We’ve always said that multifamily is recession-proof, and 2020 gave us a chance to prove it. While the stock market and other asset classes suffered in the pandemic, apartment buildings continue to provide steady cashflow and a safe place to keep our money growing for the long term. So, what can syndicators do to get this message to more people and build a successful real estate investing business?
On this episode, I’m sharing the Best of 2020 on the Apartment Building Investing Podcast, beginning with last year’s biggest news—the Coronavirus pandemic. We revisit Drew Kniffin’s thoughts on the risk COVID poses for passive investors, Drew Whitson’s take on why multifamily is still the strongest asset class in real estate, and Russell Gray’s insight on how to protect your wealth in a crisis.
We look back at my conversations with Pat Flynn and Amy Porterfield on marketing to investors online and my interview with Gino Wickman around what it takes to be a successful entrepreneur. Listen in for master deal maker Garrett Lynch’s insight on choosing the right market and get inspired by BiggerPockets VP Brandon Turner’s approach to achieving BIG things with tiny action.
Key Takeaways
How COVID is likely to impact passive investors in multifamily
- Unless already run poorly, virus won’t bankrupt property
- Much better option than stock market (30% paper loss)
Why multifamily is still the strongest asset class in real estate
- Performs well through economic disruption
- Office buildings, retail and medical suffered in COVID
What makes real estate a solid investment (even in a crisis)
- Fits criteria of being both REAL and ESSENTIAL
- Governments support housing, energy and healthcare
What to look for in a multifamily real estate market
- Resources available to operate and steady dealflow
- Population, job and overall economic growth
Who should consider building a thought leadership platform
- EVERYONE can build personal brand online
- Place to announce, connect and prove authority
Why an email list is more valuable than social media followers
- Algorithms change, you don’t own social platforms
- Email list = YOUR asset for growing relationships
How to choose the right lead magnet for your audience
- IRRESISTIBLE piece of free content (trade for email addy)
- What avatar needs to believe to do business with you
The eight critical mistakes most entrepreneurs make
- Not having vision
- Hiring wrong people
- Not spending time with your people
- Not knowing who customer is
- Not charging enough
- Not staying true to your core (shiny object syndrome)
- Not knowing your numbers
- Not crystalizing roles and responsibilities
The eight disciplines for increasing your chances of success
- Clarify vision
- Decide if you’re ‘partner person’
- Bigger problem = more success
- Get feedback early and often
- First plan will not be final plan
- Work hard (really hard)
- Take criticism with grain of salt
- See it every night
The two kinds of ‘partner people’ in entrepreneurship
- Equal partners
- Give equity but maintain controlling interest
Why it’s crucial to have a clear vision for your business
- Know where you want to be and take next tiny step
- Ask what’s cool and write as if you’re already there
Connect with Drew Kniffin
Drew at Nighthawk Equity
Drew on LinkedIn
Connect with Drew Whitson
Drew at the Michael Blank Mentoring Program
Drew on LinkedIn
Connect with Russell Gray
The Real Estate Guys
Russell on LinkedIn
Connect with Garrett Lynch
Garrett at Nighthawk Equity
Garrett on LinkedIn
Connect with Pat Flynn
Pat’s Website
Pat at Smart Passive Income
Connect with Amy Porterfield
Amy’s Website
Marketing Made Easy Podcast
Connect with Gino Wickman
Entrepreneurial Leap
Entrepreneurial Leap: Do You Have What It Takes to Become an Entrepreneur? by Gino Wickman
Connect with Brandon Turner
Open Door Capital
BiggerPockets Podcast
The Book on Rental Property Investing: How to Create Wealth with Intelligent Buy and Hold Real Estate Investing by Brandon Turner
Resources
Drew Kniffin on Apartment Building Investing EP208
Drew Whitson on Apartment Building Investing EP228
Russell Gray on Apartment Building Investing EP226
Garrett Lynch on Apartment Building Investing EP231
Pat Flynn on Apartment Building Investing EP210
Amy Porterfield on Apartment Building Investing EP212
Gino Wickman on Apartment Building Investing EP243
Brandon Turner on Apartment Building Investing EP221
Bryce Stewart on BiggerPockets Podcast EP276
Vivid Vision: A Remarkable Tool for Aligning Your Business Around a Shared Vision of the Future by Cameron Herold
Find Out More About Deal Maker Live
Learn More About Michael’s Mentoring Program
Register for Michael’s Platform Builders Workshop
What’s the Best Investment: The Stock Market or Real Estate?
Podcast Show Notes
Michael’s Website
Michael on Facebook
Michael on Instagram
Michael on YouTube
Apartment Investor Network Facebook Group
Email digital@themichaelblank.com