Episode 212 - Bouncing Back in Real Estate: Michael Albaum's Inspiring Journey from Setback to Success

Ever wonder what happens when real estate investing does not go according to plan?  In today's episode, we have Michael Albaum, a successful real estate investor and educator with a proven track record of success. After achieving financial independence early through smart investments, Michael experienced some bumpy roads and severe economic loss. Michael had to rebuild his empire from the ground up and return even stronger and more successful.

Michael will share strategies that led him to become one of the top figures in the real estate sector and what mindset helped him bounce back from hitting rock bottom. He will reveal several fundamental investment principles applied to build lasting wealth and transform setbacks.

You are going to love Michael's inspiring story. You can learn so much from his incredible journey. But most of all, find out from him how your challenges can become opportunities for growth and success. Listen to the full episode and get inspired!

PODCAST HIGHLIGHTS:
[00:15] Michael’s background and early journey into real estate investing, including his first major deals.
[01:00] Discuss the first couple of deals Michael made and the challenges he faced initially.
[03:40] How Michael achieved financial independence, lost it, and the steps he took to regain stability.
[07:20] Real estate investing challenges and how entrepreneurship shaped Michael’s approach to long-term success.
[12:45] Michael’s commitment to self-education in real estate and how it helped him overcome early setbacks.
[16:30] Insights into Michael’s first deal, including that investment's strategy, process, and outcome.
[21:45] Tenant management problems Michael encountered and the key lessons learned from those early experiences.
[26:10] Importance of selecting the right tenants and how poor choices can impact real estate investments.
[32:30] Real estate appreciation, market trends, and how property value growth contributed to Michael’s portfolio.
[38:00] How Michael went from one property to owning multiple real estate investments.
[43:15] How financial independence allowed Michael to travel the world and experience life abroad.
[48:40] The one project that caused Michael to lose financial independence and its long-term effects.
[53:10] The emotional and psychological impact of losing financial independence and how Michael coped.

HOST
Craig Curelop
📸 Instagram: https://www.instagram.com/thefiguy
📘 Book: https://store.biggerpockets.com/products/the-house-hacking-strategy
🏘️ Buy Real Estate: https://bit.ly/3V3QDze

GUEST
Michael Albaum
📸Instagram: https://www.instagram.com/myfimike/
🐦Twitter:https://x.com/MichaelAlbaum?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor
🌐Website: https://www.myfiacademy.com/