When you hunt, the prey runs away. But when you fish, you simply put a lure in the water and let the fish come to you. Tim Bratz likens raising private money to fishing: You provide value through education and intentional conversation—and then wait for the investors to come to you.

Tim is the owner of CLE Turnkey, a real estate investment firm focused on apartment buildings, vacation rentals and other commercial properties in Ohio, South Carolina, Georgia, Florida and Texas. His current portfolio consists of 2K units with a value of over $100M. Tim also offers coaching and mentoring through Commercial Empire.

Today, Tim joins me to explain how working as a commercial broker sparked his interest in investing and share the story of buying his first property—with a credit card! He discusses his transition from flipping, wholesaling and single-family rentals to multifamily buy-and-holds as well as his mindset shift around hiring a team. Listen in to understand the current opportunity around raising capital for multifamily and learn Tim’s approach to luring passive investors rather than chasing them.

Key Takeaways

How Tim got interested in real estate investing

• Worked as commercial agent in NYC
• Ran numbers on landlord’s profit

How Tim bought his first duplex on a credit card

• Asked for $100K credit limit, received $15K
• Flipped property in 75 days for $13K profit

Tim’s transition to multifamily buy-and-hold

• Connected with investors ($1M to work with)
• Found 8-unit building in C-class area
• Apartments scalable, financing easier
• Portfolio of 2,000 units in 42 months

Why raising capital is the best use of your time

• Finance commands all other industries
• ‘Control the money, control the deal’

Tim’s mindset shift around building a team

• Hesitant to hire assistant for $35K/year
• Revenue increase from $100K to $400K/year

The activities Tim outsourced first

• Dry cleaning, car wash, post office, etc.
• Marketing and inspections

Tim’s first six-figure hires

• COO, CLO = engines that run business
• $48K salary + profit share based on role

The current opportunity around raising money

• Uncertainty in market, volatility
• Shift from stocks to hard assets

Why multifamily is the safest investment

• More control than stock market
• Limited risk in B, C+ properties
• Invest for cashflow vs. speculation

Tim’s approach to potential passive investors

• Educate around opportunities (e.g.: self-directed IRA)
• Fish rather than hunt, intentional conversations

What investors are looking for

• Collateral and ROI
• Credibility, fortitude

Connect with Tim

Tim on Facebook

CLE Turnkey

Commercial Empire

Resources

Invest with Michael

The Ultimate Guide to Buying Apartment Buildings with Private Money

Michael’s Mentoring Program

Financial Freedom with Real Estate Investing: The Blueprint to Quitting Your Job with Real Estate—Even Without Experience or Cash by Michael Blank

Michael’s Website

Podcast Show Notes

Review the Podcast on iTunes

So, you’re on the phone with a real estate broker or a potential investor. Chances are, they’re Googling you to see if you’re the real deal. If they don’t find a website, it’s unlikely they’ll take you seriously. And if they find a poorly designed site, that’s even worse! A quality website affords you instant credibility as a syndicator. But is there an easy way to build a good one without investing a lot of time or money in the process?

Todd Heitner is the founder of Apartment Investor Pro and Done Deal Websites. He supports real estate investors in building professional-quality websites. Todd’s service includes beautiful design, well-written content and quick setup, giving you the credibility and systems you need to connect with brokers and investors at a fraction of the cost.

Today, Todd joins me to explain how a professional website affords syndicators instant credibility. He walks us through the features of a quality website, from domain name to design to content to maintenance. Listen in for Todd’s insight on the value of automation in building relationships with investors and learn how Apartment Investor Pro can help you set up a website in just one day!

Key Takeaways

How a website provides credibility

• Expectation for all businesses
• Professional site builds trust

The elements of a quality website

• Domain name to match business
• Good web hosting service
• Design (overall look and feel of site)
• Appropriate plugins
• Consistent content
• Up-to-date maintenance

The value of website automation

• Saves time (e.g.: connection to CRM)
• Consistency of experience (i.e.: email sequence)
• Stay top-of-mind with investors

The features of Apartment Investor Pro

• Professional look and feel
• Allows for customization
• Includes all but domain name
• Forms to capture investor info

Connect with Todd

Apartment Investor Pro

Resources

WordPress

WP Engine

Fiverr

The Divi Builder

MailChimp

Constant Contact

AWeber

ActiveCampaign

Michael’s Mentoring Program

Financial Freedom with Real Estate Investing: The Blueprint to Quitting Your Job with Real Estate—Even Without Experience or Cash by Michael Blank

Michael’s Website

Podcast Show Notes

Review the Podcast on iTunes

So, you’re on the phone with a real estate broker or a potential investor. Chances are, they’re Googling you to see if you’re the real deal. If they don’t find a website, it’s unlikely they’ll take you seriously. And if they find a poorly designed site, that’s even worse! A quality website affords you instant credibility as a syndicator. But is there an easy way to build a good one without investing a lot of time or money in the process?

Todd Heitner is the founder of Apartment Investor Pro and Done Deal Websites. He supports real estate investors in building professional-quality websites. Todd’s service includes beautiful design, well-written content and quick setup, giving you the credibility and systems you need to connect with brokers and investors at a fraction of the cost.

Today, Todd joins me to explain how a professional website affords syndicators instant credibility. He walks us through the features of a quality website, from domain name to design to content to maintenance. Listen in for Todd’s insight on the value of automation in building relationships with investors and learn how Apartment Investor Pro can help you set up a website in just one day!

Key Takeaways

How a website provides credibility

• Expectation for all businesses
• Professional site builds trust

The elements of a quality website

• Domain name to match business
• Good web hosting service
• Design (overall look and feel of site)
• Appropriate plugins
• Consistent content
• Up-to-date maintenance

The value of website automation

• Saves time (e.g.: connection to CRM)
• Consistency of experience (i.e.: email sequence)
• Stay top-of-mind with investors

The features of Apartment Investor Pro

• Professional look and feel
• Allows for customization
• Includes all but domain name
• Forms to capture investor info

Connect with Todd

Apartment Investor Pro

Resources

WordPress

WP Engine

Fiverr

The Divi Builder

MailChimp

Constant Contact

AWeber

ActiveCampaign

Michael’s Mentoring Program

Financial Freedom with Real Estate Investing: The Blueprint to Quitting Your Job with Real Estate—Even Without Experience or Cash by Michael Blank

Michael’s Website

Podcast Show Notes

Review the Podcast on iTunes

Who are you? Is your identity tied up in money? Another person? What you do for a living? If so, you are treading on dangerous ground, as these externalities can go away at any time. So, how do you define your WHY and create a culture in alignment with your core values? How do you awaken to your true purpose and potential? How do you live a life of significance and build a legacy you can be proud of?

Keith Elias is a former NFL running back who played for the New York Giants and Indianapolis Colts from 1994 through 1999. He earned All-American honors playing college ball at Princeton, where he established school, conference, and national records. Today, he supports NFL players in making the transition to retirement, helping them awaken to their purpose and navigate life after football.

Keith joins me on the podcast today to share his experience as an NFL player and his realization that there was more to life than football. He discusses why people struggle with life transitions, describing the risk in tying your identity to external things and the significance of defining your WHY. Keith offers advice around defining your core values and then using them as a guide in the decision-making process. Listen in for Keith’s insight on building a legacy and learn how to live a life of significance—starting right now!

Key Takeaways

Keith’s experience as an NFL player

• ‘Accelerated life’
• Popularity, money

Keith’s realization around life beyond football

• Lack of spiritual purpose
• Began search for something deeper

Why people struggle with life transitions

• Identity tied to external things (i.e.: money, other person)
• Don’t know purpose beyond job title

The importance of defining your WHY

• No one immune from storm
• Purpose provides foundation

Keith’s advice around defining your identity

• Ask why you were created
• Align culture with core values

Keith’s mission to awaken people to their truth

• Ask big questions (spirituality)
• Realize ‘life is bigger than me’

How to incorporate your values in everyday life

• Define priorities, values (e.g.: truth, compassion)
• Use to inform decision-making

Keith’s insight on building a legacy

• Springs from identity, significance
• Ask ‘Who can I help right now?’

Connect with Keith

Email [email protected]

Resources

The Miracle Morning: The Not-So-Obvious Secret Guaranteed to Transform Your Life (Before 8AM) by Hal Elrod

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

Real Estate Guys Create Your Future 2019 Goal Setting Retreat

The Financial Freedom Summit

Financial Freedom with Real Estate Investing: The Blueprint to Quitting Your Job with Real Estate—Even Without Experience or Cash by Michael Blank

Michael’s Website

Podcast Show Notes

Review the Podcast on iTunes

Is 2019 the year you finally get on the road to financial freedom with multifamily real estate? Today, I’m sharing my top 3 tips to crush it in 2019, from getting clear on your goals and scheduling intentional time to work toward them to taking tiny action and celebrating the small WINS along the way!

In a perfect world, we could syndicate a multifamily property and then sit back and wait for the checks to roll in. But in the real world, we are responsible for asset management. Today, Drew Kniffin joins me to discuss the chief aspects of the job—overseeing the property manager and communicating with investors.

Is 2019 the year you finally get on the road to financial freedom with multifamily real estate? If that’s your goal, there are a few simple things you can do to totally crush it this year.

Today on the podcast, I’m sharing my top 3 tips for achieving success in 2019. I start with goal-setting, explaining how to get clear on what you want to achieve and narrow down your objectives to no more than 5 measurable aims with specified time frames.

I go on to discuss making time to work toward your goals, describing the strategies I use to batch like activities and schedule intentional blocks to advance my top priorities for that week. Listen in for insight on taking tiny action and learn how to track, recognize and celebrate the small WINS that put you on the road to financial freedom with multifamily real estate!

Key Takeaways Tip #1—Get clear on your goals

Identify 1 to 3 things that make others easier

Define daily, weekly, 90-day and yearly goals

State in present tense with time frame

Tip #2—Make time

Schedule intentional blocks to work on goals

Batch similar activities

Establish morning routine

Focus on WHY = prioritize time

Tip #3—Take tiny action

Focus on next 3 things, track progress

Recognize and celebrate small WINS

Activity over outcome in beginning

The value of a strong support system

Accountability partners

Accelerate timeline

Resources http://www.themichaelblank.com/coaching/ (Michael’s Mentorship Program)

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

https://keep.google.com/u/0/ (Google Keep)

The Miracle Morning: The Not-So-Obvious Secret Guaranteed to Transform Your Life (Before 8AM) by Hal Elrod

https://www.facebook.com/groups/1897367413833865/ (Apartment Investors Network Facebook Group)

https://www.facebook.com/themichaelblank (Michael on Facebook)

https://www.instagram.com/themichaelblank/ (Michael on Instagram)

Financial Freedom with Real Estate Investing: The Blueprint to Quitting Your Job with Real Estate—Even Without Experience or Cash by Michael Blank

http://www.themichaelblank.com/ (Michael’s Website)

http://www.themichaelblank.com/session142/ (Podcast Show Notes)

Review the Podcast on iTunes

Is 2019 the year you finally get on the road to financial freedom with multifamily real estate? If that’s your goal, there are a few simple things you can do to totally crush it this year.

Today on the podcast, I’m sharing my top 3 tips for achieving success in 2019. I start with goal-setting, explaining how to get clear on what you want to achieve and narrow down your objectives to no more than 5 measurable aims with specified time frames.

I go on to discuss making time to work toward your goals, describing the strategies I use to batch like activities and schedule intentional blocks to advance my top priorities for that week. Listen in for insight on taking tiny action and learn how to track, recognize and celebrate the small WINS that put you on the road to financial freedom with multifamily real estate!

Key Takeaways

Tip #1—Get clear on your goals

• Identify 1 to 3 things that make others easier
• Define daily, weekly, 90-day and yearly goals
• State in present tense with time frame

Tip #2—Make time

• Schedule intentional blocks to work on goals
• Batch similar activities
• Establish morning routine
• Focus on WHY = prioritize time

Tip #3—Take tiny action

• Focus on next 3 things, track progress
• Recognize and celebrate small WINS
• Activity over outcome in beginning

The value of a strong support system

• Accountability partners
• Accelerate timeline

Resources

Michael’s Mentorship Program

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

Google Keep

The Miracle Morning: The Not-So-Obvious Secret Guaranteed to Transform Your Life (Before 8AM) by Hal Elrod

Apartment Investors Network Facebook Group

Michael on Facebook

Michael on Instagram

Financial Freedom with Real Estate Investing: The Blueprint to Quitting Your Job with Real Estate—Even Without Experience or Cash by Michael Blank

Michael’s Website

Podcast Show Notes

Review the Podcast on iTunes

In a perfect world, we could syndicate a multifamily property and then sit back and wait for the checks to roll in. But in the real world, we must oversee the apartment buildings we’ve purchased and make sure they perform according to plan. What all is involved in asset management? What is the best way to communicate with investors? And how does your property manager’s competence impact the amount of work that falls to you?

Drew Kniffin is the President of Nighthawk Equity, a firm committed to helping real estate investors achieve financial freedom through practical education and high-quality multifamily investment opportunities. Drew became an ‘accidental landlord’ in 2008 when he was unable to sell his condo and rented it instead. But it wasn’t until 2015 that Drew shifted his focus to small apartment buildings. Eight months and three deals later, he was able to quit his job and pursue real estate full-time. Now, Drew helps manage a 1K-unit portfolio through Nighthawk, and he also serves as a mentor with The Michael Blank organization.

Today, Drew joins me to share his definition of asset management and explain the syndicator’s role in finding problems to solve during the acquisition process. He describes the significance of a good property manager, discussing how to gauge if a property manager is the right fit, what you should expect from a property manager, and how replace a property manager if necessary. Drew also covers reporting, offering insight around the level of detail to expect from your property manager as well as the key performance indicators a syndicator should monitor. Listen in for Drew’s advice on communicating with investors and learn what aspects of asset management can be outsourced as you scale!

Key Takeaways Drew’s definition of asset management

What you do once bought property

Make sure performs according to plan

What to look for in the acquisition process

Capable, competent property manager

Problems that can be solved

How to find a good property manager

Ask for stabilized profit and loss projections

Learn how report, communicate with owners

What makes for a great property manager

Execute on marketing property, managing to budget

Less than 10 minutes/month to review financials

The reasonable expectations for a property manager

Online listings, ads competent

Changes made first time asked

Interested in communicating

The fundamentals of reporting

Consult with bookkeeper, accountant re: details

Know investors, report to desired level of detail

How to determine if a property manager is not the right fit

Micromanaging on smaller level as time goes on

Change after 2 months if ‘managing the manager’

The key performance indicators to monitor

Net occupancy

Punch list items

Actual vs. budget

How to keep a property manager honest

Require plan to deliver on budget

Quarterly audits

Drew’s advice on replacing a property manager

Transition in middle of month

Know what files need to transfer (e.g.: rent rolls, leases)

Don’t use 30-day earn-out, bring in new team on Day 1

The fundamentals of investor relations

Deliver ongoing communication (monthly report)

Provide high-level qualitative and financial summary

How to communicate with investors when things go wrong

Build long-term trust by delivering bad news

Be honest but have plan and follow up

The value in uniformity of reporting as you scale

Standardization affords control

Software streamlines format, provides investor portal

How syndicators should spend their time

Raising money

Finding deals

Operations/systems

The asset management tasks that VAs can do

Keep investor information current

End-of-month reporting

Connect with Drew http://nighthawkequity.com/ (Nighthawk Equity)

http://www.themichaelblank.com/mentor-drew-kniffin/ (Drew at Michael Blank Mentorship)

Resources...

In a perfect world, we could syndicate a multifamily property and then sit back and wait for the checks to roll in. But in the real world, we must oversee the apartment buildings we’ve purchased and make sure they perform according to plan. What all is involved in asset management? What is the best way to communicate with investors? And how does your property manager’s competence impact the amount of work that falls to you?

Drew Kniffin is the President of Nighthawk Equity, a firm committed to helping real estate investors achieve financial freedom through practical education and high-quality multifamily investment opportunities. Drew became an ‘accidental landlord’ in 2008 when he was unable to sell his condo and rented it instead. But it wasn’t until 2015 that Drew shifted his focus to small apartment buildings. Eight months and three deals later, he was able to quit his job and pursue real estate full-time. Now, Drew helps manage a 1K-unit portfolio through Nighthawk, and he also serves as a mentor with The Michael Blank organization.

Today, Drew joins me to share his definition of asset management and explain the syndicator’s role in finding problems to solve during the acquisition process. He describes the significance of a good property manager, discussing how to gauge if a property manager is the right fit, what you should expect from a property manager, and how replace a property manager if necessary. Drew also covers reporting, offering insight around the level of detail to expect from your property manager as well as the key performance indicators a syndicator should monitor. Listen in for Drew’s advice on communicating with investors and learn what aspects of asset management can be outsourced as you scale!

Key Takeaways

Drew’s definition of asset management

• What you do once bought property
• Make sure performs according to plan

What to look for in the acquisition process

• Capable, competent property manager
• Problems that can be solved

How to find a good property manager

• Ask for stabilized profit and loss projections
• Learn how report, communicate with owners

What makes for a great property manager

• Execute on marketing property, managing to budget
• Less than 10 minutes/month to review financials

The reasonable expectations for a property manager

• Online listings, ads competent
• Changes made first time asked
• Interested in communicating

The fundamentals of reporting

• Consult with bookkeeper, accountant re: details
• Know investors, report to desired level of detail

How to determine if a property manager is not the right fit

• Micromanaging on smaller level as time goes on
• Change after 2 months if ‘managing the manager’

The key performance indicators to monitor

1. Net occupancy
2. Punch list items
3. Actual vs. budget

How to keep a property manager honest

• Require plan to deliver on budget
• Quarterly audits

Drew’s advice on replacing a property manager

• Transition in middle of month
• Know what files need to transfer (e.g.: rent rolls, leases)
• Don’t use 30-day earn-out, bring in new team on Day 1

The fundamentals of investor relations

• Deliver ongoing communication (monthly report)
• Provide high-level qualitative and financial summary

How to communicate with investors when things go wrong

• Build long-term trust by delivering bad news
• Be honest but have plan and follow up

The value in uniformity of reporting as you scale

• Standardization affords control
• Software streamlines format, provides investor portal

How syndicators should spend their time

1. Raising money
2. Finding deals
3. Operations/systems

The asset management tasks that VAs can do

• Keep investor information current
• End-of-month reporting

Connect with Drew

Nighthawk Equity

Drew at Michael Blank Mentorship

Resources

Drew Kniffin on ABI EP027

The Financial Freedom Summit

The Michael Blank Deal Desk

Google Sheets

Upwork

Jing

Loom

Invest with Michael

Financial Freedom with Real Estate Investing: The Blueprint to Quitting Your Job with Real Estate—Even Without Experience or Cash by Michael Blank

Michael’s Website

Michael’s Live Training Webinars

Michael’s Coaching Program

Podcast Show Notes

Review the Podcast on iTunes