The W2 life is not for everybody. Employees often bring fresh ideas into companies and receive little to no rewards for their contributions, even if those offerings end up benefitting their firms hugely. Today’s guest is Michael Reilman, and after having just such an experience with his job, he got introduced to multifamily syndication and is beginning to reap some great rewards.
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Michael comes from a mechanical engineering background, and while he still works for his firm, he now runs a syndication company called Summit Path Acquisitions and has just closed his first six-unit deal. Michael gets into some of his processes and the lessons he has learned so far about networking and finding investors in today’s episode. He talks about his method of setting small, daily tasks that compound over time and end up bringing in a lot of business. Our guest also gets into some of the software and task setting processes he uses to make sure he stays on top of the communications he has going with different investors and brokers in his growing network. Today’s conversation is a great fit for anybody who needs that little extra push to get going in this game. Michael sets a fine example of a newbie with a whole lot of passion and drive who is reaping real rewards, so make sure to catch this one!
Key Points From This Episode:
- A huge early success Michael had at his job at an automobile manufacturing company.
- How small the reward was for Michael’s success and how it turned him off the W2 life.
- Michael’s foray into stocks and bonds, and realization that returns weren’t high enough.
- Two reasons why Michael settled on multifamily: outsourcing capital and management.
- Why Michael loves syndication: it only involves finding capital and finding a deal.
- Challenges to syndicators: understanding the process, building a team, and finding investors.
- The value of getting council from the right people so as not to be dissuaded from syndication.
- How important having the right mindset is for succeeding in syndication.
- Mindset shifts Michael had: becoming less intimidated by deals through breaking them down.
- Daily goals Michael sets: call one broker and one investor.
- Approaches and conversation strategies Michael uses when calling brokers or investors.
- How small daily networking tasks begin to produce returns and suddenly work flows in.
- Efficient ways that Michael uses to educate himself: listening to podcasts.
- Michael’s use of networking and referrals to build his team and find investors.
- Software such as Excel and Mailchimp Michael uses to stay on top of communications.
- A way Michael has improved his business recently: obsessive daily planning.
- How Michael finds investors though networking and Facebook posting.
- The value that staying in control of his emotions has brought to Michael’s process.
[bctt tweet=”I finally settled on multi-family for two reasons. One, because you don’t actually have to have your own money to do it and two, you can have a property management company handle it. — Michael Reilman” username=”whitney_sewell”]
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About Michael Reilman
Michael Reilman is a newbie syndicator that started his career as a Mechanical Engineer. While successfully completing multiple manufacturing projects and spending time as a financial advisor, Michael’s passion is in entrepreneurship and becoming independent from the W2. In fact, Michael encourages and promotes all who start their own businesses. Through project management and his current role with ‘firefighting’ multiple manufacturing problems daily, Michael is seeking to break free from the limiting W2 life and become truly self-sufficient for his girlfriend and future life.
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