Multifamily Missteps Hosted by Jerome Myers Jerome Myers - The Preeminent Authority on Dream Realization

Aiming for a huge target is not at all bad, but the harsh reality should also be considered. In this episode, we feature Matthew Drouin and his story of doing a deal that entails facing problematic neighborhoods and people down on their luck. He talks about his experience of regret looking upon himself as a hero and brings the invaluable lessons he learned from it.
 
[00:00 - 08:51] When the Harsh Truth Slaps, We Go Back to What Matters
Back into real estate by accident as a residential agentThe struggles of being poor in an affluent neighborhoodWitnessing his parents die young without time to enjoy life[08:52 - 18:19] From Hero Complex to Midas Syndrome: The Horror Story
When there is a level of sketchiness in the neighborhoodFacing the mental stress of pulling off a risky dealRealizing the significance of sticking to your principles[18:20 - 19:16] Closing Segment
Unexpected things can happenFinal words 
Tweetable Quote:
“ The biggest mistake I made on this whole thing was right in the beginning, I got the hero  complex and also the Midas syndrome on this. And I was not doing it based upon logical reasoning in terms of sticking to my guns and all the principles that had made me successful.” - Matthew Drouin
 
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Holding your money too tightly to invest for inspection would be a big mistake. Michael Sampson notes that it's important to work with a good real estate broker and have professional inspections done on your properties to make sure they're in good condition. He also advises patience when growing a real estate portfolio, as successes can take time to build.
 
[00:00 - 07:13] Lessons Learned from Multifamily Investing
Spend money upfront for inspectionDo your research and work with a good real estate brokerHave an exit plan in place if things go wrong[07:14 - 10:37] Multifamily Operator Finds Success with New Framework
Be wary of residents with no presentable referencesMichael shares his tips for getting started in multifamily real estateGet educated and build your network through meet-ups[10:38 - 13:06] Closing Segment
Get the education you needFinal words 
Tweetable Quote:
“ You just have to go out and do it. It can be frightening at first, but once you get into it, it's almost just like a single-family home. It's just a bigger asset. And then you have to spend some money upfront on an inspection. That's the cost of doing business.” - Michael Sampson
 
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Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
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How much do we know about the property before we make a deal?  In this episode, Tommy Brant addresses the importance of financial due diligence and how knowing the owners is just as essential as knowing the assets. Tommy also shares how taking the lead on the deal helped create value for him and his partners.
 
[00:01 - 17:18] The Deal that Eluded Me 
Tommy shares how he got his start in real estateForming a team with the broker's contactFinding problems during financial due diligence[17:19 -19:44 ] How to Avoid Mistakes During Financial Due Diligence
Understand the previous owners and the propertyEducate yourself about the marketNetwork with like-minded people[18:37 - 20:06] Closing Segment
Look for people to mentor youFinal words 
Tweetable Quote:
“You really need to understand the previous owners. What are the operators like? Did they have a business plan? What did they neglect? Is there a theme that we're seeing in all the units, So whenever people are talking about hard earned money, I wanna know the owners just as much as, I would know, the asset.” - Tommy Brant
 
 
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC

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Planning to get the deal requires consideration of a strategic exit too. In this episode, Sam Wilson talks about his investment and exit strategies, avoiding mistakes in the future, and how important it is to make sure that there are out clauses in contracts in order to protect oneself. Listen closely as Sam provides listeners with valuable advice on how to make life count by doing the things that don't always count.
 
[00:01 - 13:36] How to Secure a Contractual Agreement with Sellers
Have reasons for walking away from a deal, even if it's difficultSam discusses his background in the real estate spaceSlow down and get to know the seller before getting into a contract[13:37 - 18:36] Simple Contracting Tips to Protect Yourself from Multifamily Missteps
Have a written contract that outlines the terms of the dealHave an exit strategy and ensure to understand the seller's motivation to sellContracts should be simple and easy to read, with no hidden fees or penalties[18:37 - 20:06] Closing Segment
Make life countFinal words 
Tweetable Quotes:
“There are unfinanceable deals out there. So, you know, whatever your reasons are, make there’s enough in there that’s broad enough to get out of the deal… Don’t be like me who is afraid to walk away from deals.” - Sam Wilson
“That’s the thing about mistakes. I think that entrepreneurs, in particular, are willing to fail… And we’re going to fail… And when you do that, you just got to be able to learn from that lesson and remember those mistakes.” - Sam Wilson
 
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC



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Is it possible to generate passive income while on active duty? Of course! Listen in as Tim Kelly and Jerome Myers emphasize the importance of education and networking to becoming successful in real estate investing. In this episode, Tim explains how to create a community of like-minded individuals in order to leverage relationships and access opportunities. Tune in as he shares stories of his own successes and failures. This is a signal for you to take the necessary steps to achieve your own goals.
 
[00:01 - 10:23] Creating Financial Freedom on the Way to Success
The importance of education and connecting with successful peopleLearning allows for avoiding mistakes and achieving success fasterFinding a community of people who share your goals[10:24 - 22:03] Finding Like-Minded Individuals for Support and Accountability
Helping veterans transition into civilian life and create freedomUnderstanding unique experiences is key to building relationshipsHow the ADPI fund helps investors in commercial multifamily projects[22:04 - 25:53] Closing Segment
Continue your personal developmentFinal words 
Tweetable Quotes:
“You can learn the mechanics. The more important part is adapting and growing your mindset.” - Tim Kelly 
“There is no such thing as failure. You either win or you learn and move forward.” - Tim Kelly 
 
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
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Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
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Many people can get involved as you start your real estate journey, so how do we make sure that the people we have are worthy of our trust? Verifying information and clear communication are keys. In today’s episode, Jerome Myers interviews Dave Seymour, who has a background as a firefighter turned into a real estate investor. Listen as he shares his struggles with the consequences of the downturn in the market.  They discuss how property values can go down, even in good times, and how this affects their decision-making.
 
[00:01 - 04:41] Opening Segment 
Suffering financial pain and being forced into entrepreneurshipProgressing the business and educating peopleRiding the roller coaster of real estate[04:42 - 19:01] Understand Who Controls the Money
The one who controls the money winsThe effects of high inflation and current eventsBeing solid in predictions than someone who is just starting outStaying in the trenches and never giving up[19:02 - 24:04] Be Careful of Whom You Trust
The harsh truth when you are taken advantage ofCreating a flow chart to make it easier for potential investorsAdvice on verifying information before taking any action[24:05 - 25:53] Closing Segment
Never give upFinal words 
Tweetable Quotes:
“He who controls the money wins his race” - Dave Seymour
“Never give up, never lay down, never surrender trust, but verify.” - Dave Seymour
 
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show