On today’s episode Rich sits down with Michael Chang - Entrepreneur, Real Estate Investor, and co-Founder and partner at Trustbnb Vacation Rentals and Trustbnb Capital. Based in New York, Michael owns and operates a portfolio of short term rentals in Philadelphia, PA and the Smoky Mountains, TN. Prior to building Trustbnb, Michael was a New York City-based investment banker, who spent over a decade at Citigroup, Merrill Lynch, and Jefferies advising public companies, private equity firms, family offices, and venture capitalists. He has advised and executed over $40 billion in transaction value across 52 deals in his career. 

Rich and Michael start off by discussing Manhattan, Wolfgang’s Steakhouse, Michael’s favorite sushi restaurant in New York, Brian Malarkey, Rich’s fourth boutique hotel closed, Michael’s portfolio, rental arbitrage, multifamily acquisition, the importance to investing into larger apartment buildings, the process to taking on large multifamily arbitrage deals, and looking for the right buildings to arbitrage in.

They then reflect on the biggest risks to the arbitrage model, Rich’s arbitrage deals across the US, the best markets to arbitrage in, what Michael recommends doing to start in arbitraging, Michael’s team layout, overseas virtual assistants, tracking KPIs, the CEO mindset, and buying in the Smokys. 

Lastly, they talk about moving equity, buying conservatively, the current rate environment, cost segregation studies, picking the right accountant, Michael’s under-the-radar potential new market, what Michael’s the most excited about in the coming year, where happiness stems from, the perks of financial freedom, and how entrepreneurship is a little like thanksgiving.

 

Connect with Michael on Instagram: @michaelchangbnb


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