Sat, 13 October 2018
MB 136: From Splitting Firewood to Full-Time Multifamily Investor in Under 2 Years – With Michael Beeman
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!
Michael’s current 61-unit deal
Michael’s real estate journey
How Michael found his first deal
Michael’s insight on the value of creativity
Michael’s setback in hiring the wrong contractor
How Michael built a talented team
How Michael overcame obstacles
Michael’s take on quitting his corporate job
Connect with Michael
Call (217) 508-8185