Today’s guest is no stranger to adversity. In the early 2000s, Michael Ealy lost everything – his car wash business, his rental properties, even his own home. Broke and with bad credit, Mike had to get creative and hustle, and, just four years later, he succeeded in becoming financially independent. Today he owns over 1,200 apartment units and has 5,000 hotel keys under management. His book, From Broke to Millions, documents how he did it and, more importantly, how you can do it too.
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In this episode, we hear from Mike, President, and CEO of Nassau Investments and multifamily investor, about how he has persevered during COVID, not only surviving the pandemic but making it an opportunity to thrive. Together with his partners, they own and manage over $1.8 billion worth of hotels, and Mike is on a mission to acquire 100 hotels post-COVID to help save thousands of jobs while delivering double-digit returns for his investors. Learn how a vaccine will affect the real estate market, the importance of finding an operator that understands restructuring debt, and Mike’s advice for those entering the market and those that already have hotels that are struggling. All this and more, so make sure to tune in today!
Key Points From This Episode:
- Mike shares a bit more about himself, his focus, and what he learned by losing everything.
- How Mike fought his way back from bankruptcy with self-confidence by emulating others.
- His hotel portfolio and why he projects that the hotel market will survive COVID.
- Advice for those entering the hotel market: Look for an operator that survived the last Great Recession and understands restructuring debt.
- What investors that have already invested in hotels that aren’t doing well can do: Budget!
- Why the hardest part of Mike’s syndication journey was actually learning how to syndicate.
- Hotels versus multifamily and Mike’s predictions for the markets in the next six to 12 months.
- Daily habits that have helped Mike foster self-discipline, like prayer and meditation
- Mike has improved his business through regular employee check-ins – and you can too!
- How social media has become a valuable source for meeting new investors.
- The number one thing that has contributed to Mike’s success? Persistence.
- Mike likes to give back in multiple ways, whether it’s sharing his wisdom or through a football program or his church
[bctt tweet=”I believe the hotel market will come back. It’s come back through the Great Depression, it came back in a Great Recession, and it will come back through COVID. — Michael Ealy” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Michael Ealy
Michael Ealy, a multifamily real estate investor and President and CEO of Nassau Investments, has been investing since 1999, starting by house-hacking a duplex. However, he lost everything in the early 2000s. But with a lot of hustle and thinking outside the box, he was able to rise from that adversity and use the lessons he learned to thrive (not just survive) during the Great Recession. He now owns 1,200 apartment units, 40+ houses, and he buys hotels all over the country. He summarized his story (from losing everything to owning over 1,200 apartment units) in his book, From Broke to Millions, and he is helping thousands of apartment investors through his Facebook group, Apartment Investing Secrets. With the recent downturn in hotels, he made it a mission to acquire 100 hotels to save thousands of jobs while delivering double-digit returns for his investors.
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