Once upon a time, Michael Beeman was struggling. He had a blended family of seven kids, and his corporate salary of $60K was not making ends meet. Michael started a side business splitting firewood, and he was bringing in an additional $15K—but he wanted to do more than just survive. Michael wanted his family to thrive. So, he started listening to multifamily podcasts and real estate audiobooks while he was cutting and delivering firewood.
By May of 2017, Michael had saved up $12K. His best friend and his mom contributed $20K each, and with $52K, he started looking for his first deal. Today, Michael has a 64-unit portfolio, and he is about to close on a 61-unit deal. The best part? Michael recently put in his two weeks’ notice so that he can pursue real estate investing full-time.
On this episode of Apartment Building Investing, Michael sits down with me to share the details of his current 61-unit deal, discussing the value of building broker relationships for introductions to pocket listings. He explains how he began his investing career just 18 months ago and his plans to quit his corporate job at the end of the year. Michael describes how enthusiasm for multifamily investing along with creativity and perseverance helped him find his first deal and overcome the challenges he’s faced along the way. Listen in for insight on building a real estate team with the right talents and attitude and learn how Michael’s ‘never quit’ philosophy took him from splitting firewood to get by to full-time real estate investor in under two years!
Key Takeaways
Michael’s current 61-unit deal
- Pocket listing through broker
- $50K away from $500K raise
Michael’s real estate journey
- Married 5 years ago (7 kids)
- Side business splitting firewood
- Listen to podcasts, audio books
- Start with $52K 18 months ago
How Michael found his first deal
- Share enthusiasm for investing
- Friend knew of 6-unit building
- Paid $60K (100% financing)
- Put in another $40K
Michael’s insight on the value of creativity
- No money to acquire 5-unit deal
- Borrowed from family at 10% interest
- Must be willing to take risks
Michael’s setback in hiring the wrong contractor
- Turn large house into triplex
- Unqualified, ask for more money
- Wife identified competent crew member
- Established long-term relationship
How Michael built a talented team
- Started holding company with contractor
- Property management company with investor
- Look for right talents and attitude
How Michael overcame obstacles
- ‘American Dream’
- Just don’t quit
Michael’s take on quitting his corporate job
- Continue to work hard but on own terms
- Spend more time with wife and kids
Connect with Michael
Email [email protected]
Call (217) 508-8185
Resources
Financial Freedom with Real Estate Investing: The Blueprint to Quitting Your Job with Real Estate—Even Without Experience or Cash by Michael Blank
Podcast Show Notes
