Financial Freedom with Real Estate Investing

How do you become a successful multifamily syndicator when you’re not old enough to order a beer? What does it take to overcome objections around being too young and too inexperienced—and raise more than half a million dollars in capital for your very first deal? What’s it like to achieve financial freedom before you turn 21? Kyle Marcotte is an entrepreneur and multifamily real estate investor with a 119-unit portfolio valued at $5.5M. He was a pre-med student and Division I soccer player at UC Davis when Kyle learned about the potential to generate passive income with real estate. At the age of 20, he raised $600K and closed on his first deal in just four months. Now, Kyle is on a mission to help others become financially free with multifamily investing—regardless of age or experience. On this episode of Apartment Building Investing, Kyle joins me to explain why he burned the boats and quit college to pursue real estate full time. He discusses how he got brokers and investors to take him seriously despite his lack of experience, sharing what gave him the confidence to keep moving forward through hundreds of no’s—until he finally got a YES. Listen in to understand why Kyle went for such a BIG first deal (a joint venture on 107 units!) and learn what he is doing now to build a personal brand and scale his multifamily syndication business. Key Takeaways What inspired Kyle to get into real estate Read Rich Dad Poor Dad, got educated about passive income Quit college to devote energy to multifamily How Kyle realized he had the personality of an entrepreneur Never able to accept being told what to do Always trying to figure out best way What financial freedom means to Kyle Cover expenses with cashflow, residual income Control over what day looks like How Kyle got investors to take him seriously at the age of 20 Own inexperience but sell on grit Deal pitch deck with multiple scenarios in story form The specifics of Kyle’s first joint venture deal 107-unit in Louisville (value-add play) Raised $600K of $1M for $4.5M purchase price Why Kyle kept going after hearing hundreds of no’s Burned boats and had no other option Commit to outcome, eventually someone says YES Why Kyle went after such a large first deal Need 75 units to achieve economies of scale Acquisition harder but affords more control of time long-term The nature of Kyle’s first joint venture partnership Partner focused on underwriting Kyle worked on raising capital How things changed for Kyle after his first deal Silenced critics, feeling of peace and ease Credibility with investors who see as phenom What Kyle is doing to build his investor base Serve as guest on podcast circuit Show up consistently on social media How gave Kyle the confidence to keep moving forward Relationship with higher power for guidance Voice inside stronger than outside resistance Connect with Kyle Marcotte Kyle’s Website Own Your Time with Kyle Marcotte Kyle on LinkedIn Kyle on Facebook Kyle on Instagram Resources Register for Deal Maker Live Join Michael’s Deal Maker Mastermind Join the Nighthawk Equity Investor Club Join Michael’s Mentoring Program Michael’s Ultimate Guide to Buying Apartments with Private Money Rich Dad Poor Dad by Robert T. Kiyosaki Financial Freedom Summit The Miracle Equation: The Two Decisions That Move Your Biggest Goals from Possible, to Probably, to Inevitable by Hal Elrod Divi Mailchimp ActiveCampaign 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

Why are there so few women in multifamily syndication? According to a 2019 study conducted by Merrill Lynch, 61% of women polled cited a lack of knowledge about real estate investing. And the fact that it’s a male-dominated industry is also a contributing factor. So, how do we get more women interested in learning about multifamily—and the financial independence that comes with it? Kaylee McMahon is the Founder of The Apartment Queen, a platform dedicated to ending abuse and codependent relationships by helping women create wealth with real estate investing. A staple of the Dallas real estate scene, Kaylee has purchased $2M in real estate as Key Principal and currently serves as General Partner in 730 units in Texas and Arizona totaling more than $23M in assets under management. She is also the host of #1 Leading Ladies, a podcast about what it’s really like to be a female entrepreneur. On this episode, Kaylee joins me to share her path from real estate agent to multifamily investor, discussing how the childhood abuse she suffered gave her the GRIT to keep going when things get tough. She offers her take on how a lack of knowledge around a male-dominated industry keeps a lot of women out of the multifamily game, describing her mission to help people, especially women, achieve the total independence she enjoys. Listen in for Kaylee’s insight on reversing the beliefs that hold you back and get her advice on how to get started with apartment building investing! Key Takeaways Kaylee’s path to multifamily real estate Got start as agent, apartment locator Move on to house flips + SFH rentals Got into apartments ‘to add zero’ What makes Kaylee a good entrepreneur Autonomous (make decisions on own) Fast learner, good with people Why Kaylee made the transition from agent to investor All-in on decision to achieve financial freedom Not afraid of losing it all, could always bartend Kaylee’s take on the idea of failure Take lessons learned with you to next venture Pivot as necessary (e.g.: rent flip vs. sell) Why Kaylee deals with fear better than others Abuse in childhood built tremendous amount of GRIT Driven by WHY to help others create independence Kaylee’s experience with multifamily syndication Did first 2 deals on own with help of mentor Started partnering with others (raising capital) General Partner in 730 units to date Kaylee’s take on why there are so few women in multifamily Lack of knowledge, limiting beliefs Male-dominated industry (Good Old Boys Club) Kaylee’s advice for aspiring multifamily investors Learn underwriting, how to vet sponsors and market Invest passively but ride along with GP to learn Connect with Kaylee McMahon The Apartment Queen The Apartment Queen on Instagram The Apartment Queen on Facebook Kaylee on Facebook #1 Leading Ladies Podcast Email admin@theapartmentqueen.com Resources Deal Maker Live What’s the Best Investment: The Stock Market or Real Estate? Join the Nighthawk Equity Investor Club Merrill Lynch 2019 Wealth Decisions Study Rich Dad Poor Dad by Robert T. Kiyosaki Scaling Up: How a Few Companies Make It … and Why the Rest Don’t by Verne Harnish 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

No good comes from making decisions out of panic or fear. So, what can multifamily syndicators do to navigate the next couple of months and cover the bills—even if our tenants can’t (or won’t) pay the rent on time? How can we reassure our investors that their money is safe and leverage the available safeguards to make it through the Coronavirus shutdown? Jason Pero is the multifamily investor and syndicator behind Pero Real Estate, one of the leading real estate firms in Erie, Pennsylvania. Jason and his wife bought their first duplex in 2001 and continued to invest in small multifamily properties while he worked full-time in medical device sales. By 2012, Jason had built a 300-unit portfolio and was able to leave his 9-to-5 to pursue real estate full-time. He started syndicating deals in 2018, and today, Jason owns and self-manages 1K units in Erie County. On this episode of the podcast, Jason joins me to discuss why he waited so long to get into syndication and why he self-manages his own portfolio. Jason explains how he is navigating the COVID-19 crisis, sharing the safeguards he has in place to get through the next few months and describing his approach to the situation as both a property manager and syndicator. Listen in for Jason’s insight on the buying opportunities coming on the market right now and find out why this is a good time to invest in yourself! Key Takeaways What inspired Jason to get into real estate Internship with financial planning company School teachers worth $5M (passive income from real estate) Why it took Jason so long to take action on syndication Limiting belief around loss of control Realized could still call shots and serve more people How the Coronavirus crisis elevates Jason’s mission Watched stock market investors’ net worth plummet by 40% Real estate provides predictable long-term investment The safeguards that are helping Jason navigate COVID-19 Withhold distributions to see how next months play out Can still pay bills with 30% economic vacancy Go to forbearance only as last resort Jason’s take on the impact of the Coronavirus as a syndicator Lenders still bullish, agency debt still in play Social distancing poses challenges to due diligence Jason’s approach to the Coronavirus as a property manager Extend olive branch to good tenants Waive late fees, work out payment plan The buying opportunities coming available right now Sellers more flexible with due diligence Willing to consider financing contingencies What makes Jason successful in a rural area Greater metro area of Erie = 350K people Large influx of outside $ (Buffalo, Cleveland and Pittsburgh) Decision to self-manage properties Why Jason self-manages his own portfolio Didn’t know any different in beginning Track record through economic upheaval reassures investors Jason’s advice on navigating a difficult time Don’t freak out, look at situation from practical standpoint Research options (e.g.: SBA programs) Communicate with investors + don’t run out of cash Jason’s advice for aspiring multifamily investors Find mentor or coach who’s been where want to go Keep learning and stay humble Connect with Jason Pero Pero Real Estate Jason on Calendly Jason on LinkedIn Jason on Facebook Email jasonpero@yahoo.com Resources Register for Deal Maker Live Join Michael’s Deal Maker Mastermind Read Michael’s Free Report—What’s the Best Investment: The Stock Market or Real Estate? Join the Nighthawk Equity Investor Club Join Michael’s Mentoring Program Rich Dad Poor Dad by Robert T. Kiyosaki The Millionaire Next Door by Thomas J. Stanley and William D. Danko SBA Programs for Coronavirus Relief 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

What are you doing to keep your mindset right during the Coronavirus shutdown? Are you making the most of the extra time at home? Taking advantage of the opportunity to invest in yourself and learn something new? Taking care of yourself, your family, your team, your investors and your tenants? Vinney Chopra is a sought-after multifamily real estate expert with 12 years of experience and 28 successful syndications under his belt. To date, Vinney and his team of 67 control and self-manage a portfolio of 4,100 units worth $330M. He is also the bestselling author of Apartment Syndication Made Easy and the host of two podcasts, Syndication Made Easy and the Mr. Smiles Motivation Talk Show. Vinney came to the US 43 years ago with just $7 in his pocket, and he credits his success to the power of positive thinking. On this episode of Apartment Building Investing, Vinney joins me to discuss how his team is dealing with the short-term impact of COVID-19 and what they are doing to support tenants in his properties. Vinny compares his experience in 2008 to the present circumstances, discussing why multifamily is the best business to be in during a recession and sharing his prediction for a V-shaped recovery. Listen in for Vinney’s insight on cultivating a positive outlook and taking care of your physical and mental health through the current crisis. Key Takeaways How Vinny’s team is dealing with the short-term impact of COVID-19 Community managers + leasing agents helping people remotely Keep mind right, remember that this will pass How Vinny’s experience in 2008 compares to the current situation Little money or experience in 2008, start with just 14 units 4,100-unit portfolio today (cash rich and optimistic) What Vinny’s team is doing to support the tenants in his properties Talk to banks, utility companies and authorities for reprieve Look for creative ways to help tenants (e.g.: prorate rent) Educate residents on available government programs Vinny’s take on how the stock market drop will impact multifamily Properties currently on market will decrease in value Lending tough right now, look to individual investors How a V-shaped recovery is likely to play out Short-term cashflow problem resolved in next few months Temporary dip in NOI, use cash reserves to get through How Vinny thinks about buying opportunities in multifamily Change in seller behavior likely to shake loose good deals Investors who lost $ in stock market looking for better asset What Vinny is doing to keep his mindset right Dress up for day and do morning routine as before Make best of time with family, virtual meetups with friends Focus on spirituality, mental and physical health What’s most important to Vinny right now Health of family, team and fellow citizens Giving back to people in need Vinny’s advice on making the most of the extra time we have Hone in on skills Build investor list How Vinny cultivates a positive outlook Feed mind with positivity, make lemonade out of lemons God gives us trying times to grow our inner strength Connect with Vinney Chopra Vinney’s Website Vinney on Facebook Apartment Syndication Made Easy by Vinney Chopra Syndication Made Easy Podcast Mr. Smiles Motivation Talk Show Text LEARN to 474747 Resources Register for Deal Maker Live Read Michael’s Free Report—What’s the Best Investment: The Stock Market or Real Estate? Join Michael’s Deal Maker Mastermind Join the Nighthawk Equity Investor Club 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

So, you understand the power of digital marketing to help you scale your multifamily syndication business. The question is, where do you start? What are the first steps to building an email list and attracting investors online? Amy Porterfield is the award-winning digital marketing expert behind Online Marketing Made Easy and the creator of the Digital Course Academy. After seven years serving as the Director of Content Development for Tony Robbins, Amy became an entrepreneur herself and built a multimillion-dollar business teaching other people how to grow their own platform online. An authority in the realm of social media marketing, growing an email list and promoting and selling courses online, Amy is also the coauthor of Facebook Marketing All-in-One for Dummies. On this episode of Apartment Building Investing, Amy joins me to explain why you need to build an email list, even if you have a strong social media following. She shares the simple steps you can take to attract investors with content and capture their email addresses with the right lead magnet. Listen in for Amy’s insight on using Facebook advertising to grow your audience and learn how to leverage digital marketing to scale your syndication business! Key Takeaways How Amy got into online marketing Started career in corporate marketing (Harley Davidson, Tony Robbins) Became own boss 11 years ago teaching how to grow online business The mistakes Amy made early on as an online entrepreneur Didn’t have expertise in niche Didn’t have email list How Amy decided what to create and who to serve Got clear on expertise (social media, Facebook marketing) Created very specific client avatar Why an email list is better than social media followers Algorithms change, you don’t own social platforms You own email list + can use to build relationships How to start building an email list from scratch Create content on consistent basis Create irresistible lead magnet (freebie in exchange for email) How to choose your lead magnet Must serve as INVISIBLE BRIDGE for audience What avatar needs to know, understand or believe How to get people to sign up for your email list Use content upgrade strategy (if you loved…) Make CTA on social posts, bios, podcasts and blogs What to do if you don’t consider yourself a writer Commit to one medium (e.g.: podcast or video) Don’t try to be perfect, just show up consistently The benefits of podcasting as a medium Easier than writing or video, keep attention longer Podcast platforms promote content for you Amy’s advice on Facebook advertising Keep it simple, start with boosting post Upload email list to target ‘lookalike audience’ Do it yourself before you hire someone else Amy’s top tips for online marketing Start with mindset (i.e.: set small goal of 250 on list) Simplicity is your friend Connect with Amy Porterfield Amy’s Website Amy’s Free Masterclass: How to Start and Grow an Email List (Without the Stress, Tech Confusion, or Crazy Overwhelm Marketing Made Easy Podcast Resources Watch the Replay of Michael’s Platform Builder Framework Webinar Schedule a Call to Learn More About Michael’s Platform Builder Workshop Facebook Marketing All-in-One for Dummies by Amy Porterfield, Phyllis Khare and Andrea Vahl ActiveCampaign Nighthawk Equity 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

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

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 Pick target market, research needs Create platform to demo authority 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 (

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 Attracts certain kind of person/investor Capture information (e.g.: email address) Serve audience with educational material 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 Method of capturing leads Series of automations to welcome and indoctrinate System for onboarding to investor club 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

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 Singular focus Measurable action plan Proper time management Understanding of finances 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

Are you working a W-2 job that leaves you depleted? Even if you love what you do, it’s likely that the stress of the commute on top of the work itself means you have little left to give to your family at the end of the day, never mind making a significant impact on the world at large. Krista Wilper was tired of being too tired to engage with her husband and sons, so she leveraged multifamily investing to quit her corporate job. And she credits her success to a daily effort to keep her mind in the right place. Krista is the creator of Synergy Invested LLC, a real estate education and investing platform based in Golden, Colorado. She retired from her executive position at an adult beverage company at the age of 38, walking away from a six-figure income to pursue real estate full time. Now, Krista and her husband own $2.2M in single and multifamily investments, and she is on a mission to help others achieve financial freedom and get control of their time and energy through real estate investing. On this episode of Apartment Building Investing, Krista joins me to explain why she quit a job she loved to pursue real estate, sharing the series of conversations she had with her husband and what she loves most about not working a 9-to-5. She discusses why she took action when so many others don’t and explores why there are so few women in the world of multifamily. Listen in for Krista’s insight on the value of hiring a coach, getting the right support system in place, and training your mind for multifamily investing! Key Takeaways Why Krista made the decision to quit a job she loved Stress around being both mom AND executive No energy to discipline son caused tension with husband What the conversation with Krista’s husband was like Planned on retiring in 5 years, counted on her income Doubted that she could get him out with real estate Why Krista took action when so many others don’t Ability to push outside comfort zone + manage fear Surrounded self with encouraging people Kept returning to numbers when emotions came up Daily effort to keep mind in right place Something bigger than self to keep on track What Krista loves most about not working a 9-to-5 Energy to juggle responsibilities as mom Time to focus on helping other people Krista’s primary real estate investing goals Double net income Allow husband to retire in 3 to 5 years The first steps Krista took to reach her investing goals Hired a coach (helped think BIG) Eliminated naysayers from circle Krista’s insight on overcoming both internal and external challenges Find something bigger than yourself to chase Train your mind (stop comparing, listening to excuses) Understand your relationship with money + limiting beliefs Take action even when you don’t know what you’re doing Hire coaching Come back to numbers Krista’s take on why there aren’t more women in investing Brains operate differently (spaghetti vs. waffles) Ego in thought leader communication = turnoff for women Krista’s advice for aspiring multifamily investors Get coach Get mind right Get support group in place (includes partner and team) GO Connect with Krista Wilper Krista on LinkedIn Synergy Invested on Instagram Synergy Invested on Facebook Resources You Are a Badass at Making Money: Master the Mindset of Wealth by Jen Sincero The Real Estate Guys Michael’s Mentoring Program 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