Mike Morawski is our guest on today’s compelling journey through his past and present, reliving how he got from the top of his game in multifamily to federal prison. Back in the day, he raised capital like it was nobody's business. He scaled so fast your head would turn. It is difficult to not be impressed with what Mike accomplished in real estate and multifamily. Even more impressive but just as heavy, is his story and the mistakes that cost him. Mike moved so fast he forgot to pay attention to the details and as a result, was sentenced to 10 years in federal prison. It's a harrowing, sobering story and so many times more inspirational, especially seeing him get back up and share this incredible redemption story. All of us have things we go through that we are ashamed of sharing. But it's that idea that when we share things that we go through, we can learn from each other. Mike teaches us that whatever you've been through it's all about mindset no matter where you're at, whether it be in real estate, real life, or federal prison.
In this episode, we explore:
01:54 – When we raise money, we are held to a higher standard
02:31 – Sold construction business to real estate
03:34 – Success leaves clues
04:31 – 2005: Raised $18M and value-scaled Apartment units to $100M
06:03 – Mike wrote a book called, ‘Exit Plan’
06:43 – $285M in real estate empire and the mistakes
07:36 – Too fast, too unstable, undercapitalized, overleveraged
09:38 – Then the 2008 crash happened
10:41 – Sentenced to 10 years on wire and mail fraud charges
11:20 – Transparency with your investors
12:37 – Mike’s life in federal prison
14:33 – A defining moment in Mike’s life
18:16 – Mike is free and comes home during pandemic lockdown
18:38 – On being trapped and taking initiative
21:46 – Where is multifamily headed?
25:16 – You should be involved in underwriting
26:28 – Exit Plan by Mike Morawski
Connecting with the Guest:
Website
#federalprison
#raisingcapital
#multifamily
