Top positive review
What you need to overcome your fears and SUCCEED in real estate!
Reviewed in the United States on August 18, 2018
Like many people, I have been interested in real estate investing for a long time but started with 1-4 unit (aka single-family) properties because they seemed “touchable.” I wanted to buy apartment buildings, but they just seemed too big, I didn’t have the money, knowledge, or experience to do THAT. After years of trudging, I realized I just wasn’t making progress fast enough with single-family properties to reach my financial freedom goals in this lifetime. I decided to step back and reassess my plan. In so doing, I came to the conclusion that the only way to reach my goals was with apartment buildings. I didn’t know how I was going to do that, but I had to find a way.
Enter Michael Blank. I discovered him on the BiggerPockets forum and began consuming his articles and podcasts. I wish I had been introduced to this information years ago!! Since then I have become one of his students, and purchased several of his courses. The information is fantastic, well rounded, and detailed.
When I discovered Michael was writing this book, I was excited to read it, and it did not disappoint. In it he covers many key aspects of apartment building investing, the ones that most of us probably feel are preventing us from succeeding, or even trying to invest in this real estate category.
He starts with his personal story (it is nice to hear that others have faced adversity and still succeeded). Then he covers what is necessary to do your first deal, how to raise the money you need by developing an investor network (one of the key differences between single-family properties and multifamily (5+ unit) properties is that it is much easier to get investor capital for multifamily). The best way to find deals, how to analyze deals, and how to get past your personal limiting beliefs with what he calls the Vision Map. Then he outlines how to take your vision, and use it to create “bite-sized” steps to accomplish each day so you can reach your larger goal. Looking out 6-12 months makes most of us freeze in overwhelm, and his process helps overcome this. Then in the final section he covers the details of deal negotiation, performing due diligence, closing escrow, and managing the property. There are just too many components to write about, but all of it is well written and extremely informative.
This is a must read if you are even considering real estate investing. I wish I had this book available years ago when I started in single-family. I would have saved countless hours, been much more successful, and by now accomplished my goal.