Happy #Well-TailoredWednesday! In my crusade to learn more about real estate, I just finished reading Michael Blank's newest book, Financial Freedom with Real Estate Investing. Michael is a reputable real-estate investor in the DC area who came from a W-2 background as a software engineer and who achieved financial freedom through, you guessed it, real estate. I'm a big fan of Michael's work, which includes a podcast, events that he organizes and hosts, and an Excel model that I currently use to analyze prospective multifamily deals. I'd encourage everyone to check out his material after they read this book.
A Real Guideline to Real Estate
Michael doesn't mess around when he writes that this book is a "blueprint to quitting your job with real estate". The book is structured as a clear guideline on how to take a property down. To Michael (and to a large portion of the real estate community), the quickest way to achieve financial freedom is through buying large apartment buildings. Michael starts the book by sharing his background and dispelling some of the myths as well as benefits of buying large apartment buildings. He then walks the reader step-by-step through raising money, finding a property, and eventually closing it.
The first multifamily deal (of ANY size) results in financial freedom within three to five years.
The Law of the first deal
Michael is keen on "the law of the first deal". This law states that when an investor buys their first property, he or she will build momentum and will be able to retire in the next 3-5 years. At first I was skeptical about this point. But after reading numerous examples of people who have achieved financial freedom so quickly through this "law", I was hooked. It motivates me even more to find my first apartment building. This law is the most "theoretical" part of the book, and I mean that as a compliment, because the rest of it is very practical.
Tangible, tangible, tangible. I kept thinking those words as I read this book. Michael brilliantly mixes digestible technical concepts with personal anecdotes and with specific strategies on the A to Z of buying multifamily real estate. He even provides scripts for investors to use when talking to brokers, during negotiations, or during closing. Another aspect that I liked was that Michael doesn't try to sell his other products throughout the book, unlike a certain author of Rich Dad, Poor Dad. I will definitely be looking back at this book for when I'm working on my next deal. For all these reasons, I give this book a full 5/5.
Read If You:
- Are even mildly interested in achieving financial freedom. Regardless if you're passionate about real estate or not, this book will help steer you in the right direction.
- Looking for a no-nonsense guideline of how to raise private money, speak to brokers, and close an apartment building deal.
- Already invest in smaller real estate properties and want to scale up to larger investments.
Don't Read If You:
- Are an "armchair investor" who isn't willing to take real action.
- Distasteful of real estate gurus without wanting to keep an open mind.
- Are a cryptocurrency or bitcoin fanatic. Real estate is a "get rich slow" tactic, not one of quick profits.
Be sure to check out my other book reviews here. Thanks for reading and please feel leave your thoughts in the Comments' section below!
Happy #Well-TailoredWednesday! In my crusade to learn more about real estate, I just finished reading Michael Blank's newest book, Financial Freedom with Real Estate Investing. Michael is a ...
- Ease of Reading5.0
- Book Length5.0