Michael Blank believes in the law of the first deal. Once your first deal is done, the second and third come easily.
On this episode of Capital Gains, he explains why multi-family properties are like an ATM machine.
It doesn’t matter how much you earn or how much you have in the bank, the key to being financially free is to generate a large passive income. Michael talks about how to achieve this, and how he is coaching others to as well.
When he was in his mid-30s and working in the software industry, he read Rich Dad Poor Dad and it shifted his entire mindset. He threw away his career and started focusing on earning a passive income from real estate.
Michael began by flipping houses, but his big idea was restaurant franchises. His idea was to plow his net worth into restaurants, but it didn’t go well. He lost 95% of his net worth, and describes that time as a “very painful process”.
He calculated that he would need 50 houses to make a great passive income. That was too many transactions. Michael reevaluated his strategy and started focusing on multi-family, and made his first deal in 2011.
Key takeaways:
Head over to Michael’s website for more information and coaching on investing in multi-family properties: http://www.themichaelblank.com/
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Find more great content from Jonathan at www.twobridgesmgmt.com.