CDL 33: How To Build An Apartment Empire Without Money Or Experience With Michael Blank...

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Cash Flow Dad Life

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So the big question is this, what would you do if money didn't matter? So you had millions in your bank account, what would you focus on? Would you spend more time with your family, with your wife, with your kids? Take family vacations.

Would you pursue your gifts and talents and dreams? Serve your local community, teach others, serve your church. You see if what you would do if money didn't matter, it was pursuing your gifts and talents and dreams to serve others, and that is probably what you should be doing.

The problem is most people are in the rat race, living five inches in front of their face with no time to pursue what they were born to do. That is the problem, and the solution is to develop enough passive income to replace your working income so you can quit your job and be free to live your life the way you were created to.

That is a solution and this podcast will show you how...

Alright! Welcome everybody to Cash Flow Dad Life episode number 33...

It is a huge pleasure today to welcome Michael Blank...

Michael Blank Michael is the leading authority on, on apartment, a multi multifamily apartment complexes. He's got 2000 units that he's helped his students acquire and he's also got $25, million dollars worth of assets.

So, we're just going to be a sponge and soak up all the wisdom that he has for us today...

So starting with, you know, I always like to ask, how did you stumble across this? How did you get started in this in the first place?

Michael Blank: Well, it's not as clear cut as I put it in my book because my book, I basically have the blueprint for doing this within one to two years. My journey took me 11 years. And you know, I have a background, like a lot of people are taught to get good grades, get a job, and that's what I did.

I got into software so I was sort off being a software programmer. Joined a startup in [inaudible] 97. Right, right place, right time, a software IPO and put a bunch of money in my pocket and that was great and my vision was to be the CEO of my own software startup company until I read Rich Dad, Poor Dad and I was like, I'm such an idiot...

It doesn't matter how much money in the bank, what my salary is or anything like that. It's not much passive income I was having. It wasn't very much at all...

So I just threw away my entire 15 year career. Right?

And I said, "Oh, I'm going to find my permanent financial freedom."

So I had a bunch of money, but it wasn't enough to sit on the beach for the rest of my life. And so my big idea at the time, Ryan was restaurants because I was surrounded by a bunch of a Burger Franchisees, a very successful chain and I saw and it like, "Oh yeah, it cost this much..."

"It costs this much to open a restaurant and we're going to sit back and count the passive income." I was like, "Perfect. That's exactly what I want."

Now, I flipped some houses. I learned how to trade stocks and options. I went to a apartment building bootcamp. This was all like in 2006, 2007. But my main thing was restaurants.

So you gotta understand, I really, really thought big on this...

I took all my chips, put them in a, hired a multi unit operator, open one, bought one open one, you know, open one, bought one. So within like a year I was at six restaurants and then the, then the recession hit, kicked my butt pretty good and never really recovered from that.

Long Story Short, I subsequently lost my rest of my ipo, millions in t --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app Support this podcast: https://anchor.fm/cashflow-dadlife/support

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