Trust But Verify - David Pere

08/25/20 • 31 min

Multifamily Missteps Hosted by Christy Keeton

David Pere is an active-duty Marine who devotes his free time to teaching service members and veterans how to build wealth through real estate investing, entrepreneurship, and personal finance. In this episode, David shares some of his experiences and issues that he faced on his investment deals so we can all learn from it.

Let’s jump into David’s story and get expert advice to avoid any potential issue from a real

estate pro!

Things you will learn in this episode:

[00:01 - 03:24] Opening Segment

David talks about his journey in the investment

[03:25 - 15:29] Trust But Verify

David talks about one of his deal and a contractor
- Faced some unforeseen issue with the contractor and the building
- Fix the house, sold it, and got half of his money
- Lost about $30.000
What could we do to avoid this kind of issue
- Get a property manager to check the details in the property before giving any checks
- Change the billing structure to ensure what your contractor is doing and stays on schedule
- Increase the oversight on contractors and stricter contracts
If you are interested in getting into multifamily or scaling your current business;
- hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
Issues may come up, but you just have to adjust your system and keep pushing

[15:30 - 27:59] Have Everything in Writing

David shares the story about one of his deal that had an issue with the property manager in 2018
- 40 Units mix-use building in Southwest Missouri for $3million
Faced some weird issue by the second month of ownership
- He was losing two or $3,000 a month since
- Got the contract breached by the contractor and previous owner
Put legal action proceeding for 14 months and scheduled on July for the jury court case on this deal
David shares the lessons he got from this
- Always have his trusted property manager and have her to do the due diligent with him
- Have everything in writing, not just over the phone
- Be more decisive

[28:00 - 31:00] Closing Segment

What are your words of wisdom to our listeners?
- Trust but verify
- “If you say that you are going to do something, you have to do it.”
- Always learn, network, and take action
How to get in touch with David
- See links below
Final words from me

Tweetable Quotes:

“Issues may come up, but you just have to adjust your system and keep pushing.” - David Pere.

“Trust but verify, always have everything in writing, and be more decisive. ” - David Pere.

“If you say that you are going to do something, you have to do it.” - David Pere.

You can connect with David on LinkedIn, Instagram, and Facebook. Check his website at www.frommilitarytomillionaire.com.

LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or

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Are you feeling overwhelmed with Multifamily deal analysis? Are you uncertain about the right investment? Christy is an expert underwriter and mentor and wants help you on your journey! Visit her website at www.ChristyKeeton.com to book a discovery call now.

Let’s jump into David’s story and get expert advice to avoid any potential issue from a real

estate pro!

Things you will learn in this episode:

[00:01 - 03:24] Opening Segment

David talks about his journey in the investment

[03:25 - 15:29] Trust But Verify

David talks about one of his deal and a contractor
- Faced some unforeseen issue with the contractor and the building
- Fix the house, sold it, and got half of his money
- Lost about $30.000
What could we do to avoid this kind of issue
- Get a property manager to check the details in the property before giving any checks
- Change the billing structure to ensure what your contractor is doing and stays on schedule
- Increase the oversight on contractors and stricter contracts
If you are interested in getting into multifamily or scaling your current business;
- hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
Issues may come up, but you just have to adjust your system and keep pushing

[15:30 - 27:59] Have Everything in Writing

David shares the story about one of his deal that had an issue with the property manager in 2018
- 40 Units mix-use building in Southwest Missouri for $3million
Faced some weird issue by the second month of ownership
- He was losing two or $3,000 a month since
- Got the contract breached by the contractor and previous owner
Put legal action proceeding for 14 months and scheduled on July for the jury court case on this deal
David shares the lessons he got from this
- Always have his trusted property manager and have her to do the due diligent with him
- Have everything in writing, not just over the phone
- Be more decisive

[28:00 - 31:00] Closing Segment

What are your words of wisdom to our listeners?
- Trust but verify
- “If you say that you are going to do something, you have to do it.”
- Always learn, network, and take action
How to get in touch with David
- See links below
Final words from me

Tweetable Quotes:

“Issues may come up, but you just have to adjust your system and keep pushing.” - David Pere.

“Trust but verify, always have everything in writing, and be more decisive. ” - David Pere.

“If you say that you are going to do something, you have to do it.” - David Pere.

You can connect with David on LinkedIn, Instagram, and Facebook. Check his website at www.frommilitarytomillionaire.com.

LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or

Support the show

Previous Episode

No Pushing - Spencer Hilligoss

Today I had the pleasure of speaking with Spencer Hilligoss. Spencer is a real estate expert, Founder of Madison Investing, former technology leader, and part of Forbes 2019 Real Estate Council. With a 13-year track record of building high-performing teams across five companies, he is passionate about real estate investing and helping others achieve their goals through real estate.

Let’s jump into Spencer’s story and get expert advice from a real estate pro!

Things you will learn in this episode:

[00:01 - 05:00] Opening Segment

Spencer talks about his background and current focus
Spencer shares the story about his early exposure to real estate

[05:01 - 15:59] The Hard Learning

Spencer talks about his experience in the last company he worked with
Investing criteria
- The concept three pillars
Spencer shares about his experience with underwriting knowledge
Holistic decision making
- Have cash reserves
- Underwrite the operator (how do you evaluate)
Build out vetting criteria for the team that running a multi-family project
Spencer talks about the sniff test in real estate investment
Spencer talks about doing Capital call
You want your investors to invest because they think it is the right decision for them
- Not because you got to cross the finish line faster

[16:00 - 28:29] No Pushing

Spencer shares another story about the miss-steps he took
- investing with other passive investors
Hardcore education focus
- Taking off all the pressure that you wouldn’t ever want to experience
Spencer talks about the signs when you are pushing
- The sense that you have to push too hard
If you are interested in getting into multifamily or scaling your current business;
- hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
Spencer talks about aspiring passive investors

[28:30 - 35:57] Closing Segment

What are your words of wisdom to our listeners?
- “It’s less about the quantity, but more about the quality of the application of the knowledge you get from books or podcasts.”
- “Pick the one knowledge that resonates with you, take note, and do some stuff with it.”
Spencer talks about a good coaching program
- The person that you work with don’t pull punches
- The ability to accept feedback from the coaches
- Have they done what you are looking to do?
Final words from me

Tweetable Quotes:

“You never ever should need to feel like you pushed when it comes to capital raising or involves other people's money .” - Spencer Hilligoss.

“It is more important to be understood than to sound smart to the clients ” - Spencer Hilligoss.

You can connect with Spencer on LinkedIn and check his website at www.madisoninvesting.co or email him at [email protected]

LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click

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Next Episode

That's Why We Fired Them - Devin Elder

I had the pleasure of speaking with real estate entrepreneur, and the founder and principal of DJE Texas Management Group, Devin Elder.

Let's jump into Devin's story and get expert advice on how you can switch from single-family to multifamily real estate.

[00:01 – 03:23] Opening Segment

Devin Elder talks about his background and how his journey began
Spent about ten years in corporate America
Wanted to be an entrepreneur (pursued real estate)

[03:24 – 10:11] From Flipping Houses to Apartment Buildings

Why did you switch from flipping houses to apartment buildings?
"I'm real big on learning."
Have there any been issues with running your apartments?
- "I absolutely had stuff go wrong, still goes wrong, every day."

[10:12 – 18:48] Devin's Missteps

Devin shares some of the problems they faced in their company
As entrepreneurs, there are times that you just have to take the leap

[18:49 – 24:53] Scaling His Multifamily Portfolio

How big was your first apartment?
Devin talked about his approach when he switched to multifamily
Devin talks about the mindset to become successful
- Shares some actionable advice that you can apply in your life

[24:54 – 30:15] Closing Segment

Devin gives powerful words of wisdom that you don't want to miss!
What does it mean for you to be all in?
Devin reflects on how he was able to reach where he is now

Tweetable Quotes:

"My default assumption is, somebody's gonna try to steal from me. Somebody's gonna not pay rent. Somebody's gonna quit on-site. And when those things happen you go, ‘Yup, I expected that. It's figuring out how to put in a plan that can deal with all those things’." – Devin Elder

"I think that's important for passive investors to understand: there's a lot of dollars in this business. Pro and Con, right? There's a lot of money to be made, but guess what? There's a lot of money to be spent and a lot of operating capital to float too." – Devin Elder

"Anything that man can conceive and believe, he can achieve." – Devin Elder

You can connect with Devin on LinkedIn. Visit his website https://www.devinelder.com/. Check out DJE Texas Management Group’s website for more information on real estate investment opportunities. Listen to his podcast, The DJE Podcast.

LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.

If you are interested in getting into multifamily or scaling your current business, hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!

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