Apartment Building Investing with Michael Blank Podcast

What’s the #1 mistake syndicators make in building an online platform? Many put the cart before the horse and promote their business BEFORE the site is ready. They don’t provide a compelling reason to GO to their platform, and they have no way of capturing a visitor’s information once they get there. So, what can you do to score a lead’s email address and grow a substantial list of potential investors?

Monick Halm is the creator of Real Estate Investor Goddesses, a platform designed to help 1M women achieve financial freedom through real estate investing. To date, she has built an audience of more than 10K potential multifamily investors! Monique has 14 years of experience as an investor, syndicator and developer, building wealth through apartment buildings, mobile home parks, vacation rentals and ground-up development. Together with her husband and community of investors, she owns 1,300-plus units across 5 states.

On this episode of the podcast, Monick joins me to explain what keeps women on the sidelines of multifamily investing and how she is getting more women involved through Real Estate Investor Goddesses. She shares her process for raising money for a deal through the platform, discussing why it’s crucial to capture each visitor’s email address and what she does to drive traffic to the site. Listen in for Monick’s insight on getting educated on multifamily during this unique moment in time and learn what she did to build a list of 10K in a very short period!

Key Takeaways

Monick’s background in the multifamily space

  • Started syndicating in 2016 (focus on multifamily)
  • Mission to help women achieve financial freedom

What keeps women from getting involved in real estate

  • Don’t even know it’s a possibility
  • Don’t know what steps to take
  • Afraid to get cheated, lose money

How to get more women involved in real estate investing

  • Provide education to collapse timelines
  • See people who look like them in success stories
  • Overcome limiting beliefs of what wealth means

What inspired Monick to build the REI Goddesses platform

  • Got idea at Real Estate Guys event
  • Already coaching women around money
  • Mission + name came as divine download

Who Monick attracts through her platform

  • Passive investors + aspiring syndicators
  • Majority are busy professional women

The process of raising money for deals with a platform

  • Promote on podcasts, Facebook ads
  • Provide value to list (e.g.: emails, webinars, etc.)
  • Share heart to help and serve

How Monick went about building REI Goddesses

  • Start with Facebook group, added podcast and book
  • Facebook ads to build list (500 to 10K in single year)

Why it’s crucial to capture a site visitor’s email address

  • Valuable connection you control
  • Provide freebie (i.e.: Real Estate Success Blueprint)

How Monick justifies a significant investment in paid traffic

  • Spends $3K to $5K per month for Facebook ads
  • Single program sale covers cost of acquisition
  • Build relationships for life, not just one transaction

Monick’s approach to marketing her platform

  • Choose one or two paths to start
  • Hire experts (more than pay for selves)

Monick’s advice on navigating the Coronavirus crisis

  • Get educated now to spot opportunities later
  • Take advantage when others running scared

Connect with Monick Halm

Real Estate Investor Goddesses

REI Goddesses on Instagram

REI Goddesses on Facebook

REI Goddesses on Twitter

REI Goddesses Podcast

Resources

Deal Maker Live

Michael’s Platform Builder Workshop

Real Estate Investor Goddess Handbook by Monick Paul Halm

Pat Flynn on ABI EP210

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

Direct download: ABI_211.mp3
Category:Commercial Real Estate -- posted at: 1:00am EDT

So, you want to connect with potential investors online. But how do you go about building a thought leadership platform? What kind of content should you create? And how do you best serve your audience so that they are ready to invest when a deal comes up?

Pat Flynn is the creator of Smart Passive Income, the premiere learning and development platform for online entrepreneurs. He got into online marketing out of necessity in 2008 when he was laid off from his dream job as an architect. Since then, Pat has built several successful online businesses and impacted millions of people around the world. He credits his success to serving others first, and then building systems to lean into that service even more.

On this episode of Apartment Building Investing, Pat joins me to explain how he got into the online marketing space and why he thinks EVERYONE should build a thought leadership platform. He offers insight into the power of podcasting, sharing how YOU can start a podcast of your own for under $100. Listen in for Pat’s insight on what to consider as you create an online platform and get his top tips for producing consistent content that serves your audience!

Key Takeaways

How Pat got into the online marketing space

  • Let go from dream job as architect in 2008 with no Plan B
  • Inspired by podcast to build website on LEED exam
  • Published study guide, made nearly $8K in single month
  • Started Smart Passive Income to help others start businesses

Pat’s response to the Why Me? objection

  • Don’t have to be expert, just few steps ahead of audience
  • Show up as person and connect to build superfans

How Pat defines smart passive income

  • Not get rich quick, have to put in work
  • Mechanisms in place to pay back later

The business model for an online venture

  1. Pick target market, research needs
  2. Create platform to demo authority
  3. Monetize (sponsorships, ads, products, affiliate marketing or pledge)

Why Pat thinks EVERYONE should build a platform online

  • Place to connect (nobody’s like you)
  • Build relationships and authority

What to consider in building a platform

  • Choose 1 format to start (e.g.: blog, podcast, YouTube channel)
  • Commit to producing content consistently

Pat’s tips for producing regular content

  • Planning session every quarter
  • Focus on questions people ask

What Pat loves about podcasting

  • Ease of creation (after initial setup)
  • Build amazing relationships with listeners
  • Evergreen content

How to start a podcast

  • Decide on topic and how helps people
  • Establish name, artwork and branding
  • Get mic + hosting service (<$100)

The biggest mistakes new podcasters make

  • Launch with single episode (at least 3)
  • Try to fit in specific time vs. range
  • Don’t publish regularly
  • Edit every breath or ‘um’

Pat’s top advice for aspiring platform builders

  • Consider what you’re missing out on by NOT doing it
  • Get started with intention of helping 1 real person

Connect with Pat Flynn

Pat’s Top Resources

Pat’s Website

Smart Passive Income

Resources

Deal Maker Live

Michael’s Free Platform Builder Webinar

Rich Dad Poor Dad by Robert T. Kiyosaki

Traffic & Conversion Summit

Internet Business Mastery

Superfans: The Easy Way to Stand Out, Grow Your Tribe, and Build a Successful Business by Pat Flynn

Patreon

SwitchPod DSLR Tripod

WordPress

Squarespace

Wix

Gary Vaynerchuk

Tim Ferriss

Pencils of Promise

The Joe Rogan Experience

Ask Pat

Apple Podcasts

Google Podcasts

Spotify Podcasts

Stitcher Radio

Pat’s YouTube Tutorial on How to Start a Podcast

Samson Q2U Mic

GarageBand

Adobe Audition

Audacity

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

Direct download: ABI_210.mp3
Category:Commercial Real Estate -- posted at: 1:00am EDT

Imagine being able to raise millions of dollars for a syndication deal in just a few days, with very little effort on your part. If you build it right, an online platform allows you to do just that, scaling your capital raise business by 10X in just 12 to 18 months!

Kate Buck is the Director of Marketing for us here at The Michael Blank organization. With nearly 15 years of experience in social media management and content production, Kate has worked with some of the top names in the digital marketing space and led strategic social media campaigns for global corporations, films, entrepreneurs and nonprofits.

On this episode, Kate turns the tables to ask me some questions about building an online platform to raise capital for multifamily syndications. We discuss what it takes to build an effective digital marketing platform and why you DON’T have to be a writer or a tech genius to do it. Listen in for the 4 things your platform needs before you try any of the more advanced marketing strategies (like paid advertising) and learn how I leveraged our online platform to raise $8M in 3 days!

Key Takeaways

Kate’s extensive background in digital marketing

  • Work with pioneers in online marketing space
  • Expert in social media and content production

How I learned the value of online marketing to raise capital

  • Struggled to raise money for deal 18 months ago
  • Realized not engaging list beyond lead capture
  • Started producing weekly content for audience
  • Able to raise $8M in 3 days for recent deal

Why syndicators need to create an online platform

  • Scale capital raising business (10X in 12-18 months)
  • Impact and serve more people, grow influence

The function of an online platform for syndicators

  1. Attracts certain kind of person/investor
  2. Capture information (e.g.: email address)
  3. Serve audience with educational material
  4. Lead audience to some transformation

The biggest mistakes syndicators make in creating a platform

  • No way to capture lead on website
  • No follow-up to make leads deal ready
  • Overwhelmed by process, do nothing
  • Think every element must be perfect

Why ANYONE can build an online platform to raise capital

  • Can create original content without being writer
  • Never been easier to use technology
  • Easy to outsource content production

The 4 things your platform needs before you try advanced strategies

  1. Method of capturing leads
  2. Series of automations to welcome and indoctrinate
  3. System for onboarding to investor club
  4. Infrastructure + commitment to produce regular content

Some advanced marketing strategies for promoting your platform

  • Promote lead magnet at Meetup, on podcasts
  • Shout out lead magnet on YouTube channel
  • Suggest next best action (e.g.: book + companion course)
  • Paid traffic through Facebook

The business case for building an online platform to raise capital

  • Invest at least 20% of acquisition fee in marketing machine
  • Convert industry standard 1 investor for every 32 leads
  • Earn about $2,100 for average investment of $70K each

Connect with Kate Buck

Kate’s Website

Kate on LinkedIn

Kate on Twitter

Kate on Facebook

Resources

Deal Maker Live

Sign Up for Michael’s Live Webinar—April 15 at 8pm EST

Michael’s Spreadsheet & Blog Post on Building a Platform

Temi

Financial Freedom with Real Estate Investing by Michael Blank

Join the Nighthawk Equity Investor Club

Joe Fairless

Dan Handford

Neal Bawa

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

Direct download: ABI_209_v2.mp3
Category:Commercial Real Estate -- posted at: 1:01am EDT

Beyond the risks it poses to our health, the Coronavirus is causing chaos in our economic system as well. Businesses have closed their doors and many Americans have lost their jobs or had their hours cut. And the stock market is on its way down. But what does it all mean for us as multifamily investors? Is the sky falling? Or are there things we can do to protect ourselves and serve our tenants in this challenging time?  

On this episode of Apartment Building Investing, I’m sitting down with an expert panel of multifamily operators that includes Drew Kniffin, Brian Burke, John Cohen, Reed Goossens, Andrew Cushman and Ellie Perlman to discuss what we are doing to protect our investments and our investors through the Coronavirus pandemic. We share our strategies for income preservation and expense reduction, explaining how we are supporting tenants through the crisis and what programs we are leveraging to keep our employees on payroll.

We go on to address how COVID-19 is likely to impact passive investors and offer insight on what they can do to take advantage of the shift to a buyer’s market. Finally, we explore the short-, medium- and long-term implications of the economic fallout from the Coronavirus and describe the incredible wealth-building opportunity available to savvy real estate investors in the months to come. Listen in to understand what defines a good deal in the current environment and learn how to use this time to prepare for the next up cycle!

Key Takeaways

What Andrew is doing as an owner to protect his investments

  • Put together resources for tenants
  • Negotiate with service providers to cut costs
  • Apply for Paycheck Protection Program
  • Flexible with tenants, reward early payment
  • No increase in rent on lease renewals

How John’s team is navigating the Coronavirus crisis

  • Reach out to tenants with message ‘here for you’
  • Focus on tenant retention, mitigating expenses

Ellie’s insight on tenants who can’t pay vs. tenants who won’t

  • CARES Act prohibits evection whether lost job or not
  • Depends on prior relationship with tenants, location

The additional things Ellie’s team is doing to navigate COVID-19

  • Offer furnished model units to traveling nurses
  • Security deposits to pay rent, replace with insurance

The additional things Brian’s team is doing to navigate COVID-19

  • Refer tenants to Project Porchlight financial counseling
  • Postpone rent or amortize over next several months
  • $50 grocery gift card if reach out to explain situation

Brian’s insight into the Paycheck Protection Program

  • SBA loan to cover 2.5X payroll if keep employees
  • May not apply to third-party property manager

Reed’s perspective on the Coronavirus crisis

  • Keep hysteria manageable, get good info to tenants
  • Share maintenance tech across portfolio

How Drew and Brian think about the risk for passive investors

  • Money safe if deal well-capitalized + plenty of reserves
  • Most sponsors halt distributions next quarterly cycle
  • Little/no rent growth and reduced occupancy for awhile

John’s insight on how the crisis will change lender behavior

  • Vet sponsors harder moving forward
  • Require 12-plus months of reserves

The overnight shift from a seller’s market to a buyer’s market

  • Must assess risk of unknown (focus on #s, not emotion)
  • Buyers ask for discount based on current financials

What passive investors should do in the short-term

  • More opportunity to invest in quality deals
  • Conduct proper due diligence on operator

Our predictions around what to expect in the short term

  • All feel pain as transaction velocity grinds to halt
  • Be proactive, lenders willing to work with us

Our predictions around what to expect in the medium term

  • Take time for income and job growth to recover
  • Wealth building opportunity if not too anxious

Our predictions around what to expect in the long term

  • Look back and laugh in years to come
  • Grow and get stronger from weathering storm

How to stress test acquisitions in this new environment

  • Over-raise for operations and capital expenditures
  • Reduces IRR but money on hand for rainy day events

Why it’s hard to underwrite deals right now

  • No good info on change in economic vacancy rates
  • Year-on-year rental growth will take massive hit

How student housing may be affected by the Coronavirus crisis

  • Protected if parent guarantee in leases, semester vs. year
  • Consider reaching out to hospitals to provide extra beds

How the stock market crash will affect our ability to raise capital

  • Some investors not as liquid due to stock market losses
  • Those with capital to deploy may prefer real estate

What the average investor should be doing right now

  • Get educated and line up investors
  • Start underwriting deals, develop parameters
  • Choose markets likely to come back quickly
  • Don’t get too excited but be ready for up cycle

The moratorium on evictions due to COVID-19

  • Local governments not processing evictions at this time
  • Forbearance requires not evict anyone over term of loan

The potential growth of secondary and tertiary markets

  • Less dense = safer than tight, urban environments
  • Also depends on economic makeup of area

What defines a good deal in this environment

  • 60- to 90-day due diligence
  • No hard money down, financing contingency
  • Mitigate risk with conservative underwriting
  • Retrade with integrity if value goes south

The 5 steps for making a successful shift to entrepreneurship

  1. Singular focus
  2. Measurable action plan
  3. Proper time management
  4. Understanding of finances
  5. Accountability

Connect with the Expert Panel

Drew Kniffin

Brian Burke

John Cohen

Reed Goossens

Andrew Cushman

Ellie Perlman

Resources

Deal Maker Live

Deal Maker Mastermind

Michael’s Products & Programs

Michael’s Mentoring Program

Nighthawk Equity

The Hands-Off Investor: An Insider’s Guide to Investing in Passive Real Estate Syndications by Brian Burke

CARES Act

Paycheck Protection Program

Project Porchlight  

Josh Thomas

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

Direct download: ABI_208.mp3
Category:Commercial Real Estate -- posted at: 1:00am EDT

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