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
- 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 atwww.frommilitarytomillionaire.com.
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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.
