Bernard Pearson’s path to success in multifamily real estate wasn’t a straight shot. He began his career in development, but the slow pace and bureaucratic hurdles of doing business in Latin America left him yearning for a more dynamic environment. In 2021, he turned to Jake and Gino, a real estate education platform, seeking the support, knowledge, and accountability he needed to thrive in the multifamily space.
Pearson’s fluency in Spanish and his firsthand experience with the challenges faced by Latin American investors proved to be a golden asset. He discovered his niche in capital raising, connecting with small family offices, investment funds, and developers seeking entry into the US market. These investors, many of whom shared his cultural background, resonated with Pearson’s approach and trusted his understanding of their needs.
A key element of Pearson’s strategy is his focus on newer assets. By prioritizing recently constructed properties, he minimizes the risk of encountering unexpected capital expenditures (capex) down the line. This not only protects his investments but also provides peace of mind for his investors.
Key Takeaways:
For aspiring multifamily investors, Pearson offers valuable advice. He emphasizes the importance of defining clear criteria, including the target market and property type. Underwriting deals is another crucial step, as it hones negotiation skills and fosters a deep understanding of the market. Don’t be afraid to get your hands dirty, he advises. Utilize platforms like LoopNet and Crexi to source deals, and don’t hesitate to make offers, even if they fall below the asking price.
Bernard Pearson’s story is an inspiration for anyone looking to carve out their own space in the multifamily real estate world. It highlights the power of identifying your strengths, building strong relationships, and continuously learning. By taking calculated risks and staying proactive, you can turn your real estate ambitions into a reality.