller hired a consultant (who was a former administrative judge) to fix these issues.

I was a bit surprised that the TOPA matter was addressed so quickly. I learned later that she agreed to pay the tenants an agreeable amount at closing if they would waive their rights to purchase their building vs. letting the rights expire. Wow.

Now that these two issues were taken care of, I had to spring to action and start my due diligence. I only had 20 days to move forward or cancel the contract.

I wrote the owner a letter requesting all kinds of documents. She took a long while to respond, and then the documents I got were incomplete. Not a problem! My 20 days wouldn’t start until I got all the documents from her.

Eventually, I got the documents I felt I needed, including her bank statements. I wanted to verify that she’s actually depositing the rents she claimed she was getting. It turns out she was only collecting half of the rents!

This was completely unacceptable! The value of the property is based on the income of the building, and her income suddenly was only half of what was advertised.

I told the listing agent that we could not proceed with the contract as it was, and I gave him three options:

  1. We terminate the contract;
  2. We add a contingency to give the seller time to collect 100% of the rents for three consecutive months; or
  3. She could guarantee the rents for a year.

The seller insisted that the tenants would all pay. As far as I was concerned, this deal was dead. Too bad because I had spent countless hours on this deal already.

Three weeks later, the agent called me back and said the seller was going to guarantee the rents. Really? OK, that would work.

We revived the deal with yet another addendum that spelled out the terms of this rent guarantee: whenever I don’t collect rent from one of her tenants, I could collect the difference from the escrow account. I also got her to agree to a repair credit (from our building inspection), and we changed the name of the buyer to the new LLC I had created.

All contingencies were satisfied (except for the financing contingency), and we agreed to close within 45 days.

This deal came back from the dead, and now we were moving forward again!

My lender’s appraisal and their property inspections were fine and we were scheduled to close in 14 days, pending final underwriting review. This is normally a formality, but in this case, the bank’s loan committee inexplicably decided they didn’t want to do the loan. The lame explanation was that the loan committee changed their mind about the location and was no longer comfortable with proceeding.

Really? 14 days before closing?

This is where my previous networking with loan brokers came in handy. I called up another broker I had spoken to about this deal. Initially, the term sheet from the lender he was representing was not quite as attractive. However, they jumped at the deal and said they would close within five weeks.

I explained the situation to the listing agent and exercised my option to extend for an extra 30 days by paying an additional deposit (see how nifty that was?).

The new lender took care of business and we closed four weeks later.

Five months after we were under contract.


How I used Private Money to Finance the Purchase

From the very start, I wanted to use money from private individuals to purchase this apartment building. I want to give you some background on how this was possible.

For several years, I have been renovating houses, fixing them up and reselling them for a profit. I raised the money with a $25,000 minimum from friends and family and paid them 12% to 15% simple interest, guaranteed by the house. The title companies took care of the promissory note and recording the deed, and it was simple to do.

People like and trust real estate, the returns were good and the perceived risk was low. It was surprisingly easy to get friends and family to invest for these reasons.

As I was eyeing commercial real estate, I polled my existing investors to see which ones were interested in buying commercial real estate and if they could refer me to anyone who they thought might be interested.

I quickly assembled a small group of individuals who were interested in investing in apartment buildings. Since I didn’t have a deal at the time, I created an investor package of a fictitious building. Everything about the building was accurate (photos, location, financials, etc), except for the purchase price – I made that work to achieve the returns I wanted for my investors. In other words, I approached potential investors with a deal package that looked like the real thing.

I said, “I don’t have a deal right now, but when I do, it’ll look substantially like this” and then I’d show them the package.

By the time I got this property under contract, I had already primed my investors. When I sent out the deal overview for this property, my investors responded quickly.

I needed $250,000 in cash for the 25% down payment, closing costs, and repairs.

I try to structure the deal so that the investors achieve a 10% – 15% average annual return over the life of the investment. To achieve this return based on my financial projections for cash flow, loan amortization, and resale, I could do a 50/50 split with the investors to achieve a 15% average annual return.

I then paid myself an acquisition fee of several thousand dollars at closing. Based on the number of hours this deal took, none of my investors had an objection.

All of this was disclosed in a Private Placement Memorandum and LLC Operating Agreement that was drafted by an SEC attorney. This is expensive, but it’s worth it. It not only protects you but also spells out to the investors the terms of the deal, how profits are split, how decisions are made, and what the potential risks are.

I felt mighty proud of myself for closing this deal, even against all odds. But the fun was only just beginning.

The First Year – A Nightmare

This is the story of “Paul”, one of our tenants, and how he nearly bankrupted us.

Paul is a good guy, I suppose his heart was in the right place. He wanted to make sure everybody, including me and the District of Columbia was doing their job.

He repeatedly sued me for alleged housing code violations. I was in court every six weeks. This was his way of communicating with us, and we responded by addressing every issue we reasonably could.

In the first six months of this, my property manager and attorney were handling all of these cases. I thought this was the way you do things.

Until I got his $3,500 bill after three months of activity!

I realized that if this went on for a year or longer, the legal fees alone would exhaust our capital reserves.

I had an urgent meeting with the attorney and asked him about the sustainability of this plan. He then admitted that for most of these hearings, I did not need legal representation but could represent the LLC myself.

Really? Now you tell me? Well … I guess I never asked either.

I quickly replaced this attorney with one who billed promptly and provided fixed-cost pricing for most eviction-related issues.

I also started going to court myself.

Not a very pleasant experience, but I started getting used to it. We were systematically working through the issues.

In addition to making the court system work, Paul also contacted other governmental compliance agencies, such as the DCRA, which issues construction permits and enforces violations. He would call them daily, reporting construction activities. An inspector would promptly inspect the property and find something awry that needed to be written up.

Because of the high visibility of this building within the agency, the DCRA was enforcing the letter of the law, which in D.C. requires you to have a permit for EVERYTHING you touch with a hammer or screwdriver. These permits are expensive, and they can only be pulled by licensed contractors (in other words, I could not do it myself). Due partly to my own ignorance related to “how to do things right” in the city and the heightened level of enforcement, I had to pay thousands of dollars in permits and fines.

Paul called the EPA regarding alleged lead paint violations, and of course, an inspector promptly arrived, asking for a lead paint inspection from a licensed professional. Two thousand dollars later, we knew we were lead-free in all of the units. But there was lead paint on the railings in the hallways.

You can either be “lead safe” or “lead-free”. To be lead safe, each time a tenant moves in, you have to certify that the unit is lead safe and you have to disclose any lead paint that is known to be in the building. This costs about $250 per unit.

We decided instead to become “lead-free”. That required that we cover the railings with drywall. Our 3rd party lead paint inspector then came back and certified the building as lead-free. Another several thousand dollars later, I now have a lead-free building.

A Life Lesson in the Middle of the Storm

As these events unfolded, I grew more and more anxious. My primary concern was running out of money. If we ran out of money, I would have to go back to the investors, tell them that their capital reserve money that was slated for renovations was exhausted, and that they need to put in more money. Failing that, I would lose the building in bankruptcy and never raise money again.

Not the best start to my commercial real estate investing career.

With each certified letter containing violations or a summons to appear in court, my despair grew. I had trouble sleeping, I was tense. A paralyzing fear was starting to overwhelm me.

In situations like these, my wife is a rock. She can always put things in perspective and offer support that can lift me up. She has tremendous faith. She reminded me that God loves me no matter what happens, that God is good, and that He only wants good things for me. Maybe, she suggested, I’m going through this for a reason. Maybe I am supposed to learn something.

I thought about this for several days and asked myself the question, “what am I supposed to learn?” After much reflection, I felt that my lesson was to be at peace no matter the circumstance.

My prayer shifted from “God, please make my problems go away” to “Please let me be at peace, regardless of what happens”.

But how could I be at peace in the face of imminent bankruptcy?

This is where prayer and faith come in. Because I prayed for peace and believed that it would be granted to me. My prayer wasn’t answered immediately, it took about a week. The sense of peace I felt was inexplicable yet tangible. My body relaxed, and I was able to sleep again – despite the fact that I was scheduled next week for yet another hearing at the Superior Court in Washington DC.

Sudden Change of Heart

At this hearing an odd thing happened.

Because we had been in court so often, the judge wanted to meet in a less formal setting to work through the issues. In attendance were myself, my property manager, the judge, and Paul.

As I sat there silently while the other three discussed the outstanding violations, Paul suddenly turned to me and said, “I’d like to talk to Mr. Blank a bit” and then he leaned over the table to extend his hand. As I took his hand, I stammered something like, “OK, that would be great”. The judge and my property manager excused themselves, and then I was alone with Paul.

A long time ago, I made several attempts to communicate with Paul. Once through a 3rd party, and the other time myself. Both attempts were not received well and went nowhere.

I was shocked at what was happening.

I don’t exactly remember what we talked about in those 5 minutes. I just remember that we agreed to grab a cup of coffee after this.

We called the judge back in, and she asked him how he’d like to proceed. He said he would like to dismiss all charges. My property manager looked at me in utter disbelief.

As if in a daze, I found myself sitting with Paul, sipping on a coffee in the courthouse café downstairs and engrossed in a conversation as if we were long lost friends.

He was sharing about his life, and so was I – more, probably, than our common sense should have allowed given our adversarial history.

At one point he turned to me and said, “you don’t have to worry about me anymore.” We exchanged contact information and agreed to stay in touch.

He withdrew all outstanding complaints and stopped calling the agencies.

I am open to the possibility of miracles. The miracle of childbirth, the mystery of human consciousness, or a series of coincidences. Miracles happen all around us, if we’re open to seeing them.

This development with Paul was so inexplicable that I had to classify it as some kind of miracle. I also concluded that God allowed the circumstance to change because I had learned the lesson I was supposed to have learned. If you master a lesson, will a situation always improve? No, probably not. But I think I was rewarded in this case with a sudden change of heart that I could not take any credit for.

The Long Road to Stability

A year had gone by since buying the apartment building, and it had been a roller coaster ride – but not one of those fun ones, one of those terrifying ones you want to get out but can’t.

I had spent thousands of dollars more than expected. My business plan was out the window – I had missed my annual projections by a mile. I felt my credibility with my investors was shot. However, they have been very patient with me, for which I am grateful.

I have learned a valuable life lesson, which is to be at peace regardless of the circumstance. It is a lesson that I am still working on.

And I have the most compliant building in the District of Columbia.

Two years after closing, we are 100% occupied and collecting 100% of the rent. We have been able to raise the rents in several of the units. We have the cash flow to quickly respond to repairs and make some cosmetic improvements. And we have a good relationship with our tenants.

Update March 2017: I have the building under contract for sale for nearly twice what we bought it. It shows that despite setbacks, challenges, and mistakes can be overcome with a mix of ambition, guts, persistence, discipline, and faith. This multi-unit property required a strong dose of all of these. Despite all of the challenges, I am convinced that investing in apartment buildings is still the best way to replace your income and build long-term wealth.

Thanks for reading, here's to your success!


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45 Responses

  1. Hi Michael,

    I saw a post of yours over at Bigger Pockets which led me to your site. This is a great story, but a sobering one—I have ambitions to invest in commercial real estate, and this story strikes fear into my heart.

    Paul reminds me of a man who battled my father over what seemed to us the most trifling issues related to his abutting property. Thankfully, the small town where we lived was nowhere near as troublesome as DC appears to be, and all the town selectmen were on much friendlier terms with my father than they were with our “Paul”!

    I appreciate you sharing about releasing the stress over to God and trusting Him to sort things out. It is a great reminder.

    Thanks again for sharing,

  2. Hi Jordan – thanks for commenting. Don’t let the story strike fear in your heart. We are called to be courageous! It’s really meant to put your ambitions in perspective: It’s NOT (a) get rich quick and it’s NOT (b) all fun and games. It IS about a series of base hits, persistence, discipline and guts. The other lesson is: even if bad things happen or you make mistakes, you are still IN THE GAME and if you stick with it, you can build long-term wealth for your family, which allows you to do more of the things you want to do and to give back.

  3. You and your investors are fortunate in that the courts and compliant companies contacted you directly. I purchased an investment house in Riverside, Calif and the code inforcement send mail and notice of fines to a four year old address when I had given them the correct address and tax records showed my true address. Then I recieved notice of Emminent Domain.
    I am convinced their are many corrupt cities in the U.S.A. and code inforcement cops looking good to city officials and destroying american investors. Know your city building codes.

  4. Hi Michael, you say “Don’t make the same mistakes I did”.
    What would you have done differently?


  5. It’s a fair question, I’ve thought about this frequently, given everything that happened. The eviction attorney I interviewed when I was putting together my team early on said that I should stay out of Washington DC because of the pro-tenant laws. If I decided not to listen to him, then I should at least review the public court records on each tenant to see how much “experience” they have in the courts.

    I didn’t follow his advice. Later on, I did browse the court records for my friend “Paul” (and other tenants who were giving me trouble), and it did reveal quite a bit of “experience” in the court system.

    Now, would that have talked me out of the deal? I’m not sure, maybe, but maybe not. Sometimes, you’re eager to do a deal, and you do stuff you shouldn’t. On the other hand, there very rarely is a “perfect” deal. I have found that most deals I have done were not perfect, but there comes a point where you just have to pull the trigger.

    I should have followed this attorney’s advice. Ignorance is never an excuse. Whether it would have made a difference, I’m not sure.

  6. How old would one have to be to start raising money? I am about to turn 25 and have wanted to get into real estate for as long as I can remember. I am about to complete my degree in an unrelated field, but I feel like I’m not old enough to potential investors. I have some very small previous business successes.

    I feel very passionate about this, but what are some things I can do to become more credible to potential investors?

  7. Jay – thanks for the question. Age, like lack of experience, is a challenge when you’re raising money. Did you read my ebook yet? I do talk about how you can build credibility by telling a story, painting a picture of some track record and ambition. Talk about the team you’ve built around you. Have a sample deal package ready. Start talking with everybody you know. Start with family, friends, co-workers. Get referrals. Talk to everyone. This may take time. Be patient and keep with it. You are NOT too young!

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  9. Thanks Michael. I did read your ebook, but still walked away feeling a little “unqualified”. But I am working on my business acumen and hopefully sometime this year I will start pitching investors.

    Thanks for providing all these resources.

  10. Awesome, Jay! Learn all you can, but make sure you TAKE ACTION, too. That will set you apart from many other people who don’t. Keep me posted!

  11. This is an incredible story. A true cautionary tale to anyone considering investing in real estate. Thank you for sharing it with all the gory details. I was truly engrossed from beginning to end.

    Can you please do a follow-up blog post, a sequel of sorts, where you share your Top 10 takeaways/business lessons learned from this experience? You mentioned checking the public court records of tenants and familiarizing yourself with local landlord/tenant laws of the area you’re investing in, etc., but I think it would be very helpful to have your Top 10 takeaways listed in a separate post.

    Also, what do you think was driving Paul to be such a nuisance? Do you think he was just a gadfly or someone with a grievance against the previous landlord and he was taking it out on you? It seemed like once he met you in person and realized you were just a regular person and not a big faceless corporate entity, he changed his mind and decided to stop being such an irritant.

    Do you think there was anything you could’ve done upfront, at the time of purchase, to have neutralized Paul? What will you do differently in the future when you acquire your next multi-family property to stave off negative reaction from tenants you inherit?

  12. Hi Elena – I’m not exactly sure what was motivating him. My sense was after talking with him that his primary motivation was to make sure the city was doing its job properly. I think he also thought I was going to flip the building and he wasn’t happy about that.

    Even though my two prior attempts to communicate with him were rejected, this does prove that communication normally is a key to understanding (and if not that, then at least acceptance).

    However, I still chalk it up to a miracle.

    The only thing I should have done differently is to check each tenant’s activity in the landlord/tenant courts (which is public information). I would have discovered that two have been in and out with the previous owner. Would this have changed my mind about buying the building? Maybe, maybe not … I was a bit eager to do my first deal, so I may have ignored some of the red flags. But I’ll definitely do it the next time!

  13. All of this was disclosed in a Private Placement Memorandum and LLC Operating Agreement that was drafted by an SEC attorney. This is expensive, but it’s worth it. It not only protects you but also spells out to the investors the terms of the deal, how profits are split, how decisions are made, and what the potential risks are.

    When you say this is expensive can you clarify roughly the costs to do this?

  14. Dustin … my SEC attorney charged me about $7,000 for the PPM and Operating Agreement. If you’d like me to refer him to you, hit the Contact Me page to take it offline. Thanks!

  15. Man…
    Very Inspiring Michael.
    I feel like I was meant to read this from God.

    Im going through the same sort of issues on a 2 unit in NE DC!
    The DC Tenant laws are no joke..
    Im going through headache after headache.
    Until I learned the same concept you adapted, and that is to have peace and faith in GOD.
    It’s really amazing how God can work in ones life, especially when it comes to Real Estate!
    Much love from Raphael Vargas CEO of Ace Equity Pros.
    Here in NW DC, Would love to catch up some time.
    Thanks for this article.

  16. Michael,
    That was a great story to learn from and with a great moral. I feel like I am going through a trial right now and trying to discover what it is God wants me to learn. One of the solutions I keep coming back to is real estate investing. I hope it works out for me as it has for you, with less roller coaster riding. Thanks for sharing.


  17. Awesome story with great detail. Makes me scared to invest in DC that’s for sure. Congrats for sticking it out. Hope your next deal went smoother.

  18. Thanks for sharing this story and for giving the honor to God – the only one that can change hearts.

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  21. Michael, kudos to you for being pacient during your trials. God works in mysterious ways. Your family and you are in my daily prayers. God bless you.

  22. Sounds like my experiences the first year I was involved in my husband’s rental investments. & It was scary, the mediation, lawyers, courts. I’ve before then, NEVER dealt with the judicial system! I felt it was for criminals, but no its for ANY conflict where people can’t agree! My wake up!
    But we’ve learned through the years, and it’s now not a big deal anymore of handling issues with tenants. We realize these are people who are dealing with their lives which aren’t perfect, like life is! We treat them with mutual respect & are greatful for our great tenants & the life they provide us!
    Our rentals, are located in the great city of New York! & like yours in DC. The benefits of tenant friendly states, are the amounts of rents!
    God Bless you & your family & sharing your story! It’s inspiring!

  23. Michael; great story. I’m amazed by your faith in the midst of all of that.thanks for being such a good witness and putting life into perspective for the rest of us.

    Been looking to get into apartment buildings (learning how to raise private money currently), and appreciate you being extremely open about your experiences.

    Best of luck and God bless!


  24. Can I ask?: You said the original deal was $4K down on $450K purchase price. But a lender would expect at least 25-30% down for a commercial loan. Was that $4K you listed initially as a down actually the EMD? Thanks!!!

  25. I love this story Michael – it certainly shows that anything is possible when you get out of your own way and allow higher power/God, like you said. I have a quick question since i am a few weeks into hearing about wholesaling contracts or assigning. Eventually I plan on owning buildings as well… But projecting a bit into the future, after hearing your story and Michael Becker on your interview, I noticed he said on his first building of 120 units he was in charge yet his management team took care of hiring employees, making sure city ordinances were in place (i think thats how he said it), so then if something arises such as the situation you had with Paul, wouldnt a management team handle him? And could they possible stand in at the court hearings in your place? Just curiously pondering. Thank you! I am currently taking a course elsewhere i purchased before i found you…but your deal analyzer is something i look forward to getting in the future.

  26. Yes, a good management company WILL handle all of this for you. The problem was, that my first PM was NOT good, or at least did not properly handle the situation. Thanks!

  27. Awesome, thank you! And if you think of anything as to how to avoid this kind of thing… All ears. I’m certain I speak for everyone when I say we appreciate all you have discovered and are sharing with us!!

  28. *Sigh*… I would love to get into apartment investing, even with all these headaches (which, for me, would be less because I live in Texas), but I have only about $6000 – $7000 of my own money to invest, and no one to go to to ask them if they want to invest. I know people in my situation have been successful at this in the past, but…I just don’t know how, and without paying an exorbitant amount that I can’t afford to join some investment group, I don’t know where I’d find a mentor to teach me how to do this. It’s really quite frustrating.

  29. Oh, and I have to say, Michael, I am thrilled to see you putting your faith front and center in this. So many people would shy away from talking about their faith, but your story shows how much you lean on it to get things done. I wish more Christians would be open about their beliefs while talking about their successes and failures. Sure, some people might be put off by it, but I think a great many others would be encouraged and comforted by it. Thank you for that.

  30. I’m still a “chicken” 🙂 though we all have beliefs, and whatever they are, it’s good to have meaningful conversations as long as we don’t judge each other.

  31. Glenn – it helps to educate yourself and have a mentor. Unfortunately, this requires an investment, and at least you have *some* funds to do it. The rest is pure action. I’m happy to help with all of my free stuff ( and I also have a few products and programs ( in case that helps. Thanks!

  32. Awesome story, Michael. I love the persistence, the faith, and the open doors that just ‘happened’ after you gave it to God. Keep going, friend!

  33. I have owned an apartment building in one of Chicago’s worst neighborhoods for approximately 33 years. In 1985 a tenant shared with me the gospel of Jesus Christ. Needless to say I and my family have been extremely blessed since. I have been through the wars (5 evictions/bldg violations court/health dept violations/drug dealers all going on at the same time) and can say that the Lord has sustained us through it all. I understand what it means to experience the peace of God after exhausting all other options and learning to rest. Thank you for sharing your story. I have been enjoying your podcasts and only today looked at your website. Hopefully are paths will cross some time.

  34. Moral of the story: always negotiate directly with the principal, even when a broker is involved. And I assure the broker that he or she will get paid the commission.
    PS. I look for prospective sellers at local apartment associations and make direct call on owners who own properties that meet my profile.

  35. I would thank your wife for giving her support and a solid advice to stay calm and be at peace. It’s a mental exercise. And I would also give credit to yourself for taking the advice and for doing the mental work.

  36. Thanks for sharing your start in apartment buying. I loved the message and that in the end you gave it all over to God and had peace. Funny how that always seems to happen. Looking for my first big deal. I appreciated all your nuggets. Wishing you a prosperous 2018! – Jennifer

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