Mentorship in Multifamily Real Estate

Michael Stansbury (00:02.354)
Welcome to the Real Estate Pros Podcast. I’m Mike Stansbury and today I have a special guest all the way from Scottsdale, Arizona. It’s probably really nice out there right now. David Mannion. Did I pronounce that right, David? I got it, nailed it. David, how are you today,

DAVID MANNION (00:19.521)
David Mannion, you got it. Thank you.

I’m great, thank you. How you doing, Michael?

Michael Stansbury (00:25.57)
Man, I’m doing excellent. Again, folks, this podcast brought to you by Investor Fuel, where we help real estate investors, service providers, and real estate entrepreneurs, 2 to 5X their business to allow them to build the businesses they’ve always wanted and allow them to live the lives they’ve always dreamed of. David, speaking of dreaming, so I just can’t get it out of my head that you’re in Scottsdale and I’m in Memphis. It’s two totally different climates right now. What’s the temperature there like right now? I’m curious.

DAVID MANNION (00:53.804)
You know, we got a nice breeze, which is rare, but they call it a dry heat, but I think we’re pushing about 78, 80 degrees today.

Michael Stansbury (01:02.114)
That’s nice. We’re overcast, gloomy and Memphis, which is three things that I don’t like. Yes, absolutely gonna do it. Either there or Florida or Texas will do that. Well, David, so it kind of gives me your origin story. So this is a Real Estate Pros podcast and what you do is not unique, it is unique in this episode.

DAVID MANNION (01:05.932)
You need to relocate your podcast to Scottsdale.

DAVID MANNION (01:16.768)
Yep, there we go.

Michael Stansbury (01:30.338)
where not a lot of people met that solved the problem that you solve in the marketplace. Kind of tell us the origin story of how you got started in this and kind of describe what you do, what your superpower is on a day-to-day basis.

DAVID MANNION (01:45.151)
Well, you know, I actually was in software and tech and and when dot com went dot bomb, I actually fell into securities and I was going to I was going to manage money and 9 11 happened. We all know what happened after that. So I kind of stumbled into real estate. It wasn’t something that I intended to do initially, but so grateful I fell into it. I fell in love with the industry and the people who are part of it, not just on the principal sponsor side, but but just really all the all the relationships you develop over time.

And so I landed an opportunity to run acquisitions and dispositions for a owner developer operator of multifamily. This is back in early 2000s. I want to say 02, give or take. And I cut my teeth there. He threw me in the deep end and said, figure out how to source deals, how to underwrite them, how to put the capital stack together, the equity, the debt, talk to my banks, talk to my tax advisors, work with the asset management team and the business plan and sell the deal and then close it.

And so I knew none of that.

Michael Stansbury (02:43.17)
Sounds like you got put in a blender.

DAVID MANNION (02:46.961)
I did. You know, the funny thing is I knew none of it. I was completely over my skis. you know, coming from a place where I’m type A, I want to understand what I’m doing and kind of be in control. You know, I kind of drive with knuckles a little white. It was a little bit daunting at times, but I’m so grateful for the experience because it taught me so much.

Michael Stansbury (03:07.234)
So one of the things I like about this, about your beginning, your kind of origin story is like you’re putting a, you’re putting a plan or you, you didn’t know what you didn’t know. So tell me about like the first couple of deals that you were able to take from soup to nuts and, and you know, how did you help your client? How did she help your boss either dispo or acquire something and describe what a win was back in the day.

DAVID MANNION (03:31.24)
Well, first of you have to earn the trust of the brokers. They’re the ones that are sourcing deals and their biggest concern is, are you going to perform? Because at the end of the day, if you don’t perform, they don’t collect a commission. And that’s how they pay their bills. So I think getting your interest in alignment with what their goals and objectives are, are really important. So you’re not leaving them feeling like you’re wasting time. And so it was really important for me to dial in and zero in on exactly what our strike zone was.

and begin to use that filter to say, this is probably not likely something we would pursue versus something that, hey, this is something that might be of interest to us. Let’s take a closer look. And just respecting their time. And I think that went a long way in developing trusting relationships that helped fill a pipeline.

Michael Stansbury (04:14.08)
Yeah, so you began with, hey, here’s our parameters. We will absolutely close on this if it meets this criteria. Mets, that’s a fantastic word. I think I got to figure out a way to use that. But meets the criteria. you did, like brokers get, they chase a lot of things, right? And a lot of dead ends. And if you say, hey, I’m never gonna be a dead end as long as it fits this criteria, then you got them looking out for you. Does that kind of make, do I kind of have that correct?

DAVID MANNION (04:25.543)
Thank

DAVID MANNION (04:32.806)
Yeah.

DAVID MANNION (04:43.527)
Don’t give them a maybe yes means yes, no means no be convicted. Don’t be afraid to lose on something if you’re not a hundred percent convicted then there’s something there. There’s a reason why it should be a no or maybe so if it doesn’t, know, some people I think try to cast too wide of a net and because they’re trying to deploy capital. They’re under a 1031 timeline or whatever it is and they wind up footfalling them way their way into a deal that they probably shouldn’t have been in.

or you start going there and then all of sudden it blows up and everyone’s upset.

Michael Stansbury (05:14.69)
Oh, you’ve just described a lot for like the 1031. People are always looking and they get on that strict timeline and they end up doing a bad deal because they just want to make sure that they save the taxes. That’s a great, that’s a nugget guys. Remember that. All right, so early 2000s, post 9-11, you go into mergers and acquisitions with multifamily and you’re helping out. And what was the iteration from there, David? Where did you go?

DAVID MANNION (05:24.73)
Yeah.

Michael Stansbury (05:41.723)
How did you either grow out of that or what else did you add to your special skill set?

DAVID MANNION (05:47.141)
Yeah, so the short version is in 2007, as you know, everything kind of collapsed from a housing perspective. And then 2008, we all experienced the credit crisis of OA. And at that time, I happen to know the CEO of a publicly traded bank. And I don’t know if you can hear the long guy in the back. That wasn’t something I planned on.

Michael Stansbury (06:04.916)
It’s fantastic. Listen, the ambiance is perfect because you know, you’re out there working. We’re fine.

DAVID MANNION (06:08.484)
Okay, good. All right, good. But basically, I knew a gentleman who was the CEO of a bank that was public and FDIC insured. He said, hey, I could potentially use some consulting help on some things. I went in there, we had a two hour meeting and the short of it was at the end, he says, do you have any questions? He said, I need to take this off my plate, this off a plate. And oh, by the way, the regulator said that we should have a special assets group.

And I said, I only have one question. What’s a special asset? And unbeknownst to him and I, we didn’t know what it was. And it’s great because had he known, he never would have had me in the office to begin with to talk to me about it. It was very front-facing to the regulators at that time. It was the OCC because the OTC had been phased out at that point. And so the OCC was the regulator. And I went inside the bank and I started watching the inner workings of not only origination and underwriting and risk.

management, but really how do you manage that risk? And so when a loan goes into a default mode or they’re pending default, what are the rights and remedies that banks will entertain under the loan agreements? What does the regulator say? What does the state say? And really understanding sort of the nuances of all of that. And so I had to build a department that I didn’t even know existed, didn’t know what to do. And out of ether just borrowed knowledge from a bunch of people.

inside the bank and built it out. Obviously, I talked to people in other banks and I got a feel for what needed to be in this department and we put that together. So we were able to, it was a $1.4 billion commercial real estate portfolio. So that was the total potential risk. Probably had to work out, I don’t know, $30, $50 million worth of distress assets off of

Michael Stansbury (08:00.093)
And so it seems to me the numbers seem daunting. so just when you put it in the context of 40, 50 million and then 1.4 billion, but did you work with the individual people that were in default or did you just work with, okay, gotcha to work it out?

DAVID MANNION (08:05.847)
Yeah.

DAVID MANNION (08:18.37)
Yeah, no, had to follow certain rules and guidelines, as you know. And then I had to interact with the sponsor of the borrower. And I had to follow rules with that person. And in some cases, you had to play chicken because some of the loans that were in our portfolio were inherited by whole loan portfolio purchases. And the bank at the time didn’t have real estate people on staff. So they didn’t know how to

check to make sure there was a full credit file and a full collateral file. So I’d open collateral files and I’d be missing an allege or a deed of trust or any kind of security instrument that legally proved to a court that we had rights and remedies under these loan agreements to the collateral. So in some cases I didn’t have that. I had to play chicken. had to like persuade them to work it out.

Michael Stansbury (09:15.394)
This is so funny. It’s interesting to have those boxes checked. It’s so very important. I got a call from an alt bank that I hadn’t dealt with in five years and they said, hey, you still have a HELOC with us. I said, no, I don’t. We paid that off. In fact, I still own the house, but it’s paid off. And they’re like, yeah, well, it’s open. I was like, no. And they kept it open, even though we closed on it and everything else. It’s just wild that those things, you think they…

We always have these assumptions, right? That everybody’s got their act together, especially on the banking side, but you know.

DAVID MANNION (09:49.512)
Michael, let me add one more thing. The thing that I think is misunderstood about banks is we think because they’re in the business of money, that they make so much money. And really, they get rich a nickel at a time. It’s such a narrow margin business, and it’s a highly inefficient business. And so AI hasn’t really taken over enough where their overhead is just big. This is back when branches were still very much in play. So nowadays, you’re starting to see that.

Michael Stansbury (09:51.712)
Yep.

DAVID MANNION (10:17.417)
where people are divesting, banks are divesting out of having physical branches. But the point is, it really wasn’t a high margin business.

Michael Stansbury (10:26.508)
So we can go off, I can go in a different direction there and I’d almost love to for a second, but I gotta keep it about David. We’re gonna think about banks and the way AI and all the different things that are happening when it comes to money and money supply. So you saw the issue for the banks, you helped them with that. then I guess was where a lot of people, in that time I remember in real estate,

DAVID MANNION (10:34.91)
you

Michael Stansbury (10:52.778)
I was doing a lot of short sale. I was buying a lot of short sale properties and so I assumed that was part of the process as well, doing short sales. Yep.

DAVID MANNION (11:01.384)
Yes, sales wasn’t always a foreclosure that resulted in a real estate owned property to the bank. Sometimes it was just like you described, know, structuring a sale short of what was owed.

Michael Stansbury (11:15.202)
Okay, and you got that experience, you did that, you obviously had a lot of fun. And then let me ask you, now today, 2025, what did you do between the mortgage crisis from 2008, 2011, 2012, you helped those banks, when did you start getting into what you’re doing now?

DAVID MANNION (11:35.709)
Well, really to truncate things, jumped to doing the same thing but for CNBS with a shop for a while. And after a few years of that, you know, in 2012, certainly in 13, 14, 15, the distress really started going down. There wasn’t as much opportunity there with distress. And I started seeing fundamentals of real estate come back into play. And right around 2016, I was invited to join

a new leadership team at a public-of-trade real estate investment trust or REIT here in Phoenix, Arizona. That’s what brought me here nine years ago. And it was mired in class action lawsuits and it gone through a lot of financial problems because the previous CFO had misstated the financials and the auditors discovered that it was with intent. I’ll leave it there. so they cleaned house and they brought in a new leadership team to turn the whole thing around. They rebooted.

under a different ticker symbol, VER, V-E-R-E-I-T, and VER was the ticker, and it’s since been rolled up to realty income. Everybody knows realty income. If you follow roots, it’s one of the biggest net lease rates in the nation, if not the world. And it was the parent company to another one. It was a non-traded set of REIT portfolios, co-capitals. So 24 billion in assets in aggregate, 50 % of that was retail. Now think about this.

You’re being asked to take a job to head up capital markets, report to the CFO, and your job is to go and raise a bunch of money and restructure all the existing debt and even ask for more money for less interest rate at better terms on the heels of committing fraud to the market. So convincing bankers to give you better money, better pricing in light of that. And you had that class actions lawsuit kind of hanging over us. Add to that.

50 % of the portfolio was retail. If you remember in 2016, Amazon was taking over the world. They were shutting down brick and mortar retailers, right? So the headline, if you remember, is called Retail Armageddon. And so you’re convincing all of our capital partners to re-up for cheaper, better, yada, yada, yada, and in light of these things. Nothing to see here, right? And so that was, I should have failed.

DAVID MANNION (13:54.286)
is the reason I’m telling you that. I should have failed at that gig. It should have been a miserable and wonderful failure. And somehow I survived three years. We did it all. We raised just over $6 billion of fresh capital, restructuring every re-portfolio’s credit facility, revolving loans, just refinancing everything that was on the balance sheet and making it a far more efficient and creative enterprise.

And so at the end of three years, we sold coal capital away to a LA based fund manager. We’ll get into that, but I was part of that &A event. And then I pulled the rip cord and then I fell into development. And that was in 2019, we started grading land and we were doing a 1.3 million square foot industrial tilt up in West Valley Phadix. And we started grading late 19, call it December.

And by March of 2020, we all know what happened.

Michael Stansbury (14:55.274)
Right? How did COVID then interrupt your plan,

DAVID MANNION (15:01.047)
Well, you know, fortunately we had a governor that was very pro-business. You know, I don’t know if you have Cold Stone Creamery out there, but the founder of that is Doug Ducey, who was also our governor at the time. So very pro-business. And so he considered all land development construction essential, and we were able to proceed. Unfortunately, that was a test case for myself and the equity group that was banking the deal, and they were all New York based.

Michael Stansbury (15:10.166)
We do.

DAVID MANNION (15:31.32)
And now we can hear the… Sorry if you can hear that. Okay. Okay. Okay, good. Yeah, I had no idea I was told this was going to be good out here.

Michael Stansbury (15:35.286)
part of the process. The weed whacker first, now the blower. We’re fine. We can hear you fine because you’ve got that device. It’s a little bit in the background. You’re good.

Michael Stansbury (15:48.16)
Yep.

DAVID MANNION (15:48.878)
Murphy’s law. Anyway, you know, they were uncomfortable moving forward beyond that project because of the stay in place orders and the travel restrictions. And they felt like, what if COVID 2.0 happens? We don’t want to risk it. So we had to, and my son at the time was in high school and I wasn’t about to uproot them and focus on the Eastern seaboard, which is where they wanted to go. And so anyway, the rest is history. And then I fell into a business where I led the company as a COO. It was a

full circle, by the way, multifamily. So between my first gig as multifamily and my last one as multifamily, retail, office and industrial. But and I was CEO of a fully integrated owner, operator, developer, manager of about 5,300 units. And they wanted to grow to 25,000 units by 2029. And this is 21. So eight years, a little under eight years to

Michael Stansbury (16:20.951)
Okay.

DAVID MANNION (16:47.733)
to get to 25,000. I don’t think they took the time to back the math into what that meant per year. And it was more than double than what they historically produced. So I had to go in and structure the company around that goal. And in 15 months, we grew the portfolio 39%. I took them from about just over 900 million to a billion free in assets. 110 million of fresh equity capital was raised.

260, 270 million of first debt at better rates. They assume that you have to accept the term sheet from the bank. They didn’t know you can negotiate pricing terms, covenants, structure. So I took that over. The CFO didn’t have a capital markets background, so I took that over and negotiated all our debt agreements from that point forward and hired some really smart people around me, far smarter than I am.

We killed it. We went from underwriting two deals a week to 12. Yeah.

Michael Stansbury (17:46.698)
Wow. so what you brought to the table was something they didn’t, it seemed like they needed and they needed in spades, especially with the debt restructure and how to do that. And I guess that allowed you to work more efficiently and effectively to be able to get more deals. Is that kind of how it worked or?

Did I describe that right?

DAVID MANNION (18:06.878)
Well, you’re not going to double your production unless you’re sourcing and underwriting two acts of what you’re used to underwriting. And so it’s simple math, right? And we talk about real estate in concepts of math. I everybody likes to say, it’s the best deal or I love the location. It’s all great. But at the end of the day, math really answers a lot of questions.

Michael Stansbury (18:28.748)
Does it pencil? Does it pencil? Yes, does it pencil? Okay, and so now are you, now you’ve got all that experience, is that what you’re still doing today or what does it look like today? Are you out on your own or what are we doing now, David?

DAVID MANNION (18:31.069)
It with pencil.

DAVID MANNION (18:43.154)
I am. Yes, thank you. It’s a great segue. I am out on my own. You know, I provide advisory to real estate investors who maybe need the intelligence and the experience to look at a deal, help evaluate the deal or make sure I’m a second set of eyes that the right questions have been asked and the data has been analyzed properly and the assumptions in their model seem to be checking.

you sometimes I’ll participate on the equity. Sometimes it’s just a ad hoc project. They’ll bring me on and, you know, for a fee, whatever. And then I also raise capital for my own deals with my background. have great relationships with deal sources from the brokerage community to private owners and other investors who may pass on deals that maybe either A, don’t fit or B, they’re just their bandwidth constrained. They’ve already

committed their capital to enough deals and this is sort of an overflow. And because of that, I’m able to benefit from that. I think the downside for me right now or the challenge is that all of my capital relationships by and large are institutional in nature. I’m used to doing large capital raises with the likes of Goldman Sachs and Morgan Stanley and JP Morgan and a lot of the deals I’m looking at require checks that are far smaller than they’re willing to write.

And so I’m in the process of trying to align myself and network with other investors who have the ability to write those smaller checks, but would love to align themselves with somebody who’s commodity or proven value add member of the team in the commercial real estate space.

Michael Stansbury (20:11.01)
you

Michael Stansbury (20:24.236)
So if you have somebody that’s very liquid, maybe has a lot of capital because they have a business or whatever reason they have, they have a lot of capital, it’d be a good introduction to you for your deals because you’re getting, like you said, the overflow of deals or you’re sourcing your own opportunities where you need to do a capital raise or get on some partners to make it work. Is that what I’m hearing?

DAVID MANNION (20:51.248)
Yeah, I would say, know, mostly 100,000 up to two and a half million, maybe three million in most cases, only because a lot of the stuff I’m coming across right now is either distress or about to be distressed. And it’s a restructuring. And either we’re doing a deal directly with the bank or the lender, or we’re finding a way to bail the sponsor out. And so I structured as a white knight type of rescue play where we gain control of the asset. still, we still

Michael Stansbury (21:15.393)
Right?

DAVID MANNION (21:20.653)
make sure we take care of the borrower on whatever terms we’ve agreed on. But we are in a position where we can underwrite in a creative deal.

Michael Stansbury (21:30.08)
Yeah, if you could maybe just come up with an example of something where, know, I had this opportunity here and it created this IRR for this individual and I’m looking maybe to rinse and repeat something like this with my capital partners.

DAVID MANNION (21:47.311)
Well, I don’t even know where to begin. There’s a lot of those deals, but I’ll give you one that I’m working on right now. have an opportunity to buy a call it 1.2 acre parcel in downtown Phoenix. Now, historically, anyone who’s familiar with Phoenix would say, well, that’s a dormant market. But over the last six, seven years, both the University of Arizona and Arizona State University started building satellite campuses downtown. So just in downtown, there’s over 13,000 students.

Michael Stansbury (21:51.839)
Yeah.

DAVID MANNION (22:16.992)
living and going to school there. And with that, that’s attracted a lot of amenities, restaurants, cafes, bars, whatever. And then you have people that see that as a target labor pool. So you have a lot of employers now relocating offices downtown. So there’s a resurgence in downtown Phoenix right now, the likes of which I haven’t seen in over 20 plus years. And so it’s been a lot of fun to watch that area of the valley kind of recover.

And I’ve had an opportunity to refinance an existing loan. And he has a two-story hotel on it. It’s not the highest and best use of the property, given its location. And he wanted a $5 million loan, but he’s not bankable traditionally, so we have to go private capital. for one reason or another, one, hospitality is kind of a risky endeavor right now. In the market, both debt and equity, everything is risk-off.

you know, and low LPV and they’re padding everything. So I went to him and I have a partner who also helps me develop, who’s developed hotels, he’s developed multifamily, a great track record. And he and I got together and we started to really talk about how we could structure this deal. And we came to him, we said, well, you know, we’ve got a family office that may have an interest in taking a run at this. And maybe what we do is we buy the note at par or slightly below par.

Michael Stansbury (23:32.329)
you

DAVID MANNION (23:43.082)
So instead of you getting what you think is market value, what we’re going to do is we’re going to structure this at par. We’re going to get rid of the first trustee. There’s no seconds. And what we’re going to do is you’re not going to get proceeds upfront right away, but we’re going to go ahead and we’re going to transfer ownership of this property into a joint venture development company that you’re part of so that our land basis is nice and low. And that way it makes the construction financing much doable, makes the model work much easier.

And then it makes it easier for you to sell the equity. And so all of a sudden, everybody’s looking to say, how are you controlling over an acre downtown in the heart? And by the way, this is an opportunity zone play. So it’s in an op zone and Toll Brothers is building this high rise luxury residential property right next door. And so and what partners a big, as you know, is a big multifamily operator publicly traded. They’re they’re a block and a half north with a class A

multifamily residential property there too. So this could be a mixed-use residential play and our basis will be 4.2 million controlling 1.2 acres in the heart of downtown where all the redevelopments happen. So it really is it’s an amazing opportunity and at that basis you’re probably you’re well below replacement value and you’re probably below 100 bucks I would think we’re in the 70 65 to 70 bucks a foot.

Michael Stansbury (25:07.392)
Wow, so that is a, you talk about a way to solve somebody’s issue creatively with, seems like a ton of upside. So these are the types of deals that come your way. I love how you articulated that, David. So David, if somebody wanted to reach out to you and find you and maybe work with you on those deals, where would they find you at?

DAVID MANNION (25:14.021)
Thank

DAVID MANNION (25:19.465)
you

DAVID MANNION (25:31.337)
Well, they can find me on LinkedIn and you and I are connected there, I think. If not, let’s make sure we’re connected. And then a great email for me would be David at HavenGrowthAdvisors.com. That’s H-A-V as in Victor, E-N as in Nancy, GrowthAdvisors.com. And of course you have my contact information, cell phone. can share it with people that you feel that are serious.

Michael Stansbury (25:36.81)
Yes, sir. Yep.

Michael Stansbury (25:56.161)
Yeah, we will absolutely put it in the show notes as well. And so David, obviously this deal is close to home from Scottsdale to Phoenix, we know that they’re, I guess, like the twin cities over there. But you also do deals all over, not just in Arizona, correct?

DAVID MANNION (25:59.635)
Yeah.

DAVID MANNION (26:04.051)
Thanks

DAVID MANNION (26:13.365)
I’ve done deals in the Carolinas, Florida, Texas, Midwest, all over California, some in Denver area, Nevada. So I’ve got relationships really that run nationally. because of my, you know, most of my background’s been institutional. A lot of that have been with the bigger brokerage houses that usually are the market leaders. And I usually worked with the top teams in a given market. So my ability to access a deal flow pipeline

much easier, especially if I have capital behind

Michael Stansbury (26:45.834)
Yeah, so David, one of the other things I always like to ask is have you ever been involved in either been coached or mentored by somebody or maybe part of a mastermind that really helped you get you where you’re at today or maybe made a difference in kind of the way that you do business?

DAVID MANNION (27:02.439)
You know, I look over the last 20 years, I think I’ve had a few mentors, some of which I stay in touch with today. I now am looking for opportunities to pay it forward. I love, think serving other people is probably the greatest joy one could have. I don’t know if you agree with that or not, but at least for me that fills me. If there’s a way to pay it forward, and I’m probably too generous, I probably should charge a little more for my time, but.

But I get so geeked out and excited for people that are excited that when I show them something and you see the light bulb go on in their eyes and they’re like, aha, you just feel so good about it. So I just need to align myself with the right people, but I’m happy to serve and not only be mentored, but also to pay it forward to mentor others.

Michael Stansbury (27:47.713)
Well, David, I love that. And I think that one of the things is that people that when you do do that, you do it kind of without, you think it’s not reciprocated or maybe it won’t be right away. But I was just on a podcast with a gentleman and he had the same type of attitude that you have. And he said, this is how something happened. It wouldn’t have happened any other way, but I was able to have this relationship with this realtor in this particular market. And we didn’t get the deal, this deal, but she,

liked the way that we did business so much that a year later, I had totally forgotten about her, but I remember treating her well and giving her some advice and she gave me some good advice. And she came to me with this home run grand slam deal that just was, and she said, listen, I’ve got a lot of people that want this property, but I thought about you first and I’ll give you the first crack at it. And if you want it at this price, the seller will do it. And it was,

it’s probably the biggest deal I ever did because he had that same attitude that you had, was like, I’m just gonna help some people pay it forward and then, you know, and that’s the way I’m gonna do things. And it obviously worked out pretty well for him.

DAVID MANNION (28:46.917)
you

DAVID MANNION (28:55.887)
Thank you.

DAVID MANNION (28:59.458)
Well, I will tell you, it takes a village. don’t care what AI is doing or how tech is advancing things at the end of the day. really is real estate to business of relationships more than deals. So I think it’s so important that you prioritize that you never know when you’re going to cross paths with somebody again. So even if it’s going south or you have a sour taste in your mouth, you always want to look to the bright side that potentially one day you’re going to cross paths with an individual. So do your best to be gracious and take the high

road when you can. I know sometimes people can be frustrating and you might feel like they’re taking advantage of you but you always want to take the high road. The other thing I want to take away and make sure your audience hears that because they’re going to hear the big numbers and that might be what they leave with but I think I want them to know that you know I’m looking to align myself with people that are smaller balance sheet. I have the big balance sheet people. I’m really looking for entrepreneurs to pair with me. I’m new at entrepreneurship. You know I’ve been a W2 guy for the big institutional players now I want to get into the

entrepreneurial pool and I need to align myself with other entrepreneurs. So really I’m not looking for people who have to have net worths crazy amounts of money but liquidity somewhere between that 100,000, two and a half, three million range would be ideal for the deals that I’m looking at today.

Michael Stansbury (30:16.195)
Well, David, man, thank you for being part of the podcast. I appreciate it. And folks, we’ll put in the show notes exactly where they can find you if they’d love to find out more about how they can do a deal with you. Again, guys, thanks for watching the Real Estate Pros podcast. We’ll see you next time. Like and subscribe and make sure you comment underneath. Thanks, guys. Have a great day.

DAVID MANNION (30:20.107)
Michael, thank you.

DAVID MANNION (30:24.194)
Yeah.