5 Talents Podcast - Passive Investing, Cashflow, & Wealth Creation in Commercial Real Estate

[Bonus Episode] Mike Ealy - How to Stop Being Broke: The Million-Dollar Secrets You Should Know

October 22, 2021 Abel Pacheco Episode 192
5 Talents Podcast - Passive Investing, Cashflow, & Wealth Creation in Commercial Real Estate
[Bonus Episode] Mike Ealy - How to Stop Being Broke: The Million-Dollar Secrets You Should Know
Show Notes

In the early 2000s, Michael Ealy lost everything: his car wash business, rental properties, and even his own home. He had to go back and live with his parents at 30 years old while having to wake up every single day broke and with bad credit. He had no choice but to get creative and hustle hard, which made him financially independent just four years later. 

Michael reveals the secrets that helped him to bounce back in life within a few years in his book, “From Broke to Millions.” Today, he owns more than 1,000 apartment units, 45 rental properties, an industrial warehouse and a hotel.

Listen to Mike and learn how to go from broke to millionaire!

[00:01 - 06:40] Opening Segment

  • I introduce and welcome Mike Ealy
  • What’s Mike doing right now in his real estate career?

[06:41 - 16:39] An Expensive Mistake That Brought Success

  • Why Mike is investing in multifamily real estate
  • How long should you hold on to your properties?
    • Michael gives his take
  • Losing $400,000 propelled him to success
    • Listen to Mike’s story

[16:40 - 26:36] Going From Broke to Millions

  • What real estate investors can learn from Michael’s experience
  • Why you should treat other people the way you want to be treated
  • Mike gives an interesting insight about retail strips

[26:37 - 36:27] Creative Ways to Earn Money

  • Mike shares his personal experience about investing in hotels
  • How to access private wealth and sovereign wealth funds
  • Mike reveals the strategies he followed to bounce back from this major life challenge

[36:28 - 44:18] Closing Segment

  • Connect with Mike
    • Links below
  • Final words from Mike and me 

 

Tweetable Quotes: 

“Always try to hold on to your assets as long as possible. That’s how you get your real wealth.” - Mike Ealy

“Treat others how you want to be treated.” - Mike Ealy



Resources mentioned:

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Follow Michael on Facebook, LinkedIn and Instagram or check out Nassau Investments to start your investment journey!

GRAB a copy of Mike’s book, “From Broke to Millions!”

Guest email: [email protected] 


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