On January 12, 2022, David interviewed Mike Morawski, founder of My Core Intentions, a Chicago based multi-family real estate coaching and training company that teaches people to pursue and realize their dreams of being real estate investors.
Mike draws from his own experience as a real estate investor and property manager. In the financial crash of 2008, like most real estate entrepreneurs, aside from losing a significant amount of money, Mike lost a lot more at that time.
In his path towards becoming a lifelong businessman, Mike entered the construction industry as an entrepreneur in his early twenties. Later, he sold his company and started his career as a real estate agent. He built a successful team that sold over 125 homes per year. In 2005, Mike syndicated his first apartment purchase and went on to raise $18 million in private equity capital and purchased over 4,000 apartments in 30 months and built a property management company with 7,500 apartments under management.
In hindsight, Mike realized that his business grew way too fast, he was over leveraged and undercapitalized when financial markets imploded. In an effort to save his businesses, he moved money between entities, but failed to disclose this to his investors, as a result he was charged with wire fraud and mail fraud which sentenced him to ten years in Federal prison. After his sentence, his wife divorced him, and he soon realized he had lost everything he loved.
Mike served almost 8 years in prison, during this time he completed a bachelor’s degree in theology, wrote two books, collaborated in the creation of an ethics course with a university professor and taught classes to other inmates. After his release, which coincided with the start of the Covid-19 pandemic, Mike has re-engineered his life and teaches entrepreneurs how to live a balanced lifestyle.
You can visit MyCoreIntentions.com/exitplan to grab a free copy of Mike’s book “Exit Plan”, a complete guide to multi-family investing.
Mike’s Contact Information: