Financial Freedom with Real Estate Investing

The more truth you put to any problem, the easier it is to solve. So, if you want to quit your W-2 job, start by doing the math. Because once you know how much you need to cover your living expenses, it’s just a matter of building your multifamily portfolio step by step until you achieve financial freedom.

Mandy McAllister is Managing Member of Good Fortune Capital and Cofounder of the Aspiring Women Achieving More community. After years of chasing a commission, Mandy retired from her 9-to-5 in medical device sales to pursue multifamily investing full time. Today, she’s on a mission to help others define their own path to financial freedom.

On this episode of Financial Freedom with Real Estate Investing, Mandy joins cohost Garrett Lynch and me to share her take on the different levels of financial freedom, describing how she calculated her freedom number—and achieved it 12 months later. She explains why she started small, working her way up to large multifamily properties acquired in joint venture partnerships. Listen in for Mandy's insight on securing debt to match your business plan and learn how to leverage multifamily investing to break free of YOUR golden handcuffs and live a life by design!

Key Takeaways

When Mandy started thinking about quitting her job

  • Bought fourplex when son was born as college fund
  • Saw potential to retire on cashflow with more deals

Mandy’s take on the different levels of financial freedom

  1. Cover minimum living expenses
  2. Cover current living expenses
  3. Replace income
  4. Replace income plus buffer

How Mandy financed her multifamily deals

  • Use equity in other properties for deals < 20 units
  • Took on partners in JV structures for > 50 units

How to decide whether to start small or go big right away

  • Depends on individual goals
  • Advantages to going larger

What Mandy looks for in a multifamily deal

  • B class asset with quality long-term debt
  • Size agnostic (less competition for 50-unit deals)

What Mandy looks for in a joint venture partnership

  • Someone on same page who you can trust
  • Important to have different strengths

Why Mandy sees long-term debt as the ultimate flexibility

  • 15-year loan on recent 53-unit acquisition
  • Terms allow for 3 potential exit strategies

What Mandy is doing to ensure consistent deal flow

  • Network with young, hungry investors at Meetup
  • Potential JVs look for deals that fit her criteria

Where Mandy is looking to invest right now

  • Strong growth markets in Midwest
  • Drive there and back before dinner

How COVID influenced Mandy’s decision to quit her job

  • Did 4 transaction in 3 months with extra time
  • Brought in double W-2 income

What Mandy is looking forward to moving forward

  • Impact as many lives as possible
  • Help others remove golden handcuffs

Connect with Mandy McAllister

Mandy’s Website

Good Fortune Capital

Aspiring Women Achieving More

Mandy on Instagram

Mandy on Facebook

Mandy on YouTube

Mandy on LinkedIn

Resources

Get Tickets for Deal Maker Bootcamp

Learn More About Michael’s Mentoring Program

Join the Nighthawk Equity Investor Club

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

Mint

Michael on Facebook 

Michael on Instagram 

Michael on YouTube 

Apartment Investor Network Facebook Group 

Podcast Show Notes

Direct download: Financial_Freedom_with_Real_Estate_Investing_EP298.mp3
Category:Commercial Real Estate -- posted at: 1:00am EDT

What will make you happy? Yes, money gives us the freedom to retire early and spend our days on a beach somewhere. But it doesn't take long to realize that a fulfilling life requires purpose and meaning. That the end goal is not success but significance. 

Bestselling author and Top 100 Business Coach David Meltzer is the cofounder of Sports 1 Marketing and former CEO of Leigh Steinberg Sports & Entertainment, the agency that inspired the film Jerry Maguire. David is also the executive producer of the television series 2 Minute Drill and Office Hours and host of The Playbook Podcast. His life’s mission is to empower one billion people to be happy.

On this episode of Financial Freedom with Real Estate Investing, David joins cohost Garrett Lynch and me to explain what he learned from his biggest failure, describing the abundance mindset he used to bounce back from losing $100M. He shares his daily habits for achieving success and fulfillment, challenging us to adopt an attitude of gratitude and prioritize what really matters. Listen in for David's insight on reframing failure and learn to engage in the consistent, persistent pursuit of YOUR greatest potential!

Key Takeaways 

What David learned from losing $100M and going bankrupt

  • When you appreciate what you have, it grows
  • More than enough of everything for everyone

David’s quest to empower over 1B people with happiness

  • Teach gratitude, forgiveness and accountability
  • Help people prioritize and apply their WHY

David’s daily habits for achieving next-level success

  • Take daily inventory of what you want 
  • Know your what, who and how
  • Know your now (priorities, non-negotiables)
  • Clear any interference between you & God

Why David builds his calendar around 5-minute coaching

  • Leads to productivity, accessibility and gratitude
  • Prioritize discussion around what really matters

How David’s definition of success has changed over time

  • Used to be defined by bank account
  • Now consistent, persistent pursuit of potential

Connect with David Meltzer 

David’s Website

Email david@dmeltzer.com 

The Playbook Podcast

Resources 

Review the Podcast on Apple [Text CONTEST to 66866]

Learn More About Michael’s Mentoring Program 

Get Tickets for Deal Maker Bootcamp 

Join Michael’s Deal Maker Certification Program

Uganda Counseling and Support Services 

Financial Freedom with Real Estate Investing by Michael Blank

2 Minute Drill

Office Hours with David Meltzer 

Game-Time Decision Making: High-Scoring Business Strategies from the Biggest Name in Sports by David Meltzer 

Connected to Goodness: Manifest Everything You Desire in Business and Life by David Meltzer with Harrison Lebowitz

Bob Proctor

Michael on Facebook 

Michael on Instagram 

Michael on YouTube 

Apartment Investor Network Facebook Group 

Podcast Show Notes

Direct download: Financial_Freedom_with_Real_Estate_Investing_EP297.mp3
Category:Commercial Real Estate -- posted at: 1:00am EDT

How do you get brokers to take you seriously if you’re brand new to multifamily? Savannah Arroyo and her husband Lupe talked to 50 brokers before they found one who was willing to work with them. But that relationship led to three deals in nine months, allowing Savannah to quit her full-time job as an RN!

Savannah is the Founder of Networth Nurse, a platform designed to help healthcare professionals stop living paycheck to paycheck. Through the Networth Nurse blog and YouTube channel, she educates and empowers her colleagues around personal finance and multifamily investing. Savannah and her husband Lupe leveraged the Michael Blank Mentoring Program to accelerate their success, partnering with other students in our network to close three syndications and replace her income as a nurse in under a year.

On this episode of Financial Freedom with Real Estate Investing, Savannah joins cohost Garrett Lynch and me to explain how she got that first broker to take her seriously. She describes how she and Lupe created a five-year game plan for their real estate business and then put in the reps, taking daily action to realize that vision. Listen in to understand the benefits of investing in your multifamily education and learn how Savannah is scaling her portfolio through partnerships and the Networth Nurse platform.

Key Takeaways 

The freedom of choice real estate gives Savannah

  • Still works as RN when she wants
  • Very involved in children’s lives

What inspired Savannah and her husband to pursue real estate

  • Way to invest that puts money in pockets now
  • Strategy to grow wealth, earn passive income

How Savannah and Lupe came up with a real estate game plan

  • Set vision for 5 years out and worked backward
  • Got educated and invested in coaching

How Savannah got started with single family rentals

  • Lender told about $100K of equity in home
  • Used debt to buy income-producing assets 

Why Savannah transitioned from SFH rentals to multifamily

  • Realized scale necessary to achieve vision
  • Healthcare operations skill set translates to apartments

How Savannah pursued real estate while working full time

  • Work on real estate from 8 to 12pm every day
  • Built-in accountability partner in husband

How Savannah overcame limiting beliefs around raising money

  • Trusted with leadership role at work 
  • Mitigate risk with research and underwriting

How to get brokers to take you seriously as a new investor

  • Be specific about what you’re looking for
  • Provide feedback on deals within 48 hours

Savannah’s first multifamily deal

  • $1M 12-unit in Oregon financed through credit union
  • Struggled to raise $350K from friends and family

Why Savannah decided to invest in coaching

  1. Leverage mentor’s experience to avoid mistakes
  2. Momentum to get into first deal much quicker

What Savannah is doing to scale the business

  • Partner with other investors to raise capital
  • Build online platform with Networth Nurse

How Savannah and her husband share responsibilities

  • Husband does acquisitions and asset management
  • Savannah raises capital and does marketing

Savannah’s advice for aspiring multifamily investors

  • Reach out to someone doing what you want
  • Research and get educated with podcasts, networking

Connect with Savannah Arroyo 

Networth Nurse 

Networth Nurse on YouTube 

Networth Nurse on Instagram 

Networth Nurse on LinkedIn 

Networth Nurse on Facebook

Resources 

Get Tickets for Deal Maker Bootcamp 

Learn More About Michael’s Mentoring Program 

Register for Deal Maker Live

Join Michael’s Deal Maker Certification Program

Financial Freedom with Real Estate Investing by Michael Blank

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

BiggerPockets

Dave Ramsey

Michael on Facebook 

Michael on Instagram 

Michael on YouTube 

Apartment Investor Network Facebook Group 

Podcast Show Notes

Direct download: Financial_Freedom_with_Real_Estate_Investing_EP296.mp3
Category:Commercial Real Estate -- posted at: 1:00am EDT

John Lee Dumas spent the first 32 years of his life chasing the almighty dollar—with little success. But when he took Albert Einstein’s advice and decided to become a man of value, that’s when JLD got a taste of success.

JLD is the host of the award-winning podcast Entrepreneurs on Fire, which has racked up over 100M listens and 3K five-star reviews since its launch in 2012. Through EOF, he has interviewed more than 3K of the world’s most successful entrepreneurs, delivering the inspiration and strategies listeners need to FIRE UP their own entrepreneurial journey. JLD is also the author of The Common Path to Uncommon Success: A Roadmap to Financial Freedom and Fulfillment.

On this episode of Financial Freedom with Real Estate Investing, JLD joins cohost Garrett Lynch and me to discuss his early struggle to succeed and explain how he approaches the podcast as a way to provide value. He reflects on the powerful combination between hard work and passion, sharing the lessons he’s learned from elite entrepreneurs around productivity, discipline and focusing on one path to success. Listen in for JLD’s method of deciding which opportunities to pursue (investment and otherwise) and find out how achieving financial freedom can help YOU bring big-time value to the world.

Key Takeaways 

Why JLD struggled to succeed prior to EOF

  • Dealt with PTSD after tour in Iraq
  • Chase success vs. provide value

JLD’s short career in commercial real estate

  • Commit to one year as junior broker
  • Felt no excitement for closing deals

JLD’s approach to starting the podcast

  • Think long-term and be patient
  • 18-month window to earn revenue

Why hard work isn’t enough to succeed

  • Hard work + passion win every time
  • Grow to love things you’re good at

Why financial freedom is important to JLD

  • Utility of money brings joy
  • Lack causes anxiety and overwhelm

The key themes in The Common Path...

  • Steps to make more than you spend
  • Become #1 solution to real problem

What JLD is investing in right now

  • Cryptocurrency and NFTs
  • Angel invest in startups

JLD’s top takeaways from 3K interviews

  • Focus on producing right content
  • Discipline to execute on plan
  • Focus on one course to success

How JLD picks what opportunities to pursue

  • If it’s not a hell yes, it’s a no
  • Miss great opportunities if plate full

How JLD decides what to invest in

  • Research and find mentors in space
  • Believe in value company brings

Connect with John Lee Dumas 

Entrepreneurs on Fire 

The Common Path to Uncommon Success: A Roadmap to Financial Freedom and Fulfillment by John Lee Dumas

Resources 

Get Tickets for Deal Maker Bootcamp 

Learn More About Michael’s Mentoring Program

Join the Nighthawk Equity Investor Club 

Financial Freedom with Real Estate Investing by Michael Blank

Rich Dad Poor Dad by Robert T. Kiyosaki 

Hell Yeah or No: What’s Worth Doing by Derek Sivers 

CryptoDads 

Mutant Punks 

Mutant Cats 

HEAD DAO

NFTs on Fire Podcast 

Michael Hyatt’s Desire Zone

Michael on Facebook 

Michael on Instagram 

Michael on YouTube 

Apartment Investor Network Facebook Group 

Podcast Show Notes

Direct download: Financial_Freedom_with_Real_Estate_Investing_EP295.mp3
Category:Commercial Real Estate -- posted at: 1:00am EDT

1