JF2034 : Short Term Rentals Pivoting During Coronavirus With Daniel Purcell & Jessie Campora

Daniel and Jessie are engaged and have been investing in real estate for the past 3 years. They are also the owners of OACP Property Management, together they own 7 units and manage 5 others through OACP. In this episode, we discuss how the coronavirus has impacted their business in short term rentals as this is the majority of their revenue. Daniel and Jessie have decided to cater to the traveling nursing demographic which has been helping them stay afloat during this pandemic.

Daniel Purcell & Jessie Campora (Fian) Real Estate Background:

    • Owners of OACP Property Management
    • 3 years of real estate investing experience 
    • Owns 7 units and manage’s 5 others through OACP
    • From New Orleans, Louisiana
    • Say hi to him at www.oacppropmanagement.com   



Best Ever Tweet:

“Stay flexible, don’t be caught in a fixed mindset. There is something out there that you’re able to do to help your situation or others.” – Daniel Purcell & Jessie Campora


Theo Hicks: Hello, Best Ever listeners. Welcome to the best real estate investing advice ever show. I’m Theo Hicks, today’s host. Today we’ll be speaking with two guests. We have Daniel Purcell and Jessie Campora. How are you guys doing today?

Jessie Campora: Doing great, how are you?

Theo Hicks: I’m doing great as well, thanks for asking, and thanks for joining us. Today we are going to be talking about the Coronavirus and how it is impacting different investors’ business. Dan and Jessie were graceful enough to talk about what they’re going through, some of the changes that they are making to get through this… But before we get into that, their background – they’re the owners of OACP Property Management, with a total of three years of real estate  investing experience. Currently they own seven units themselves and manage five others through their property management company OACP. They are both based in New Orleans, Louisiana, and you can say hi to them at OACPPropManagement.com.

Before we get into the Coronavirus, can you tell us a little bit more about your background? And we can start with Dan.

Daniel Purcell: Hey, Theo. Sure. So I’m originally from Cleveland, Ohio. I moved to New Orleans about ten years ago now. My past work – I actually worked in the front office of the NBA team here in New Orleans. I did that for nine years. After Jessie and I met, we kind of had the same goals when it came to how we wanted to keep pursuing wealth from a passive income standpoint and just a future standpoint. We kind of took of from there.

Theo Hicks: And Jessie, what about you?

Jessie Campora: My background is in hospitality management. I actually got my degree in hotel and restaurant tourism from UNO, and  I’m kind of  a serial entrepreneur. For many years I did a mobile personal training business, and I got my first house when I was in my early 20’s. When I met Dan, we kind of decided to pursue real estate. We both agreed that it’s the best way to long-term wealth. So we leveraged my first house, that I’d had for a while, to multiply it into what we have now.

Theo Hicks: Okay. We said that you’ve got seven units, and then you manage five others. What is the breakdown of the units? Are they all single-family, multifamily, short-term, long-term rentals?

Daniel Purcell: It’s a combination of all of it. We try to diversify our real estate portfolio. Of course, as you get into the short-term rentals there’s a lot more risk, as the Coronavirus pandemic has showed us… So we’ve tried to hedge our risk with diversifying.

We have a couple units that are full-term rentals, and then we have the other ones that are short-term. We felt it was a smart idea at the time to just mitigate risk; it’s not minimizing risk, but I guess mitigating risk as best possible, just in case something like this would happen.

Jessie Campora: So we have our first house that we bought together – it was a triplex when we bought it, and then we converted some utility space into a fourth unit. My original property is a single-family, and then we have another double that we just acquired. The other units that we manage are also doubles… So mostly multifamily units is what we have.

Theo Hicks: Let’s talk about the full-term rentals. Now, it might be too early to tell, but is the Coronavirus impacting those at all? Do you know if the tenants are gonna be able to pay rent this month, things like that?

Daniel Purcell: Yeah, so far so good on that front. We actually have one great tenant who pays us ahead of time, so we’ve actually already recovered that from them… But otherwise, I think all of our long-term are in a position where they’re gonna be okay.

Jessie Campora: Yeah, I think our long-term tenants are pretty secure in their jobs. Right now we have two of those, so everybody should be okay in that scenario.

Theo Hicks: Is this something that you know based off of your history with them, that they have their jobs, or did you actually contact them and ask them “Hey, is everything okay? Are you gonna be able to pay rents on time?” Was there any communication with them, or you just know based off of the background that they’re gonna be okay?

Jessie Campora: It’s an interesting situation, because our second long-term tenant we just inherited with the property last week. So Dan’s been in communication with her, and his initial interactions with her were also sort of in dealing with this strange situation that we’re all in right now.

Daniel Purcell: Yeah, and they were positive. She was very positive. They didn’t give us any hint that it was gonna go wrong, or they’re in trouble at all. We were also lucky in our other full-times, because our other tenant – she’s pretty secure in what she does as well. She does a lot of remote business as is, so her workflow hasn’t been compromised at all.

Jessie Campora: We haven’t spoken to her specifically since this happened, but we have a really great relationship with her, open line of communication, so… Of course, if there comes a time where she’s also affected, we wanna do whatever we can. We’re all in this together right now.

Theo Hicks: I have thought of something… So you guys self-manage, basically… And on the other end of the spectrum there’s people who are the owners, but they have  a third-party management company managing all their properties. You guys are also managing other properties as well, so I was just wondering, do you think in a situation like this it’s better to self-manage than to not self-manage? And the reason why I ask that is because it sounds like you guys have some level of relationship with your tenants; you understand what they do for a living, which is pretty helpful in a situation like this… Whereas if you have not been in constant communication with your tenants and you don’t really know much about them, because it’s all going through a third-party, I feel like this situation would be a little bit more stressful. So I just wanted to get your opinions, since you guys obviously do both.

Jessie Campora: I totally agree with that. Really more from a short-term perspective – and I’m probably kind of shifting here, but our latest property management client that we acquired has some other units, and she’s been with a larger property management company and is under contract with them. And we have a couple of her other units that she just recently acquired. And I was talking to her and just giving her some ideas on how we’ve been able to pivot, and some other sources of income, while Airbnb is pretty dead right now… And she’s in a strange position because she doesn’t  really have access to her own listings. It’s all through the property management company. So from that perspective, she’s really kind of stuck between a rock and a hard place right now as far as what she’s able to do with her properties.

So to circle back, it definitely makes a tremendous difference to be hands-on and have the ultimate control over your own properties and have these relationships with your tenants, and be able to handle directly all these cancelations that are happening on Airbnb right now. There’s a lot to be said for that.

Daniel Purcell: To piggyback on that, I guess we’re small in terms of property number compared to a lot of people. I know people that own 150 units, 200 units, they own apartment buildings and complexes… And it’s hard to be personable when you have that many units. That next step for anyone is when you choose a property management company, what is their level of access for you? If you wanna be hands-off – fine, that’s great. You can probably find somebody that doesn’t. But the part that you’re risking is not only the lack of control that you have over your own properties, but you’re risking your own capital at the same time, and it’s hard especially when these black swan events happen, like Corona and whatnot, to kind of recover from that. You’re just kind of sitting there on your hands.

So I think the more you can self manage, the better off you are. I’d agree with Jess on that 100%. I know it’s not feasible for everybody, so if you’re listening to this and you’re saying “Okay, well I have 50 units. I can’t go door to door, it’s gonna take all my time up” – I get that. It’s just having a good relationship with the property management company and setting terms… Because although a lot of property management companies have these steadfast rules and whatnot, they’re still working for you, and I think you have to do your upfront work, so when these events do happen, you’re already covering yourself, if that makes sense.

Theo Hicks: Oh yeah, one hundred percent. I think that’s obviously something you can’t necessarily do right now; it’s gonna be hard to change management companies right now, but… Starting from today, this is something to start thinking about for your business moving forward. So I think this is timeless advice that you’re providing.

Okay, let’s transition to the short-term rentals. You mentioned then Airbnb business is basically gone; you said  you’ve got people canceling… And we talked a little bit beforehand about  what you’re doing to generate income with those properties. So again, maybe just kind of walk us through what’s going on with the Airbnbs at the moment and then what you guys are doing to pivot away from Airbnb and transitioning into something that is gonna allow you to continue to make money while that business is drying up.

Daniel Purcell: Yeah… Just to give a little background for those that aren’t familiar with New Orleans – of course, everybody knows it’s a big tourist town, right? It’s also a huge short-term rental town, and these months are probably the most crucial for any short-term rental owner, because this is peak season in New Orleans. The Mardi Gras through July 4th Essence Fest time – that’s where you make the majority of your money. You’re sold out 25 days out of the month up to 30, it’s increased rates…

So this really hurts the whole short-term rental market in New Orleans. I’m sure it does all around the country as well, but this is just a big time in New Orleans, so… How many days and nights were we trying to think of things, and reading articles, and seeing what other people are doing, and… Kind of what we did after these massive cancellations, and of course, with countries getting locked down for 21 days, three weeks, months, we had to do something. We just can’t let them sit there, because at the end of the day there has to be a way for this to work.

Something we came up with was traveling nurses, and I’m sure it’s not a new idea that we just thought of out of what we were doing, but for us it’s been working. It’s a good transition, because it’s short-term in the sense of you’re not having to sign a year contract with — most nurses are between 30 and 60 days, and that’s a really good timeline for where the experts are saying this virus and this pandemic is going to end, or at least be under control, to where the travel industry starts to come back, and the tourism industry starts coming back.

Jessie Campora: Yeah, we just tried to pivot and think of some creative solutions to this big problem that we have right now, and there were some various things that popped up. A lot of the universities here were telling their students that were on campus housing to go… Just “You’re evicted. Leave”, so that was one avenue we kind of explored, if there were students left here that needed a place to stay… And then we also got onto a website that’s specifically for travel nurses and other travelers who are looking for furnished housing.

So that’s kind of the angle we’re pursuing, and we’re not averse to even potentially long-term renting some of our units. However, we can ride out the storm, and just tackle our overhead is what we’re trying to do at this point.

Theo Hicks: So for the traveling nurses — there’s just websites like that are like the Airbnb for the traveling nurses?

Jessie Campora: Yeah. There’s one that was recommended to us, and then I think I’ll probably list our properties just on a site like Zillow, just for anybody that might be looking for a shorter-term rental. Like Dan said, they’re here for 30 days, 60 days, 90 days, so it’s a great way to get some income flowing, but not be committed for a super-long period of time.

Daniel Purcell: Right. And also, just to finish that thought, we’re lucky that all of our properties that we manage and that we own are near major hospitals. One of our units on the double we’ve just acquired – it’s literally one block from a major hospital that these nurses are staying at. So we kind of got lucky, but at the same time understood where we were, what we were doing, and how it worked. So we’re just trying to add it all up, I think just like anybody who owns houses that are vacant right now, just units in general – trying to just be flexible and trying to find different ways… And hopefully, we help somebody out there that is struggling to find ideas. Maybe that’s hopefully what we did here.

Theo Hicks: I think the traveling nursing idea is something that someone could implement immediately. After hearing this, they can go find the websites and post to Zillow and Craigslist, assuming they’re near a hospital. But depending on what state you’re in, figuring out what are the essential business people who are still allowed to travel, and then target them would be your best bet.

Daniel Purcell: [unintelligible [00:13:56].18] nurses that are gonna be fighting this chronic pandemic, and also people from the Red Cross, and non-profit organizations are gonna be looking for housing for their people, because the World Health Organization is setting up things… I’m not saying in New Orleans, I’m just saying around the United States, around Canada, and whoever is out there listening to this… But there’s options for you, and hopefully this can give you a  little headstart into just opening another world if you haven’t already.

Theo Hicks: What about from a reserves perspective? Do you guys underwrite in reserves when you’re buying these short-term rentals? Because your long-term rentals are fine, but what about for the short-term rentals – do you have a reserve saved up, or is it just continuing to lease these out to travel nurses to cover your expenses?

Jessie Campora: It’s kind of like feast and famine, and that’s what’s really interesting about this whole thing – we made a lot of house musical chairs; we were living in our quadplex and we made the decision to move into my single-family house that’s in an area where Airbnb is not allowed, in an effort to generate some income in the “busy season”.

So if you save up in the busy season to be able to weather the slow season… And we kind of had the rug pulled from under us. We furnished a unit, we did a renovation, we moved out, banking on the busy season being so great… And then it kind of crashed and burned.

So to answer your question, we definitely have reserves, we’re prepared to ride this out for a little bit, but I think a lot of people, especially here in the city, this is what people were counting on to build up their reserves, this 4-6 month  period of time where we have festivals, and Mardi Gras, and all these great things that bring people to the city.

Theo Hicks: Okay. So is there anything else that we haven’t talked about as it relates to preparing for crisis, things that you guys are doing right now to combat the Coronavirus, or  just general advice that you have for other real estate investors out there that we haven’t talked about already?

Daniel Purcell: Yes. Stay flexible. This is the only way I can weather the storm, this is the only way I can help people… You know what I mean? There is something out there that you’re able to do to help either your situation or someone else’s situation. At least something that Jess and I have talked about is “Well, heck, if no one’s renting it (this was a week or two ago), why don’t we volunteer one of our units up for the Red Cross, or whoever that is?” Do they need help? If there’s something to do — the worst that happens here is that you help someone else. If you’re gonna lose money, you might as well not be vacant. You can do something. It always doesn’t have to revolve around money in these cases.

So if you can find a way to generate revenue, do it, absolutely. But if you can’t and you feel stuck – well, I’m sure that there’s people that are helping other people get better, and you’re gonna be able to help.

Theo Hicks: I really like that advice. That’s definitely the best ever advice that someone could follow right now. Dan and Jessie, thanks for joining us today and being willing to talk about things you guys are doing on the fly to combat the Coronavirus and how it’s impacting your portfolio.

We talked about that you have a couple of longer-term rentals, and then you’ve got the rest of your portfolio as short-term rentals… For the long-term rentals, because you guys are yourself managing, you have more control; this is really for both… You have more control over the leases, you have a better understanding of the people who are currently living in your long-term rentals, so you know if they’re able to pay rent or not… And it sounds like for your long-term rentals everyone is gonna be able to pay their rent on time.

Then you have people who pay ahead of time. There’s someone who works remotely and [unintelligible [00:17:41].08] The new person at the property you’ve just bought you’ve been in communication with and they’re also able to pay their rent… So we’ve kind of overall talked about some advantages of self-management during times of crisis like this. You gave an example of someone you know who is working with a large property management company and they really are kind of sitting on their hands, because they don’t have access to their own listings.

Then we went into the short-term rentals and talked about the fact that short-term rentals is very popular in New Orleans, and we are just entering into the peak season of short-term rentals. You guys received a lot of cancelations and you had  to pivot, and you guys spent some nights   brainstorming, thinking of ideas, and the one that you landed on is the traveling nurses… So 30 to 60-day leases.

You guys also had the idea of renting out your units to university students who were asked to leave campus… But for the traveling nurses you said that you wanna post your short-term rentals to nursing websites, places like Zillow and Craigslist… Potentially think about signing long-term leases on your short-term rentals…

And then really your best ever advice was if you can’t figure out a way to make money and generate income, use it to help out other people. Volunteer it up to someone at the Red Cross, or someone to live in… And I liked the way you said it, “The worst that happens to you  is that you’re helping someone else in that case, as opposed to just sitting vacant.”

Again, thanks for coming on and sharing what you guys are doing. I think this is gonna be a very powerful episode for now, but even long-term advice and things that people should think about when they are buying real estate for these Black Swan type of events.

Thanks for joining us, Dan and Jessie. Stay safe out there. Best Ever listeners, thanks for tuning in; stay safe as well. Have a best ever day, and we will talk to you tomorrow.

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JF2008: Raising Institutional Funding With Michael Merideth

Michael’s background was in chemical engineering and after a while, he got tired of the rat race and started to find an interest in real estate. He began by first flipping small duplexes and now has grown the company to millions in assets. His company is now at 300 units, with a mix up of 10-12 buildings. In the beginning, he started out financing his deals with local banks by building relationships with them but more recently have partnered with Goldman Sachs to fund future deals. 

Michael Merideth Real Estate Background:

  • Co-founder of Verius Property Group, a real estate development company
  • His role is strategic planning
  • Started flipping small duplexes, has grown the company to millions in assets
  • Based in New Orleans, LA
  • Say hi to him at http://veriusgroup.com/

Best Ever Tweet:

“Not getting to recreative and out the box to create something because, in the end, you’re protecting an investment whether it’s yours or a co-investment amongst other people it’s to make sure that the numbers are what they are.” – Michael Merideth


Theo Hicks: Hello, Best Ever listeners, and welcome to the best real estate investing advice ever show. I’m Theo Hicks, today’s host, and today we’ll be speaking with Michael Merideth. Michael, how are you doing today?

Michael Merideth: I’m doing blessed, man. Doing well.

Theo Hicks: That’s good to hear, and thank you for joining us today. I’m looking forward to our conversation. Michael is the co-founder of VPG Enterprise, a real estate development company, and his role is in strategic planning. He started out by flipping small duplexes and has now grown the company to millions in assets. He’s based in New Orleans and you can say hi to him and VeriusGroup.com.

Michael, before we go any further, do you mind providing us with a little bit more information about your background and what you’re focused on now?

Michael Merideth: Yes. My original background was in engineering; I was a former petroleum engineer. My partner was, as well. And like you said, we just started out with small multifamily properties here in the greater New Orleans area, and now our focus from a real estate development standpoint is B to C class multifamily value-add opportunities, kind of at 100 units and above.

Theo Hicks: You said you studied chemical engineering in college, before becoming a petroleum engineer?

Michael Merideth: I did, I did. My degree is in chemical engineering, and worked for a Fortune 500 company, drilling deepwater wells. I got tired of that rat race and literally jumped ship, went to real estate.

Theo Hicks: I was a chemical engineer as well. It’s always good to find another fellow engineer who’s gotten out of the industry and in real estate… Right now you’re focusing on B to C class multifamily, 100+ units. Do you mind giving us a breakdown of your current portfolio, how many multifamily homes do you own, and the number of units for each of those?

Michael Merideth: Total we’re 300 units right now. That’s here in our greater New Orleans area. That’s mixed up of 10-12 buildings, some of them as small as four units, and some as large as 124 in that portfolio. That’s the wider range of where our portfolio sits, and kind of our project type.

Theo Hicks: So four units to 124 units. How are you funding these deals, and how has that evolved since you’ve started out?

Michael Merideth: Well, as I was saying earlier, we jumped ship. We had a W-2 income and we were being creative, just like everybody else, is finding bond for deeds, owner finance deals on some of our smaller properties. Then we just gradually started building relationships with our local and regional bank, and started off with small projects and grew those. Those have been a solid foundation for us, providing construction financing, and semi-perm financing into our deals. On the equity side – we were gonna syndicate the equity. Much like any other real estate deal, it’s putting together PPMs, going out to high net worth individuals that we know and raising that capital in pools to fund that stack. Also, co-investing ourselves into those deals.

Then more recently we’ve got more into the institutional funding. We recently partnered with Goldman Sachs to roll out a debt facility here locally, centered around our strategy and value-add plan, B to C class assets.

Theo Hicks: Do you wanna walk us through a deal that you did, that was funded by Goldman Sachs? Because I’m interested in that. I haven’t talked to someone on the podcast yet… I’ve talked to people that  have raised money from people that they know, which is what you did, but how did you get into contact with Goldman Sachs, how was presenting that deal to them different than presenting the deal to your investors that you knew already? Things like that.

Michael Merideth: It definitely is a little bit different. Just for more clarity, Goldman provided us a facility — basically, the idea is there’s a box, and this is a more recent venture for us… So a part of that box is creating this pool of money, which is for us 40 million. We’re the first product that goes into that box.

The relationship started with just an introduction, and that was probably about 2,5 years ago. I was very persistent and being able to get a meeting with those guys, which included me flying up to New York, going into their headquarters and basically pitching our company and what our vision was. It took me a couple times to get back up there and get in front of their face again… They actually looked at funding a few of our deals in their process, so their terms to work on those deals, so we just decided as a team “Hey look, let’s establish a long-term partnership here, and we’ll give you guys some bandwidth to be able to go and do deals, as long as you kind of commit to us.”

That made sense for us, to say “Hey look, let’s be a long-term partner. Allow us some bandwidth to go out and do the deals, knowing the funding is there, and being able to grow our portfolio.”

Theo Hicks: So they said that they wouldn’t fund the deals you were working on at the time, but then after a while they changed their mind and they would fund those deals, or did you have to find different types of deals that fit their criteria?

Michael Merideth: They offered to fund a few of our deals. We had to choose between our local banks relationships, which the money was a little bit cheaper and less institutionally restrictive; it closed a little bit faster. So we chose on those deals to go with our local lenders, just because it made more sense in that specific moment. But as we came back and looked at the totality of our long-term strategy, it made more sense to solidify a long-term partner to provide our debt on these projects moving forward.

Theo Hicks: So you said they provided 40 million dollars for that deal?

Michael Merideth: No, that’s the part of the facility. The facility itself is 40 million dollars. Imagine a line of credit for multifamily deals. As those things come into play, those funds are already boxed off for VPG to do deals.

Theo Hicks: Okay, I see. So how did they get to that 40 million dollar number? How did they decide that “Okay, we’re gonna give Michael and his company a credit of 40 million dollars”? Why not 20, why not 100?

Michael Merideth: Well, obviously, for guys like that, the numbers – as they are bigger, they make more sense for them. But a part of it was looking at our track record over the last 2-3 years and what our volume was. It’s kind of a 5-year runway that we’re looking to roll these funds out… And saying “How much are these guys developing? What does our pipeline look like?” and then also what does our group look like, and bandwidth that we can handle internally to be able to say “Okay, this makes sense.” All those factors I think were put into play, as well as this overall strategic and absorption in this market too, and what we think we could do.

Theo Hicks: So you said your role right now is in strategic planning… Could you walk us through — I don’t wanna say a typical day, because I’m sure it’s flexible, but what are some of the things that you do as the strategic planner of the company?

Michael Merideth: Well, I am a strategic planner. My official role is CEO, but for me it’s kind of looking past our current deal and how do we fill our pipeline, it’s managing the pieces of the puzzle that have to come together to get a deal. We have a director of acquisitions and we’re working together to find the deals. I’m working with our people in the field to find our equity sources, to find our service providers, to look at market trends and say “Hey, where are we going next?” I work directly with our other founder, Andrey, on identifying what our strategy is, what our acquisition models look like, and then kind of disseminating that down to our acquisitions team, so we kind of know what our prey or our property looks like that we’re going out to get.

For me, it’s looking past the operations on a day-to-day basis, but really trying to find those lanes and those market trends that lend best to what our acquisition strategy is.

Theo Hicks: How are you guys finding your deals? Maybe give us an example of how you found that large deal, that 124-unit.

Michael Merideth: We’re very active in the street. When I say that – we don’t necessarily depend on realtors and brokers to bring us deals, just because we’re in such a very competitive market. Our acquisition team, and even us as owners, we’re out and about, we’re constantly looking for these signs of motivated sellers, whether it’s a cheap For Rent sign, or a dilapidated property, and we’re engaging them directly. That means getting out of your car, finding the property manager,  dropping off a card, establishing a relationship… This is how we found our best deals.

That 124-unit portfolio – that was just getting out of the car, talking to the maintenance guy and saying “Hey, does he have the contact to the owner?” He gave us a contact for the owner, we worked with her closely probably for 18 months before we closed the deal, but when she was ready to sell, we had already established that relationship and we were able to avoid that back and forth between brokers and save her some money on commission, as well as step in and close fast when she needed to.

Theo Hicks: So you’re saying this is kind of like door-knocking, in a sense… Identifying these properties that are motivated sellers, and then going there and either talking to the property management company, talking to someone who’s there to get the information of the owner… Right?

Michael Merideth: Exactly. In our market, all of the submarkets are 92%, 93% occupied. There’s not a lot of people who have a real motivation to sell. There’s usually something outside of financial that’s pushing these people to wanna sell or relinquish the property… So we’ve also got a tracking tool with the Parish Assessor’s Office that gives us a map of all those properties and we’re tracking on a weekly basis, “Okay, which properties have you rolled by? What did this property look like?” Then we’re able to get in contact with the owner and then we flow those back into our CRM to make sure that we’re constantly touching those people… Because those are the deals that we want. We don’t want the deal where we’re competing against 4-5 people in best and final. We wanna be able to sit across the table with our potential seller and make a deal that works for both of us.

Theo Hicks: Alright, Michael, what is your best real estate investing advice ever?

Michael Merideth: Know the numbers. Spend the time to know the numbers. You can get caught in a [unintelligible [00:10:21].02] and push the numbers to where you want them to go, but the big thing is that the market is what tells you what it bears… And not getting too creative and out of the box to create something, because in the end you’re protecting an investment, whether it’s yours, or you’re co-investing amongst other people. Make sure that the numbers are what they are.

Theo Hicks: I should have known the engineer would have said “Know the numbers.” I’m the exact same way.

Michael Merideth: Of course, of course.

Theo Hicks: Alright, Michael, are you ready for the Best Ever Lightning Round?

Michael Merideth: I am.

Theo Hicks: Perfect. First, a quick word from our sponsor.

Break: [00:10:57].16] to [00:11:46].17]

Theo Hicks: Alright Michael, what is the best ever book you’ve recently read?

Michael Merideth: It was Crushing, by TD Jakes.

Theo Hicks: If your business were to collapse today, what would you do next?

Michael Merideth: I’d look at the pieces and figure out how to pick them up. Real estate is my passion, and Robert Kiyosaki says “If I fail, I’ve got the knowledge to do it again.”

Theo Hicks: There you go. What deal did  you lose the most money on, and how much did you lose?

Michael Merideth: Oh, man… We did a townhome condominium project and we lost over a million dollars.

Theo Hicks: What are some of the lessons learned from that deal, so that you don’t repeat that again in the future?

Michael Merideth: Know your numbers… And also, have a plan B, and plan C. Also, understand your contracts as well, too. Understand liabilities, and as you kind of take those steps up into different realms, there’s a different level of attorneys, there’s a different level of funding, and those type of things that need to be put in place to make sure that those risks are reduced.

Theo Hicks: What is your best ever deal?

Michael Merideth: The best ever deal… I would say the 124-unit portfolio was really strong for us. It took some time for that to mature, but it’s provided some very long-term and stable returns for us and our investors, and we were able to find the worst property in the best area. So that was a very good deal for us.

Theo Hicks: What is the best ever way you like to give back?

Michael Merideth: My best way is time. We take time to mentor other guys that are aspiring real estate developers, and provide that advice and the ability to not make the same mistakes that we have… So really pouring in to other individuals who have those same aspirations, and also pouring into our communities as well. Some of our apartment complexes – our latest one we created was called [unintelligible [00:13:23].29] but it allows the kids to come in and have access to computers, and tutoring, and Bible study…

Sometimes during the year I take time for six weeks and teach a music class. Those are fun things that allow me to give back.

Theo Hicks: And then lastly, what’s the best ever place to reach you?

Michael Merideth: You can reach us on Instagram at @vpgenterprise. You can definitely contact us via our website, www.veriusgroup.com. And I’ll even open it up for email. I’d love to engage with people that are doing deals, so my email is mmerideth@veriusproperty.com.

Theo Hicks: Alright, Michael, thanks again for coming on the show today. It’s always great to talk to a fellow engineer, and even better to talk to a fellow chemical engineer. Just to summarize what we’re talked about – you’ve got a portfolio of 300 units in the greater New Orleans area. We talked about how you’re funding these deals – started off being creative, seller financing, using your W-2 income. Eventually, that transitioned into building relationships with local banks to get some flexible financing.

For the equity side you were raising money from people that you knew that were high net worth individuals, and then more recently you transitioned into institutional funding. So we talked a little bit about that, about how you got a 40 million dollar line of credit from Goldman Sachs; how it was a long process – two years – but you were very persistent, flying out to New York, pitching the company, and ultimately got that line of credit.

We talked about some of the things that you do as a strategic planner of the company, just overall looking past the day-to-day operations, looking past the current deal and figuring out how you’re gonna find that next deal, how you’re gonna find the next money, the next service providers, what markets you should be looking at…

Then we also talked about how you are actually finding your deals. You’re very active, you don’t rely on brokers and realtors to find your deals, and you have a hybrid driving-for-dollars/door-knocking strategy where you are identifying properties that will have motivated sellers – cheap for-rent signs, dilapidated properties. Then you’re finding the property management company, finding someone that works there to get the contact information of the owners, so you can get face to face with them.

You gave the example of your 124-unit where you talked to the maintenance guy, who gave you the contact information to the owner, and then after talking back and forth for 18 months you were able to close on that property. Then you mentioned your system for tracking what properties have you looked at, who have you talked to, who is interested, who is motivated.

Then lastly, the best ever advice is to know your  numbers, make sure you’re spending time looking at the numbers, and do not push the numbers where you want them to go, because the market will dictate that.

So again, Michael, I really enjoyed our conversation today. Best Ever listeners, thanks for tuning in. Have a best ever day, and we’ll talk to you tomorrow.


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JF959: How Your Mortgage Lender Thinks

You may wonder what a mortgage lender is thinking before you give them a call asking for a loan. They want to know how much Capital you have saved, what you own, and what property you were looking to buy… They also want some skin in the game on your end. This episode tells you everything you need to understand about your local mortgage lender and basic requirements.

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Stephanie Weeks Real Estate Background:

– Owner of The Weeks Team
– ‎Mortgage Financial Services
– Mortgage lender for more than 13 years
– Closed thousands of loans totaling hundreds of millions of dollars in volume
– Named top 1% of loan officers in the nation – Mortgage Peace
– Based in New Orleans, Louisiana
– Say hi to her at http://weeksteam.com/
– Best Ever Book: The Go Giver by Bob Burg

Click here for a summary of Stephanie’s Best Ever advice: http://bit.ly/2osCmfT

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Joe Fairless: Best Ever listeners, welcome to the best real estate investing advice ever show. I’m Joe Fairless and this is the world’s longest-running daily real estate investing podcast. We only talk about the best advice ever, we don’t get into any fluff.
With us today – Stephanie Weeks. How are you doing, Stephanie?

Stephanie Weeks: I’m great, how are you today?

Joe Fairless: I’m doing well, and nice to have you on the show. A little bit about Stephanie – she is the owner of the Weeks Team, a mortgage financial services company. She’s a mortgage lender with more than 13 years experience, closed thousands of loans totaling hundreds of millions of dollars in volume, and based in New Orleans, Louisiana, the location of my bachelor party about this time next month, so looking forward to that. Stephanie, with that being said, do you wanna give the Best Ever listeners a little bit more about your background and your focus?

Stephanie Weeks: Sure. As you mentioned, I’ve been in lending for over 13 years, and actually kind of fell into this because my original plan was to be a medical malpractice attorney, so my path went along everything that would follow that, up until going into law school, which I decided in April (when I was supposed to go in August) that something changed, so I needed to have a backup plan… And I hadn’t had a backup plan, but what I did have was I had already bought in full several houses, because my husband and I bought our first house when we were 18 years old. At that point, we were on house four or five, and I called my lender and I said, “Hey, how do you like your job? Tell me about it, and what it entails”, because I told my husband, I said “Oh my gosh, I don’t have a plan B… What in the world am I gonna do?” He said, “Well, anytime any friends or family wanna buy or finance anything, they call you, you get your calculator out and you start running numbers and advise them, so why don’t you just go get paid to do that?” And the rest is history.

Joe Fairless: So that was 13 years ago?

Stephanie Weeks: Yes.

Joe Fairless: Okay, now what type of loans do you specialize in?

Stephanie Weeks: Residential mortgage loans.

Joe Fairless: And do you work with investors?

Stephanie Weeks: I do, absolutely.

Joe Fairless: What are some of the unique aspects of working with an investor that you’ve come across?

Stephanie Weeks: Well, a lot of the lending institutions, when it comes to investment property, they have a little bit higher fees that they charge. They also typically want to put it with some kind of balloon note; they will typically amortize it over a short period with an elevated rate. Well, for my investors I have products from as little as 15% down for a single family investment property, with a 30-year fixed term, without elevated expenses and without a balloon and without a pre-payment penalty, and I also have the option to have 20% down, 25% down, or of course more if they would like to do that. And I can help those investors with single-family one-unit, two-unit, three-unit or four-unit.

Joe Fairless: Let’s go with the 15% down, 30-year fixed on a four-family… What are you looking for from the borrower?

Stephanie Weeks: On the four-family, the minimum on the four-unit is 25% down. The 15% only applies to the single family.

Joe Fairless: Alright, let’s do the single-family then. 15%, 30-year, single family… What do they need to have in order to qualify?

Stephanie Weeks: Well, they’re gonna need to have enough money verified for the down payment, as well as the closing cost, as well as the prepaid items. We’re also gonna wanna see what we call “reserves in the bank”, or savings. How much money is left after closing, to where if those tenants didn’t pay, how many months can you cover that before you default? So we’re looking for a little bit of savings.

The amount of savings depends on the total client profile. We’re looking for good credit…

Joe Fairless: As far as the amount of savings as the total credit profile – you mean credit score? Or are you looking at something else, like things within the credit score as far as maybe debt-to-income, or something like that?

Stephanie Weeks: It’s pretty much everything. We’re gonna look at the down payment, the cash reserves, the credit score, the utilization of credit, the jobs history, rental experience, being a landlord experience – those different types of things, along with debt-to-income ratio and a number of other things as well. So we kind of look at everything. For one client I might need three months reserves, which means three of those new mortgage payments in the bank, after closing.

For some clients, depending upon the number of properties they own, that might be 12 months that we need.

Joe Fairless: The more properties, the more monthly reserves?

Stephanie Weeks: Yes, because we’re looking to see what if something terrible happens and all the properties are vacant. How many months of those payments can you make before you actually default, as an investor?

Joe Fairless: Alright, let’s use a single-family example. What would be some deal breakers for you, that you’ve come across before and you said, “Sorry, can’t work with you”?

Stephanie Weeks: Well, there are some people that would like to start investing in properties, but they don’t have at least the 15% down. Or maybe they have the 15% down, they also own their own primary residence, but they have absolutely zero savings. That would definitely be a deal breaker, because they’re not in a position to pull from somewhere before having to default if the renters up and leave.

Joe Fairless: Okay. How about some general guidelines, like “Hey, if you want to be assured of getting approved for a single family, 15% down, 30-year mortgage – here are the specific things you need”, getting really specific as far as the savings in the bank… And you can use a hypothetical example – say you’re buying a $100,000 property.

Stephanie Weeks: Okay, so a hypothetical example would be if you have good or excellent credit…

Joe Fairless: Which is…

Stephanie Weeks: The average is about a 680. I define good as 700 and above, and I define excellent as 740 or above.

Joe Fairless: Okay, so 700 and above credit.

Stephanie Weeks: Let’s say a good credit and above, say, have at least 15% down, we’re looking for good job stability – that means typically that you’re on your job for at least two years in the same field’ we’re looking for that so that can be verified.

Joe Fairless: Can that be an entrepreneur who’s been entrepreneuring for two years in the same field, for example real estate?

Stephanie Weeks: Absolutely, as long as it’s verifiable income and it’s not just cash money, or something… But absolutely, 100% yeah. And then have, let’s say if you’re buying a $100,000 property, and let’s say if you have another mortgage on your primary house – let’s say that’s $1,500… Let’s say then you’re buying an investment property, and that monthly payment is gonna be $1,000 dollars. We’re now up to $2,500/month in mortgage expenses in that instance.

So in addition to your down payment, closing costs and pre-paid items as well, we’re gonna typically – and sometimes there’s exceptions to the rules – be looking for at least three months reserves on those two properties, which in that particular case would be about $7,500 that’s still left, that you have access to liquid, that you can pull from if you need to make those payments.

Joe Fairless: As far as any other qualifications or things that would disqualify someone… For example, do they have to have experience as a landlord?

Stephanie Weeks: Not necessarily. Sometimes they do, but not necessarily in every instance. You do not have to have that experience as a landlord. Some deal breakers would be late payments on any bills within the last 12 months, or especially late payments on any mortgages in the past 12 months. And let me say that we define late payment as more than 30 days late, not if you were due on the 10th and you paid it on the 20th. We define late as 30 days or more.

So those would be some things that would be a deal breaker. Again, not having any savings, being short on the cash to close – that would be a deal breaker – having too tight of a debt-to-income ratio, that could be a deal breaker…

Joe Fairless: What’s the ratio you look for?

Stephanie Weeks: Typically we wanna see an overall debt ratio of 45% or less in this instance. Always less is a good thing, but typically no more than 45% on this scenario.

Joe Fairless: And can you explain the debt-to-income ratio?

Stephanie Weeks: Absolutely. With debt-to-income ratio we look at two things: we look at the housing ratio, and we look at the overall debt-to-income ratio. For the housing ratio, that is what is that monthly payment in a percentage, related to your monthly income? So what percentage is your housing ratio? As an example, if you make $1,000/month, you have a $300 housing payment, that is a 30% ratio. Does that make sense?

Joe Fairless: Yup.

Stephanie Weeks: And then we also look at the overall debt-to-income ratio. We look at all the debts that you have, we look at minimum payments, we also include the new proposed mortgage or any existing mortgages, and then we take that and consider a ratio in relation to your monthly income – that’s your overall debt-to-income ratio.

Joe Fairless: Very helpful, and I know that we hear those terms often, but sometimes it’s just good to clarify or just get a refresher, and thanks for walking through that scenario.
Let’s talk about a challenge that you have — or actually, let’s talk about a way that you’ve optimized your business… How long have you had the Weeks Team?

Stephanie Weeks: The Weeks Team works at Mortgage Financial Services, so I run the Weeks Team, but I don’t own Mortgage Financial Services. I’ve been having the official team, if you will, for probably about four or five years now… Where I realized that as the industry changed and as it became more difficult and more complicated shall I say, that it started to take a lot more of my time to put a file together, and that in order to still be able to put the files together while delivering the same customer experience that I wanna deliver to each customer, I had to start leveraging myself with people that were the same or better than me at what I do.

Joe Fairless: Being a mortgage lender, to me – and please educate me – there’s a specific skill set that needs to be present, and that’s someone who’s very good at underwriting, and also good with people to bring in the business… So bring in the business, good with people, good with underwriting, you’ve gotta know your numbers… And I know with building a team – at least my own personal experience – I wanna bring in people who have complementary strengths. So I’m good at some stuff and I’m not good at others, so I wanna bring in people who complement me for the areas I’m not good at. But with the mortgage lender, I wouldn’t think – and this is where I need to be educated – that there’s a lot of skills that would be lacking or that you wouldn’t be able to be very good at to scale… So do you complement your team with people who have similar skill sets as you, because it is a people person thing and an underwriting thing, or do you bring people in who have different skill sets than you?

Stephanie Weeks: Actually, I want someone who has similarities with me, but then also complements some places that I lack. That’s how I structure my team. So it’s a little bit of both really, it’s not someone completely opposite or someone exactly the same. And you mentioned skill set in underwriting and know your numbers – I’m very excited that for the second year in a row I’ve been named in the top 1% of mortgage lenders in the nation. But honestly, my daughter asked me about a week ago, “Mom, how many other loan officers are there?” and I actually had no idea.

This morning I jumped on Facebook, and someone that I know across the country that also made the top 1%, she posted that she read that there are actually 136,000 loan officers. 136,000, so I made the top 1%, which is pretty exciting. But what’s important is that I take my job so seriously, and I treat people’s money better than I would even treat my own money. What you need to look for in a loan officer is a skill set of someone who 1) you feel like you trust, 2) who has your best interest at heart, 3) who’s gonna advise you of your whole entire overall situation, not just say “Sure, you want this loan type – here you go”, but “Hey, you want this? This is great, but here’s some other food for thought and how that might help you in your five-year plan.”

You want someone who cares about every single detail, because if I don’t spend the extra time to actually get quotes for all these different services that go along with a loan, so that I can tell the client “This is what your payment is and this is what you’ll bring to closing or less”, and be able to guarantee that… You have to have a lot of detail, a lot of diligence, a lot of care to be able to do that, versus just guess some numbers and then it be wrong. You’re affecting someone’s livelihood and their life when they’re investing in properties.

The other thing I would say – and the last thing, because I’m getting long-winded on you – is this is what is so important, it’s that there are many times when my team gets a loan that’s been denied by someone else, and so they’re calling us to salvage it and try to keep that close day. There are times when that loan was never a loan, and for 30-45 days you had all these people’s lives affected, because someone didn’t do their job in the beginning and that was never a loan.

And then the other half the time, the loan is perfectly fine but it wasn’t done the right way. So the best way to think about getting yourself a mortgage loan is it’s just like hiring an attorney. The lender is the judge and the jury, and they’re gonna tell you whether you’re approved or denied. But basically, your file is your file. It’s all in how your attorney puts it together versus someone else. In this instance, as your loan officer, I’m your attorney. So if someone puts your file together one way, versus the way that I put it together and present it, I might win your loan, versus your loan just got denied by someone else. So I’m bringing everything that I learned in the legal field, and I realize [unintelligible [00:16:56].17] Oh my gosh, I’m doing exactly what I thought I would do, but just in a different capacity, because I am analyzing a situation, I am advising a client, I am finding what’s best for them, I’m putting their whole entire case together to present it so that I win slam dunk, 100% of the time.

I’m extremely proud to say that my team, of every single loan that we submitted to underwriting in 2016, we did not have one loan denial.

Joe Fairless: Wow.

Stephanie Weeks: Not one, and that is ridiculously strong.

Joe Fairless: Has that happened in years prior for you, or was last year the culmination of what you’ve been up to in kind of refining the process?

Stephanie Weeks: In 2015 we had two loans denied, and in 2014 we had one. So it’s been between one and two, but last year [unintelligible [00:17:54].07] And you know what the difference was? We got a little more firm in the beginning, because the two loans that were denied in 2015, honestly they did not follow our direction, our instruction, and we just went along with it trying to still fix when they weren’t listening. But ultimately they got their own loans denied.

Now we’ve just gotten firmer in that. “Hey, look, you can call Joe Blow down the street and he’s gonna tell you this is gonna be fast and easy, and I need nothing from you” and you’re gonna have 15 stops, you’re gonna be frustrated, your numbers are not gonna be your numbers, and lucky if you go to closing and if you get there on time. But me, I’m gonna be upfront, honest and say “It’s a little bit of work because I need all this stuff, but trust me, because I’m gonna get you there, and realize that some of the things I ask you for may not even seem logical in the real world, but they’re logical in mortgage lending.”

Joe Fairless: Stephanie, based on your experience as a mortgage lender, what is your best advice ever for real estate investors?

Stephanie Weeks: Well, that’s a super tough one.

Joe Fairless: You knew it was coming, though…

Stephanie Weeks: Right, I guess so… Honestly, if you’re paying cash, I don’t have any advice; that’s amazing. But if you do need to get a mortgage loan, the absolute best advice – because if you’re investing in properties, then that’s your business, that’s part of your livelihood… And time is money. And wasting money on appraisals and inspection is also a waste of money, so my biggest advice is that if you’re an investor and you are gonna have mortgages when you’re purchasing these properties, you team up with the best mortgage lender that you can find, that is going to do everything they need to do to get you to that finish line. So don’t take that decision lightly.

Joe Fairless: What are the top three questions that a Best Ever listener should ask their prospective mortgage lender?

Stephanie Weeks: This sounds kind of a joke, but it’s kind of funny and kind of true… For me and my team, we actually review guidelines on almost a daily basis, because on almost a daily basis guidelines are changing. We actually get the guidelines printed out; every few months we get the updates, and those books fall apart, because we are in them. We are learning how everything works, how it has to be done, how it puts us all together. So one of the questions I say as a joke is when you’re talking to a loan officer, ask him when’s the last time they read the guideline book… And it’s kind of mean for me to say it, but I still think it’s funny – you should see their face, or hear them stutter, because unfortunately most loan officers have never picked up a guideline book. That’s frustrating to me.

Joe Fairless: If I asked you that question, what would your answer be?

Stephanie Weeks: Yesterday.

Joe Fairless: You read the guideline book yesterday?

Stephanie Weeks: Not the whole book, but the updates.

Joe Fairless: Right, interesting.

Stephanie Weeks: There’s updates almost on a daily basis. I read two different full updates yesterday.

Joe Fairless: What’s the second question?

Stephanie Weeks: The second question would be ask them what kind of added value they bring. This one example, if someone asked me “Okay, Stephanie, what kind of added value do you bring?”, I would say, “Well, number one, the mortgage industry is broken, and I wanted to change that, so I wrote the book on mortgages. The second thing is I’m gonna treat your money like it’s mine. The third thing is I’m gonna advise you on your overall situation based on a five-year plan that you tell me that you have, your goals for closing costs, cash out of pocket, monthly payment… I am going to shop the title companies for you to get you a good deal, I am going to shop your hallmark insurance for you to get you a good deal… I don’t care what title or what insurance company you choose; I have zero benefit of doing that, other than giving another added value to my customer, to have them look at quotes and make a decision, to make sure that your numbers are accurate and they’re the best that they could possibly be.

The other thing that I would say is my added value is, again, [unintelligible [00:21:52].07] so we always have two licensed people that work just about every file just to make sure that we bounce ideas off each other, have a second set of eyes, which is huge.

Those are some of the things – and there’s more, but those are some of the things I would say are my added value, and they definitely wanna ask that question of a potential loan officer, and see how they answer that.

Joe Fairless: And the third question?

Stephanie Weeks: The third question would be “How many families did you help last year? How many closings did you have?” – however you want to word that that’s most appropriate for you. Because according to the last stats that I read last year (and I haven’t found newer ones), the average loan officer closes 1.4 loans/month. Well. let me leave you with this question: if the guidelines are changing on almost a daily basis with updates, and there are a pretty decent number of programs that are out there and available, and you’re closing less than 2 loans a month as a loan officer, how are you going to be the best in your field? How do you know how to put that file together? How do you know how to get that approval? How do you have the experience to know how to work around the problem if you haven’t done it enough times?

Joe Fairless: It makes sense, I love it. Those are phenomenal questions, those three right there, and then how you talked about how you would respond – really valuable. Thank you for that. Are you ready for the Best Ever Lightning Round?

Stephanie Weeks: Thank you. Okay, I guess… I’m nervous.

Joe Fairless: Let’s do it! First though,  a quick work from our Best Ever partners.

Break: [00:23:28].06] to [00:24:11].17]

Joe Fairless: Stephanie, what’s the best ever book you’ve read?

Stephanie Weeks: I would say the list is so long, it’s ridiculous, honestly… But I would say top of my mind is The Go-Giver.

Joe Fairless: By Bob Burg. Best Ever listeners, you can listen to my interview with Bob… Just search his name at the BestEverShow.com, and his episode will pop up. I can’t find it right now on Google, but Bob Burg – he’s been on the show a couple times, actually… Great guy. What’s the best ever way you like to give back?

Stephanie Weeks: My heart is really with the deaf community, so I serve on the board at the local Deaf Action Center, and I try to give money for every loan that I close to that center. That’s one of the things. I do several things, but that’s really where my heart truly is.

Joe Fairless: What is the best place the Best Ever listeners can get in touch with you?

Stephanie Weeks: You can go to my website at WeeksTeam.com. You can check out The Weeks Team on Facebook, or you can call our office, which is 985 300 LOAN.

Joe Fairless: Are you lending, or do you have programs for every state?

Stephanie Weeks: Not every state… I am licensed in multiple states. Right now I am in Louisiana and Texas. I’m also licensed in several other states, but waiting for the company to get licensed in those states. It should be within the next few weeks I’ll also be in Mississippi, and then within the next couple months I’ll also be in Florida as well.

I’m personally licensed in Louisiana, Mississippi, Alabama, Texas, Georgia and Florida, but the way that it works with the regulations is the company has to be licensed there, as well. We’re working on getting them added to all the states that I’m in.

Joe Fairless: Stephanie, this was an important conversation for the Best Ever listeners who are looking for residential loans, one to four-family, and want to know how to qualify for 15% down, 30-year fixed mortgage, as well as what three questions to ask a mortgage lender. One, “When was the last time you read the guideline book?” and then wait for the awkward pause, two, “What kind of added value do you bring?” and three, “How many customers did you have last year?”

You went through the benchmarks for each of those three, which is important. So we know what a good answer is, an average answer is, a poor answer is, and an outstanding answer is.

Thanks so much for being on the show, I hope you have a best ever day, Stephanie, and we’ll talk to you soon.

Stephanie Weeks: Thank you so much, thank you for having me, and don’t forget too that you can check out my book, Mortgage Peace, at amazon.com.

Joe Fairless: Oh, sweet. We’ll include that in the show notes.

Stephanie Weeks: Thank you so much.


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JF 136: The Golden 4-Plex: Here’s How Just ONE Purchase Can Build a Company.

One purchase. That’s all it took to build today’s Best Ever guest’s company which now has done over $5,000,000 in transactions in just 4 years. Here’s how he made it happen. Creative techniques are coming out the ying yang in this episode!

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Andre Lewis’s real estate background:

–        Co-founder of Verius Property Group based in New Orleans, Louisiana

–        Investor since 2011 and since then has bought and sold over $5,000,000 worth of real estate

–        Say hi to him at http://www.veriusgroup.com/

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JF 21: Bouncing Back. Methodically Scaling. Big Results.

Louis’s first investment property didn’t go according to plan. He bought in New Orleans right before Katrina hit. It wiped out the property but taught him some valuable life lessons. Lessons he has applied to become an over of 173 multifamily units. Want to hear his advice?

Listen to the show to hear his Best Real Estate Investing Advice Ever!

Louie Rodriguez’s real estate background:

  • Lives in New Orleans, LA and bought first property before Katrina in 2005
  • Currently owns a 16 unit, 37 unit and 120 unit
  • Focused on buying next multifamily of over 150 units

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