Did you know there’s more than $40 trillion sitting in U.S. retirement accounts — most of which could be invested in real estate? In this episode, Michael Blank chats with Karen Hall, Founder of uDirect IRA and author of The BiggerPockets Guide to Self-Directed IRA Investing, to break down the rules, tax implications, and best practices that allow investors to use their retirement funds to participate in real estate syndications. Whether you're a GP raising capital or an LP investing passively, this conversation will help you unlock one of the biggest capital sources in the world.

Key Takeaways:

• There is $40 trillion in retirement accounts — a huge capital pool most investors overlook.
• Self-directed IRAs can invest in syndications, rentals, notes, crypto, precious metals, and more.
• The IRS has prohibited transaction rules — keep investments arm’s length to avoid penalties.
• UBIT/UDFI taxes can apply when leverage is involved — tax advisors are essential.
• A solo 401(k) can reduce some debt-related tax exposure.
• Recent laws may allow employer 401(k)s to include alternative investment funds, opening the door wider.
• Always ask investors: “Do you have retirement funds?” — because most won’t think of it themselves.

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Syndicated Deal Analyzer

Get the Book, Financial Freedom with Real Estate Investing by Michael Blank

For full episode show notes visit: https://themichaelblank.com/podcasts/session498/

In this episode, Michael talks with Jordan McNeely, a former nuclear engineer who realized his rotating 12-hour shift job was draining his energy and keeping him from family life. That sparked his pursuit of passive income and a scalable path to financial freedom through multifamily real estate.

Jordan dove into education, joined a mentoring program to master underwriting and capital raising, and committed 15 hours a week to learning and networking. In just a few months, he partnered with an experienced team on a 96-unit deal in Charlotte and raised over $700,000 from friends and family — despite never having raised money before.

Key Takeaways:

• Skip single-family and scale faster — multifamily penciled out and aligned with his limited time.
• Time freedom was the motivator — rotating day/night shifts took a toll on family, health, and presence.
• Mindset shift on raising capital — he stopped “pitching” and started asking about investor goals.
• One investor conversation per day → $700K raised in 2 months.
• Retirement funds unlocked big capital using self-directed IRAs.
• Partnerships shortcut experience — he leveraged a team already active in Charlotte.
• He made time a priority — 15 hours/week dedicated to education, networking, and raising capital.

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Syndicated Deal Analyzer

Get the Book, Financial Freedom with Real Estate Investing by Michael Blank

For full episode show notes visit: https://themichaelblank.com/podcasts/session497/

Ever wonder what really goes on inside a syndication company? In this rare behind-the-scenes episode, Michael Blank and his Nighthawk Equity business partner, Drew Niffin, pull back the curtain on how they operate their private equity firm — the wins, the painful lessons, and how they’ve adapted during the toughest market the multifamily industry has seen in decades.

They share the full story of scaling from the early partnership days… to building a team… to navigating the last 2.5 years of interest rate spikes, stalled rent growth, and operational pressure. You’ll also get a candid look at what’s changing inside Nighthawk — including new investment opportunities being unlocked for passive investors.

This is the most transparent discussion they’ve ever recorded about what it really takes to run an investment company — and where multifamily investing is going next.

Key Takeaways:

• Success Takes a Team: Syndication is impossible to scale alone. Capital raising, operations, and acquisitions each demand full-time focus.
• Systems Create Stability: Implementing a business operating system like EOS transformed communication, accountability, and execution across the company.
• Hard Markets Build Strong Operators: The last 2.5 years forced better operations, tougher decisions, and stronger lender relationships.
• Debt Determines Destiny: Loan structure can make or break a deal — even if operations are strong.
• Operations Win: Leasing, renewal strategy, resident experience, and in-house oversight are now essential competitive edges.
• The Future Is More Than Multifamily: Nighthawk is expanding into real estate debt funds and boutique private equity (buying profitable small businesses).
• Investor-First Mission: Every system and decision centers on one outcome — delivering reliable performance to passive investors.

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Syndicated Deal Analyzer

Get the Book, Financial Freedom with Real Estate Investing by Michael Blank

For full episode show notes visit: https://themichaelblank.com/podcasts/session496/

Andrew Reichert, CEO of Birgo Capital, went from buying his first duplex with no money down to owning 3,000+ units worth over $300 million. But his journey wasn’t all smooth sailing - Andrew reveals how building a 20-rental portfolio nearly bankrupted him, the “$10M idea” that changed everything, and the lessons he learned scaling his business.

Whether you’re stuck managing a handful of single-family rentals or trying to figure out how to break into larger deals, this conversation will help you shortcut years of trial and error.

Why Small Rentals Won’t Set You Free

• How Andrew realized that $200/month per property wasn’t going to replace his income.
• The math that made him pivot away from single-family rentals.

From Duplexes to a $300M Portfolio

• Why raising capital was the turning point in his career.
• How starting with a fund instead of a single deal accelerated his growth.

The Hardest Lesson in Scaling a Company

• Why “the people who got you here won’t always get you there.”
• How to make tough calls without losing sight of your mission.

Finding Purpose Beyond Financial Freedom

• How Andrew’s Rhino Operating System helps people align their work with their purpose.
• Why clarity—not just cash flow—is the real key to building a fulfilling life.

Overcoming Comfort and Taking Action

• Why staying “comfortable” keeps most investors from scaling.
• Practical tips to create urgency and move from idea to execution.

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ROS Journey – The Rhino Operating System Book

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Syndicated Deal Analyzer

Get the Book, Financial Freedom with Real Estate Investing by Michael Blank

For full episode show notes visit: https://themichaelblank.com/podcasts/session495/

Economic pressure is shrinking returns and tightening capital—but there’s a smarter way forward. In this episode, Michael Blank reconnects with Richard Wilson, founder of the Family Office Club, to explore how multifamily operators can add new strategic layers—not abandon their base.

Richard explains why family offices are focusing less on projected returns and more on trust, positioning, and access. He breaks down how top operators are earning investor confidence, raising capital through debt and niche strategies, and using AI to scale their investor reach and event ecosystems. This isn’t about leaving multifamily—it’s about unlocking more sophisticated pathways to grow wealth and build influence.

Relationships outweigh returns

• Investors commit capital based on trust, not just numbers.
• Track records are only as strong as the operator’s transparency during tough times.
• Desperation repels capital—authenticity and long-term engagement are key.

Multifamily is a foundation

• Real estate experience builds credibility that opens doors to new asset classes.
• Diversification into storage, assisted living, or industrial doesn’t replace multifamily—it expands the investor's options.
• Many capital raisers evolve beyond single-operator deals by layering in flexibility and variety.

Great fund managers think like media companies

• Creating value-rich content builds investor confidence long before a deal shows up.
• Every touchpoint—grad parties, social media, one-on-one texts—is a chance to reinforce trust.
• Consistent communication and thoughtful follow-up outperform one-off pitches.

Family offices play a long game

• They don’t just invest in deals—they invest in people with generational vision.
• Credibility, track record, and staying power are non-negotiables.
• It often takes years of rapport-building before a single dollar is committed—but the result is deep, repeatable capital.

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Syndicated Deal Analyzer

In this special market outlook session, Michael Blank breaks down the current state of the multifamily investing landscape—and explains why Q4 2025 may present one of the best buying opportunities we've seen in over a decade.

Despite high interest rates and ongoing fear in the media, Michael shares why the smart money is moving back into multifamily real estate, and how passive and active investors alike can take advantage of this rare window.

He also makes a few big announcements—including a move into business acquisitions and real estate debt funds—designed to expand the wealth-building options available to his investor community.

If you're wondering whether to sit tight, double down, or make your first move—this is the clarity you're looking for.

Multifamily prices are still 20–40% below their 2022 peak

• Institutional buyers are actively acquiring distressed assets
• Market fear has created undervalued buying opportunities
• Valuations remain well below replacement cost

Rising leverage is pushing prices back up

• Loan proceeds are increasing from 65% to 75% LTV
• Lenders are re-entering the market with more aggressive terms
• Higher leverage means stronger returns with less equity required

Demand for rental housing remains strong

• Homeownership is 44% more expensive than renting
• The U.S. faces a multi-million-unit housing shortage
• New construction activity has slowed significantly

Risk-adjusted returns are stronger than in 2022

• Interest rates are stabilizing, lowering market uncertainty
• Deals now use fixed-rate debt and more conservative underwriting
• Investors are getting the same returns with significantly less risk

The Passive Income Calculator helps investors plan their freedom

• Allows modeling based on actual investment inputs
• Tracks projected growth in passive income and net worth
• No opt-in required—download and start planning immediately

New opportunities are coming from TMB

• Expansion into real estate debt funds and business acquisitions
• Targeting cash-flowing, recession-resistant businesses
• Designed to offer passive investors more options for building wealth

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Most people raising capital are doing it completely wrong. They focus on flashy decks, mass emails, and trying to “look big”—but investors can smell the inauthenticity from a mile away.

Jeremy Dyer took a different approach. He raised $50M in under 2 years by leading with trust, transparency, and one-on-one conversations—all while holding down a full-time tech sales job and raising four kids.

In this episode, Michael Blank uncovers the real strategies behind Jeremy’s rise from passive investor to powerhouse capital raiser. You’ll learn how he built a loyal investor base, scaled legally with fund-to-fund models, and is now buying deals at massive discounts while others sit on the sidelines. If you think capital raising is about money—it’s not. It’s about people.

Head over to https://thefreedompodcast.com/500 to submit for a chance to win free merch and be highlighted in episode 500!!!

Why LP Experience Makes You a Better Syndicator

• Jeremy invested in over 40 syndications before ever raising a dollar.
• Seeing wins and losses helped him understand what real investors care about.
• He built empathy—and that changed everything.

Capital Raising is Human, Not Corporate

• His $50M didn’t come from ads—it came from deep personal conversations.
• Jeremy rebranded himself organically, one investor at a time.
• Sales background helped, but being authentic mattered more.

How to Stand Out in a Sea of Noise

• He personally checks in with 20 investors every week.
• Following up on personal details (like a kid’s birthday) beats “just checking in” emails.
• Raising capital is about trust—not timing.

The Right Way to Raise Capital for Others

• Jeremy uses fund-to-fund structures to stay compliant.
• He partners with operators without muddying incentives.
• Leveraging someone else’s backend frees him to focus on investors.

Why Now Is a Massive Buying Opportunity

• Jeremy’s acquiring deals at 30–40% below peak pricing.
• Distressed sellers and rising absorption = market bottom approaching.
• He’s not scared—he’s scaling.

https://www.startingpointcapital.com/

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Think you need 10 years of house flipping before you can go big in real estate? In this episode, Michael Blank sits down with Kent Ritter—Founder of Hudson Investing and host of Ritter on Real Estate—who scaled from solo operator to managing 2,000+ units and leading his own in-house property management firm. He didn’t wait for permission. He didn’t grind for a decade. He built systems, teams, and a killer culture that made scale inevitable.

They unpack how he made the leap from flipping houses to running a real syndication business, and why skipping the “single-family hustle” may be the smartest move you can make. If you’re tired of thinking small, this episode will wake you up.

• Flipping and landlording create income—but not freedom.
• Most "passive" single-family models are just high-paying jobs in disguise.
• You don’t need 10 years of grinding to go multifamily—you need a mindset shift.

• Learn why Kent’s first plateau happened—and how he broke through it with the right partner.
• Discover how he scaled from 7 to 30 team members overnight by bringing property management in-house.
• Building culture and hiring to core values was Kent’s unfair advantage—here’s how to do it right.

• Why your friends and family won’t take you seriously at first—and what to do instead.
• The #1 perception you must change to consistently raise from private investors.
• You don’t need to know everyone—you just need to earn trust and prove expertise.

• How Hudson Investing makes new construction deals pencil in 2025 and beyond.
• Why cities are partnering with operators—and how that benefits your returns.
• The real risk difference between building new vs. buying value-add.

• Kent breaks down why Midwest markets like Indianapolis and Fort Wayne are outperforming.
• Supply constraints = stronger rent growth and less risk—here’s where to look.
• Why Midwest deals may be boring… but boring works.

https://www.kentritter.com

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