Michael Blank is a real estate investor, author, speaker, and CEO of Nighthawk Equity. He’s one of the leading authorities on apartment investing and financial freedom through multifamily real estate. With over $300 million in assets under management and author of Financial Freedom with Real Estate Investing, Michael helps investors and aspiring entrepreneurs escape the W-2 grind by acquiring multifamily properties and building sustainable income streams.
Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here.
Key Takeaways
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Michael transitioned from tech to restaurants to real estate after early business setbacks during the 2000 and 2008 market crashes.
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Multifamily real estate offers superior risk-adjusted returns due to forced appreciation and operational control compared to single-family homes.
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Market sentiment is often wrong—investors must look past fear-based headlines and focus on long-term fundamentals.
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Today’s market offers lower leverage, better pricing, and a strong long-term demand outlook for multifamily housing.
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Education and building sophistication as an investor is critical to identifying real opportunities, especially in volatile markets.
Topics
Michael’s Journey into Multifamily
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Started in corporate software; was part of a major IPO just before the 2000 tech bubble crash.
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Lost significant capital in restaurant franchises during the 2008 recession.
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Began flipping houses before discovering multifamily through a 12-unit deal in DC that eventually sparked his passion for apartments.
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Built Nighthawk Equity and an education platform to help others achieve financial freedom through apartment investing.
Understanding Risk-Adjusted Returns
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Multifamily offers superior downside protection compared to many other asset classes.
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Operational risk (property management) can be mitigated by using professional managers.
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Market risk can be managed by focusing on NOI-driven valuation rather than relying on market appreciation like single-family.
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Investors must evaluate underwriting assumptions—rent growth, vacancy, CapEx reserves, and debt terms—to fully assess risk.
Why Multifamily is Attractively Priced Today
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Current deals are 30% below 2021 peak prices.
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Leverage is lower and more conservative, reducing financial risk.
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Interest rates are flat or declining, improving the outlook for new acquisitions.
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Long-term demand remains strong due to the lack of new affordable housing supply.
Investor Sentiment and Sophistication
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Market sentiment swings often don’t reflect true investment fundamentals.
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Sophisticated investors like institutions are returning to the market now while many retail investors remain fearful.
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Successful investing requires becoming a student of the market and evaluating data beyond media headlines.
Raising Capital in Today’s Market
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Focuses heavily on education to help investors understand why now may be a great buying window.
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Transparency, data-driven insights, and regular communication are key to re-engaging cautious investors.
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Building long-term relationships and trust remains critical to capital raising success.
📢 Announcement: Learn about our Apartment Investing Mastermind here.
Round of Insights
Failure that set Michael up for success: An early deal in West Virginia that lost money eventually led to a partnership with Garrett Lynch, who is now a key part of Nighthawk Equity.
Digital or mobile resource: Boomerang for Gmail — an email tool that helps manage follow-ups automatically when responses don’t come in.
Book recommendation: The Miracle Equation by Hal Elrod — teaches focusing on consistent activity rather than fixed timelines to achieve long-term goals.
Daily habit: Morning routine combined with time blocking for deep work; weekly reviews of top 3 priorities for focused execution.
#1 insight for identifying risk-adjusted returns: Look carefully at underwriting assumptions — especially rent growth, reserves, and occupancy. Conservative, realistic assumptions lead to better long-term risk management.
Next Steps
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Check out Michael’s previous episode here
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Check out TheFreedomPodcast.com/john and download Michael’s free Apartments 101 mini-course for both active and passive investors
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Study risk, underwriting, and market outlook to build long-term investing confidence
Closing Call to Action
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