Michael Wagman
Michael Wagman has been a guest on Collecting Keys, the real estate investing podcast hosted by Mike DeHaan, Dan Austin and Dylan Koch.
Skipping The Small Stuff And Buying 500 Doors By Age 31 With Michael Wagman
Michael Wagman walks Mike and Dan through his path from flipping $66K houses in Florida with his own cash to building a 500-unit, $70 million multifamily portfolio by age 31. He explains why his early flips, wholesaling attempts and realtor work didn't stick, how a paid mentorship gave him the network (business partner, loan sponsor, capital contacts) that finally got his first deal closed, and how value-add syndications are structured and financed.
Key takeaways
- Wagman's first two flips each took about six months and netted roughly $13K and $30K — small money, but the experience is what kept him moving instead of quitting.
- House hacking a four-unit and adding two duplexes gave him eight units and rental income that kept paying during 2020, which pushed him toward multifamily; he later sold all eight to fund earnest money.
- Multifamily is a team sport: agency/commercial loans require net worth roughly equal to the loan plus liquidity and experience, so green buyers need a sponsor — who typically takes 20–40% of the general partnership (30% on his first deal).
- It took 15 months from starting to learn multifamily to closing deal one, then six months for the second, then five deals in six months once brokers believed he could close. Nothing closed after July as cap rates and interest rates moved.