{"id":136066,"date":"2021-03-15T00:01:13","date_gmt":"2021-03-15T06:01:13","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=136066"},"modified":"2023-04-23T04:30:10","modified_gmt":"2023-04-23T10:30:10","slug":"biggerpockets-money-podcast-179-david-pere","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/biggerpockets-money-podcast-179-david-pere","title":{"rendered":"\u201cThe Guy Who Did Everything Wrong But Still Figured it Out\u201d with David Pere"},"content":{"rendered":"

Being in the military opens you up to an array of benefits for a financially abundant life. You have access to VA loans<\/strong><\/a>, a tax-free housing allowance, and a pension<\/strong> (if you stick around long enough). That\u2019s why it\u2019s of the utmost importance to start saving and investing while you\u2019re young<\/strong> and in the military. But, that wasn\u2019t exactly what David Pere<\/strong> (From Military to Millionaire<\/a>) did when he was first enlisted.<\/p>\n

David grew up with frugal parents<\/strong>, who never splurged on much. So when he joined the Marine Corps<\/strong> in 2008, he was ready to catch up on the spending he never was able to do. As he describes it, he spent his first salary on \u201ca truck, tattoos, and drinking\u201d. Not the best way to set yourself up for financial freedom! It wasn\u2019t until a few years later when a friend gave him a copy of <\/strong>Rich Dad Poor Dad<\/em><\/strong><\/a> that David discovered he could be doing A LOT more with his money.<\/p>\n

He bought a duplex with an <\/strong>FHA loan<\/strong><\/a> for $81,000 and house hacked it so his tenants were paying a majority of the mortgage. When he was shipped off for duty, he ended up leasing out the other side of the duplex and cash flowing an extra $300 per month<\/strong>.\u00a0 He then went on to buy a 10-unit with just 5% down<\/strong> and also got in on a small syndication in South Carolina.<\/p>\n

Everything was looking good, until David decided to partner up on a 40 unit, mixed-use building with a sizable amount of leverage<\/strong>. Some things happened and the deal turned sour, now David is in a legal battle to get his money out of the deal. Even with this massive deal not going through, David pushes the importance of scaling, but not too fast. Scaling to an amount where you aren\u2019t overleveraged<\/strong> but at the same time pushing yourself to accomplish more is the sweet spot!<\/p>\n

Click here to listen on Apple Podcasts<\/a>.<\/p>\n

Listen to the Podcast Here<\/h2>\n