Over a 30 year investing career, Mike Morawski has scaled a multifamily portfolio across Alabama, Texas, and Ohio. He started off as an agent, before transitioning to real estate syndication. The biggest adjustment Mike had to make was locking in on his investment criteria and raising private equity from investors. Initially, Mike took a less conventional path to find private investors. He attended real estate seminars and paid a premium for a sponsorship booth.
Mike also credits his education and mentors as a major key to his success in multifamily syndication. He created My Core Intentions to help educate and mentor other investors looking to grow their own portfolios. In addition, Mike is hosting the first Multifamily Global Summit, a virtual apartment investing event.
In this episode, Mike shares how he made the transition into real estate investing, tips for market selection, raising private equity, and the difference between a mentor and a coach.
Partner: 1 Question Marketing Survey for New Event
Key Real Estate Syndication Strategy Takeaways
Switching from owning a general contracting business to real estate investing
Lessons learned from transitioning from real estate agent to syndication
Success leaves clues and if you follow and model successful people you will become successful
Starting out raising private equity
How to expand into other markets due to the price point
There’s no difference between closing an 11 unit deal vs. closing a 150 unit deal
How a small unit deal is no different than a larger unit deal
The ramifications of not doing your due diligence on a deal
System and strategy tips to scale your business
The smart money is in Northern Alabama (Huntsville, Alabama market) other good markets include Dallas, TX, and Ohio Valley
The criteria you should analyze to select a good real estate market
How to use Building & Economic Departments to see the future of the city for smart investing decisions
A proven strategy for raising equity
When you truly come from a place of character, empathy, and integrity, that’s when organic growth happens
How having a booth at The Donald Trump Real Estate Seminar enabled profitable networking connections
What to expect from the Multifamily Global Summit (October 15-17, 2020). It’s about education and exposure
How and why Mike started a coaching business
My business increased 20% year after year as a direct result of personalized coaching
The differences between coaching, mentoring, and consulting
Tips on how to start your own coaching or mentoring business
Partner: Download our Sample Deal Package
Bullseye Tips:
Resources:
CityFeet (commercial real estate research)
CityData (market research)
REIS (commercial real estate data)
Apparent Failure:
On his first deal, he didn’t do enough research and due diligence which taught him what not to do on his next deal.
Digital Resource:
Buildium (multifamily property management software)
Appfolio (multifamily property management software)
Most Recommended Book:
The Millionaire Real Estate Investor (Gary Keller)
How to Win Friends and Influence People (Dale Carnegie)
Mike Morawski Book (Coming out late September 2020)
Exit Plan
Daily Habit:
Prayer in the morning.
Wish I Knew When I Was Starting Out:
The power of influence and relationships
Best Place to Grab a Bite in Chicago, IL
Tufano’s
Contact Mike:
Mike@mycoreintentions.com (Email for a FREE 60-Minute Coaching Session!)
Multifamily Global Summit (October 15-17, 2020)
