Financial Freedom with Real Estate Investing

What should you really ask before wiring $100K into a multifamily deal? In this special episode, Michael sits down with Nighthawk’s Garrett Lynch and Drew Kniffin to run through 50 of the most important questions every passive investor should be asking—and every active investor should know how to answer. From deal structure and cash flow mechanics to team accountability, tax strategy, and risk mitigation, this is your behind-the-scenes guide to how Nighthawk operates—and how to evaluate any syndicator with clarity and confidence. Whether you’re an LP looking to invest smarter or an aspiring operator trying to earn trust, this episode is required listening. KEY TAKEAWAYS 50 QUESTIONS EVERY PASSIVE INVESTOR SHOULD ASK (AND EVERY ACTIVE INVESTOR MUST ANSWER), INCLUDING:  NIGHTHAWK’S TRACK RECORD AND OPERATING PHILOSOPHY * How Nighthawk got started, how many deals they’ve done, and what makes their model different * What happens when a deal doesn’t go to plan—and how the team responds * Who’s on the core team and how key decisions are made (especially in tough markets) * Why vertical integration and boots-on-the-ground operations give them an edge UNDERSTANDING RETURNS, DISTRIBUTIONS & DEAL STRUCTURE * What kind of returns to expect—and how preferred vs. total returns actually work * When investors get paid, what happens during a refinance, and how long deals are held * What happens if the property underperforms or market conditions shift * Why Nighthawk doesn’t do capital calls—and how they plan for uncertainty SYNDICATIONS VS. OTHER INVESTMENT MODELS * The difference between syndications, REITs, and funds * What LPs actually own, how deals are structured legally, and what kind of control (or not) they have * How profit splits and operator compensation align with investor outcomes * Minimum investment amounts and what the onboarding process looks like THE PASSIVE INVESTING MINDSET * The key mindset shift every new LP needs to make * Multifamily vs. flips, STRs, and self-storage—what makes multifamily the superior play * How to think about diversification across deals and sponsors * What to do if you’re nervous—or your spouse isn’t on board yet TAXES, DEPRECIATION & IRAS * How multifamily syndications deliver major tax benefits (even on paper) * What bonus depreciation is and how it offsets income * When to expect your K-1 and how IRA investing works (including UBIT considerations) * What happens tax-wise at refinance or sale—and how to defer gains via 1031s HOW TO VET DEALS AND SPONSORS LIKE A PRO * What to look for in underwriting: cap rates, expense ratios, rent growth assumptions * The importance of fixed-rate debt, cash reserves, and risk-adjusted returns * How to ask the right questions—even if you’re not an expert * Why the best investors don’t “return shop”—they evaluate the whole picture CONNECT WITH NIGHTHAWK EQUITY Take the Free Mini-Course at NighthawkEquity.com [https://www.nighthawkequity.com] Schedule a Call & Join Our Investor Club [https://www.nighthawkequity.com] CONNECT WITH MICHAEL Facebook [https://www.facebook.com/themichaelblank] Instagram [https://www.instagram.com/themichaelblank/] YouTube [https://www.youtube.com/themichaelblank?sub_confirmation=1] TikTok [https://www.tiktok.com/@themichaelblank] RESOURCES TheFreedomPodcast.com  [http://thefreedompodcast.com] Access the #1 FREE Apartment Investing Course (Apartments 101) [https://apartments101.co/] Schedule a Free Strategy Session with Michael's Team of Advisors [https://call.themichaelblank.com/clarity] Explore Michael’s Mentoring Program [https://themichaelblank.com/mentor/] Join the Nighthawk Equity Investor Club [https://nighthawkequity.com/invest-now/] Review the Podcast on Apple Podcasts [https://podcasts.apple.com/us/podcast/financial-freedom-with-real-estate-investing/id848693430] Syndicated Deal Analyzer [https://themichaelblank.com/syndicated-deal-analyzer/] Get the Book, Financial Freedom with Real Estate Investing by Michael Blank [https://www.amazon.com/kindle-dbs/entity/author/B07GJRH6WL]  For full episode show notes visit: https://themichaelblank.com/podcasts/session481/

Eric Nelson thought buying one rental a year would lead to financial freedom. But after years of grinding, he realized he was just building another job. In this episode, Eric breaks down how he shifted from single-family rentals to a 1,000+ unit multifamily portfolio—and why mindset, mentorship, and the right partnerships made all the difference. We dig into the painful lessons, the strategic pivots, and the exact steps that helped Eric quit his W-2, move his family to Spain, and build a business that supports his life. If you’re trying to scale—or stuck doing it all yourself—this is the episode you’ve been waiting for. KEY TAKEAWAYS WHY “ONE RENTAL A YEAR” DOESN’T WORK * Eric’s early plan: 10 houses in 10 years = early retirement * What actually happened: no scale, no freedom, no time * Why single-family rentals didn’t deliver the cash flow he expected THE CASE FOR MULTIFAMILY OVER RENTALS * How one vacancy kills cash flow in SFR—but barely moves the needle in MF * Why multifamily is less emotional, more predictable, and built for scale * The moment Eric realized apartments were actually less risky HOW MENTORSHIP ACCELERATED HIS SUCCESS * What changed when Eric hired a coach—and why he says it was essential * Why every successful syndicator he knows did the same * The critical role of KP partners and advisory teams in getting your first deal done RAISING CAPITAL AS A SERVICE, NOT A FAVOR * How Eric overcame his fear of asking friends and family to invest * Why capital raising is about helping others—not begging for money * What he tells high-income earners unsure where to place their capital WHY RIGHT NOW IS A GREAT TIME TO GET IN * Why fewer buyers and better pricing make today a rare opportunity * How Eric is buying deals in today’s market—and what’s changed since 2021 * What he tells LPs who are frozen by fear or waiting on the sidelines FROM HAMSTER WHEEL TO FREEDOM IN SPAIN * How Eric went from overworked engineer to living abroad with his family * What it actually looks like to build a business around your life * Why he’s focused on sustainable, strategic growth—not hyper-scaling CONNECT WITH ERIC Instagram [https://www.instagram.com/ericnelsoncoaching] Wild Oak Capital [https://wildoakcapital.com] CONNECT WITH MICHAEL Facebook [https://www.facebook.com/themichaelblank] Instagram [https://www.instagram.com/themichaelblank/] YouTube [https://www.youtube.com/themichaelblank?sub_confirmation=1] TikTok [https://www.tiktok.com/@themichaelblank] RESOURCES TheFreedomPodcast.com  [http://thefreedompodcast.com] Access the #1 FREE Apartment Investing Course (Apartments 101) [https://apartments101.co/] Schedule a Free Strategy Session with Michael's Team of Advisors [https://call.themichaelblank.com/clarity] Explore Michael’s Mentoring Program [https://themichaelblank.com/mentor/] Join the Nighthawk Equity Investor Club [https://nighthawkequity.com/invest-now/] Review the Podcast on Apple Podcasts [https://podcasts.apple.com/us/podcast/financial-freedom-with-real-estate-investing/id848693430] Syndicated Deal Analyzer [https://themichaelblank.com/syndicated-deal-analyzer/] Get the Book, Financial Freedom with Real Estate Investing by Michael Blank [https://www.amazon.com/kindle-dbs/entity/author/B07GJRH6WL]  For full episode show notes visit: https://themichaelblank.com/podcasts/session480/

In this episode, Michael Blank is joined by seasoned investor Paul Moore, founder of Wellings Capital, to unpack the journey from flipping houses and chasing every real estate strategy… to raising over $200 million in capital and building a fund-based business that finally delivered real wealth. Paul shares how a single moment with a mentor forced him to stop winging it and build a true capital-raising system. They dive deep into how capital raisers can grow with or without a deal, the myths about passive income, and why commercial real estate is fundamentally different (and more powerful) than residential. This episode is a masterclass in focus, mindset shifts, and breaking through plateaus by specializing. Key Takeaways: * Passive Income Is a Lie—Until You Do This: Both Paul and Michael learned the hard way that flipping houses isn’t passive—and the real path to financial freedom is cash-flowing commercial assets. * Focus Beats Hustle: Paul was stuck chasing inconsistent deals until he narrowed in on raising capital and built a repeatable system to attract investors. * Raising Capital Is a Skill, Not a Gift: Whether you do it 1-on-1 or through content marketing, anyone can learn how to raise millions—if they follow a proven playbook. * Why the "Old Boys Club" Ignores You: Breaking into commercial real estate requires more than desire—you need credibility, partners, and a real strategy to be taken seriously. * Commercial Real Estate Is Based on Math, Not Hype: Unlike residential, you can force appreciation through net income. That means you have control over value. * The Fund Manager Model: Paul explains how capital raisers can scale faster—and stay compliant—by launching their own funds and partnering with proven operators. Connect with Paul Moore: * Website: wellingscapital.com [https://www.wellingscapital.com] * Resources: Free eBooks on multifamily, self-storage, and mobile home park investing → wellingscapital.com/resources * Books: Author of The Perfect Investment, Storing Up Profits, and Warren Buffett’s Rules for Real Estate Investors * Social Media: Find Paul on LinkedIn, YouTube, or search for Paul Moore Wellings Capital * Philanthropy: Support his anti-human trafficking work at aimfree.org [https://www.aimfree.org] CONNECT WITH MICHAEL Facebook [https://www.facebook.com/themichaelblank] Instagram [https://www.instagram.com/themichaelblank/] YouTube [https://www.youtube.com/themichaelblank?sub_confirmation=1] TikTok [https://www.tiktok.com/@themichaelblank] RESOURCES TheFreedomPodcast.com  [http://thefreedompodcast.com] Access the #1 FREE Apartment Investing Course (Apartments 101) [https://apartments101.co/] Schedule a Free Strategy Session with Michael's Team of Advisors [https://call.themichaelblank.com/clarity] Explore Michael’s Mentoring Program [https://themichaelblank.com/mentor/] Join the Nighthawk Equity Investor Club [https://nighthawkequity.com/invest-now/] Review the Podcast on Apple Podcasts [https://podcasts.apple.com/us/podcast/financial-freedom-with-real-estate-investing/id848693430] Syndicated Deal Analyzer [https://themichaelblank.com/syndicated-deal-analyzer/] Get the Book, Financial Freedom with Real Estate Investing by Michael Blank [https://www.amazon.com/kindle-dbs/entity/author/B07GJRH6WL]  For full episode show notes visit: https://themichaelblank.com/podcasts/session479/

Forget what you’ve been told about retirement. In this episode, Michael Blank breaks down why chasing the dream of sitting on a beach at 65 is not just outdated—it’s dangerous. He unpacks the flawed math behind 401(k)s, FIRE, and single-family rentals, and lays out a smarter, faster path to freedom through multifamily syndications. If you're a high-income earner chasing control over your time, this episode will reframe how you think about “retirement” and show you how to buy your time back—on your terms. KEY TAKEAWAYS Retirement Is Not the Goal—Freedom Is * Traditional retirement means doing nothing, and that’s not fulfilling for most people. * After a short break, high performers crave impact, purpose, and productivity. * Financial freedom gives you options—to work, to rest, to choose how you live. The Math of Retirement Doesn’t Work * The 4% Rule requires you to save $3M+ for $10K/month in passive income—before inflation. * With inflation, that number balloons to $7.3M to maintain your current lifestyle. * Very few people are saving $2K–$15K/month for 10–30 years consistently. Why the FIRE Movement Falls Short * FIRE (Financial Independence, Retire Early) demands extreme frugality—up to 70% savings rates. * It's built on sacrifice and still relies on fragile stock market assumptions. * Once “retired,” most FIRE followers still live lean—without true freedom or fulfillment. Why Rentals Are Better—But Still Not Enough * Even buying one rental per year doesn’t get you to $10K/month cash flow fast. * 50 rentals = $10K/month at $200/month per property—a huge operational burden. * BRRRR and flips can help, but they’re still slow, time-intensive, and hard to scale. Multifamily Syndications: The Fast Track to Freedom * Acquisition fees from one deal can replace your income and give you a 12-month runway. * Syndications have multiple profit centers: fees, cash flow, equity, and backend profits. * With the right coaching, you can quit your job within 1–2 years—not 30. Break the “DIY” Trap: Why Coaching Matters * Most people try to figure it out alone and stay stuck for years. * Multifamily syndications are a team sport—scale comes from partnerships, not hustle. * Without a roadmap, you’ll hit a ceiling fast or never start at all. CONNECT WITH NIGHTHAWK EQUITY Join the Nighthawk Equity Investor Club [https://nighthawkequity.com/invest-now/] CONNECT WITH MICHAEL Facebook [https://www.facebook.com/themichaelblank] Instagram [https://www.instagram.com/themichaelblank/] YouTube [https://www.youtube.com/themichaelblank?sub_confirmation=1] TikTok [https://www.tiktok.com/@themichaelblank] RESOURCES TheFreedomPodcast.com  [http://thefreedompodcast.com] Access the #1 FREE Apartment Investing Course (Apartments 101) [https://apartments101.co/] Schedule a Free Strategy Session with Michael's Team of Advisors [https://call.themichaelblank.com/clarity] Explore Michael’s Mentoring Program [https://themichaelblank.com/mentor/] Join the Nighthawk Equity Investor Club [https://nighthawkequity.com/invest-now/] Review the Podcast on Apple Podcasts [https://podcasts.apple.com/us/podcast/financial-freedom-with-real-estate-investing/id848693430] Syndicated Deal Analyzer [https://themichaelblank.com/syndicated-deal-analyzer/] Get the Book, Financial Freedom with Real Estate Investing by Michael Blank [https://www.amazon.com/kindle-dbs/entity/author/B07GJRH6WL]  For full episode show notes visit: https://themichaelblank.com/podcasts/session478/

How do you scale to 350 multifamily units in a high-regulation, tenant-friendly market like Massachusetts—starting with a single house hack and a HELOC? In this episode, Andrew Freed breaks down how he did exactly that. He shares how he transitioned from a high-paying W-2 to full-time real estate investor, why he leaned into a market most investors avoid, and how strategic partnerships and capital raising unlocked serious growth. You’ll learn what actually worked, what didn’t, and how Andrew built a business that now self-manages 250+ units—all without starting rich or flashy. If you're serious about scaling and want a real-world blueprint from someone who's done it in a tough market, this one's worth your time. KEY TAKEAWAYS Turning a W-2 Into a Real Estate Exit Plan * Why Andrew stayed at his W-2 way longer than he needed to * The mastermind moment that finally pushed him to quit * How he 5X’d his income after going all-in How to Go from One House Hack to Hundreds of Units * The simple playbook he used to scale with zero previous experience * Why he ditched the “one duplex a year” plan and went big * How small, boring properties (2–30 units) became his superpower Raising Capital Without Feeling Salesy or Sleazy * How Andrew raised over $20M—even as an introvert * The mindset shift that made all the difference * What NOT to do when asking people to invest Investing Where No One Else Wants To * Why he’s buying in Massachusetts—and crushing it * How Section 8 became a secret weapon * His strategy for thriving in “landlord-unfriendly” markets Partnering the Right Way (So You Don’t Get Burned) * How to structure roles, control the money, and build trust * Why partnerships skyrocketed his growth—and what to watch out for * His “video game” approach to business (seriously) CONNECT WITH ANDREW https://freedommanagement.net/ [https://freedommanagement.net/]  LinkedIn [https://www.linkedin.com/in/andrew-freed-msm/] Facebook [https://www.facebook.com/afreed2] CONNECT WITH MICHAEL Facebook [https://www.facebook.com/themichaelblank] Instagram [https://www.instagram.com/themichaelblank/] YouTube [https://www.youtube.com/themichaelblank?sub_confirmation=1] TikTok [https://www.tiktok.com/@themichaelblank] RESOURCES TheFreedomPodcast.com  [http://thefreedompodcast.com] Access the #1 FREE Apartment Investing Course (Apartments 101) [https://apartments101.co/] Schedule a Free Strategy Session with Michael's Team of Advisors [https://call.themichaelblank.com/clarity] Explore Michael’s Mentoring Program [https://themichaelblank.com/mentor/] Join the Nighthawk Equity Investor Club [https://nighthawkequity.com/invest-now/] Review the Podcast on Apple Podcasts [https://podcasts.apple.com/us/podcast/financial-freedom-with-real-estate-investing/id848693430] Syndicated Deal Analyzer [https://themichaelblank.com/syndicated-deal-analyzer/] Get the Book, Financial Freedom with Real Estate Investing by Michael Blank [https://www.amazon.com/kindle-dbs/entity/author/B07GJRH6WL]  For full episode show notes visit: https://themichaelblank.com/podcasts/session477/