On today’s show, we sit down with real estate entrepreneur Michael Blank to talk about his journey from a successful house flipping business and his entrance into apartment buildings… and the systems needed to run his investments well.
Michael is a business entrepreneur through and through and today we get to talk about everything from getting started, investing with no money, working with (and as) a wholesaler, and even hear the story of the professional tenant that almost destroyed Michael’s investment career!
This show is packed with useful, actionable tips, so don’t forget your pen and paper on this one… you are going to need it!
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In This Show, We Cover:
- How Michael started his investing journey by flipping dozens of houses per year
- Why building up a network of wholesalers is important
- How Michael raised money to fund his flipping
- The “magic question” to ask when raise private money
- Michael mistakes and successes when getting started
- Developing a great real estate team
- Using virtual assistants in your business
- Michael’s transition from flipping to apartment complexes
- Michael’s tricks for finding great commercial real estate deals
- Michaels take on the topic of rent control
- Michael’s major mistakes in his REI career… and that one tenant in DC
- And so much more!
Links from the Show
- BP Podcast 033: How to Close 27 Deals in Your First Year While Working Full Time with Sam Craven
- eLance.com
- Loopnet.com
- Marcusmillichap.com
- Cbre.com
Tweetable Topics
“Cutting corners hurts you and your business at the end of the day.” (Tweet This!)
“When you have a good team, firing on all cylinders, you can do amazing things.” (Tweet This!)
“You get what you negotiate.” (Tweet This!)
“The secret to success is to be intentional.” (Tweet This!)
Books Mentioned in the Show
- Rich Dad, Poor Dad by Robert Kiyosaki
- Pitch Anything: An Innovative Method for Presenting, Persuading, and Winning the Deal by Oren Klaff
- The 4-hour Workweek by Timothy Ferriss
Connect with Michael!
- Michael Blank’s BiggerPockets Profile
- TheMichaelBlank.com
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14 Comments
Thanks Guys! You guys made my 1 hour drive to the office this morning very entertaining and educational!!
Sweet, thanks Huy! I’m glad you enjoyed the show this morning.
Good job guys!!
Brandon – Love the question about entrepreneurs.
Michael – Love the response.
I believe the real estate investors that succeed are the ones that are entrepreneurs. The ones who don’t succeed (and 99% of the time do not get started) are not entrepreneurs. They simply heard that they can make money in real estate, but don’t have the traits and drive needed to build a business. I wrote a post a while ago on this. The focus on education should be on business building, not just real estate.
Great podcast.
Great podcast! Some incredible wisdom in this one!
Another great podcast , the information that is here to be gained is invaluable.
Thanks Brandon and Josh , you’ve basically created a live encyclopaedia on US property investment.
Good job! Great information. Especially the regional flavor issues with
Rent controls, DC. and legal aspects with area.
Thank you!
Thank you, Michael – very valuable podcast. You’ve been a great addition to the BP nation.
Brandon – love the “you get what you negotiate quote” – so true!!!
Hey guys,
Great podcast once again. Love Michael’s frequent blog posts as well.
I was having a deja vu moment while listening about that professional tenant. Wasn’t there someone else on the podcast that had a very similar problem i.e. a very troublesome tenant who called the authorities all the time and then suddenly stopped? Does anyone remember that episode? If not I must be getting old then.
Cheers,
Henry
Same here. I must have read Michael write about it before.
Another great show guys.
Great job Michael. Very interesting and informative all around.
Found the stuff about how tough some of the stuff in DC is fascinating.
Darn near makes Boston look landlord friendly! 🙂
Hey Michael,
This was a great podcast and I really like your website. I too am located in D.C. and I am wondering if you had any tips for a 23 year old as to how I can begin investing in commercial buildings, specifically apartment buildings. I feel as if, with my lack of experience, and brokers will not take me seriously.
I did double major in accounting and finance so I am good with numbers. I just don’t know how to prove it to investors and brokers.
I will continue browsing your site and listening to your pod casts. Thanks for your help!
-Brandon
Hi Michael,
Thank you for the tremendous insight you provided. What intrigued me the most however, was how you leveraged your franchise opportunity to create cash flow to grow your REI portfolio.
I have considered that as an option and was thrilled to see that you are living proof it can be done. Do you mind if we connect to discuss this strategy specifically with Zpizza? (I looked into it ;), non competing region of course) interested in getting your opinion. Send me a private message or email me.
Semper Fi- JQ
There is nothing wrong with savvy tenants. Tenants should know the tenant-landlord laws. Generally speaking, with few exceptions, if the landlord is operating by the Golden Rule, a savvy tenant is likely to be a great tenant.