How to Generate Long-Term Wealth w/Michael Blank
Real estate investing is gaining traction as a great way to generate passive income. How can you generate long-term wealth using real estate investing? What should you be focusing on in the early stages of this venture? On this episode, I talk with a leading authority on apartment building investing, Michael Blank.
If you want to get to apartment owners, you need to talk to brokers. -Michael Blank
Watch the Full Episode Here:
3 Things We Learned From Michael Blank
Build relationships with good brokers
The best way to find clients is through brokers. Good brokers foster long-lasting relationships with apartment owners, so they’ll be the first to know when an owner is considering selling. Work to gain the trust of these brokers, and they’ll be sure to connect you with the right people.
Follow the ‘Law of the First Deal’
The law of the first deal states that within 3-5 years of completing your first deal, you’ll become financially free. Once your first deal goes through, you’ll also find that the second and third come in rapid succession.
Partnerships are gaining popularity because of their ability to serve a range of needs. Real estate requires people who can talk to clients, as well as analytical ability, for instance. If you know people whose capabilities differ from yours, consider partnering with them to ensure you’re covering all the bases in your business.
Apartment building investing is a great way to earn a passive income, but to generate long-term wealth from it, you need to build a solid foundation. Build relationships with brokers and people who have the skills you need for your business. Once you have these relationships, work towards your first deal. From there, the only way to go is up.
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