Welcome back to the Multifamily Artists Podcast! In this Action Items episode, we bring back Mike Morawski! In the previous episode, Mike shared with us his amazing story of facing adversity after committing a mistake and getting back up to inspire others. 

In this episode, Mike goes into the specifics of creating an exit plan in real estate. He shares how you can create an exit plan, why it’s important, and the things you have to look out for before creating the plan. At the end of this episode, Mike also gives us the details about his e-book, ‘Exit Plan’. Join us and listen in!

[00:01 – 01:35] Opening Segment

• I welcome back Mike to the show
• Know Mike’s story from the previous episode
• Today’s topic

[01:36 – 13:04] The Significance of Having an Exit Plan

• Do you need to go single family first before doing apartments?
• Why Mike thinks you can go straight to multifamily
• Economies of scale
• What you should know about creating an ‘Exit Plan’
• There’s a lot of ways to exit a deal
• You got to have a plan
• Mike shares a story about exiting a deal
• Why sometimes you won’t know when an exit is coming up
• Things to look out for when creating an exit plan
• Population growth
• Job growth
• Positive migration
• Household income

[13:05 – 14:45] Closing Segment

• How you can connect with Mike
• Mike’s book (link below)
• Closing words

Tweetable Quotes:

“I believe that your exit plan needs to be built before you ever get to the closing table on the purchase side because that's what's going to help you operate the deal.” - Mike Morawski 

“I think there are things you need to look at early on, there are things you need to plan for, and all of that takes you in the direction of the exit plan. So that needs to be your final goal, the final piece because that's where you make your profit.” - Mike Morawski

Resources Mentioned:

• Exit Plan by Mike Morawski

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Socials and Links

Connect with Mike on LinkedIn!

Mike’s email: [email protected]

Check out My Core Intentions on its website and Facebook page!

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