EP401: How David Lilley Raised $38M and Built a $136M Multifamily Portfolio After Serving as a Marine

From Marine Corps infantry and firefighter-paramedic to building a $130 million multifamily empire, David Lilley shares his remarkable journey of raising over $38 million in capital and acquiring more than 1,000 units since 2018. In this compelling episode, Lilley reveals the critical lessons learned from his first challenging $450,000 raise, his strategic decision to focus on the Dallas-Fort Worth market, and how reaching his 10th deal marked a turning point where capital raising became significantly easier.Key Takeaways to Listen For:Building Your Track Record: The 10th deal is often a crucial milestone where capital raising becomes significantly easier. Conservative Underwriting in Current Market: For 2024, Lilley is underwriting deals with zero percent rent growth in Dallas-Fort Worth, despite third-party projections of 1-3%. Network Development Strategy: Success in capital raising comes through multiple channels - LinkedIn content creation, podcast appearances, and networking events. Market Entry Approach: When starting out, finding a mentor with experience is crucial. Lilley notes that he learned more from operating his first 6-unit property than from a year of studying and reading, emphasizing the value of guided, hands-on experience.Asset Management Reality: Operating older vintage properties (60s-80s) often involves significantly higher repair and maintenance costs than what appears in the seller's T12 statements. About Tim MaiTim Mai is a real estate investor, fund manager, mentor, and founder of HERO Mastermind for REI coaches.He has helped many real estate investors and coaches become millionaires. Tim continues to help busy professionals earn income and build wealth through passive investing.He is also a creative marketer and promoter with incredible knowledge and experience, which he freely shares. He has lifted himself from the aftermath of war, achieving technical expertise in computers, followed by investment success in real estate, management skills, and a lofty position among real estate educators and internet marketers.Tim is an industry leader who has acquired and exited well over $50 million worth of real estate and is currently an investor in over 2700 units of multifamily apartments.Connect with TimWebsite: Capital Raising PartyFacebook: Tim Mai | Capital Raising Nation Instagram: @timmaicomTwitter: @timmaiLinkedIn: Tim MaiYouTube: Tim Mai