$1M Raised, 1st Deal, and Just One Investor with Ben Michel, Ep. 750

Ben Michel is the founder and principal of Ridgeview Property Group, a real estate investment firm focused on value-add multifamily properties in the Twin Cities. After a decade as a multifamily broker, Ben transitioned into investing during the pandemic and has since grown Ridgeview’s portfolio to $25 million in assets. He specializes in heavy-lift renovations using construction debt, transforming underperforming properties into long-term holds that generate stable returns.

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Key Takeaways

• A decade as a broker provided Ben with credibility and deal-analysis skills that investors trusted.

• Raising capital requires confidence, credibility, and broad connections—not just a handful of close contacts.

• Expanding his outreach from 50 contacts to thousands transformed his ability to raise funds.

• Coaching and mentorship were critical for learning construction loans, renovations, and repositioning strategies.

• Long-term success depends on planning for market cycles with reserves, staggered debt maturities, and strong operations.

Topics

From Broker to Investor

• Ten years as a multifamily broker built experience analyzing deals and observing operators.

• First investment came from converting a failed listing into a purchase with an investor partner during Covid.

Early Capital Raising Lessons

• First deal funded by a single $1 million investor—a stroke of luck.

• Learned the hard way that a tiny investor list made future raises difficult.

• Expanded his outreach by adding thousands of past contacts to his newsletter, enabling a $2.2M raise.

Mentorship and Scaling

• Immediately hired a mentor to learn construction debt, repositioning, and property branding.

• Shifted from “softball” deals to larger renovations requiring professional systems.

Twin Cities Market Strategy

• Avoids restrictive areas like St. Paul (rent control) and focuses on stable suburbs.

• Considered Nashville and Bentonville but doubled down locally due to his network and knowledge.

Value-Add Execution

• Renovates 1960s–70s properties with $18–25K per-unit budgets.

• Upgrades include flooring, cabinets, granite, stainless appliances, dishwashers, and modern lighting.

• Strategy creates long-term, easier-to-manage assets with better tenant profiles.

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Round of Insights

Failure that set Ben up for success: Jumping into his first duplex without guidance or capital taught him the value of mentorship.

Digital or mobile resource: X (formerly Twitter) — bookmarking threads from operators sharing multifamily insights.

Book recommendation: Elon Musk by Walter Isaacson.

Daily habit: Visualizing goals, from office setup to portfolio growth, to drive daily focus.

#1 insight for scaling a multifamily portfolio: Market cycles are inevitable—plan ahead with reserves and staggered debt maturities.

Favorite restaurant in Minneapolis, MN: World Street Kitchen.

Next Steps

• Connect with Ben on LinkedIn

• Subscribe to his newsletter for multifamily updates and deal insights

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