Andrew Reichert, CEO of Birgo Capital, went from buying his first duplex with no money down to owning 3,000+ units worth over $300 million. But his journey wasn’t all smooth sailing - Andrew reveals how building a 20-rental portfolio nearly bankrupted him, the “$10M idea” that changed everything, and the lessons he learned scaling his business.

Whether you’re stuck managing a handful of single-family rentals or trying to figure out how to break into larger deals, this conversation will help you shortcut years of trial and error.

Key Takeaways

Why Small Rentals Won’t Set You Free

• How Andrew realized that $200/month per property wasn’t going to replace his income.
• The math that made him pivot away from single-family rentals.

From Duplexes to a $300M Portfolio

• Why raising capital was the turning point in his career.
• How starting with a fund instead of a single deal accelerated his growth.

The Hardest Lesson in Scaling a Company

• Why “the people who got you here won’t always get you there.”
• How to make tough calls without losing sight of your mission.

Finding Purpose Beyond Financial Freedom

• How Andrew’s Rhino Operating System helps people align their work with their purpose.
• Why clarity—not just cash flow—is the real key to building a fulfilling life.

Overcoming Comfort and Taking Action

• Why staying “comfortable” keeps most investors from scaling.
• Practical tips to create urgency and move from idea to execution.

Connect with Andrew

LinkedIn

Birgo Capital

ROS Journey – The Rhino Operating System Book

Connect with Michael

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Resources

TheFreedomPodcast.com 

Access the #1 FREE Apartment Investing Course (Apartments 101)

Schedule a Free Strategy Session with Michael's Team of Advisors

Explore Michael’s Mentoring Program

Join the Nighthawk Equity Investor Club

Review the Podcast on Apple Podcasts

Syndicated Deal Analyzer

Get the Book, Financial Freedom with Real Estate Investing by Michael Blank 

For full episode show notes visit: https://themichaelblank.com/podcasts/session495/

Economic pressure is shrinking returns and tightening capital—but there’s a smarter way forward. In this episode, Michael Blank reconnects with Richard Wilson, founder of the Family Office Club, to explore how multifamily operators can add new strategic layers—not abandon their base.

Richard explains why family offices are focusing less on projected returns and more on trust, positioning, and access. He breaks down how top operators are earning investor confidence, raising capital through debt and niche strategies, and using AI to scale their investor reach and event ecosystems. This isn’t about leaving multifamily—it’s about unlocking more sophisticated pathways to grow wealth and build influence.

Key Takeaways

Relationships outweigh returns

• Investors commit capital based on trust, not just numbers.
• Track records are only as strong as the operator’s transparency during tough times.
• Desperation repels capital—authenticity and long-term engagement are key.

Multifamily is a foundation

• Real estate experience builds credibility that opens doors to new asset classes.
• Diversification into storage, assisted living, or industrial doesn’t replace multifamily—it expands the investor's options.
• Many capital raisers evolve beyond single-operator deals by layering in flexibility and variety.

Great fund managers think like media companies

• Creating value-rich content builds investor confidence long before a deal shows up.
• Every touchpoint—grad parties, social media, one-on-one texts—is a chance to reinforce trust.
• Consistent communication and thoughtful follow-up outperform one-off pitches.

Family offices play a long game

• They don’t just invest in deals—they invest in people with generational vision.
• Credibility, track record, and staying power are non-negotiables.
• It often takes years of rapport-building before a single dollar is committed—but the result is deep, repeatable capital.

Connect with Richard

Website

LinkedIn

Connect with Michael

Facebook

Instagram

YouTube

TikTok

Resources

TheFreedomPodcast.com 

Access the #1 FREE Apartment Investing Course (Apartments 101)

Schedule a Free Strategy Session with Michael's Team of Advisors

Explore Michael’s Mentoring Program

Join the Nighthawk Equity Investor Club

Review the Podcast on Apple Podcasts

Syndicated Deal Analyzer

Get the Book, Financial Freedom with Real Estate Investing by Michael Blank 

For full episode show notes visit: https://themichaelblank.com/podcasts/session494/

In this special market outlook session, Michael Blank breaks down the current state of the multifamily investing landscape—and explains why Q4 2025 may present one of the best buying opportunities we've seen in over a decade.

Despite high interest rates and ongoing fear in the media, Michael shares why the smart money is moving back into multifamily real estate, and how passive and active investors alike can take advantage of this rare window.

He also makes a few big announcements—including a move into business acquisitions and real estate debt funds—designed to expand the wealth-building options available to his investor community.

If you're wondering whether to sit tight, double down, or make your first move—this is the clarity you're looking for.

Key Takeaways

Multifamily prices are still 20–40% below their 2022 peak

• Institutional buyers are actively acquiring distressed assets
• Market fear has created undervalued buying opportunities
• Valuations remain well below replacement cost

Rising leverage is pushing prices back up

• Loan proceeds are increasing from 65% to 75% LTV
• Lenders are re-entering the market with more aggressive terms
• Higher leverage means stronger returns with less equity required

Demand for rental housing remains strong

• Homeownership is 44% more expensive than renting
• The U.S. faces a multi-million-unit housing shortage
• New construction activity has slowed significantly

Risk-adjusted returns are stronger than in 2022

• Interest rates are stabilizing, lowering market uncertainty
• Deals now use fixed-rate debt and more conservative underwriting
• Investors are getting the same returns with significantly less risk

The Passive Income Calculator helps investors plan their freedom

• Allows modeling based on actual investment inputs
• Tracks projected growth in passive income and net worth
• No opt-in required—download and start planning immediately

New opportunities are coming from TMB

• Expansion into real estate debt funds and business acquisitions
• Targeting cash-flowing, recession-resistant businesses
• Designed to offer passive investors more options for building wealth

Connect with Michael

Facebook

Instagram

YouTube

TikTok

Resources

TheFreedomPodcast.com 

Access the #1 FREE Apartment Investing Course (Apartments 101)

Schedule a Free Strategy Session with Michael's Team of Advisors

Explore Michael’s Mentoring Program

Join the Nighthawk Equity Investor Club

Review the Podcast on Apple Podcasts

Syndicated Deal Analyzer

Get the Book, Financial Freedom with Real Estate Investing by Michael Blank 

For full episode show notes visit: https://themichaelblank.com/podcasts/session493/

Most people raising capital are doing it completely wrong. They focus on flashy decks, mass emails, and trying to “look big”—but investors can smell the inauthenticity from a mile away.

Jeremy Dyer took a different approach.  He raised $50M in under 2 years by leading with trust, transparency, and one-on-one conversations—all while holding down a full-time tech sales job and raising four kids.

In this episode, Michael Blank uncovers the real strategies behind Jeremy’s rise from passive investor to powerhouse capital raiser. You’ll learn how he built a loyal investor base, scaled legally with fund-to-fund models, and is now buying deals at massive discounts while others sit on the sidelines. If you think capital raising is about money—it’s not. It’s about people.

Head over to https://thefreedompodcast.com/500 to submit for a chance to win free merch and be highlighted in episode 500!!!

Key Takeaways

Why LP Experience Makes You a Better Syndicator

• Jeremy invested in over 40 syndications before ever raising a dollar.
• Seeing wins and losses helped him understand what real investors care about.
• He built empathy—and that changed everything.

Capital Raising is Human, Not Corporate

• His $50M didn’t come from ads—it came from deep personal conversations.
• Jeremy rebranded himself organically, one investor at a time.
• Sales background helped, but being authentic mattered more.

How to Stand Out in a Sea of Noise

• He personally checks in with 20 investors every week.
• Following up on personal details (like a kid’s birthday) beats “just checking in” emails.
• Raising capital is about trust—not timing.

The Right Way to Raise Capital for Others

• Jeremy uses fund-to-fund structures to stay compliant.
• He partners with operators without muddying incentives.
• Leveraging someone else’s backend frees him to focus on investors.

Why Now Is a Massive Buying Opportunity

• Jeremy’s acquiring deals at 30–40% below peak pricing.
• Distressed sellers and rising absorption = market bottom approaching.
• He’s not scared—he’s scaling.

Connect with Jeremy

https://www.startingpointcapital.com/ 

LinkedIn

Connect with Michael

Facebook

Instagram

YouTube

TikTok

Resources

TheFreedomPodcast.com 

Access the #1 FREE Apartment Investing Course (Apartments 101)

Schedule a Free Strategy Session with Michael's Team of Advisors

Explore Michael’s Mentoring Program

Join the Nighthawk Equity Investor Club

Review the Podcast on Apple Podcasts

Syndicated Deal Analyzer

Get the Book, Financial Freedom with Real Estate Investing by Michael Blank 

For full episode show notes visit: https://themichaelblank.com/podcasts/session492/

Think you need 10 years of house flipping before you can go big in real estate? In this episode, Michael Blank sits down with Kent Ritter—Founder of Hudson Investing and host of Ritter on Real Estate—who scaled from solo operator to managing 2,000+ units and leading his own in-house property management firm. He didn’t wait for permission. He didn’t grind for a decade. He built systems, teams, and a killer culture that made scale inevitable.

They unpack how he made the leap from flipping houses to running a real syndication business, and why skipping the “single-family hustle” may be the smartest move you can make. If you’re tired of thinking small, this episode will wake you up.

Key TakeawaysWhy Single-Family Strategies Keep You Stuck

• Flipping and landlording create income—but not freedom.
• Most "passive" single-family models are just high-paying jobs in disguise.
• You don’t need 10 years of grinding to go multifamily—you need a mindset shift.

How to Build a Real Business (Not Just Do More Deals)

• Learn why Kent’s first plateau happened—and how he broke through it with the right partner.
• Discover how he scaled from 7 to 30 team members overnight by bringing property management in-house.
• Building culture and hiring to core values was Kent’s unfair advantage—here’s how to do it right.

The Hidden Challenge of Raising Capital

• Why your friends and family won’t take you seriously at first—and what to do instead.
• The #1 perception you must change to consistently raise from private investors.
• You don’t need to know everyone—you just need to earn trust and prove expertise.

Public-Private Partnerships: The Future of Development?

• How Hudson Investing makes new construction deals pencil in 2025 and beyond.
• Why cities are partnering with operators—and how that benefits your returns.
• The real risk difference between building new vs. buying value-add.

Why the Midwest Is Still Winning

• Kent breaks down why Midwest markets like Indianapolis and Fort Wayne are outperforming.
• Supply constraints = stronger rent growth and less risk—here’s where to look.
• Why Midwest deals may be boring… but boring works.

Connect with Kent

https://www.kentritter.com 

LinkedIn 

Instagram

Ritter on Real Estate Podcast

Youtube  

Connect with Michael

Facebook

Instagram

YouTube

TikTok

Resources

TheFreedomPodcast.com 

Access the #1 FREE Apartment Investing Course (Apartments 101)

Schedule a Free Strategy Session with Michael's Team of Advisors

Explore Michael’s Mentoring Program

Join the Nighthawk Equity Investor Club

Review the Podcast on Apple Podcasts

Syndicated Deal Analyzer

Get the Book, Financial Freedom with Real Estate Investing by Michael Blank 

For full episode show notes visit: https://themichaelblank.com/podcasts/session491/

Most people are playing the wrong money game—trading time for income, saving their way to retirement, and hoping it adds up by 65. In this episode, $300M multifamily investor Michael Blank shares the 10 money rules that helped him escape the rat race and build scalable, passive wealth through real estate. You’ll learn why flipping houses, single-family rentals, and even high-paying jobs won’t get you free—and what to focus on instead. If you’re serious about using multifamily to take control of your time and income, these rules will reset how you think about money forever.

Head over to https://thefreedompodcast.com/500 to submit for a chance to win free merch and be highlighted in episode 500!!!

Key Takeaways

Michael’s 10 Rules to Get Your Money Right, plus:

What’s Really Broken About Retirement (and How to Fix It)

• Why the "work till you're 65" model no longer works
• How to reframe freedom so it actually feels fulfilling
• What to focus on instead of sitting on a beach forever

The Math Behind Why You’re Still Stuck

• How traditional saving and investing keeps you locked in the rat race
• What most six-figure earners misunderstand about wealth
• A smarter way to create income that doesn’t depend on your time

How Most Real Estate Strategies Still Trap You

• Why flipping and single-family homes rarely lead to freedom
• The real reason those deals feel like progress—but aren’t
• The asset class that scales income and time

One Number That Changes Everything

• How to figure out the income you need to quit your job
• Why your “rat race number” is more powerful than your net worth
• How lowering it can make freedom come faster than you think

How to Build Wealth Without Using Your Own Money

• The one mindset shift that unlocks serious scale
• How first-time investors raise $500K+—even with no experience
• What kind of partnerships make it possible (and how to find them)

Connect with Michael

Facebook

Instagram

YouTube

TikTok

Resources

TheFreedomPodcast.com 

Access the #1 FREE Apartment Investing Course (Apartments 101)

Schedule a Free Strategy Session with Michael's Team of Advisors

Explore Michael’s Mentoring Program

Join the Nighthawk Equity Investor Club

Review the Podcast on Apple Podcasts

Syndicated Deal Analyzer

Get the Book, Financial Freedom with Real Estate Investing by Michael Blank 

For full episode show notes visit: https://themichaelblank.com/podcasts/session490/

If you’re serious about building wealth through real estate, you can’t afford to ignore the tax side. In this episode, CPA and active investor Sean Graham breaks down how cost segregation and bonus depreciation can save you (and your investors) tens or even hundreds of thousands in taxes—without changing your investment strategy. We cover how to use cost seg the right way, why most CPAs are doing it wrong, and what high earners need to know about the latest tax bill that could bring back 100% bonus depreciation. Whether you're a GP looking to raise smarter or an LP trying to boost after-tax returns, this episode is non-negotiable.

Key Takeaways

What Cost Segregation Actually Does for You

• Reclassifies components of a property to accelerate depreciation over 5–15 years instead of 27.5 or 39.
• Allows investors to take massive deductions in year one—sometimes more than the cash they put into the deal.
• Creates phantom losses on K-1s that can offset other passive income or gains.

Bonus Depreciation: What It Is, and Why It Matters

• 100% bonus depreciation (introduced in 2017) allows investors to deduct qualifying property in year one.
• It's phased down since 2023 but may return under new legislation.
• Huge benefit for both LPs and GPs—particularly when paired with proper tax strategy.

Using Cost Seg to Raise Capital More Effectively

• Smart GPs use depreciation estimates during the raise to attract savvy investors.
• Many LPs care more about the tax benefits than the projected cash flow.
• For deals over $1M, cost seg should be factored into your underwriting and pitch.

The “Look-Back” Strategy for Missed Depreciation

• Allows owners to retroactively apply cost segregation—even years after purchase.
• No need to amend prior tax returns; benefits can be taken in the current year.
• Especially powerful when strategic timing aligns with real estate professional status.

Avoiding Common CPA Mistakes

• Many CPAs aren’t familiar with real estate—leading to missed deductions and bad advice.
• Make sure your tax pro understands real estate-specific strategies like bonus depreciation, short-term rental loopholes, and REPS.
• Ask the right questions: Do they know how to handle depreciation recapture? Real estate professional status? IRA investing?

How to Work with a Cost Segregation Firm the Right Way

• Involve a cost seg firm early—before closing—so you can plan ahead and market benefits to investors.
• Studies typically cost $5K–$10K, but often result in six-figure tax savings.
• Smaller properties can use a “condensed engineering study” for reduced fees without sacrificing IRS compliance.

Connect with Sean

MavenCostSeg.com/Blank 

Connect with Michael

Facebook

Instagram

YouTube

TikTok

Resources

TheFreedomPodcast.com 

Access the #1 FREE Apartment Investing Course (Apartments 101)

Schedule a Free Strategy Session with Michael's Team of Advisors

Explore Michael’s Mentoring Program

Join the Nighthawk Equity Investor Club

Review the Podcast on Apple Podcasts

Syndicated Deal Analyzer

Get the Book, Financial Freedom with Real Estate Investing by Michael Blank 

For full episode show notes visit: https://themichaelblank.com/podcasts/session489/

Don’t forget to grab your free book! www.TheMichaelBlank.com/QRP

Most people don’t know this—but you can invest your IRA or 401(k) in real estate instead of leaving it trapped in mutual funds. In this episode, I’m joined by Damion Lupo, founder of eQRP, to explain exactly how to unlock your retirement savings and use them to invest in apartments, storage, and more. We walk through the process step-by-step, dispel common myths, and show you how to avoid one of the biggest tax traps most investors don’t even see coming: UBIT. Whether you’re a passive investor or a GP raising capital, this is a must-listen.

Key Takeaways

Why Most Investors Don’t Know About This

• Financial advisors don’t promote these options because they lose fees when you take control.
• Most investors have old 401(k)s or IRAs they’ve forgotten about—but those funds are eligible for self-direction.
• Online platforms like Schwab and Fidelity won’t show you the option to invest in real estate—you have to know to ask.

How Self-Directed Accounts Actually Work

• Self-directed IRAs and solo 401(k)s give you full control—you can invest in real estate, crypto, gold, and more.
• The right setup gives you checkbook control and removes delays caused by custodians.
• Solo 401(k)s (like EQRPs) offer faster transactions, better flexibility, and fewer limitations than traditional IRAs.

The UBIT Tax Trap—and How to Avoid It

• Using leverage in real estate deals inside a self-directed IRA can trigger UBIT—up to 40% in surprise taxes.
• Solo 401(k)s are exempt from UBIT, even in leveraged deals.
• You can convert from an IRA to a solo 401(k) before the deal sells to avoid the tax completely.

Smart Strategies for Passive and Active Investors

• Passive investors can use these accounts to invest in syndications—earning tax-free or tax-deferred returns.
• Active investors (GPs) can raise more capital by educating others on how to invest through their retirement accounts.
• Damion’s team offers tools like books, webinars, and white-glove onboarding to help GPs guide investors through the process.

Rules, Limits, and Legacy Planning

• You can’t use these accounts to buy personal assets, rehab your own property, or benefit directly from the investment.
• You can borrow up to $50K from your solo 401(k) for any reason and pay yourself back—with interest you choose.
• Setting up retirement accounts for parents or family members can create powerful tax-free legacy wealth.
• Roth solo 401(k)s allow real estate investing with leverage and no taxes on gains—making them the most powerful tool in the tax code.

Connect with Damion Lupo

GET A FREE BOOK www.TheMichaelBlank.com/QRP  

Connect with Michael

Facebook

Instagram

YouTube

TikTok

Resources

TheFreedomPodcast.com 

Access the #1 FREE Apartment Investing Course (Apartments 101)

Schedule a Free Strategy Session with Michael's Team of Advisors

Explore Michael’s Mentoring Program

Join the Nighthawk Equity Investor Club

Review the Podcast on Apple Podcasts

Syndicated Deal Analyzer

Get the Book, Financial Freedom with Real Estate Investing by Michael Blank 

For full episode show notes visit: https://themichaelblank.com/podcasts/session488/

In just a few years, Chad Schieler went from zero to over 700 units, ditching his high-paying W2 job to build a real syndication business from scratch. And he did it the hard way - solo, self-funded, and battle-tested.

In this episode, Michael Blank sits down with Chad to unpack the gritty, unfiltered truth behind the rise of Focus Capital. They dive deep into the growing pains of scaling fast - partnership failures, capital raising fears, management misfires, and what it really takes to build a machine that lasts.

If you think you’re ready to go full-time, this episode will either snap you out of it - or show you the way forward.

Head over to https://thefreedompodcast.com/500 to submit for a chance to win free merch and be highlighted in episode 500!!!

Key Takeaways

From W2 to 700+ Units: Why Chad Walked Away

• Built a career in credit card processing—but hit a wall with taxes and purpose.
• Real estate started as a tax strategy and turned into a full-blown mission.
• Why chasing a deeper “why” made walking away from comfort worth it.

The Truth About Partnerships

• Chad’s first syndicated deal looked perfect—until it nearly fell apart.
• Why being $4K short led him to take control of the entire business model.
• How too many “chiefs” in asset management created chaos—and the fix.

Raising Capital When It Doesn’t Come Naturally

• Chad self-funded his first four deals—then hit a ceiling.
• The mental shift that helped him want to raise capital.
• How his best capital raiser came straight from his LP base.

Scaling a Real Business (Without Burning Out)

• The struggle of hiring when revenue is lumpy—and what worked for Focus Capital.
• Why Chad hires 12 months ahead of revenue (and how it paid off).
• The non-negotiables that protect his time and family life.

When Bigger is Actually Easier

• Why 100+ unit properties are less stressful than small ones.
• The mistake most investors make with property management on smaller deals.
• How Chad’s early inspection and financing mistakes shaped his future deals.

Connect with Chad

Visit Focus Capital

[email protected] 

Connect with Michael

Facebook

Instagram

YouTube

TikTok

Resources

TheFreedomPodcast.com 

Access the #1 FREE Apartment Investing Course (Apartments 101)

Schedule a Free Strategy Session with Michael's Team of Advisors

Explore Michael’s Mentoring Program

Join the Nighthawk Equity Investor Club

Review the Podcast on Apple Podcasts

Syndicated Deal Analyzer

Get the Book, Financial Freedom with Real Estate Investing by Michael Blank 

For full episode show notes visit: https://themichaelblank.com/podcasts/session487/

This is one of the most tactical, eye-opening conversations we’ve had on market selection. 

Market selection can make or break your deal before you ever sign a contract. And right now, it’s not just about job growth or population trends anymore. In this episode, Michael Blank is joined by Andrew Meyers, Director of Acquisitions at Nighthawk Equity, to reveal what actually matters when choosing a market—and why most investors are looking at the wrong data.

They break down the real drivers of rent growth, how to avoid buying in overheated metros, and what most people overlook that leads to underperforming deals. Plus, Andrew shares where Nighthawk is actively investing right now—and why.

Key Takeaways

Why Absorption Is the New KPI

• It’s not just about growth—it’s about who’s filling those units.
• Learn why absorption is the single most overlooked factor in market due diligence.
• Discover how overbuilt markets tank B-class rents—and how to spot it before you buy.

The Hidden Danger in “Hot Markets”

• Everyone loved Phoenix, Austin, and Atlanta—until rent drops hit hard.
• Understand why too much supply—even in fast-growing cities—kills performance.
• Learn how to read between the lines of growth headlines to spot real risk.
• 
  

How to Vet a Submarket Like a Pro

• Why Carroll County in Georgia is outperforming—but other Atlanta submarkets are crashing.
• Learn how zoning moratoriums, new construction trends, and crime rates quietly impact your bottom line.
• The exact reports and relationships you need to dig deeper than “market averages.”

Where Nighthawk Is Buying Right Now

• Atlanta remains the #1 market due to scale, broker relationships, and submarket knowledge.
• Huntsville, AL is rising fast thanks to job growth and lower institutional competition.
• Hear what tertiary markets are on Nighthawk’s radar—and why most operators overlook them.

Questions Every Passive Investor Should Ask

• Who’s actually on the ground executing the business plan—and what relationships do they have?
• How well does the operator know this specific submarket (not just the metro)?
• Are their underwriting assumptions conservative—or fantasy spreadsheets?
• Learn the red flags that reveal when a sponsor is guessing instead of grounded.

Connect with Andrew

[email protected]

Join the Nighthawk Equity Investor Club

Connect with Michael

Facebook

Instagram

YouTube

TikTok

Resources

TheFreedomPodcast.com 

Access the #1 FREE Apartment Investing Course (Apartments 101)

Schedule a Free Strategy Session with Michael's Team of Advisors

Explore Michael’s Mentoring Program

Join the Nighthawk Equity Investor Club

Review the Podcast on Apple Podcasts

Syndicated Deal Analyzer

Get the Book, Financial Freedom with Real Estate Investing by Michael Blank 

For full episode show notes visit: https://themichaelblank.com/podcasts/session486/