Myers Methods Presents Multifamily Missteps Podcast

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Myers Methods Presents Multifamily Missteps

Being a Key Principal - Sandhya Seshadri (Thu, 17 Sep 2020)
Sandhya Seshadri is the founder and CEO of Texas Twilight Investments and Multi-Family 4 YOU. She’s a multifamily deal sponsor, syndicator, and accredited investor based in Dallas, Texas.  Let’s jump into Sandhya’s story and get expert advice from a real estate pro!  Things you will learn in this episode: [00:01 - 04:10] Opening Segment Sandhya talks about her background and when her journey began Moved to Texas 30 years ago from India Graduated with an engineering degree and MBA Got into the corporate world and stock exchange  Joined a Multifamily Syndication  [05:00 - 15:00] Practical Training  Sandhya shares the lessons she learned especially as a passive investor Sandhya talks about the importance of putting her money in the deal Sandhya shares her transitional experience  Choosing the right partner to invest with [15:01 - 21:05] Being a Key Principal  Sandhya talks about her experience dealing with banks  Sandhya shares about her experience being a Key Principal  Sandhya gives us valuable advice about how to be a Key Principal [21:06 - 24:13] Closing Segment How do you find and approach the people that have the capacity to join your deal? Follow the same rules that you would use to get passive investors Offer your current investors to become Key Principals Guidance to ask about networth information input on lenders’ requirements What are your words of wisdom to our listeners? “No matter what the obstacles might seem, there is always a way.” Final words from me Tweetable Quotes:  “No matter what the obstacles might seem, there is always a way. The straight path that someone else had followed might not be going to fit you, you have to create your own path.” - Sandhya Seshadri You can connect with Sandhya on LinkedIn, and Facebook. Check her website at multifamily4you.com or email her at multifamily4you@gmail.com 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! Support the show (https://www.facebook.com/groups/157335752156211/)


I Didn't Understand the Retail - Matt Anices (Tue, 15 Sep 2020)
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Cheap Price Doesn't Make it a Deal - Brian Hamrick (Fri, 11 Sep 2020)
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5.2 MM Lost in the Wire - Bruce Petersen (Thu, 10 Sep 2020)
I had the pleasure of speaking with the Founder of The Apartment Guy℠, Bruce Petersen. He is a serial syndicator of large multi-family properties throughout Central Texas. Let’s jump into Bruce’s story and get expert advice from a real estate pro!  Things you will learn in this episode: [00:01 - 04:10] Opening Segment Bruce talks about his background and where his journey began The first one to graduate high school in his family, dropped out of college and failing in the retail industry Found a good real estate mentor, and jumped right into Multi-Family Syndication [08:55 - 15:59] 5.2 MM Lost in the Wire Bruce shares his missteps in the real estate business  Bruce shares some unexpected experience in the real estate business Bruce shares the story about his deal that got lost because of the wire  How to be prepared for any unexpected case [16:00 - 21:05] The Hard Truth about Multi-Family Syndication Bruce shares the hard truth about Multi-Family Syndication Bruce talks about preparing to spend our own money on the deals Bruce talks about the strategy to avoids traps on deals [21:06 - 26:23] Closing Segment What is your newly launched book about? “It is about sharing to people the real hard truth about Multi-Family Syndication, that it is not as easy as the theory“ What are your words of wisdom to our listeners? “Understand who you are, don’t just go chasing dollar sign, but do it because you like it” “Be transparent and upfront when things go wrong” “Be self-aware and don’t put yourself in a bad situation” Final words from me Tweetable Quotes:  “Understand who you are, be self-aware and don’t put yourself in a bad situation” - Bruce Petersen You can connect with Jeffrey on LinkedIn, Facebook, and Instagram For a free copy of his book, go to apt-guy.com/get-v-book 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! Support the show (https://www.facebook.com/groups/157335752156211/)


We'll Fund it without the Lender Feras Moussa (Tue, 08 Sep 2020)
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The Wild Wild West - Ben Wuollet (Tue, 01 Sep 2020)
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That's Why We Fired Them - Devin Elder (Fri, 28 Aug 2020)
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! Support the show by following our Facebook Page (https://facebook.com/groups/157335752156211) Support the show (https://www.facebook.com/groups/157335752156211/)


Trust But Verify - David Pere (Tue, 25 Aug 2020)
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Paying too Much In Taxes - Yonah Weiss (Wed, 19 Aug 2020)
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No Pushing - Spencer Hilligoss (Tue, 11 Aug 2020)
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They Cut My Loan Proceeds - Brian Briscoe (Thu, 06 Aug 2020)
Today I had the pleasure of speaking with the CO-Founder and Marketing Manager of Four Oaks Capital, Brain Briscoe. Let’s dive into Brian’s misstep story and how to come back from a cut in loan proceeds when you’ve overextended yourself. [00:01 - 05:25] Opening Segment Brian Briscoe gives us his background story from Marine Corp to Multifamily Real Estate Contact Brian through Four Oaks Capital or contact directly at brianbriscoe@fouroakscapital.com Michael Blanck Coaching Program [05:26 - 11:13] How to Launch  Brian talks about the value of mentorship  Brian shares how he launched himself into his first deal Don’t buy into the people teaching that you can start with zero down [11:14 - 31:30] They Cut My Loan Proceeds Brian talks about overestimating the proceeds in the loan of his Franny May deal in the Scarborough area Brian walks us through how he was able to negotiate back up and fix the situation Changing the GP/LP split Brian gives us valuable advice about how to avoid this kind of situation  Underwriting without assumptions [31:31 - 34:57 ] Closing Segment What are your words of wisdom to our listeners? “Sharpen your pencil on everything” and “verify all assumptions” How long did it take you to close this deal? “The seller measured everything in business days to about 6 months.” Final words from me   Tweetable Quotes: “Sharpen your pencil on everything...When you’re going through your underwriting or projections make sure there are no assumptions in there.” - Brian Briscoe      You can connect with Brian on LinkedIn, and Facebook, and definitely check out the Four Oaks Capital website.  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! Support the show (https://www.facebook.com/groups/157335752156211/)


They Backed Out - Leslie Awasom (Thu, 06 Aug 2020)
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Speculating vs Investing - Paul Moore (Thu, 30 Jul 2020)
Today I had the absolute pleasure of speaking with the Managing Partner of Wellings Capital, Mr. Paul Moore. Let’s get into Paul’s story and wisdom on making the right investments and his mistakes in the multifamily field and his so you can avoid them.  Things you will learn in this episode:  [00:01 - 04:00] Opening Segment  I introduce our guest, Paul Moore Paul Introduces himself and gives his background of how he started flipping properties then realized he wanted to get into multifamily real estate.  [04:00- 13:35] Paul’s Misstep Stories - Investing vs. Speculating       ●     Paul talks about his mistakes in the field by speculating instead of truly investing Ignoring advice from mentors leading to Paul losing money on a deal Why Paul was unable to raise apartment rent  Paul talks about how to prevent his mistake from happening He talks about this in his book The Perfect Investment   Realizing multifamily real estate has a lot of competition, Paul looks towards different types of multifamily homes.  [13:35 - 17:58] Closing Segment  Words of Wisdom for our listeners Make sure to invest and not speculate.  Make your mistakes while you’re young Don’t plow a whole high percentage of your cash into one property Paul talks about diversification  The One Thing - Gary Keller  Final words from me Tweetable Quotes: “In Real Estate there are so many opportunities to invest safely and part of that can be reflected in the debt service coverage ratio; The margin of safety between your net operating income and your debt payments… there are so many good ways to invest but you shouldn’t have to speculate and so I recommend people really think through that.” - Paul Moore   You can connect with Paul and his team at  wellingscapital.com. Also, be sure to check out his podcast How to Lose Money. You can also visit him on LinkedIn.  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! Support the show (https://www.facebook.com/groups/157335752156211/)


Something Is Making Noise In the Ceiling - Sam Stidwell (Tue, 28 Jul 2020)
I had the pleasure of speaking with a research architect at the US Army Corps of Engineers, Samuel Stidwell IV. Let’s jump into Sam’s story that failures are part of the process, and it’s a stepping stone for you to learn and be better than you from yesterday. Things you will learn in this episode: [00:01 – 04:37] Opening Segment Sam talks about his background and how his journey began His father was in the real estate industry Majored in Architectural Engineering Just started in real estate recently [04:38 - 14:09] Sam’s Missteps Sam shares his missteps in the real estate business Sam talked about wanting to learn the process by doing it himself  Sam shares some tips he learned from his missteps [14:10 – 19:39] Your Knowledge is Your Leverage Sam talks about not having a formal education in real estate The importance of getting formal education to prepare you into getting in real estate Sam gives powerful words of wisdom that you don’t want to miss!   Tweetable Quotes: “Don’t be too overconfident” – Sam Stidwell “Everybody makes mistakes, but that doesn’t mean that that’s the end of the road” – Jerome Myers You can connect with Sam on Instagram, Linkedin, and Facebook. 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! Support the show by following our Facebook Page (https://facebook.com/groups/157335752156211) Support the show (https://www.facebook.com/groups/157335752156211/)


Man On Fire - Matt Faircloth (Thu, 23 Jul 2020)
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They Are Shooting - Jason Yarusi (Tue, 21 Jul 2020)
Today I had the pleasure of speaking with the CO-Founder of Yarusi Holdings, Jason Yarusi. Let’s dive into Jason’s story of the missteps and how to improve the value of the asset to provide a monthly passive income.  Things you will learn in this episode: [00:01 - 05:19] Opening Segment Fabiola talks about her background and how he got into the multifamily real estate  Connect with Jason, see below for the links [05:20 - 17:50] Problems Affecting Real Estate and How to Improve the Operations  Jason talks about some of the issues he experienced with investing in real estate and how he's been able to solve or deal with it. Jason shares how he addresses the various questions and needs of potential investors What is the problem? How to address it? What is the estimated time of completion? [17:52 - 23:37] Things You Need To Take Into Account: The Property and The Safety Of The Area  Jason provides valuable guidance on what investors should consider when investing in assets older than 1990 or 1980 Jason shares things which you also have to take into account not only the property but also the area around your property, is it safe? Jason offers guidance on if a crime has occurred in the area you purchase [23:38 - 26:53] Closing Segment What are your words of wisdom to our listeners? “You have to act and implement.”  What are your thoughts with mentorship and doing on their own? Do you think it’s helpful for somebody? “It depends on your attitude. You can do both.”    Tweetable Quotes:  “In running a business, there's a certain point where you have to be revenue and expense driven, but you also have to think of people in mind too” -Jason Yarusi  You can connect with Jason on Instagram, Facebook LinkedIn, Youtube, and listen to their podcast The Jason and Pili Project.   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! Support the show (https://www.facebook.com/groups/157335752156211/)


Getting Over the Hump - Kyle Mitchell (Tue, 14 Jul 2020)
Today I had the pleasure of speaking with a multifamily syndicator, co-founder of Limitless Estates, Kyle Mitchell. Listen to Kyle 's story of how multifamily investment can be successful with consistency. Things you will learn in this episode: [00:01 - 04:20] Opening Segment Connect with Kyle Mitchell +5628335010. See below for his social links  Kyle talks about his background and how he started investing in real estate [04:21 - 09:36] Kyle’s First Multifamily Deal  Kyle shares an exciting story about his first multifamily deal  Closing 42-unit property in Tucson How he raised a million dollars on a deal  How he did his first deal with no prior existing multifamily experience [09:37 - 15:07] Kyle’s Experience in Multifamily Syndication Kyle talks about how his multifamily experiences in splitting syndication Kyle talks about the importance of building a partnership in dealing with multifamily syndication Kyle shares a fantastic story on why he quit his job to pursue his passion  [15:08 - 23:03] Raising Capital Practices  Listen to Kyle’s advice for someone like you who plans to have a career change  Kyle’s shed some light on what he learned after he closed two deals  Dealing with the lender and raising capital  Kyle’s capital raising practices  Building a relationship  Educational platform add value back to the people.  Kyle talks about how he built his investor database Kyle shares his experience in raising money  Kyle talks about the importance of joint venture  [23:04 - 24:37] Closing Segment The words of wisdom you have for our listeners?  “It’s all about consistency.”    Tweetable Quotes:  “As anyone who wants to get started in multifamily investing, the biggest thing that we have done that's created success for us is consistency” -Kyle Mitchell. You can connect with Kyle on Linkedin, Twitter, Facebook, Youtube, Visit his 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! Support the show by following our Facebook Page (https://facebook.com/groups/157335752156211) Support the show (https://www.facebook.com/groups/157335752156211/)


Paying a Pref Without Closing - Kristen Ray (Tue, 07 Jul 2020)
I had the pleasure of speaking with the owner of Vytal Investments, LLC, and co-founder of Vital Investment Partners, Kristen Ray. Let’s dive into Kristen’s story that by not giving up, no matter how many times you fail, it can eventually lead you to the success that you have been dreaming of. Things you will learn in this episode: [00:01 – 03:07] Opening Segment Kristen talks about her background and where her journey began Inherited properties from her grandfather and turned them into rentals [03:08 – 14:19] Kristen’s Missteps Kristen talks about previous deals she had made How she met her business partner Kristen talks about the first deal with her new partner Quick shoutout to our website myersmethod.com Kristen shares her learnings from the failed first deal Building and maintaining good business relationships [14:20 – 20:54] Don’t Give Up Kristen talks about moving on and the next deal that they made The surprises after closing the deal Kristen gives powerful words of wisdom that you don’t want to miss!  Tweetable Quotes “Don’t give up; just keep doing it. No matter how many times you fail for something you want to do, keep at it, and try to mitigate your risk.” – Kristen Ray   You can connect with Kristen on Facebook and Linkedin. You can also send her an email at info@vitalinvestmentpartners.com. 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! Support the show by following our Facebook Page (https://facebook.com/groups/157335752156211) Support the show (https://www.facebook.com/groups/157335752156211/)


Its My Own Cash - Fabiola Fleuranvil (Tue, 30 Jun 2020)
I had the pleasure today to speak with real estate developer + CEO of Blueprint Creative Group, Fabiola Fleuranvil. Let’s jump into Fabiola’s story of how to scale your business into investing in affordable senior living development projects.  Things you will learn in this episode: [00:01 - 06:55] Opening Segment Fabiola talks about her background and her investing journey  Connect with Fabiola, see below for the links [06:56 - 14:31] How to Scale Your Business From Small To Big deal  Fabiola shares an incredible story about her transition from fix and flips to multifamily How she was able to recover during a market crash in 2015 to 2016  Fabiola talks about how she scales her property business.  Looking for a growth market in which competition is not so high  How to redevelop your business plan into an affordable assisted living facilities  [14:32 - 21:02]  How to Raise Equity  Fabiola shares a fantastic story about how she met her operating partner Fabiola provides valuable insight into how to raise equity to purchase a property that is a dead asset She bought the building initially with her cash Networking  [21:03 - 25:43] Closing Segment  Are there any missteps along the way with the acquisition of the property? “No, because I've had more than enough time to digest this” The words of wisdom you have for our listeners?  It’s  the fear factor that people have to get rid of” “It’s so much easier to raise on a big deal than it is to raise on a small deal.”   Tweetable Quotes:  “It's better to lose it and make it back versus to be so scared to lose it that you never even try in the first place” - Fabiola Fleuranvil You can connect with Fabiola on Linkedin, Facebook, Instagram, or visit their company website Icon Heritage Partners.  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! Support the show by following our Facebook Page (https://facebook.com/groups/157335752156211) Support the show (https://www.facebook.com/groups/157335752156211/)


Too Many Hands in the Pot - Ryan Groene (Tue, 23 Jun 2020)
I had the pleasure of speaking with the mobile home park investor and director of operations of Buckeye Communities, Ryan Groene. Let’s dive into Ryan’s story of how learning from your mistakes can help you grow better. Things you will learn in this episode: [00:01 – 5:47] Opening Segment Ryan talks about his background and how his journey began Studied finance in college Worked in financial analysis and investments companies [05:48 – 10:29] Ryan’s Missteps Ryan talks about his business and partnerships Ryan shares when he realized having too many hands in the pot was a misstep [10:30 - 18:02] Ryan’s Methods Ryan shares how he structures his deals to get the best out of it Ryan’s checklist before engaging in deals Ryan shares how he manages the debt side of his investments [18:03 – 24:00] Closing Segment Ryan talks about how mobile home parks work Ryan gives some inspiring words of wisdom that you wouldn’t want to miss!  Ryan explains why investing in real estate is more straightforward than other forms of investments. Tweetable Quotes: “Read as much as you can, talk with as many people as you can, and then at the end of the day, don’t be scared by thinking that real estate is complicated.” – Ryan Groene You can connect with Ryan on Facebook, Instagram, and Linkedin, or you can send him an email at ryan.groene55@gmail.com. If you want to learn more about mobile home park investing, visit https://themobilehomeparkinvestor.com/. 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! Support the show by following our Facebook Page (https://facebook.com/groups/157335752156211) Support the show (https://www.facebook.com/groups/157335752156211/)


Scaling Out of the Bedroom - Ivan Barratt (Thu, 18 Jun 2020)
Today I had the pleasure of speaking with the Founder and CEO of Barratt Asset Management, Ivan Barratt. Let’s dive into Ivan’s story of how to scale your business to get the highest Return Of Investment  Things you will learn in this episode: [00:01 - 05:36] Opening Segment Ivan talks about the protests happening in the mids of COVID-19 racism Connect with Ivan +317.762.2625 or see below for the links  [05:37 - 14:02] Evaluate First Your Potential Partners  Ivan talks about his background and his real estate journey  Ivan mentions Ken McElroy who says real estate is not location, location, location. It's, it's location, financing, and partners.  Ivan shares the importance of evaluating individuals and potential partnerships in order to prevent the awful mistakes he had made before Personality test [14:03 - 26:48]  Scaling Out Of the Bedroom Ivan reveals how to construct the foundation of a strong organization  really good trusted attorney  hired an admin or assistant much faster  Ivan shares his 4 coaches in his life that you wish to listen to!  Ivan shares an interesting story about the significance of having a coach in your life Coach is worth every penny. It’s a huge return of investment Ivan  gives powerful words of wisdom to someone like you who wants to scale a business What do I have to do today, that will move the chains on where I'm trying to be Tomorrow Read five to eight business books over the course of the year Tweetable Quotes:  “Don't let that fear or those things slow you down” -Ivan Barratt “You gotta delegate so that you can elevate” -Ivan Barratt Resources Mentioned:  ivanbarratteducation.com  (Blog) barrattassetmanagement.com  (Company Website) ivanbarratt.com  (Personal Website) You can connect with Ivan on Facebook LinkedIn, Twitter, Instagram  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! Support the show by following our Facebook Page (https://facebook.com/groups/157335752156211) Support the show (https://www.facebook.com/groups/157335752156211/)


My Reputation is Worth More than Money - Brian Burke (Tue, 16 Jun 2020)
Today I had the pleasure of speaking with the President / CEO of Praxis Capital Inc, Brian Burke.  Let’s jump into Brian’s story of how reputation is worth more than money and what real estate investing is all about  Things you will learn in this episode: [00:01 - 04:03] Opening Segment Brian talks about his background and his real estate journey  Connect with Brian, see below for the links.  How he started in multifamily  [04:04 - 15:54] How Brian Handles Economic Challenge During The Recession Brian discusses how he strategizes to gain access to capital in the midst of the recession Brian recalls where the real estate began collapsing in the year 2005  Lehman Brothers, Bear Stearns, and stocks markets collapsed  People started losing jobs resulted from them to stopped paying rent, got evicted, or moved out  Brian shares how he handles the issues during the economic challenge when the real estate business came crashing down [15:55 - 21:30] My Reputation is Worth More Than Money  Brian shares lessons you need to avoid when it comes to real estate investments Brian  gives powerful words of wisdom in times of global pandemic “Take the lesson that I’ve learned from the last economic challenge and apply them to this one” “Use conservative leverage, use conservative assumptions when you're underwriting” “Never worry about being too pessimistic”  Tweetable Quotes:  “Don't use so much leverage” -Brian Burke  “Without reputation, you have nothing” -Brian Burke  You can connect with Brian on LinkedIn, visit his company website https://praxcap.com/ or you can also reach him on  https://www.biggerpockets.com/forums  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! Support the show by following our Facebook Page (https://facebook.com/groups/157335752156211) Support the show (https://www.facebook.com/groups/157335752156211/)


I Should Have Bought It - Jeffrey Holst (Tue, 09 Jun 2020)
I had the pleasure of speaking with the speaker and founder of Old Fashioned Real Estate Group, Jeffery Holst. Let’s jump into Jeffrey’s story and get and expert real estate advice from a real estate pro!  Things you will learn in this episode: [00:01 - 04:10] Opening Segment Jeffrey talks about his background and where his journey began He was diagnosed with leukemia Visit Jeffrey’s personal website Jeffreyholst.com  Listen to his show the Old Fashioned Real Estate Show  [04:11 - 14:27] Jeffrey’s Missteps   Jeffrey shares his missteps in the real estate business  Jeffrey shares some best practices with his business partner  [14:28 - 23:05] Scaling Your Real Estate Business  Jeffrey talks about getting someone for consultation instead of bringing them in as a long-range partner  Jeffrey shares about how to get better and grow your real estate business how they bridge the gap of his inexperienced business partner Jeffrey gives powerful words of wisdom that you don’t want to miss!  Tweetable Quotes:  “No matter what happens in the world, you can get through it by just moving forward one step at a time” - Jeffrey Holst  You can connect with Jeffrey on LinkedIn, and Facebook, Instagram, and Youtube.  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! Support the show by following our Facebook Page (https://facebook.com/groups/157335752156211) Support the show (https://www.facebook.com/groups/157335752156211/)


I Was Asking for Money - Tim Kelly (Tue, 02 Jun 2020)
I had the pleasure of speaking with the Director of Multifamily Education & Executive Partner at Active Duty Passive Incom, Tim Kelly.  Let’s jump into Tim’s story of the recipe to success that you could apply to any facet of life. Things you will learn in this episode: [00:01 - 06:27] Opening Segment Tim talks about his background and his real estate journey  Free Coach Session with Tim. Call +1 847-910-9161 Tim mentions Robert KiyosakiTom Wheelwright, Grant Cardone Tim talks about he discovered multifamily  [06:28 - 18:12] How To Raise A Capital  Tim talks about his approach to raising money and getting deals done Tim shares his struggles in raising capital  Tim shares an interesting story on how he scales up the investor flow [18:13 - 30:57] Finding Success in Real Estate Through Linkedin and Paid Coaching  Tim gives tips on how LinkedIn can be used to network your business Tim gives valuable advice on finding success in the real estate business  Invest in paid coaching  Tim gives powerful words of wisdom about the recipe to success  Learn, Network, Add Value and Take Action Tweetable Quotes:  “If you're not willing to invest in yourself, I don't think you deserve to succeed in business” -Tim Kelly  “Your income is a direct result of how you grow as a person” -Tim Kelly You can connect with Tim on Instagram, LinkedIn, Facebook, and Youtube. Or visit his personal website thetimothykelly.com 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! Support the show by following our Facebook Page (https://facebook.com/groups/157335752156211) Support the show (https://www.facebook.com/groups/157335752156211/)


Respect is a Non Negotiable - John Casmon (Tue, 26 May 2020)
John Casmon joins Jerome Myers on the Myers Methods Presents Multifamily Missteps Podcast to discuss the missteps associated with partnerships. We learn why he decided to leaving fixing and flipping behind and how we went from a duplex to controlling over 90,000,000 in multifamily real estate.  John shares how he had a deal go bad because of a lack of respect in the partnership.  We hear what motivated him to be an advertising executive and why he left that career behind. John believes that respect is a non-negotiable. In this week's show we learn about: - the importance of harnessing your transferable skills - how to expand your investor database past your friends and family - why you have to have cushion in your estimates - when you should trust your gut - the similarities between a partnership and a marriage - what happens when only the lender makes money - how emotional drain can have more impact than financial - the importance of being able to adjust when your plan derails - why you shouldn't let your budget dictate who you work with If you are interested in getting more multifamily investing education go to www.myersmethods.com Support the show (https://www.facebook.com/groups/157335752156211/)


Don't Over Pay - Ryan Wehner (Thu, 21 May 2020)
Knowing the ingredients, the projections, and understanding the staff will save you in the long run. Ryan Wehner talks about some of the common missteps and the important role relationship plays in real estate. He delves into the ingredients and some of the factors that come into play when acquiring a new property. Because each property isn’t the same, vetting property and properly placing management is key to the property’s success. Ryan Wehner is a Property Manager with over 25,000 units and counting.  KEYPOINTS Contingency money Overleveraging and overpaying Property management best practices  Building an online presence pre and post COVID Property management integrity   SEGMENT TIMESTAMPS 01:20 – The elevator pitch  03:45 – General missteps owners make  07:00 – How to know when you are overpaying  13:00 – Getting the most out of a property  20:00 – Vetting a property manager 39:00 – Advocating for yourself as an investor.  Your best advocate as an investor is yourself, you are your own best advocate. - Ryan Wehner RELEVANT LINKS Ryan Wehner Website: http://www.wehnermultifamily.com/ Email: info@wehnermultifamily.com     Support the show (https://www.facebook.com/groups/157335752156211/)


Where Are the Numbers Coming From - John Azar (Tue, 19 May 2020)
Checking the numbers and doing due diligence will save you in the long run, most of the time. John Azar delves into his journey into multifamily. He talks about his setback during 2008 and his incremental growth to owning over 6000-8000 units. John talks about the doomsday scenario, stress testing, and planning for foreseeable roadblocks. John Azar is the  Executive Vice President of MACC Venture Partners. KEYPOINTS No shortcut to growth, growth happens in increments  Talking with peers in the industry Working with investors when starting out in a multifamily investing SEGMENT TIMESTAMPS 01:50 – Off the script: going from deal 1 to 6000 - Getting into multifamily 04:20 – Building from the ground up 07:25 – The missteps along the way 10:00 – Which scenario is the best scenario? 17:25 – Under promising and overdelivering If we always look at the best-case scenarios, we will never account for worse case scenarios. - John Azar LINKS John Azar Website: https://maccvp.com/senior-management-team/ LinkedIn: https://www.linkedin.com/in/jalalazar Support the show (https://www.facebook.com/groups/157335752156211/)


Don't Cash Flow the Rehab - Colin Douthit (Tue, 12 May 2020)
Colin Douthit joins Jerome Myers on the Myers Methods Presents Multifamily Missteps Podcast to discuss the missteps in his early property management days. We learn why he believes you shouldn't try to cash flow the rehab of your property.  Colin also shares the details on why he has decided to use a debt broker instead of going directly to the bank.   Colin believes that the most important thing you can do is know the rules In this weeks show we learn about: - why physical vacancy goes up when you institute professional property management - how deferred maintenance kills profitability - the challenges associated with refinancing - why you want to have substitution of collateral in your loan - what happens when people live in a unit without a lease - the risk associated with fair housing lawsuits - why self managing isn't a good strategy for cost savings - the importance of communication from the property manager to the owner If you are interested in getting more multifamily investing education go to www.myersmethods.com Support the show (https://www.facebook.com/groups/157335752156211/)


Community Makes the Difference - Janene Tompkins (Sat, 09 May 2020)
Janene Tompkins joins Jerome Myers on the Myers Methods Presents Multifamily Missteps Podcast to discuss the missteps with her units being "retail" purposes and the struggles associated with strong property management. We learn why she believes that real estate is a great addition to her stock market investments.  Janene also shares the details on how she inherited a pitbull puppy.   Janene believes that the most important thing you can do to make your property do well is creating a sense of community and ownership In this weeks show we learn about: - the challenges with self management - the importance of selecting a safe neighborhood - what to do if your vacant unit is broken into - risk associated with out of state investing - why you must go in each unit during your inspection period - challenges of deferred maintenance during take over - importance of having enough time to allocate to new property turnovers If you are interested in getting more multifamily investing education go to www.myersmethods.com Support the show (https://www.facebook.com/groups/157335752156211/)


500 K Short and 30 Days to Close - A Donahue Baker (Tue, 05 May 2020)
The best solution is creatively finding alternative solutions work best for solving the problem. A Donahue Baker gives tips on finding funding as a real estate developer and developing new ways of closing the deal. He talks about leveraging his network, finding alternative means for funding, and understanding business credit. A Donahue Baker is a CPA by trade but is currently a Real Estate Developer. Join A Donahue Baker as he delves into his missteps as a real estate developer, and creatively coming up with 500K to close a deal. KEYPOINTS Finding alternative means for funding Deal sourcing 3 Tiers of Section 8 Understanding business credit SEGMENT TIMESTAMPS - 05:00 – Misstep 1: Not having the funding. Finding alternative meanings of funding. - 13:15 – Forming strategies for success. Building and leveraging network. - 17:00 – Leveraging business credit. Get it under contract. - 23:00 – How to build business credit. Entities (LLC, S-Corp, etc.) - 26:00 – Words of wisdom. "When you find a deal, even when you don’t have the money, the first thing you do is get it under contract." – A Donahue Baker RELEVANT LINKS A Donahue Baker - Website: https://adonahuebaker.com/ - Instagram: https://www.instagram.com/adonahuebak... - Facebook: https://www.facebook.com/adonahuebake... - Twitter: https://twitter.com/adonahuebaker?lan... - YouTube: https://www.youtube.com/channel/UChzl...  RECOMMENDED READS - Generational Wealth That’s The Key – A Donahue Baker Support the show (https://www.facebook.com/groups/157335752156211/)


Jacked Up - Kenny Wolfe (Thu, 30 Apr 2020)
Kenny Wolfe joins Jerome Myers on the Myers Methods Presents Multifamily Missteps Podcast to discuss the missteps with coordinating move outs to lift a building. We learn why he decided to bring property management in house and how to buy across the country.  Kenny shares how he jumped into multifamily by doing two passive deals and then syndicated a 76 unit.  We hear about a 2 bedroom unit with 16 mattresses in it and the pain of finding sewer breaks. Kenny believes that there isn't much difference between driving an hour and a half and flying the same distance. In this weeks show we learn about: - importance of accurate accounting - things to look for when buying a company - how to upskill your company by hiring - what happens when cash for keys doesn't work - challenges of older properties - what drove the migration to Texas - how much "cushion" is enough - what dilution of equity means - importance of being a people person If you are interested in getting more multifamily investing education go to www.myersmethods.com Say hi to Jerome Say hi to Kenny Support the show (https://www.facebook.com/groups/157335752156211/)


Property Management Problems - Ben Wuollet (Tue, 28 Apr 2020)
Ben Wuollet joins Jerome Myers on the Myers Methods Presents Multifamily Missteps Podcast to discuss the missteps with managing property managers when going into "rougher" properties. We learn about the risk associated with Land Use Restricted Projects and high vacancy.  Ben shares how the property manager stopped leasing new units while they were 50% vacant.  He also shares how they were able to get big discounts by closing in 30 days or less with no financing contingency.  Ben believes that its better to have debt than equity. In this weeks show we learn about: - "pump and dump" - difference between 506b and 506c - what happens when your property has low activity - how to get off market deals - importance of underwriting to Year 1 rents - how to buy 5 deals in 7 months - what deals are "bankable" - why he doesn't like cross-collateralization - importance of exiting quickly when you have hard money loans - why you would raise equity to pay down debt If you are interested in getting more multifamily investing education go to www.myersmethods.com Say hi to Jerome Say hi to Ben Support the show (https://www.facebook.com/groups/157335752156211/)


Rejected Certificate of Occupancy - Andrew Keel (Thu, 23 Apr 2020)
With every story, there’s a beginning, middle, and end, but always expect to the unexpected. Andrew Keel shares his stories of starting as a Lonnie Dealer, flipping homes around Central Florida, and his $60,000 mistake. He delves into the consequences of not doing due diligence, contacting veterans who have experience in the field, and forming partnerships. He gives insight into investing in mobile homes, mobile home parks, and the benefits of personal and professional development. Andrew Keel is the CEO of Keel Team Real Estate Investments, and an Elite Mobile Home Park Investor and Operator.  KEYPOINTS 00:10 – Flipping home to Lonnie Dealer  05:30 – The $60,000 Mistake  13:16 – How to value a mobile home lot 14:40 – Andrew Keel’s words of wisdom  15:20 – Mutually beneficial partnership  “Seminars aren't gonna teach you everything you need to know, you gotta get your hands dirty, you gotta dig in!!!” – Andrew Keel Alex Keel:  Website: https://www.keelteam.com LinkedIN: https://www.linkedin.com/in/andrewkeel/ Support the show (https://www.facebook.com/groups/157335752156211/)


Putting Up 100k Hard - Ryan Narus (Tue, 21 Apr 2020)
Ryan Narus joins Jerome Myers on the Myers Methods Presents Multifamily Missteps Podcast to discuss the missteps going from being rejected by 40 banks trying to get into his first deal to closing a $10,000,00 deal. We learn the risk associated with 1031 exchanges.  Ryan shares how he went to 40 banks and got rejected and how they put up 100k hard to buy an extra 30 days to smooth out a deal.  He also takes us through a break down on how he makes it easy for sellers, why he is comfortable putting money at risk based on other's promises, and why money has to go to escrow instead of directly to the seller Ryan believes that you have to be ready for the unexpected. In this weeks show we learn about: - frustrations of entrepreneurship - the risk of full leverage debt - value of networking - how escrow works - why zoning is important - the reality of doing work that doesn't get compensation - the importance of being willing to give - why you shouldn't quit If you are interested in getting more multifamily investing education go to www.myersmethods.com Say hi to Jerome Say hi to Ryan Support the show (https://www.facebook.com/groups/157335752156211/)


Buying Cross Country - Mike Tighe (Tue, 14 Apr 2020)
Mike Tighe joins Jerome Myers on the Myers Methods Presents Multifamily Missteps Podcast to discuss the missteps with purchasing his first property cross country in a joint venture. We learn the risk associated with bridge debt.  Mike shares how your partners can influence you to stretch yourself and how to build repertoire with brokers over the phone.  He also takes us through a break down on his first off market deal, being under capitalized and the financing struggles with closing the property Mike believes that you have to be willing to delay gratification in order to live an amazing life. In this weeks show we learn about: - bridge debt - helping increase the number of showings at your property - importance of having an experience partner - house hacking - BRRRs - paying contractors a fair wage - collecting delinquencies - value of mentorship If you are interested in getting more multifamily investing education go to www.myersmethods.com Say hi to Jerome Say hi to Mike Support the show (https://www.facebook.com/groups/157335752156211/)


The Valley of Death - Bruce Wuollet (Thu, 09 Apr 2020)
Bruce Wuollet joins Jerome Myers on the Myers Methods Presents Multifamily Missteps Podcast to discuss Bakerson's missteps on properties in Arizona. We learn the risk associated with properties that have chiller systems.  Bruce shares how they negotiated a $250,000 credit and how a strong economy made up for some of their challenges.  He also takes us through a discussion on the "valley of death" which is when you are writing checks to pay your mortgage and other obligations associated with the property Bruce believes that you have to be a rock in uncertain times and you shouldn't let the winds of change push you around. In this weeks show we learn about: - capital calls - dilution of equity - what happens when your property can't pay the mortgage and other bills - how a strong market can save you from unexpected challenges If you are interested in getting more multifamily investing education go to www.myersmethods.com Say hi to Jerome Say hi to Bruce Support the show (https://www.facebook.com/groups/157335752156211/)


What is a Multifamily Misstep - James Bryant and Jerome Myers (Tue, 31 Mar 2020)
James Bryant joins Jerome Myers on the Myers Methods Presents Multifamily Missteps Podcast to launch this new concept. We learn that these projects don't always go as planned, the four steps of the Myers Methods of multifamily investing, and why they believe there is a need for this type of programming. James believes that how you respond to missteps is more important than having them and we are using this as an venue to learn how people are transforming obstacles into opportunity. In this weeks show we learn about: - not raising enough money - what happens when you don't turn on the utilities during the physical inspection - why you must go in every unit - what we should expect in future episodes - why people should go tuna fishing instead of trying to take Moby Dick down the first go around If you are interested in getting more multifamily investing education go to www.myersmethods.com Say hi to Jerome Say hi to James Support the show (https://www.facebook.com/groups/157335752156211/)


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