Manage episode 304973595 series 2942547
In my latest podcast interview, I’m speaking with Michael Ealy, whose story is proof that anyone can make it in the real estate industry if they’re willing to keep pushing forward.
In the early 2000s, Mike lost everything; his car wash business, his rental properties, even his own home. With no money and bad credit, he was forced to move in with his parents at 30 years old. It was a humbling experience, but more importantly, he didn’t quit, and only four years later he was financially independent.
Today, he’s the owner of a private equity fund that invests in apartments and hotels. He has an equity stake in over 3,000 apartment units, and over 5,000 hotel keys, worth over $1.5B.
He’s also the author of the book "From Broke to Millions" which outlines exactly how he acquired over 1,000 apartment units, starting from $0—and how you can do it too!
In our conversation, you’ll hear all about how Mike’s persistence to achieve greatness paid off, including his approach to investing in hotels, building a world-class team, finding partnerships, and much more.
Key Takeaways with Michael Early
- Apartments vs Hotels
- Learn how to attract and retain skilled people who will help you scale—and why “cheap labor” is NEVER cheap!
- How Michael structures his hotel deals and partnerships.
- Hear how he bought his first hotel deal for $7M and why it came with K-1 for -$900k (immediately putting money back in his pocket).
- Doing value-add improvements 30%-60% cheaper than the competition!
- How Michael first got started in real estate, lost everything, and then became more successful than ever before
- The keys to Michael’s success—never quit, and find a mentor!
- The #1 approach Michael uses to find JV partners to build his capital stack
- Surrounding yourself with those who will elevate you to a whole new level of success
- The true definition of wealth
Want the Full Show Notes?
To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit https://acceleratedinvestorpodcast.com/232
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