Apartment Building Investing with Michael Blank Podcast

I used to dismiss mindset as the key to success. But I’ve since come to understand that until you get your head straight, you won’t take action. So, what mindset shifts do you need to make to become a successful multifamily investor?

On this solo episode of Apartment Building Investing, I walk you through the 6 seismic shifts it takes to quit your job with real estate, challenging you to clear on WHY you want financial freedom and develop a strong belief in yourself and the system you’re following. 

I explain why you have to accept that you don’t know everything and take consistent action over time to see results. Listen in for insight on playing the long game and learn the benefits of partnering with others to scale a successful syndication business!

Key Takeaways 

Seismic Shift #1—Clarity 

  • Get clear on what you want, why you want it
  • Develop through morning routine

Seismic Shift #2—Belief

  • Believe in yourself, higher power and system
  • Build through affirmations and visualization

Seismic Shift #3—Surrender 

  • Give up portion of ego to be COACHABLE
  • Network with advisor or hire mentor

Seismic Shift #4—Consistency 

  • Tiny action every day yields results
  • Analyze deals + meet investors = first deal

Seismic Shift #5—Play the long game 

  • Don’t look for instant gratification
  • Seek permanent change and leave legacy

Seismic Shift #6—Be open to working with others 

  • Partner on single deal for limited downside
  • Scale faster, focus on what YOU like to do

Resources

Register for Deal Maker Live

Access Michael’s Free Blueprint to Your First Multifamily Deal Training

Learn More About Michael’s Mentoring Program

Watch the Replay of Michael’s Platform Builders Masterclass

Rich Dad Poor Dad by Robert T. Kiyosaki

The Miracle Morning: The Not-So Obvious Secret Guaranteed to Transform Your Life (Before 8AM) by Hal Elrod

Grant Cardone on The School of Greatness EP497

Podcast Show Notes 

Michael’s Website 

Michael on Facebook 

Michael on Instagram 

Michael on YouTube 

Apartment Investor Network Facebook Group 

Direct download: ABI_268.mp3
Category:Commercial Real Estate -- posted at: 1:00am EDT

After interviewing 100 of the top real estate investors, Steven Pesavento realized that mindset really is the foundation of investing success. So, how do the most successful investors and entrepreneurs think differently? And how can you apply these same principles to your investing efforts and achieve real-world success?

Steven is the President and Trusted Advisor at VonFinch Capital, a real estate firm out of Denver, Colorado, that focuses on curating hassle-free passive investments. He flipped 200 houses in three years before transitioning to multifamily in 2020. Steven is also the host of The Investor Mindset Podcast and the author of Principles of Success: Lessons from Top Real Estate Investors

On this episode of Apartment Building Investing, Steven joins cohost Garrett Lynch and me to share his five success principles of top real estate investors and explain why mindset is so important to investing success. Steven describes what inspired his shift from flipping houses to multifamily and what steps he took to make the transition to commercial real estate. Listen in for Steven’s insight on what it looks like to have your mindset tested and learn to apply his success principles in the real world of real estate investing!

Key Takeaways 

What inspired Steven’s shift from flipping to multifamily

  • Unable to scale (even with high volume)
  • Benefits of securing long-term debt

What steps Steven took to transition to commercial real estate

  • Find successful investors to learn from or partner with
  • Study different asset classes and determine best fi

Why Steven decided multifamily was the right asset class

  • Similarities between residential and multifamily 
  • Alignment with values makes it easier to focus
  • Ideal clients asking for longer-term investments
  • Historically most stable asset class in real estate

Why mindset is important to investing success

  • Thoughts lead to actions which generate results
  • Must believe it’s possible to succeed

Steven’s 5 success principles of top real estate investors

  1. View challenges as opportunities
  2. Ultra-focused on doing 1 thing really well
  3. Super-clear on what they want
  4. Know their purpose
  5. Work with great mentors and coaches

How to apply the 5 success principles in real-world investing

  • Recognize that mindset = code your mind runs on
  • Sit down with pen and paper to get clear on goals
  • Check in on consistent basis to replace old beliefs

Steven’s experience with having his mindset tested

  • First multifamily deal under contract (March 2020)
  • Litigious LP asked for $800K more just before close
  • Money wrapped up in deal, still under contract

Connect with Steven Pesavento

The Investor Mindset

The Investor Mindset Podcast

Investor Mindset on Facebook

Steven on Facebook

Steven on LinkedIn

Steven on Instagram

Steven on Twitter

Resources

Join the Nighthawk Equity Investor Club

Register for Deal Maker Live

Learn More About Michael’s Mentoring Program

Download Michael’s Free eBook: The Secret to Raising Money for Your First Apartment Building

Principles of Success: Lessons from Top Real Estate Investors by Steven Pesavento

VonFinch Capital

Never Split the Difference: Negotiating as If Your Life Depended On It by Chris Voss and Tahl Raz

Joe Fairless

Michael on The Investor Mindset Podcast EP075

Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not by Robert T. Kiyosaki

The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss by Ken McElroy

Start with Why: How Great Leaders Inspire Everyone to Take Action by Simon Sinek

Podcast Show Notes 

Michael’s Website 

Michael on Facebook 

Michael on Instagram 

Michael on YouTube 

Apartment Investor Network Facebook Group 

Direct download: ABI_267.mp3
Category:Commercial Real Estate -- posted at: 1:00am EDT

A lifestyle investor doesn’t trade time for money. They buy cashflowing assets that replace their W-2 income and go on to build a life around what matters most—focusing on their family, their passions and their purpose. 

So, what steps can YOU take to become a financially independent lifestyle investor?

Justin Donald is the Founder of The Lifestyle Investor, a platform designed to help people use low-risk, cashflow investing to enjoy a life of passive income NOW. He leveraged real estate to grow his net worth to eight figures in less than two years, and he shares the blueprint in The Lifestyle Investor: The 10 Commandments of Cashflow Investing for Passive Income and Financial Freedom. Justin also serves as the host of the Lifestyle Investor Podcast.

On this episode of Apartment Building Investing, Justin joins cohost Garrett Lynch and me to discuss the steps he took to replace his lifestyle income and create a life of his own design. Justin explains how he got his start investing in mobile home parks and walks us through his first three commandments for investing in income-producing assets. Listen in for insight on Justin’s mission to help investors buy our time back, achieve financial freedom and pursue a purposeful, inspiring life!

Key Takeaways 

What Justin covers in The Lifestyle Investor

  • 10 criteria for how he invests for cashflow
  • Buy time with income-producing assets

The steps to becoming a lifestyle investor

  • Connect with other people on similar path
  • Find mentors who’ve done what you want

How Justin defines a lifestyle investor

  • Leverage assets that produce cashflow
  • Create intentional life of own design

How Justin got into real estate investing

  • Replace income with mobile home parks
  • Diversify with other kinds of investments

Justin’s first 3 commandments of lifestyle investing

  1. Lifestyle first (create freedom vision)
  2. Reduce risk
  3. Find invisible deals

What investors learn in Justin’s mastermind

  • Evaluate deals, advice from community
  • Access to deal flow and tax strategy

The danger of herd mentality investing

  • Listen to people with proven track record
  • Do your own due diligence 

Justin’s advice on finding income amplifiers

  • Don’ be afraid to negotiate different terms
  • Way deal shows up not how has to end

How long it took Justin to achieve financial freedom

  • 2 years to cover family’s basic expenses
  • 3 years to cover lifestyle income ($12K/mo)

What Justin wants his legacy to be

  • Help people live life desire TODAY
  • Show plan for how to get there

Connect with Justin Donald

The Lifestyle Investor

Lifestyle Investor Podcast

The Lifestyle Investor: The 10 Commandments of Cashflow Investing for Passive Income and Financial Freedom by Justin Donald

Lifestyle Investor Mastermind

Lifestyle Investor Coaching

Resources

Register for Deal Maker Live

Learn More About Michael’s Mentoring Program

Join the Nighthawk Equity Investor Club

Robert Kiyosaki

Tony Robbins

Love Justice International

Michael on Lifestyle Investor EP028

Podcast Show Notes 

Michael’s Website 

Michael on Facebook 

Michael on Instagram 

Michael on YouTube 

Apartment Investor Network Facebook Group 

 

Direct download: ABI_266.mp3
Category:Commercial Real Estate -- posted at: 1:00am EDT

The beauty of multifamily investing is that you don’t do it alone. If you’re just getting started, you can bring a deal to an experienced operator. And once you’ve built a network of your own, you can flip the script and cosponsor deals with up-and-coming syndicators, leveraging your relationships to raise money for deals and scale your business faster!

Philippe Schulligen is the Founder of Five Five Five Ventures, a firm dedicated to helping professionals navigate multifamily real estate investments. Philippe is the co-owner of 1,450 multifamily units worth $70M, and he has raised $22M in capital from investors. Philippe spent 20 years in corporate aviation before quitting his 9-to-5 for real estate, and he also serves as a mentor for The Michael Blank organization.

On this episode of Apartment Building Investing, Philippe joins cohost Garrett Lynch and me to explain how he got his start in multifamily by partnering with an experienced operator. Philippe describes how building relationships with a network allowed him to scale faster and shift from finding deals to becoming a cosponsor and capital raiser. Listen in as Philippe gets real about what he learned when an equity partner bailed on a big deal at the last minute and find out how to start building YOUR multifamily network with the help of a mentor like Philippe!

Key Takeaways  

How Philippe got into real estate

  • Looking for additional stream of income
  • Started with single family turnkeys

Why Philippe pivoted to multifamily

  • Vacancies big problem with small portfolio
  • Hard to scale single family business

Philippe’s approach to multifamily investing

  • Partner with experienced operator
  • Get educated through Deal Maker Blueprint 

Philippe’s first 2 multifamily deals

  • 80-unit in Memphis, found on LoopNet
  • Broker call re: 168-unit on day of close

What surprised Philippe most about multifamily

  • Networking led to cosponsoring deals
  • Relationships allow you to scale faster

What gave Philippe the confidence to make his first offer 

  • Act AS IF Nighthawk had already said YES
  • Understood quality of deal bringing to table

Philippe’s advice on becoming a successful cosponsor

  • Offer to help other operators with due diligence
  • Support by sharing network of investors

How Philippe identifies potential JV partners

  • Ask what working on and if need any help
  • Prerequisite = senior partner in common

What Philippe learned from a big deal that fell through

  • Always have backup plan
  • Don’t be first in network to try equity partner

What inspired Philippe to become a mentor

  • Corporate aviation industry suffered in COVID
  • Happy to share experience with others

Connect with Philippe Schulligen

Five Five Five Ventures

Email philippe@555ventures.com

Philippe on The Michael Blank Mentorship Team

Resources

Register for Deal Maker Live

Learn More About Michael’s Mentoring Program

Purchase Michael’s Syndicated Deal Analyzer

Access Michael’s Deal Maker Certification Training

Partner with Michael Through the Deal Desk

Download Michael’s Free eBook The Secret to Raising Money to Buy Your First Apartment Building

Join the Nighthawk Equity Investor Club

BiggerPockets

Gino Wickman on Apartment Building Investing EP243

Entrepreneurial Leap: Do You Have What It Takes to Become an Entrepreneur? by Gino Wickman

Traction: Get a Grip on Your Business by Gino Wickman

Rocket Fuel: The One Essential Combination That Will Get You More of What You Want from Your Business by Gino Wickman

LoopNet

Podcast Show Notes 

Michael’s Website 

Michael on Facebook 

Michael on Instagram 

Michael on YouTube 

Apartment Investor Network Facebook Group 

Direct download: ABI_265.mp3
Category:Commercial Real Estate -- posted at: 1:00am EDT

You take that promotion at work because you want to provide better for your family. But then you’re working MORE hours and seeing even LESS of the people you love. So, what if you could stop trading time for money? 

What if you didn’t have to decide between realizing big dreams for your family and spending quality time with them?

Lee Yoder is the Founder and Managing Partner of Threefold Real Estate Investing, a multifamily investing firm based in Lebanon, Ohio. Lee was working as a physical therapist when he started investing in real estate, and by December of 2020, he quit his job as a physical therapist to be a full-time investor. Lee also hosts the Threefold Real Estate Investing Podcast, a show that focuses on leveraging multifamily investing to enjoy a stronger relationship with your family and a better walk with Christ.

On this episode of Apartment Building Investing, Lee joins cohost Garrett Lynch and me to explain how his faith and family inspired him to pursue real estate. He describes how he gained confidence by analyzing hundreds of deals and attracted the help of a mentor to guide him through his first multifamily closing. Listen in for Lee’s take on why the Law of the First Deal works and learn how he is enjoying the flexibility to work when and where he wants as a full-time investor!

Key Takeaways 

What inspired Lee to pursue real estate

  • Time freedom to be more present at home
  • Coworker offered copy of Rich Dad…

Why Lee took a 30% pay cut to make time for real estate

  • Faith and family are top priorities
  • Long-term plan to bring in passive income

How Lee talked his wife into ‘the real estate thing’

  • Time + believable behavior = trust
  • Forced him to slow down, think through choices

How Lee shifted into the multifamily space

  • Join local REIA to connect with investors
  • Learn to underwrite in Apartment Focus Group

How Lee attracted the support of a mentor

  • Coachable and willing to do the work
  • Lead with value to get foot in door

How Lee landed his first multifamily deal

  • Practice underwriting to gain confidence
  • Submitted offer on deal on LoopNet

Lee’s approach to his first multifamily deal

  • Jump and build parachute on way down
  • Lean on mentor to make it less dangerous

How Lee raised money for his first few multifamily deals

  • JV with friends and family on 16-, 8- and 10-unit
  • 45-unit deal = first syndication

How Lee led a syndication without a track record

  • Reputation of integrity, success in flipping
  • Network with local investors in REIA 

Lee’s take on why the Law of the First Deal works

  • Personal confidence in team, lending process
  • Brokers take you seriously

How Lee decided when to quit his full-time job

  • Replace W-2 income with rental income
  • Equity from sale of first 2 deals afforded runway

Lee’s top lesson learned in real estate

  • Build occupied units into rehab budget
  • Consider deferred maintenance costs

How Lee’s life is different now

  • Mid-week morning coffee date with wife
  • Flexibility to work where, when he wants

Connect with Lee Yoder

Threefold Real Estate Investing

Threefold Real Estate Investing Podcast

Lee’s Free eBook: 5 Steps to Passive Income for the Full-Time Dad

Email info@threefoldrei.com

Resources

Register for Deal Maker Live

Learn More About Michael’s Mentoring Program

Access Michael’s Free Report—What’s the Best Investment: The Stock Market or Real Estate?

Join the Nighthawk Equity Investor Club

Purchase Michael’s Syndicated Deal Analyzer

Rich Dad Poor Dad by Robert T. Kiyosaki

REIA

LoopNet

BiggerPockets

Podcast Show Notes 

Michael’s Website

Michael on Facebook

Michael on Instagram

Michael on YouTube

Apartment Investor Network Facebook Group

Direct download: ABI_264.mp3
Category:general -- posted at: 1:00am EDT

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