046: Multi-Family Investor finds out Happiness matters MORE than Profit – Dave Childers of RIA

Background on Dave Childers of RIA:

Dave Childers founded Residential Investment Advisors in 2011. During his years as a real estate agent he realized an opportunity in the industry to work with small, private investors in the purchase and sale (aka P&S) of multifamily properties in Middle Tennessee. Dave (aka David Childers) has significant experience in many areas of the commercial/residential real estate industry. Highlights of his experience includes facilitating financing for multifamily properties, commercial ownership, and management of investment real estate. He has brokered millions in multifamily properties and he's looked upon as a professional resource for investors, bankers, and appraisers.

A Quick Preview on what you'll learn on this episode of Millionaire Interviews with David Childers of RIA:

He was enrolled at Appalachian State University in Boone, NC.
Decided to quit school, moved to Nashville, and went on the road with a Christian rock band.
Met a youth pastor in California who was “living the good life.” David didn't understand how the pastor was doing so well financially (given that pastor’s don't make a lot of $$$).
The pastor said he was a real estate investor. David immediately volunteered to help him with his pastor duties.
In return, the pastor offered to help David get started in real estate. David’s real estate business took off and the pastor is still his business partner today.
David was featured on TLC’s Flip That House in 2006.
He also lost a lot of $$$ in real estate crash of 2007-2008.

Time-Stamped Show Notes:

[1:10] Dave is the Owner of the company called Residential Investment Advisors, a real estate broker firm that specializes and focuses on small mid-size apartment buildings.
[3:11] Dave left school, joined a Christian band and met a millionaire whom mentored him to start a business.
[5:53] Reading Rich Dad Poor Dad by Robert Kiyosaki changed his life.
[7:17] “I look back at the band days that I was in, and it taught my wife and I so much about how to live a lifestyle so that we can do what we wanted..”
[9:34] Dave give emphasis on how important it is to have a mentor.
[11:25] “You just have to have that want to learn about people…you know it’s not about money..”
[16:00] David currently own more than 300 properties.
[20:17] “You’re not gonna get to the next level by thinking you can work [9:00]-[5:00].”
[23:05] Dave joined a group called C12, the nation’s largest network of Christian CEO’s, business owners, and executives.
[23:52] Dave, despite his success, learned not to stop gaining knowledge and to continue honing his abilities.
[26:23] “There’s other professionals out there, let them do their job and you focus on what you’re good at…”
[28:07] In spite of all the technologies nowadays, Dave still prefer the old school way.
[30:15] “Help people like you want to be helped. I can’t sit here and go “find mentors” if I’m not willing to be a mentor.”

Fabulous 4 Questions:

📖 📚 Favorite Book(s)? Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert Kioysaki
🙌😎 Favorite Amazon.com purchase? SodaStream Source Sparkling Water Maker
🌱💸 Favorite Tool that's GROWN your Business? Actually my favorite tool is to have lunch and face to face meetings with clients.
💭💡 BIGGEST Challenge keeping your Business from GROWING? Time, I only have 24 hours in a day.