- Paperback: 257 pages
- Publisher: CreateSpace Independent Publishing Platform (July 16, 2018)
- Language: English
- ISBN-10: 1986532364
- ISBN-13: 978-1986532365
- Product Dimensions: 6 x 0.6 x 9 inches
- Shipping Weight: 7.2 ounces (View shipping rates and policies)
- Average Customer Review: 136 customer reviews
- Amazon Best Sellers Rank: #26,625 in Books (See Top 100 in Books)
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Financial Freedom with Real Estate Investing: The Blueprint To Quitting Your Job With Real Estate - Even Without Experience Or Cash Paperback – July 16, 2018
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About the Author
Michael Blank is the leading authority on apartment building investing in the United States. He’s passionate about helping others become financially free in 3-5 years by investing in apartment building deals with a special focus on raising money. Through his investment company, he controls over $24 million in performing multifamily assets all over the United States and has raised over $6M. In addition to his own investing activities, he’s helped students purchase over 1600 units valued at over $55M through his unique “Deal Desk” and training programs. He’s the author of the best-selling book “Financial Freedom With Real Estate Investing” and the host of the popular "Apartment Building Investing" podcast. To learn more about Michael, please visit- www.TheMichaelBlank.com.
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I was a commercial real estate agent, with Marcus and Millichap, in Los Angeles. Specializing in Multifamily apartment buildings.
The writer talks about the general idea. He doesn't teach you how to evaluate the property. How to calculate NOI and derive a price based on a CAP rate. The writer does not explain how to calculate IRR internal Rates of Return. You must know IRR when you talk to sophisticated investors. You need to learn rent rate in the area and then you can have a feeling if a property has a proforma price appreciation.
There are much better books to read than This one. Do not waste your time, trust me. If you want to learn about commercial real estate investments. Get real estate license and work for a well established commercial real estate firm. Then you will grasp an idea and will know what to do.
You will learn how to cold call and how to deal with landlords. The writer tells you about generic strategies. This book is horrible, not details oriented. Just General overexaggerated concept. Real life does not work that way.
The writer doesn't tell you how to look for the numerical values. and how to structure syndication. You would have to have an Attorney and CPA to do it for you. It will cost you an arm and a leg. He is upselling his services.
Instead read Frank Gallinelli. "What every real estate investor needs to know about cash flow." You will learn real staff. Do not waste your time and money on this book.
Moreover, in today's overpriced real-estate with low CAP rates, it is improbable to make a great return on your investments. In California, Cap Rates are below 5%. at the best and go as low as 3%. You will not make money on such returns, As rates will go up, Commercial Reals estate will collapse, price wise. You can make more money buying high dividend stocks.
Moreover, one needs a minimum of 40% -50% down-payment in this day and age. Especially in California. Cap rates are low and it presents the risk to lenders, in addition, investors will need one year proof of funds for the emergency. Deposited in the bank. Lenders also want experience. Lenders Do not just lend money. Once you get bigger you can hire a property management company. First purchase is tough. without cash. I wasted money on this book. I have not learned anything interesting, Do not waste yours. There are better books. This is garbage.
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.
Michael writes with great energy and conviction, and it's clear he really cares about his readers' success. His recommendations are backed by lots of real world stories, including those of students he has coached. This book guides you through a tried and true plan for achieving financial freedom within 3-5 years, the same plan that dozens of Michael's students have used to succeed in this space.
Not only that, unlike other books of this genre that stay high level, Michael gets down to the nitty gritty, including actual scripts for what you should say when you're on the phone with brokers, so you don't sound like a newbie. You'll definitely want to take notes as you're reading, because the scripts and action plans in this book are game changers.
All that being said, real estate investing is hard work, and Michael doesn't sugar coat that. Instead, he encourages you throughout the book, provides real world success stories, and gives you step-by-step action plans (including a full companion course!) so that this book will truly transform your life.