Dave Dupuis shares their journey in real estate and the various strategies they use to be successful. He also talks about the importance of mindset and raising capital. Dave describes how he became interested in real estate and met his partner Mel, who was already further ahead in investing.
Dave talks about their first investment property together and how they found their first tenant a man named George. Although George seemed like the perfect tenant, Dave was initially scared that something would go wrong. However, they ended up renting to him for several years and it turned out to be a great experience.
They then went on to purchase three more properties. In 2016, they read the book "Rich Dad Poor Dad" which changed their perspective on money and led them to purchase three more properties.
Then a car crash changed Mel and Dave’s perspective on wealth and life. The crash made them realize that they needed to think differently and bigger in order to achieve their goals. It made them realize that they needed to unshackle themselves from their scarcity mindset in order to truly succeed.
They started out investing in 12 properties in 12 months, and then shifted their focus to larger apartment buildings. By 2018, they had 72 units and decided to set up a property management company to manage them. This allowed them to scale their business even further but it became less enjoyable.
In business, there comes a point where the methods that used to work no longer do, and this can be a difficult realization. Hiring someone to help with the workload is a major milestone, but it is necessary in order to continue growing. This shift happens at all stages of business growth.
Creative financing can be a fun and interesting way to fund a business venture. There are many different options available, and each deal will be different. The key is to put together the right pieces to make the deal work.
In this episode featuring Dave Dupuis, we cover:
1. Why they still went to a conference right after the car crash.
2. How managing almost 400 doors was unenjoyable and unsustainable.
3. Building wealth through seller financing and other people’s money.
Connect with Investor Mel and Dave
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