ABOUT DAVID MCILWAINE
David McIlwaine is the Founding Partner of MAC Assets and Colorado Realty Experts. David graduated from the University of Kansas with a BS in Journalism/ Advertising. His real estate experience is vast–spanning over 20 years. Experience, knowledge, and understanding have been gained firsthand by either currently owning or having owned multifamily units, commercial retail development, single-family, vacation rental properties, second homes, and custom builds. His portfolio currently includes property in the southeast and Midwest. At present, he is a General Partner or investor in over 1,000 doors. His passions include being a parent, road cyclist, outdoors enthusiast, and learning.
THIS TOPIC IN A NUTSHELL:
[01:30] David’s career background
[02:30] Transition from advertising to real estate
[05:29] Scaling up and hiring a 3rd party property management
[08:57] The Process of managing the property
[10:22] Identifying the holes in the acquisition
[11:18] Creating a budget plan and battle plan
[14:47] What are the low-hanging fruit that can be resolved?
[17:34] Buying other markets and budget valuations
[20:54] Finding a turnkey solution
[23:03] Building vendor relationships
[28:51] Fiduciary mindset
[31:50] Key performance indicators
[32:20] Implementing system automation
[35:33] How to structure the team
[40:12] Advice to his 25-year-old self
[40:60] First Entrepreneurial Endeavor
Formal and Informal training that shaped his journey
[44:12] Biggest mistake and what he learned from it
[47:00] How to reach out to David
KEY QUOTE:
[27:46] Had I not used that third-party vendor to help me build those budgets and to have a good business plan from the get-go, I would have ended up with that deal and my investors would have received mediocre investment returns.
[28:46] I don’t have a fiduciary duty as an asset manager in the State of Colorado. However, as a broker I do, and I think it’s crucial that we operate from that mentality that says, If my name is on it, I have to make sure that I’ll fulfill the promises that I’ve made with my investors. It’s my job that the project is over the finish line.
[39:20] If you can create the right culture, the problem-solving issues go away, and you create training and a pipeline for growth. If you can get to vertical integration, you have greater control over budget, and decision making and you’ll have a more uniform approach to problem-solving.
SUMMARY OF BUSINESS:
MAC Assets was born in 2019 to help solve the disparity of wealth creation in the US. Most private placement equity in Real Estate has been limited to the highly wealthy and the connected. We see an opportunity to help others create passive income plus generational wealth by facilitating opportunities to invest in strategic multifamily assets.
ABOUT THE WESTSIDE INVESTORS NETWORK
TheWestside Investors Network is your community for investing knowledge for growth. For real estate professionals by real estate professionals. This show is focused on the next step in your career… investing, for those starting with nothing to multifamily syndication.
The Westside Investors Network strives to bring knowledge and education to the real estate professional that is seeking to gain more freedom in their life. The host AJ and Chris Shepard, are committed to sharing the wealth of knowledge that they have gained throughout the years to allow others the opportunity to learn and grow in their investing. They own Uptown Properties, a successful Property Management, and Brokerage Company. If you are interested in Property Management in the Portland Metro or Bend Metro Areas, please visitwww.uptownpm.com . If you are interested in investing in multifamily syndication, please visitwww.uptownsyndication.com .
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CONNECT WITH DAVID MCILWAINE
Website: https://macassets.com/
LinkedIn: https://www.linkedin.com/in/david-mcilwaine/
Facebook: https://www.facebook.com/david.mcilwaine
Instagram: https://www.instagram.com/macassetsco/
CONNECT WITH US
For more information about investing with AJ and Chris:
· Uptown Syndication |https://www.uptownsyndication.com/
· LinkedIn |https://www.linkedin.com/company/71673294/admin/
For information on Portland Property Manageme
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