Apartment Building Investing with Michael Blank Podcast

Technology has succeeded in disrupting several industries. Think about what Uber has done to the taxi business. Or how Airbnb has changed hotels. These innovations work because they create a frictionless experience for consumers. So, how might #proptech disrupt multifamily? And how can apartment investors leverage technology to better the resident experience and compete in the market of the future?

Patrick Antrim is the Founder and CEO of Multifamily Leadership, a thought leadership platform that researches the best in innovation and leadership in the multifamily space. He has 18 years of experience managing the portfolios of some of America’s most influential real estate entrepreneurs and business titans, including Forbes billionaire George Argyros. Patrick is also the host of the Multifamily Leadership Podcast and the creator of the Multifamily Leadership Summit.

On this episode, Patrick joins me to share his take on shifting renter expectations and explain why investors of the future need to understand technology. He describes how we can use tech to improve the tenant experience and why class B and C operators shouldn’t dismiss tech as a luxury amenity. Listen in for Patrick’s insight around current trends in multifamily and learn how his organization is exploring the intersection among technology, leadership and resident journey.

 

Key Takeaways

How Patrick got into the asset management space

  • Retire from playing for New York Yankees
  • Apprentice to former Mariners owner (5K multifamily units)
  • Grew relationships with HNWI to manage $1.2B portfolio

Patrick’s take on shifting renter expectations

  • Look at multifamily as consumer category
  • Unique opportunity for operators to add value

Why investors of the future need to understand technology

  • Lift on revenue (e.g.: $55/month for smart home)
  • Compete with luxury developments
  • Future valuations based on tech in buildings
  • Save up to $100K/year on expenses

How we can use tech to improve the tenant experience

  • AI voice assistant to answer calls
  • Upgrade leasing journey (i.e.: digital applications)
  • Smart appliances, IoT devices in units

Patrick’s insight on tech in class B and C properties

  • Consumers quick to adopt tech (e.g.: Wi-Fi)
  • Impact operational inefficiencies like keys, work orders
  • Eliminate need for leasing agent at small properties

Why property management companies are slow to adopt tech

  • Investors already winning, don’t have to think ahead

Patrick’s thoughts on current trends in multifamily

  • Talent as last competitive advantage
  • Resident experience drives returns
  • Discussion around affordable housing

Patrick’s mission with Multifamily Leadership

  • Collision of tech, leadership and resident journey
  • Design co. to attract talent, residents + investors

Patrick’s advice for aspiring multifamily operators

  • Focus on creating value long term
  • Make sure incentives aligned

Connect with Patrick Antrim

Multifamily Leadership

Multifamily Leadership Podcast

Patrick on LinkedIn

Resources

Michael’s Mentorship Program

George Argyros

John Saunders

LeaseHawk

SmartRent

PointCentral

Vivint Smart Home

Urbandoor

STRATIS IoT

BIM Technology

Shadow Summit

Podcast Show Notes

Review the Podcast on iTunes

Michael’s Website

Michael on Facebook

Michael on Instagram

Michael on YouTube

Apartment Investor Network Facebook Group

Financial Freedom with Real Estate Investing: The Blueprint to Quitting Your Job with Real Estate—Even Without Experience or Cash by Michael Blank

Direct download: ABI_185.mp3
Category:Commercial Real Estate -- posted at: 1:00am EDT

So, you’re getting into the business of multifamily real estate. Like it or not, you’re also getting into the business of marketing and promotions. But how do you build a platform online and attract the capital you need to grow?

Kyle Wilson is a marketing icon in the personal development space, promoting the likes of Og Mandino, Les Brown, and Robin Sharma, just to name a few. For 18 years, he served as Jim Rohn’s business partner, taking Jim from 20 speaking events per year at $4K each to 110 events at $25K—and creating Jim Rohn International along the way. Today, Kyle does high-end coaching and consulting and hosts the Kyle Wilson Inner Circle Mastermind. He has helped more than 200 thought leaders become published authors with multiple bestselling books.

On this episode, Kyle joins me to explain how he got into the personal development space and reflect on the top lessons he learned from working with legends like Jim Rohn, Zig Ziglar and Brian Tracy. He shares his best marketing principles for building a brand, discussing how tactics have changed over time but principles haven’t. Kyle walks us through an exercise for finding your secret sauce and describes the 4 things that he looks for on a website. Listen in for Kyle’s insight around building a platform and learn how to promote yourself as a multifamily real estate investor!

Key Takeaways

How Kyle got into the personal development space

  • Moved to Dallas at age 26, attended seminar
  • Offered job making cold calls + selling tickets
  • Started own venture and partnered with Jim Rohn

The top takeaways Kyle learned from Jim Rohn

  1. Key to better future is YOU
  2. Success is predictable
  3. Be a student, not a follower
  4. How can I bring value?

Kyle’s marketing principles for building a brand

  • Connect the dots
  • Tactics change but principles don’t
  • Great product
  • Customer service
  • Consistent
  • Relational
  • Be strategic (one thing knocks down ALL dominoes)
  • Leverage ‘the wheel’

How marketing tactics have changed over time

  • From commodity products to free content
  • Start with social media + build email list

What Kyle wants to see on a website

  1. Mystique
  2. Taglines
  3. Social proof
  4. Creative opt in

Kyle’s favorite lessons from his newsletter

  • It takes time to build something great
  • Pay the price now
  • Never do good deal with bad guy
  • Prime time is big time

Why Kyle came out of retirement

  • Unhappy, open to personal development
  • Connect talented people with right audience

How to find your own secret sauce

  • What am I good at?
  • What do I enjoy?
  • What are my successes?
  • How do others see me?
  • What am I FOR?
  • What am I AGAINST?

The challenge around putting yourself out there

  • Tendency to diminish own story
  • How much influence do you want to have?

Connect with Kyle Wilson

Kyle’s Website

Inner Circle Mastermind

Kyle’s Book Program

Resources

Michael’s Free Webinar: How to Do Your First Apartment Deal (Without Experience or Using Your Own Money)

Uganda Counseling and Support Services

Jim Rohn

Zig Ziglar

Brian Tracy

Mark Victor Hansen

Darren Hardy

Og Mandino

John Maxwell

SUCCESS Store

Chris Widener

Ron White

Earl Nightingale

Tony Robbins

Les Brown

Passionistas: Tips, Tales and Tweetables from Women Pursuing Their Dreams by Erika De La Cruz et al.

The Real Estate Guys

Seth Mosley

Phil Collen

John Assaraf

Resilience: Turning Your Setback into a Comeback by Kyle Wilson, Lisa Haisha, Keith Elias, Ron White, Nick Bradley, Chris Widener, Steve Fitzhugh, Nathan Ogden & Michael Blank

Chicken Soup for the Entrepreneur’s Soul: Advice & Inspiration for Fulfilling Dreams by Jack Canfield, Mark Victor Hansen & Dahlynn McKowen

Newy Scruggs

Hal Elrod

Deal Maker Live

Podcast Show Notes

Review the Podcast on iTunes

Michael’s Website

Michael on Facebook

Michael on Instagram

Michael on YouTube

Apartment Investor Network Facebook Group

Financial Freedom with Real Estate Investing: The Blueprint to Quitting Your Job with Real Estate—Even Without Experience or Cash by Michael Blank

Direct download: ABI_184.mp3
Category:Commercial Real Estate -- posted at: 1:00am EDT

Most of us would really like to live a life of purpose. Problem is, working a traditional W-2 job can take all the good out of you. We come home exhausted and have little bandwidth left for our families, so the idea of serving others seems totally out of reach. But what kind of impact could you make if your living expenses were covered? What if you had the time freedom to pursue a meaningful life? What if multifamily real estate investing could get you there in three years?

Drew Whitson is a full-time real estate investor with a portfolio of 1,000-plus units in five states. He also happens to run The Michael Blank Investor Incubator, serving as a mentor and coach to help aspiring multifamily investors do their first apartment building deal. Drew spent 16 years working in corporate finance before leaving his W-2 job at a boutique investment banking firm in early 2018 to focus exclusively on his real estate career.

On this episode, Drew joins me to explain how achieving financial freedom has given him the opportunity to pursue a meaningful life.  He describes how getting laid off twice in a single year inspired him to control his own destiny by way of multifamily syndication. Drew walks us through his first few apartment building deals and discusses why buying a 32-unit property was so much easier than a fourplex! Listen in for Drew’s insight around raising money BEFORE you have a deal under contract, getting brokers to take you seriously as a newbie, and joint venturing with partners who share your vision for the future.

Key Takeaways

How financial freedom changed Drew’s life

  • Opportunity to pursue meaningful things
  • Impact world through service to others

The capacity to live a meaningful life AND work full-time

  • Must be extraordinarily intentional
  • Options open up once expenses covered

What inspired Drew to build an identity beyond his W-2

  • Laid off twice in single year
  • Sense of determination to control own destiny

Drew’s real estate experience prior to quitting his job

  • Bought multiple SFH when market down
  • Built portfolio of 400 multifamily units

What drew Drew to multifamily investing

  • Only asset can buy with other people’s money
  • Appreciation, resilience, tax benefits and scale

Drew’s first multifamily real estate deals

  • Bought fourplex with partner through Wells Fargo
  • 32-unit with small commercial lender much easier

Drew’s experience of raising money for the first time

  • Terrified of losing friends/family money
  • Learned that money follows good deals

How to raise money WITHOUT a deal under contract

  • Put together sample deal package
  • Soft commitments from potential investors

How to get brokers and investors to take you seriously

  • Build great team to help execute
  • Be specific about what you want
  • Use right language
  • No substitute for action

How long it takes Drew’s students to get competent

  • 30 days to get comfortable with language
  • 90 days for market analysis, team and tools

The power of joint venturing in multifamily

  • Engaged community keeps you motivated
  • Play to strengths + scale portfolio together

Drew’s advice for aspiring multifamily syndicators

  • Find likeminded people at Meetup groups
  • Get educated through books and podcasts
  • Commit to vision and take ACTION

Connect with Drew Whitson

The Michael Blank Investor Incubator

Resources

Dave Ramsey’s Financial Peace University

Drew Kniffin

Nighthawk Equity

David Kamara on ABI EP182

Meetup.com

Deal Maker Live

The Miracle Equation: The Two Decisions That Move Your Biggest Goals from Possible, to Probable, to Inevitable by Hal Elrod

Podcast Show Notes

Review the Podcast on iTunes

Michael’s Website

Michael on Facebook

Michael on Instagram

Michael on YouTube

Apartment Investor Network Facebook Group

Financial Freedom with Real Estate Investing: The Blueprint to Quitting Your Job with Real Estate—Even Without Experience or Cash by Michael Blank

Direct download: ABI_183.mp3
Category:Commercial Real Estate -- posted at: 1:00am EDT

Real estate investors come in many different shapes and sizes. Some young, some older. Some with financial resources, others without. But the one thing they ALL have in common is hustle. They balance learning with DOING, taking action to achieve their dreams of financial freedom through multifamily.

David Kamara was working a demanding job in management consulting, traveling as much as 48 weeks a year. In an effort to spend more time with his family, David enlisted the help of a mentor to fast-track his real estate career and closed on his first 40-unit multifamily deal in October of 2018. Within a year, David had replaced his income, and today, he has a portfolio of 247 units. He runs his own management consulting business as well as Cape Sierra Capital, an apartment building investing firm that focuses on undervalued multifamily properties in the Midwest and Southeast US.

On this episode, David joins me to explain how his daughters inspired him to make time for multifamily and what he did to get started.  He walks us through his first 40-unit deal, discussing how having a mentor helped get brokers to take him seriously. David also shares his experience with the Law of the First Deal, explaining how he had two more deals under contract within two months of closing! Listen in for David’s advice to aspiring multifamily investors and learn his action-oriented approach to achieving financial freedom—with or without financial resources of your own!

Key Takeaways

David’s initial real estate goals

  • Buy one house per year
  • Scale up to build wealth

What made David’s plan change

  • Demanding new job as management consultant
  • Moved to Michigan with growing family (4 kids)

What inspired David’s shift to multifamily

  • Work-life balance suffering
  • Replace time spent training for marathons

What David did to get started

What David liked about his first 40-unit deal

  • Nearby complex rents $100 more (wait list)
  • Major employer in area

How David got brokers to take him seriously

  • Introductions from mentor
  • Use right language to avoid proof of funds

David’s experience with the Law of the First Deal

  • Found 18-unit in Chicago within 2 months
  • First broker proposed partnership on 37-unit

David’s first multifamily syndication deal

  • Fully rented 94-unit in MI college town
  • Investors from professional network

How David found time to do real estate with a full-time job

  • Wake up early, stay up late
  • DECIDE to make time for what’s important

David’s advice for aspiring multifamily investors

  • Balance learning with DOING
  • Go out and buy multifamily property

What David would have done without financial resources

  • Create sample deal package
  • Educate potential investors, address objections

Connect with David Kamara

Cape Sierra Capital

Email david@capesierracapital.com

Call (773) 263-2657

Resources

Syndicated Deal Analyzer

The Ultimate Guide to Buying Apartment Buildings with Private Money

LoopNet

Josh Sterling on ABI EP091

Josh Sterling Mentor Bio

Deal Maker Live

The Miracle Equation: The Two Decisions That Move Your Biggest Goals from Possible, to Probable, to Inevitable by Hal Elrod

Michael’s Mentoring Program

Financial Freedom Summit

Podcast Show Notes

Review the Podcast on iTunes

Michael’s Website

Michael on Facebook

Michael on Instagram

Michael on YouTube

Apartment Investor Network Facebook Group

Financial Freedom with Real Estate Investing: The Blueprint to Quitting Your Job with Real Estate—Even Without Experience or Cash by Michael Blank

Direct download: ABI_182.mp3
Category:Commercial Real Estate -- posted at: 1:00am EDT

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