Real Estate Investing School Podcast - Episode 249: People First, Profit Second with Dave Seymour
Release Date: March 31, 2025
In Episode 249 of the Real Estate Investing School Podcast, host Joe Jensen welcomes Dave Seymour, a seasoned real estate investor and retired fire service veteran. The episode delves into Dave’s inspiring journey from financial struggles to becoming a top investor in multifamily and commercial real estate. Here’s a comprehensive summary of their engaging conversation.
1. Introduction and Guest Background
Joe Jensen opens the episode by introducing Dave Seymour, highlighting his impressive credentials:
- Veteran Firefighter: 16-year veteran of the fire service.
- Real Estate Expertise: Launched his real estate career during the last market crash, completing over a hundred deals.
- Media Presence: Featured on the TV show Flipping Boston on A&E for multiple seasons.
- Current Role: Leads Freedom Venture Investments, a prominent real estate investment team.
Quote:
“I've rapidly become one of the country's top investors. Dave is considered a leading expert in commercial, multifamily and ground-up development transactions.”
— Joe Jensen [00:16]
2. Early Career and Financial Struggles
Dave shares his humble beginnings and the financial hardships he faced while working in the fire department and construction:
- Financial Challenges: Despite working multiple jobs (up to 120 hours a week), Dave found himself drowning in debt.
- Family Influence: Inspired by his father’s work ethic—“Work hard, don't lie, don't cheat, don't steal. Keep your nose down.”
— Dave Seymour [01:53] - Construction Anecdote: Recounts a memorable job site experience that ignited his interest in real estate investing.
Quote:
“I was drowning in debt because I was a financial illiterate man.”
— Dave Seymour [01:45]
3. Turning Point: Investing in Education
Facing the threat of pre-foreclosure, Dave made a pivotal decision to invest in his education:
- Education Investment: Spent $27,000 on a real estate course despite financial strain.
- Spousal Support: His wife, Mary Beth, became his first private lender, demonstrating the importance of support systems.
- First Success: Successfully completed his first wholesale transaction during the market downturn.
Quote:
“Education is great, but implement what you learn. And that's what I kind of stuck my flag in, if you will, from that point forward.”
— Dave Seymour [07:14]
4. Implementing Real Estate Strategies
Dave emphasizes the significance of actionable implementation over mere education:
- Accountability: Understanding that education must be paired with action to yield results.
- Process Over Events: Viewing real estate investing as an ongoing process rather than a series of isolated events.
- Learning from Mistakes: Both others' and his own mistakes have been invaluable in his growth.
Quote:
“Implementation is really what it's all about. Education is great, but implement what you learn.”
— Dave Seymour [07:14]
5. Scaling Up: Building a Team and Partnerships
Transitioning from a solo investor to building a robust team was crucial for Dave’s expansion:
- Delegation: Recognizing personal weaknesses and bringing in partners who complement his skills.
- Partnerships Over Employees: Prefers forming partnerships where team members have ownership stakes, fostering mutual respect and shared success.
- Finding the Right Fit: Emphasizes the importance of aligning with partners who are as committed and excited as he is.
Quote:
“I don't want to be the smartest guy in any room. The true test of a CEO or a business person is to learn the power of delegation and bring the skill sets that I don't have.”
— Dave Seymour [21:35]
6. Focus on Multifamily Investments
Dave explains why multifamily real estate is a preferred strategy:
- Hedge Against Inflation: Multifamily properties provide stable cash flow and protect against economic volatility.
- Scalability: Easier to manage multiple units under one property, enhancing efficiency and profitability.
- Passive Income: Offers consistent returns, making it an attractive option for long-term investment.
Quote:
“Multifamily from an investment standpoint, either active or passive, really is a strong strategy to hedge against the crazy inflationary environment that we're in right now.”
— Dave Seymour [00:00]
7. Current Market Strategies and Wealth Protection
Addressing the current economic climate, Dave outlines his strategy for protecting and growing wealth:
- Long-Term Holds: Focuses on acquiring multifamily assets that offer steady cash flow and appreciate over time.
- Avoiding Volatile Sectors: Steers clear of investment areas like malls and office spaces, which face higher risks.
- Capital Growth: Targets assets that provide a balance of preferred returns and equity multiples, ensuring resilience during market downturns.
Quote:
“Protection of wealth is what's key. We're not looking for massive growth right now. We're looking for slow and steady.”
— Dave Seymour [32:56]
8. Personal Insights and Philosophy
Dave shares his personal philosophy that guides his investment approach:
- People First, Profit Second: Prioritizing relationships and ethical dealings over immediate profits.
- Faith Over Fear: Emphasizing trust and confidence in decision-making rather than succumbing to fear.
- Continuous Learning: Advocates for ongoing education and personal development to stay ahead in the real estate game.
Quote:
“People first, profit second. That's why I like real estate. I can do really good works for people.”
— Dave Seymour [49:36]
9. Recommendations and Final Thoughts
In the final segment, Dave offers valuable recommendations for aspiring investors:
- Books and Resources: Suggests influential books such as Rhonda Byrne’s The Secret and Jack Canfield’s Seven Secrets of Success.
- Networking: Encourages building relationships with experienced investors and continuously seeking mentorship.
- Mindset Matters: Stresses the importance of a positive and resilient mindset in overcoming challenges.
Quote:
“Faith over fear. Fear is a thief. Faith is growth. God is good. It's okay. Just keep going.”
— Dave Seymour [37:17]
Connecting with Dave Seymour
Listeners interested in learning more or connecting with Dave can reach him through:
- Legacy Alliance: Multifamily information brand.
- FreedomVenture.com: His investment firm’s website.
- LinkedIn: Search for Dave Seymour.
- Phone: 781-922-4418 (office contact).
Closing Remarks
Joe Jensen wraps up the episode by appreciating Dave’s insights and reinforcing the importance of implementation in real estate investing.
Final Quote:
“Implementation is the name of the game.”
— Joe Jensen [50:26]
This episode offers a deep dive into the mindset, strategies, and experiences that have propelled Dave Seymour to success in the real estate investment landscape. His emphasis on people, education, and strategic partnerships provides valuable lessons for both novice and seasoned investors.