Real Estate Investing – Page 29

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6 Steps to 7 Figures: A Real Estate Professional’s Guide to Building Wealth and Creating Your Own Destiny by Pat Hiban

MB 251: How True Success Is Built On Relationships – With Pat Hiban

February 1, 2021/in Real Estate Investing/by Garrett Lynch

They say that your network is your net worth. And Pat Hiban has proven this to be true over and over again. Making connections through networking and mastermind groups, he has established multiple business partnerships and created more than 30 passive income streams! So, how can we leverage what Pat has learned about building relationships to reach the next level of success in our own lives?

Pat is the Cofounder of GoBundance, a business mastermind for healthy, wealthy, generous men who want to lead EPIC lives. A former top-performing real estate agent, Pat was the #1 RE/MAX agent in the world in 2004 and earned the same honor with Keller Williams in 2006, selling more than 4,000 homes worth over one billion dollars in the course of his career. Pat is also the former host of the Real Estate Rockstars Podcast and the author of 6 Steps to 7 Figures and Tribe of Millionaires.

On this episode of Apartment Building Investing, Pat joins cohost Garrett Lynch and I to discuss what inspired his initial goal to become a millionaire and share the key lessons from 6 Steps to 7 Figures. He explains how his definition of success has evolved to focus on relationships and describes the power of joining a mastermind community. Listen in for Pat’s insight around building on your successes and learn how networking with other high-performing entrepreneurs can take YOUR business to the next level!

Key Takeaways

What inspired Pat to become a millionaire

Boost to self-esteem
More money = less stress

How Pat’s definition of success has changed

Ego-driven to make money from 21 to 35
Relationships + time most valuable now

Pat’s key lesson from 6 Steps to 7 Figures

Build on successes (not from ground up)
Go deep in one area rather than wide

The key to Pat’s ongoing success

Naïve enough to keep moving forward
Believe in self and be coachable

Pat’s insight around the value of relationships

30+ opportunities from mastermind
One relationship away from next level

The idea of horizontal income

Things that pay you sideways
Multifamily, businesses, etc.

What Pat is investing in right now

Cryptocurrency (Bitcoin and Ethereum)
VC funds and private companies
Single- and multifamily real estate

Connect with Pat Hiban

Tribe of Millionaires

GoBundance

Pat on LinkedIn

Resources

Tribe of Millionaires: What If One Choice Could Change Everything? by David Osborn and Pat Hiban

Real Estate Rockstars Podcast

David Osborn

Tim Rhode

We Study Billionaires

Real Vision Podcast

Drew at the Michael Blank Mentoring Program

MB 250: The Best of 2020 on Apartment Building Investing

January 25, 2021/in Real Estate Investing/by Garrett Lynch

We’ve always said that multifamily is recession-proof, and 2020 gave us a chance to prove it. While the stock market and other asset classes suffered in the pandemic, apartment buildings continue to provide steady cashflow and a safe place to keep our money growing for the long term. So, what can syndicators do to get this message to more people and build a successful real estate investing business?

On this episode, I’m sharing the Best of 2020 on the Apartment Building Investing Podcast, beginning with last year’s biggest news—the Coronavirus pandemic. We revisit Drew Kniffin’s thoughts on the risk COVID poses for passive investors, Drew Whitson’s take on why multifamily is still the strongest asset class in real estate, and Russell Gray’s insight on how to protect your wealth in a crisis.

We look back at my conversations with Pat Flynn and Amy Porterfield on marketing to investors online and my interview with Gino Wickman around what it takes to be a successful entrepreneur. Listen in for master deal maker Garrett Lynch’s insight on choosing the right market and get inspired by BiggerPockets VP Brandon Turner’s approach to achieving BIG things with tiny action.

Key Takeaways

How COVID is likely to impact passive investors in multifamily

Unless already run poorly, virus won’t bankrupt property
Much better option than stock market (30% paper loss)

Why multifamily is still the strongest asset class in real estate

Performs well through economic disruption
Office buildings, retail and medical suffered in COVID

What makes real estate a solid investment (even in a crisis)

Fits criteria of being both REAL and ESSENTIAL
Governments support housing, energy and healthcare

What to look for in a multifamily real estate market

Resources available to operate and steady dealflow
Population, job and overall economic growth

Who should consider building a thought leadership platform

EVERYONE can build personal brand online
Place to announce, connect and prove authority

Why an email list is more valuable than social media followers

Algorithms change, you don’t own social platforms
Email list = YOUR asset for growing relationships

How to choose the right lead magnet for your audience

IRRESISTIBLE piece of free content (trade for email addy)
What avatar needs to believe to do business with you

The eight critical mistakes most entrepreneurs make

Not having vision
Hiring wrong people
Not spending time with your people
Not knowing who customer is
Not charging enough
Not staying true to your core (shiny object syndrome)
Not knowing your numbers
Not crystalizing roles and responsibilities

The eight disciplines for increasing your chances of success

Clarify vision
Decide if you’re ‘partner person’
Bigger problem = more success
Get feedback early and often
First plan will not be final plan
Work hard (really hard)
Take criticism with grain of salt
See it every night

The two kinds of ‘partner people’ in entrepreneurship

Equal partners
Give equity but maintain controlling interest

Why it’s crucial to have a clear vision for your business

Know where you want to be and take next tiny step
Ask what’s cool and write as if you’re already there

Connect with Drew Kniffin

Drew at Nighthawk Equity

Drew on LinkedIn

Connect with Drew Whitson

Drew on LinkedIn

Connect with Russell Gray

The Real Estate Guys

Russell on LinkedIn

Connect with Garrett Lynch

Garrett at Nighthawk Equity

Garrett on LinkedIn

Connect with Pat Flynn

Pat’s Website

Pat at Smart Passive Income

Connect with Amy Porterfield

Amy’s Website

Marketing Made Easy Podcast

Connect with Gino Wickman

Entrepreneurial Leap

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

Connect with Brandon Turner

Open Door Capital

BiggerPockets Podcast

The Book on Rental Property Investing: How to Create Wealth with Intelligent Buy and Hold Real Estate Investing by Brandon Turner

Resources

Drew Kniffin on Apartment Building Investing EP208

Drew Whitson on Apartment Building Investing EP228

Russell Gray on Apartment Building Investing EP226

Garrett Lynch on Apartment Building Investing EP231

Pat Flynn on Apartment Building Investing EP210

Amy Porterfield on Apartment Building Investing EP212

Gino Wickman on Apartment Building Investing EP243

Brandon Turner on Apartment Building Investing EP221

Bryce Stewart on BiggerPockets Podcast EP276

Vivid Vision: A Remarkable Tool for Aligning Your Business Around a Shared Vision of the Future by Cameron Herold

Find Out More About Deal Maker Live

Register for Michael’s Platform Builders Workshop

What’s the Best Investment: The Stock Market or Real Estate?

Email digital@themichaelblank.com

MB 249: Increase Your NOI Through Cell Tower Investing – With Hugh Odom

January 18, 2021/in Real Estate Investing/by Garrett Lynch

The most successful real estate investors find creative ways to increase their NOI either by adding amenities for residents or reducing expenses. But there is a new opportunity for property owners that you may not be aware of. What if you could earn more money by leasing out a portion of your building for a 5G cell phone tower?

Hugh Odom is the Founder and President of Vertical Consultants, a telecom consulting firm that has advised major corporations such as Walmart, McDonald’s and Disney, as well as government institutions like the Department of Veterans Affairs, the New York Housing Authority and the United States Postal Service. Hugh served as an attorney for AT&T for 11-plus years, and today, he leverages his expertise in the telecom industry to help real estate investors earn additional income through cell tower leases.

On this episode of Apartment Building Investing, Hugh joins cohost Garrett Lynch and I to explain why the cell tower industry is like oil 100 years ago, discussing what is driving the need for more cell towers and how lucrative a cell tower lease can be for investors. Hugh shares the do’s and don’ts of negotiating a cell tower lease, describing how it differs from a real estate transaction and what Hugh’s team does to help property owners with the process. Listen in to understand why cell tower investing is a safe bet for the long term and learn how YOU can take advantage of the opportunity to be a cell tower landlord!

Key Takeaways

Why the cell tower industry is like oil 100 years ago

Long-term agreements to lease land from property owners
Cell companies reach out if property in right location

What is driving the need for more cell towers

5G technology requires additional infrastructure
Densification makes service faster, more instantaneous
From 400K to 1.5M cell sites by 2025

The do’s and don’ts of negotiating a cell tower lease

Don’t treat as real estate transaction (e.g.: market rate)
Do determine value provider will get from space

How lucrative a cell tower lease agreement can be for investors

Typically increases value of property by $1M
Renegotiate contract as provider’s revenue from site goes up

How Vertical Consultants helps property owners

Level playing field (understand value you’re offering)
Source leases for large commercial property owners

How to take advantage of this opportunity in cell towers

Buy properties with existing towers or rights to cell towers
Bring experts in to renegotiate lease

How 5G towers differ visually from traditional cell towers

Traditional tower = 150 feet tall, up to 5K ft2
Traditional rooftop antenna up to 500 ft2
5G tower = 50 ft2 with small antenna box

The opportunity to become an operator of cell towers

Pay property owners in dead spots for right to lease
Buy for long-term cashflow or flip

Why cell tower investing is a safe bet for the long term

Similar to highway system (infrastructure, not technology)
Change out equipment as tech improves

Who Hugh serves through Vertical Consultants

Property owners with existing agreements
Owners who’ve been approached by cell company
Hotels, self-storage and shopping center developers

Connect with Hugh Odom

Vertical Consultants

Resources

Jeff’s Passive Investors Circle

MB 248: Grow Your Investor Base & Raise Millions in Days – With Jeff Anzalone

January 11, 2021/in Real Estate Investing/by Garrett Lynch

So, you’ve done a multifamily deal or two, and your friends and family are maxed out in the money department. You’re ready to take on bigger and bigger deals, but you’re struggling to raise capital. What is the best way to grow your investor base?

Dr. Jeff Anzalone is a full-time practicing periodontist and the creator of Debt-Free Doctor, a platform designed to help doctors and other high-income professionals generate passive income from real estate so they can STOP trading time for money. Jeff started his blog to share how he paid off $300K in student loan debt. But once he was debt-free, Jeff shifted his focus to investing and acquiring streams of passive income through multifamily syndications. Today, he is raising millions in days for real estate deals.

On this episode of Apartment Building Investing, Jeff joins cohost Patricia Sweeney and I to discuss how the Debt-Free Doctor has evolved, explaining how he creates content consistently and what he does to promote the platform and grow his investor base. Jeff walks us through the benefit of joining his Passive Investors Circle, describing how he gives doctors and other overworked professionals options for earning passive income. Listen in to understand how serving his audience inspires Jeff to keep going and learn how he raised $2.7M in five days for his latest multifamily deal!

Key Takeaways

What inspired Jeff’s interest in real estate investing

Wrist injury on ski trip inspired interest in passive income
Successful people had real estate, 3 to 9 income streams

Jeff’s first experience with real estate investing

Discovered crowdfunding with Realty Shares
Relied on website and lost $50K

How Jeff’s website has evolved over the years

Began as diary on getting out of student loan debt
Now educates high-income earners on real estate

How Jeff got into raising capital for real estate syndications

Sponsor reached out because of blog and podcasts
Started Passive Investor Circle (raised $2.7M for deal)

Who Jeff serves through Debt-Free Doctor

Doctors, other high-income earners (accredited investors)
Overworked professionals looking for options

What Jeff has done to grow his list

Site for physicians shared articles and boosted traffic
Capture addresses with Passive Investor Circle

The benefit of joining Jeff’s Passive Investor Circle

Free Passive Income Guide and series of emails
Learn about deals Jeff invests in, set up time to talk

How Jeff comes up with content ideas for his blog

Topics he reads/hears about online and on podcasts
Keyword research for subjects that will rank

How Jeff produces content consistently

Write between patients
Inspired by being able to serve, change lives

What’s next for Jeff and his real estate platform

Start podcast, speak at in-person events
Create own event or write book

Jeff’s advice for syndicators struggling to raise capital

Determine the ONE thing (grow investor base)
Delegate or don’t do anything that doesn’t do that

Jeff’s advice for aspiring platform builders

Invest in marketing platform, calculate ROI
Don’t reinvent wheel

Connect with Jeff Anzalone

Debt-Free Doctor

Jeff’s Free Passive Income Guide

Resources

Register for Michael’s Platform Builders Incubator

The ONE Thing: The Surprisingly Simple Truth Behind Extraordinary Results by Gary Keller and Jay Papasan

Download Michael’s Affirmation for Multifamily Investors

MB 247: Achieve Your Investing Goals with Affirmations

January 4, 2021/in Real Estate Investing/by Garrett Lynch

Affirmations are a powerful tool in reaching our goals. They remind us why we do what we do, what we plan to achieve and the kind of person we want to become along the way.

So, what does it look like to create an affirmation specific to real estate investing? An affirmation that will keep you on track all year long and make success inevitable?

On this episode of Apartment Building Investing, I discuss the value of using affirmations to achieve financial freedom through multifamily real estate. I walk you through the process of constructing an affirmation the right way, describing the activities you can commit to as an aspiring syndicator and challenging you focus on those activities (rather than the outcome). Listen in for insight on taking tiny action toward your goals every day and learn how to build an affirmation that guarantees your success as a real estate investor!

Key Takeaways

Why you should use affirmations to achieve your goals

Creates clarity
Establishes your WHY
Commit to activity

How to construct an affirmation the right way

Commit to unwavering faith and extraordinary effort
Articulate WHY you’re working toward that goal
Set level of commitment with daily activities
Speak out enlightened entitlement (worthy of miracles)

The two activities aspiring syndicators can commit to

Analyzing deals
Talk with potential investors

Why you can’t get emotionally attached to the results

Give up when don’t achieve in certain time frame
Outcome = inevitable if do activity long enough

The secret to success in real estate investing

Commit to activity
Take tiny action every day

Resources

Year in Review on Apartment Building Investing EP244

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

Michael’s 10-Minute Offer Technique

Michael’s 10-Minute Offer eBook

MB 246: An Others-Focused Approach to Resort Value-Adds – With Josh McCallen

December 28, 2020/in Real Estate Investing/by Garrett Lynch

No question, the hospitality industry is among the hardest hit by COVID-19. And yet, Josh McCallen is thriving. The distressed Renault Winery Resort he bought in December 2018 is sold out for 2021, and revenues are up 200% from last year. So, why is Josh doing well while others are struggling? Are there opportunities for investors in the hospitality space right now? And what can we multifamily syndicators learn from Josh’s others-focused approach to business?

Josh is the hospitality investment expert behind Accountable Equity, a firm specializing in resort value-add and turnaround projects, and VIVÂMEE Hospitality, the management company that operates those assets. In the past two decades, Josh has led over $100M in luxury residential and hospitality construction projects, growing the revenue of the resorts he manages by 10X in less than six years and increasing the appraised value of those properties by 70%.

On this episode of Apartment Building Investing, Josh joins cohost Garrett Lynch and I to share his journey as an entrepreneur and discuss how helping flippers during the boom evolved into the work he does now. He explains how his company’s focus on resorts (not hotels) has helped them thrive despite the pandemic, describing how his team’s expertise in sales drives the kind of distressed assets they buy. Listen in for insight on the opportunities available to investors in the hospitality space right now and learn how a service-based, ministry model helps Josh serve both his guests and investors well.

Key Takeaways

How Josh got his start as an entrepreneur

Sold cotton candy to classmates in grade school
Paper boy at 12 (collect pay from customers)

When Josh got into real estate

Bought duplex with wife in late 1990’s
Started helping flippers in 2006

What Josh does in real estate today

Runs hospitality development company
Acquire distressed resorts for rehab + repositioning

What differentiates VIVÂMEE as a management company

Start with core values (dignity of every person)
Loyalty and recurring business model

Why Josh is doing well despite the pandemic

Focus on resorts (multiple revenue streams)
Sell experience, i.e.: wedding at winery
Earn revenue now for 2021 and 2022 reservations
Room revenue = trailing indicator

What Josh looks for in a property

High volume of inbound calls for weddings
Older/tired owner losing money, just breaking even

What makes Josh a good operator

Experience of taking over for management collapse
Treat hospitality as ministry, make guests feel loved

How Josh’s others-focused model extends to his investors

Treat investors as guests
Apply hospitality to fundraising

How Josh structures a resort deal

Charge asset management fee
Zero split until investors fully repaid + preferences
50/50 split moving forward

Connect with Josh McCallen

Accountable Equity

Capital Hacking Podcast

Resources

Rich Dad Poor Dad by Robert T. Kiyosaki

VIVÂMEE Hospitality

Renault Winery Resort

MB 245: Bring in 1031 Exchange Investors with the DST – With Paul Moore

December 21, 2020/in Real Estate Investing/by Garrett Lynch

As syndicators, we’d love to work with 1031 exchange investors more often. But the rules make it really, really difficult! It means taking on co-owners (rather than passive investors) and big bucks in legal fees. What if there was an EASIER way to work with 1031 exchange investors? A way that allows them to invest passively in syndication deals, defer their taxes and earn a stable return?

Paul Moore is Managing Partner at Wellings Capital, a firm dedicated to helping high earners and high net worth individuals protect and grow their wealth through commercial real estate investing. A two-time Michigan Entrepreneur of the Year finalist, Paul has founded multiple investment and development companies and co-managed a successful multifamily development. He is the cohost of The Art of Investing and How to Lose Money and a regular contributor to both Fox Business and BiggerPockets.

On this episode of Apartment Building Investing, Paul joins cohost Drew Whitson and I to discuss the disadvantages of the 1031 exchange and explain what makes the strategy incompatible with syndications. He introduces us to the Delaware Statutory Trust (or DST), describing how it solves the problems associated with bringing in 1031 exchange investors and allows them to invest passively in multifamily deals. Listen in for Paul’s insight on what kind of investor is attracted to the DST and learn how YOU can use it to defer taxes and earn a long-term, stable return!

Key Takeaways

The disadvantages of the 1031 exchange for investors

Deadlines pressure to overpay/buy wrong asset
Difficult to find cash match, total price match
Requires co-ownership vs. passive investment

Why 1031 exchanges are incompatible with syndications

Tenancy in common agreement to keep control
High legal fees, syndicator doesn’t control capital

The fundamentals of the Delaware Statutory Trust

Management group acquires asset
Sells fractional shares to investors

The benefits of investing in a DST

Allows for passive investment
Match any amount of money
No debt in name
Extremely stabilized asset

The disadvantages of investing in a DST

Communicate with broker vs. syndicator
Broker gets high commission (6% to 9%)
Limited upside, very little appreciation

How Paul’s DST addresses the usual disadvantages

Invest direct = talk to syndicator
Don’t pay up-front commission
10% to 12% projected returns

How Paul is compensated as the operator of the DST

Property management fees
Acquisition and liquidation fees
Scrape (keep returns above 6%)

What kind of investors are attracted to the DST

1031 exchange investors
Capital gains, passive depreciation recapture

The limitations of the Delaware Statutory Trust

High legal fees for operators to set up
Limited upside (structured to be stable)
Illiquidity = can’t cash out early
Accredited investors only

Connect with Paul Moore

Wellings Capital

Paul on BiggerPockets

Resources

Starker v. United States

MB 244: 2020 Year in Review & 2021 Forecast

December 14, 2020/in Real Estate Investing/by Garrett Lynch

Despite the chaos and uncertainty of 2020, we have a lot to be grateful for here at The Michael Blank organization. We have helped 113 people do 128 deals for a total value of $321M. And 22 of our mentees have quit their jobs, thanks to the financial freedom that comes with multifamily real estate investing.

On this episode of Apartment Building Investing, I take the time to reflect on 2020, looking back on our key accomplishments in The Michael Blank organization and sharing our top lessons learned over the past 12 months. I discuss our theme for 2021 and explain what steps we’re taking to better serve our followers and turn them into raving fans. Listen in for insight on the multifamily market outlook for 2021 and learn how YOU can use our resources to achieve financial freedom and help us make a positive impact in the world!

Key Takeaways

Our key accomplishments for 2020 in The Michael Blank organization

Right team in place, key hires in marketing and tech
Pivot to take Deal Maker Live virtual
Hit 10K subscribers on YouTube channel
Launch Platform Builders program
High-profile guests on podcast (Pat Flynn, Amy Porterfield)
Raise $20M for 2 deals in last 4 months
Full-time asset manager, director of investor relations

Our top 3 lessons learned in 2020

Team is EVERYTHING
Stick to your underwriting
Be grateful every day for everything

Our plans for 2021 in The Michael Blank organization

Serve existing followers better and reach more deal makers
Update The Ultimate Guide to Apartment Investing
Host Deal Maker Live on livestream and in person
Launch new podcast around platform building
Rollout Nighthawk Investor Club to connect better

The disconnect between the headlines and our market experience

Real estate = local business (gateway cities vs. Sun Belt)
Rents flat but not decreasing in our target markets
People move south + west with freedom of remote work

My predictions around the market outlook for 2021

No radical changes to real estate tax law
Unemployment benefits will cover rent collection issues
Fed will keep interest rates low and flat
Continued demand for affordable multifamily housing
Drop in value of US dollar (real estate = inflation hedge)
Unprecedented buying opportunities in next 12 months

How you can help us make a positive impact in the world

Sponsor student through UCSS nonprofit
$25/month covers education and healthcare

Resources

Get Michael’s Ultimate Guide to Apartment Investing

Sponsor a Student with Uganda Counseling & Support Services

Get Your Priorities Straight on Apartment Building Investing EP230

Deal Maker Live

Platform Builders

Pat Flynn on Apartment Building Investing EP210

Amy Porterfield on Apartment Building Investing EP212