GI209: Foreigners Investing in US Real Estate with Bernard Pierson

GI209: Foreigners Investing in US Real Estate with Bernard Pierson

Bernard Pierson has over 10 years of real estate investing experience and has recently adjusted his focus primarily to multifamily apartment complexes. Bernard has been a general partner in over 20 properties and invested into over 2,000 units. Previously he specialized in ground-up development and led the development of over 100,000 square feet of condominium buildings and single-family home communities.

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Transcript:

Announcer:
Welcome to the Global Investor Podcast, a show that focuses on helping foreign investors enter the lucrative US real estate market. Host Charles Carillo combines decades of real estate investing experience with a professional background in international banking to interview experts in all areas of US real estate investing. Now, here’s your host, Charles Carillo.

Charles:
Do you have money sitting in the stock market? And you’re worried about it or worse. You have money sitting at the bank, not keeping up with inflation. My name is Charles Carillo, founder and managing partner of Harborside Partners. And since 2006, I’ve been investing my money and my family’s money into income producing properties. These are real assets, real properties with real addresses that produce real cash flow. At Harborside Partners, we provide passive investors who love real estate with a turnkey investing solution. If you want to put your money to work in real estate, but can’t find deals, don’t have the time to get funding in. The last thing that productive people want to do is manage real estate. We find the deals. We fund the deals and we manage the tenants, the termites and the properties. Partner with us at investwithharborside.com. That’s investwithharborside.com. Go to investwithharborside.com. If you love real estate, you like the idea of passive income and believe that income producing properties will appreciate over time. Go to investwithharborside.com. That’s investwithharborside.com.

Charles:
Welcome to another episode of the Global Investors Podcast; I’m your host Charles Carillo. Today we have Bernard Pierson. He has over 10 years of real estate investing experience and has recently adjusted his focus primarily to multifamily apartment complexes. Bernard has been a general partner in over 20 properties and invested into over 2,000 units. Previously he specialized in ground-up development and led the development of over 100,000 square feet of condominium buildings and single-family home communities. So thank you so much for coming on, Bernard.

Bernard:
Thanks, Charles

Charles:
Here. Yeah, yeah. It’s great to have you give us a little background both personally and professionally prior to making leap into real estate investing.

Bernard:
Very cool. Yeah, so my, I I was born in Miami and, and, and it’s very interesting why my, my parents were living here at the time and where I live now, which is Miami, my parents were living in Miami when I was born. There was a, they were from Nicaragua originally Central America, and there was a war going on, right. So my parents were living here during that time because of the war and because of different reasons. Right. And just and, and, and have, I was just born here during that time when I was around about six years old. We moved, my family, moved back to Nicaragua, so I did grow up down there. So my, my background is, is, is, is is from Nicaragua. I, I went to high school there and, and everything. So I’m Nicaraguan American. I consider myself, and I, I started off my, my, my real estate journey in, in, in development, mostly in the development world, at least the active side of things were in the development world.

Bernard:
And I, and, and, and this was in Nicaragua and, and Costa Rica. And we would build condominiums and single family homes. And eventually, about five or six years ago, I transitioned into full-time value at multifamily. I, I’ve, I also had did some academic stuff on the, on the real estate side. I, I, I got a master’s at, at Georgetown in real estate about four or five years ago. And I did a certificate at m mit. So, so I’ve, I’ve, I’ve been very interested in, in, in the whole real estate thing for quite a while. And yeah, I love it.

Charles:
Other than being in the construction portion of it and then going into more of the investment portion of it, why did you, other than that, why did you choose real estate as your investment vehicle?

Bernard:
So, yeah, great question. So before real estate, I, I, I, I used to be in food brokering and, and, and, and I’ve, I’ve always been an entrepreneur. I’ve, I only had a W2 one year outta my life that first year right outta college. And, and after that, I just went straight into entrepreneurship. And in, in that gap, right before I went from, from, I guess from W2 to eventually real estate at, at, at a time I was doing food brokering and we were successful. We, we, we, we made good money. What I figured out pretty quickly was it was a very transactional business, and technology was pushing us out very quickly as well, right? Cause it just, the whole globalization thing, and, and now, now we talk about legalization, but regardless, back then, it, it, it was very easy for the, for the supplier, I guess, to find and then start working directly with the, with the buyer, with the end buyer. And, and, and we were becoming very transactional. And, and, and, and I could see that eventually we’ve pushed out and we had, we had made good money. So I, I was looking for options on, on where to invest the money and, and, and create strong or, or streams of income or dependable shoes of income. And, and that’s how I ended, landed in real estate. Must have been in 2012 ish, 20 12, 20 13, more or less.

Charles:
Yeah, that’s a great story because I think a lot of people I previously, before getting into the investment portion of real estate and actually taking money from investors, stuff like this was, I was using it as a way of making my income that was semi transactional at that point. More of a investment, passive kind of growing, not correlate with your, you know, your regular job, your regular company. So that’s great. Mm-Hmm. So tell us about, like, when you got started into multifamily as you were just saying, how did you get started? Were you passively investing? Were you did you buy a property by yourself and you, you know, third party management with it?

Bernard:
Yeah, so the several answers. So my first ever multifamily deal was, I wanna say it was 2011 or 2012. I’m not a hundred percent sure. And I’m not sure if it was either. So I did two, two things at the same time. I invested as an LP in a deal with a mm-hmm. <Affirmative> with another sponsor. And I, I bought a duplex down here in Miami. So I’m not, honestly, I don’t know which one came first. I, I don’t remember <laugh>, it was just, it’s a long time ago. I don’t remember. But after a while I started seeing my, my, my duplex was doing great, right? Or, or, or, well, it honestly, it kind of just appreciate it. It was third party property managed. I, I, I didn’t want to deal. I, I knew that they wanted, that. I wanted, I, I didn’t wanna do the property management business myself.

Bernard:
Things have changed a little since, but back then I knew I just didn’t wanna be in the day to day-to-day with the tenants. And I, I hired property management for, for that duplex. And regarding the LP position, I started seeing how it, it, it, it went very well. The, the, the, the sponsor delivered the, the cashflow was coming in as, as, as, as, as promised or, or at least as, as, as presented. And, and eventually it went full cycle. And I, I did a bunch of LP deals and, and that path kind of took me into the, i i into being more curious I guess about the GP side or the active side of things.

Charles:
Interesting. before we get more into your business, I just have a question, because you had made the transfer into multifamily investing, and this is something, an asset class we talk a lot about on the show is multifamily. And what were some of the pros of why you chose multifamily? Because there’s so many different asset classes that one can invest into,

Bernard:
Right? So I, back then, as an lp, I, I, most of my investing was multi-family. But here, I, I, I did do some investments in office. I did do some investments in, in mobile home park. I did do some investments in in, I think I mentioned office already, but office re retail. So, so I did test out the different self storage, right? They all did. Well, multi-family for some reason was doing better. Back then. I didn’t really understand it back then why I was doing better than the rest. But it, it, it just, it was just more consistent. And, and that kind of led me to, to, to, to follow that path. With that said, we, we, we’ve had great years in multifamily for the last, I wanna say, eight years or even, even more. I mean, depending on, on how you look at it. So it, I’ve, I’ve always liked the fact that that multi-family, you provide housing, right? But it’s an important service that you’re providing. It’s a great service to, to, to your tenants, to your residents. And it’s, it’s an, and, and on the investment side, it’s, it’s a need, right? Everyone needs a housing. Everyone needs a place to live. So for me, that was just kind of like the easier decision to just choose that asset class.

Charles:
Interesting. So Brian, mainly you’re working when we know each other from a mastermind group, and you’re primarily working with international investors, mainly Latin American investors, obviously, cuz you relate to them very well. What differences do you really see, let’s say between US investors and Latin American investors you know, in all senses of properties, they’re looking for risk tolerance and returns. They’re, they’re looking for et cetera.

Bernard:
Yeah. So I I, I do identify very well with them because I, I used to be in, in, when I did my development work, it was, it was in Latin America, right? Which, which was, was a couple years ago or about 10 around the same time. I, I did those old people, you know, was also developing in a America. So I know that the, the pain of doing business in a America, with that said, there are opportunities, there are good things about it. There are great things. It, it, it, it’s, but it’s not for everyone, right? So, so there’s a lot of pain involved with doing business in another country. And things as simple as property rights are not as easily, it’s, they’re just not easy to work around as they are here in the us The legal system is different. It’s a different legal system.

Bernard:
The, the, the, the expenses, believe it or not, can be higher. So things like, like materials are, are probably gonna be higher in Latin America than, than in the us. Labor probably cheaper, right? But, but materials are gonna be more expensive. Reddit is very limited in Latin America. It’s, we, we don’t, especially in, so when you look at residential, part of the reason there’s, there’s, in a way, I mean, probably right now is not the perfect example with SVB and everything, right? But there’s an abundance of credit, right? Cause we have Fanm, we have Freddy, you know, with, with, on, on the multifamily side. We don’t have that in Latin America in, in most countries, at least not, not, not a big institution that can do this. So there’s limited liquidity, there’s limited equity. The, the, after a while I analyzed the whole thing and just a risk return profile in general was, was, was inferior in my opinion in Latin America.

Bernard:
And I, and then, and I studied distinctly with that said, going back to, to, to your question, the what they look for. So I I, I identify very well with them because of those reasons, right? And, and, and, and, and I’ve, I’ve been through their pain. I’ve, I’ve been through that and culturally understand them and what, what, what they want is. We, we’ve been, we’ve gone through a lot of trouble in most countries in Latin America. Most countries have gone through wars. We’ve had hyperinflation, we’ve had limited credit, we’ve had numerous things, right? That, that have complicated life to a certain degree for us down there in general, every country’s different, right? But in general, so they, they, they just wanna know that they’re, they’re not gonna lose their money. They, everyone has lost, especially if they’re high net worth. They, they’ve, they’ve, they’ve had bad experiences at one point in their life and they just want that security, right?

Bernard:
And, and they just wanna know that they’re not gonna lose money. Now, the appetite, the, the risk appetite is pretty high because it is a pretty risky environment in general, but we’re used to it and Latin America to have high risk. Now we do have a high reward with the high risk. With that said, with right now, recently where we’re seeing in the US probably some, it’s not as it investors are a little bit more cautious than they were probably a year ago today, right? In the US and Latin in America, there is some of that, but in general, they’re, they’re, they’re not, their mindset is still pretty bullish, right? Because we’re, we’re, we’re used to having recessions constantly. We’re used to, to, to having inflation. We’re used to, we, we, this is not scary for us, <laugh>, right? We, we’ve lived this numerous times. So the, my fueling has been with investors in, in Latin America right now and in America in general right now, is that they’re still investing and they’re still pretty bullish, right? Or, or, or, or pretty, I guess yeah. Bullish and aggressive and, and, and in, in their needs and investments.

Charles:
Okay. Yeah. That was one of my questions coming up was that with interest rates rising or have rise to top wherever we are now, and inflation is still a concern, even if it’s not growing as much as before. I mean, they’re still very much interested in investing to the US market, and there’s still an appetite for investing into US apartments,

Bernard:
Right? Yeah. I’ll, and I’ll give you an example. Like just I’ll, some of my investors, just the fact that they invested in the US and converted their currency scheme into the others, saved them from a hundred percent hyperinflation like they saw in Argentina, right? Last year mm-hmm. <Affirmative>, right? So just, that was enough of a win, right? They, they, they didn’t even need that 20 or 15 or 20 or whatever ir you achieved for them. They, they didn’t even need that. Or the cash on cash. And, and, and the interest rate, the, the interesting thing about interest rates is yeah, we, we, we, in the US right now, we’re, we’re like, oh, wow, interest rates have shot up drastically right? In the left year or so. A when we compare that to most of Latin America, it’s a lot cheaper. Money down there is expensive usually when, when, when you go to a lender, it’s gonna be a lot higher than it is here. So yeah. It, it doesn’t, they’re not gonna see it as, oh, wow, that’s a high interest rate, that, that, that’s not gonna be their reaction to, to five or 6% interest rates. Right.

Charles:
So with one of the questions here is that obviously different countries, I know like Argentina is one of ’em, and I’ve spoken to investors there, it’s difficult to get money out. It’s difficult to get money out of their currency. I mean, what are some of the challenges that you have found with some of your Latin America investors investing into the us? We’ve kind of gone through the mindset. They’re very bullish on it. But going just the mechanics of what needs to be in place or what issues that they might have, currency conversion may be one of them.

Bernard:
Currency conversion, definitely depending on the country, there are the countries that, that, that limit the amount of money you can take out or, or, or they tax you if you, if you wire money outside of the country. So, so that is one countries like Argentina are, are gonna have that. Venezuela has had that for years. And then, and, and there are numerous countries, right? That, that, that you have to understand that a little the, the, the other part is always gonna be, well, first of all, you have to know who you’re dealing with. You have to know who’s investing with you. You don’t wanna, you wanna make sure that these are, this is clean money, right?

Bernard:
The, the legal, the, usually what happens is, so you go to investor down in let’s say Argentina, right? And he says, okay, I’ll invest 50,000 or a hundred or 200, whatever that number is. Before you know it, you, you end up seeing that he needs to talk to an attorney or a cpa. When he goes to that attorney recipient, the person they call him is, you know what, you should probably form an entity or, or structure this a little differently than, than just investing. And that takes time, right? So, so if anyone is looking to, to, to raise money from overseas or, or, or land of America specifically, I would encourage them to, to to, to get ahead of that with your investors and, and, and, and have them structure themselves. Some of them are gonna invest personally but a lot of them aren’t, A lot of ’em aren’t it, especially if they’re gonna invest a substantial amount over a period of time.

Bernard:
There’s a lot of reasons why they wouldn’t wanna invest personally, if you’re from that of America. Just to there, there’s only two countries in Latin America that have a tax period with the us right? That’s gonna be Mexico and Venezuela. Venezuela is basically out because of reasons that for many of us are obvious, right? So they’re, they’re probably not gonna be your target to invest in. Most of the Venezuelans that will invest with you are probably in the US already or have a US structure, which with that they can use to invest. So for you, they’re gonna be a US person, right? So you don’t really have to worry about the <inaudible>. So that, and so, so that tax is, is really not really beneficial for, for, for us, the macro tax can’t be beneficial, but no one else has a tax free. So that it doesn’t complicate things, but it, it makes it such that the investor has to be more mindful of how they structure themselves to, to, to make it efficient.

Bernard:
Right? And, and, and there’s also a bunch of other things, asset protection. Like if it’s, if, if, if, if, if they, there’s tax laws, like if you pass away and like, like us in the us I mean, I’m not a CPA or anything, but I’m not trying to give any, any tax advice here. But, but like if we, if we were to pass away, I think our, our our, we, we can leave I wanna say $10 million. 12. 12, okay. 12. For, for foreigners, that number goes down to, I wanna say somewhere between 50 and a hundred. They, they’ve changed it

Charles:
60,000 last time I checked.

Bernard:
Okay. 60. Okay.

Charles:
All this stuff, check with you we’re, none of us are attorneys or CPAs. Exactly. But it goes to show you $12 million on the 60,000. Huge difference. Cuz you can make $60,000 on 50,000, you know what I mean?

Bernard:
Exactly. So, so potentially this investor from, from, from Latin of America somewhere, right? Is investing 2000, well now he, he has a big problem. Yeah. If, if he were to pass away, right? So he has to structure himself. There are ways to structure that. So you can avoid that potentially, right. From what I’ve been told. Right. But do do your research and talk to, to professionals about this

Charles:
When you’re let’s say structuring deals and offerings to investors with the, let’s say the target or the majority of the target of these investors will be Latin America investors. Do you have to, do you modify these at all to make it more appealing to your Latin America international investor base? Whereas I know, cause I’ve, when we’ve done it before, we have a lot of investors that have chosen that are non-us to invest in something that’s really like a preferred equity model almost, you know what I mean? Where you’re getting a set percentage, not no upside, but you’re getting a set percentage, whether it’s 8, 9, 10, 11, whatever it is on the deal percentage paid monthly. And they choose that over something where most American investors are gonna look for upside and they want to get, you know, they want something like the high, you know, teens or something,

Bernard:
Right? Yeah. So we, we don’t do that, but I, i, I know where that’s coming from because there is an mentality that cashflow is very important, right? Like it it it for them, right? It feels like, okay, so I invest today and I’m getting money back and it’s a fixed amount. I don’t have to worry about what’s changing. I don’t have to we’re culturally, we, we tend to be very skeptical because we, we, we, we’ve gone through rough experiences, right? So it’s better if you just tell me the, the, you know, that’s the, the mindset down there, right? Just tell me the rules up front. I just wanna know how much I’m gonna make. I don’t care. Don’t, don’t, don’t gimme the variables. Tell me how much I’m gonna make. And that’s where I see the preferred equity. Or, or, or just a fixed amount of preferred return being, being, being a good amount. We haven’t, we, we don’t, we haven’t done that. We, we, we just offer the regular LP position. With that said, there, there, there is another reason why the preferred equity or, or the fixed return model can, can be beneficial. And again wanna make clear, I’m not a tax pro professional, but look into it, there are laws that can help you minimize significantly. And sometimes the zero, the withholding the foreigners, if you structure it as that. Right,

Charles:
Right. Alright. Interesting. I wasn’t even thinking that way. That’s that’s great. Yeah. So Bernard,

Bernard:
So I do know that, that, that, that some of my investors, that’s what they do. They create an entity, right? And they structure it so that, that entity is, is a US entity. And they structure it in a way where, where, where they got a fixed return, right? They almost lend money out. I mean, I, I’ve, I dunno the details and, and, and, but, but yeah, it’s, it’s common to you. Yeah. Portfolio loan exemption, I think it’s called. So if you, if, if you’re interested in looking into it,

Charles:
What was it, say it one more time.

Bernard:
Portfolio loan exemption.

Charles:
Okay. All right. Definitely. cuz usually with someone that’s international, reaches out to us to invest, it’s something where first thing we do is we put ’em in, give ’em a list of attorneys and CPAs that, you know, mainly that obviously if they’re foreign, they speak their language or that very knowledgeable of their culture. Yeah.

Bernard:
They’re familiar with the laws and yeah.

Charles:
Then they can figure it out. We do

Bernard:
The exact same thing. Yeah. We do the exact same thing. We, we, we, we have our we, we, we know attorneys and CPAs that we refer our investors to. We don’t give them any tax effects cause we’re not qualified for it. But we refer them in, in, in the direction them where they may help them. Yeah.

Charles:
Also, it’s gonna be complete difference. Someone wants to invest $50,000 versus 5 million or 500,000. It’s completely different set up. And over how many years in the whole nine yards?

Bernard:
A hundred percent. Yeah.

Charles:
Bernard, so tell us, I mean, how would you suggest a real estate investor to prepare for a downturn if we have a pullback coming that’s more than what we’ve already seen? I mean, what, how do you prepare your own portfolio and how would you per suggest another investor to prepare for?

Bernard:
So there’s several things, but, but, but in, in, in summary, I would, if if you’re looking at new acquisitions or even your, your current holdings, be conservative with your underwriting, don’t be aggressive. It’s not the time to be aggressive, you know, it’s not the time to consider huge rent growth or anything like that. If, if, if you’re acquiring or refinancing or something, I, I, I, I’m, we’re in an environment where I would like to get longer term debt. I mean, I’m, I’m, it doesn’t necessarily have to be a 10 year term, right? But, but at least five maybe. Yeah. The, the, the not, it’s also not a time to do heavy rehabs. Yeah. I would say for a property. So, so, so on, on the properties we own right now, we’re not investing significantly into the cosmetic look of the property. Just, and, and, and there’s two reasons we’re frankly, we’re not seeing it pay off as much as it would maybe a year or two or three ago. And we prefer to have that cash ready in case we need it. Right. we, we, we think that’s a, a better way of, of, of, of avoiding capital calls and all this type of, of, of issues that can arise in this environment.

Charles:
Yeah, no, it’s great. It’s the same thing as we had one property and we were doing prior to everything kind of happening, you know, 18 months ago, let’s say it started you have we were doing like five turns on one property, you know, full upgrades and into them the whole nine yards. And now when we’re doing turns, we’re probably doing one upgrade per unit per month, you know what I mean? And just kind of right, testing the appetite, keeping the plan going, you know what I mean? You know what I mean? But it’s just really testing that appetite. Are we getting the rents that we thought? Is it still make return? Because most of the time, like you said, it’s a lot of painting, cleaning out the door, you know what I mean, with a little bit higher rent. But nothing crazy.

Bernard:
Exactly. Yeah. That’s what we’ve seen across our properties that, that we don’t have to go all out right now. And, and, and we’re mostly, for the most part, choosing not to, or as you said, we’re choosing to go maybe more slowly, right? Yeah.

Charles:
So Bernard, even investing or involved with construction projects, investing in your own properties, investing third parties, what are common mistakes that you’ve seen over your real estate investing career that real estate, estate investors make?

Bernard:
Optimism is number one, I think. Mm-Hmm. Most real estate investors and entrepreneurs are, we’re, we’re we, we tend to be optimists and, and, and, and sometimes we overlook things that can happen, or, or, or, or, or maybe we think we pull something off in a year and, and, and one, it really takes three, right? And, and I see that that’s probably the most common mistake I’ve seen. Sometimes I’ve seen over leverage, maybe there there’s no need always to, to max out your leverage. Aggressive assumptions, definitely. But that’s maybe related to optimism. Where, where records are, are, are too aggressive on per per underwriting. I, I’ve also seen operators looking at deals and, and, and reducing expenses too aggressively. And it’s not easy to reduce expenses in a property unless you have an edge and you know exactly how you’re gonna do it. If, if, if you have an edge and you have the experience and hopefully even the experience in that specific market, you may understand how you can reduce expenses. If, if it’s a new market and you’re new to multifamily, it, it’s very easy to, to think you’re gonna reduce expenses. And then when, when you got in, you realize that’s not the case.

Charles:
And maybe off the beginning, you, you changed some vendors, you save some money there, you change your property management, you change money there. But consistently showing expense reductions is just not really, you gotta really focus on the income is what I found

Bernard:
There. There are cases where, where we’re, where expenses are obviously too high. I mean, maybe water is too high and you know, there’s a leak or something. So there are cases where expense reduction is definitely part of the plan, but, but I do see it as a common mistake where, where, where, where, where investors tend to be very aggressive with, with what they think they can achieve with or, or, or with those expenses, they think they can operate their property.

Charles:
Oh, that’s great. Yeah. So great points there. So Bernard, you grew up partially in Latin America and then here in my Miami and the United States. I mean, how has your relationship towards money changed over the years, having so many different perspectives from living here in the US and then also working, you know, predominantly with people in Latin America, you hear all these different ideas and thoughts of where everything’s going.

Bernard:
So we’ve, I’ve, I’ve, and, and me, my family, my, my, my be it, my cousins, my my uncles, my my parents, my, my and, and my immediate family too. We, we’ve made money. We’ve lost money. We, we, we, we’ve been up, we, we’ve had up and highs throughout our, our life. And that over the last 10 years, I guess, you know, that’s part of the reason why I’m more focused in the US now, where things are more stable. But, so to, to answer your, your question, I today, I don’t see the money as mine. I or as my family, that’s, yet, that’s something we’re barred. That, that, that, that we know we’re, we’re just, we’re, we’re here to use it while, while we’re here in this world and, and, and we’re, we, we borrowed it to just make the best impact we can on society. And, and if that means growing it to, to, to buy more properties and improve more properties, well that’s that, right? If, if that means doing eventually philanthropy, well then it’s, it’s that, right? There’s, there gonna be numerous ways to use it. But to answer your question, I I try to see not the money as mine and I’ve get to, to create too much of a, I guess, intimate relationship, if you will, with money.

Charles:
Interesting. <laugh>, that’s a great, that’s a great response. So what do you think are the main factors that have contributed to your success over the years?

Bernard:
Perseverance is definitely one. You know, you have to keep on going. You’re gonna mess up. You’re gonna be you’re, you’re, you’re gonna wanna quit, right? If, if, if that’s a strong word. I know quit is a strong word in, in, in, in, in our world especially. But, but you have to persevere. You, you, you have to be confident that you’ll, you’ll, you’ll, you’ll make it. Some of us get lucky on the first deal, right? And, and, and, and perseverance is not that important, but some of us don’t. Sometimes it takes five, takes 7, 8, 10 deals. And the other thing that really has contributed to my success is making mistakes. They can tell you all day about the mistakes they can, I, I can tell someone about a mistake all day and avoid certain mistake, but the reality is, what I’ve seen with me is until I make that mistake myself, it’s not gonna have the same impact.

Charles:
Yeah. The other thing too is getting success too early. I see. You know what I mean? Because then you’re used to it and then you’re like, yes. And then if you’re not preparing your investors, every time I get on call with investors and they’re looking at a track record, you’re like, this probably won’t be, what’s gonna be for the next, you know, this, the last five years won’t be for the next five. You know what I mean? Just letting you know.

Bernard:
Yeah. Yeah. We’re in a tough spot, right? With, with, with, cause we have, we’ve had very good ears. Right. So <laugh>

Charles:
Bernard, so how can our listeners learn more about you and your business?

Bernard:
Just go to one. My, my website, i equity partners.com. So equity is with an I at then for international, so eq ui t i partners com.

Charles:
Okay. Well, thank you so much for coming on today, Bernard, and looking forward to connecting with you here in the near future.

Bernard:
Great. Thanks, Charles was a lot of fun. Talk to you soon.

Charles:
Bye-Bye. Thank you.

Charles:
Hi guys! It’s Charles from the Global Investors Podcast. I hope you enjoyed the show. If you’re interested in get involved with real estate, but you don’t know where to begin, set up a free 30 minute strategy call with me at schedulecharles.com. That’s schedulecharles.com. Thank you.

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About Bernard Pierson

Bernard Pierson is a seasoned real estate expert with over a decade of experience in the United States and Latin America, specializing in multifamily real estate investments. His diverse expertise spans various aspects of the industry, such as acquisition, finance, and strategic planning. As a real estate investor, Bernard has actively participated in partnerships comprising over 1,000 units and has invested in more than 2,000 units across 30-plus properties. He currently serves as the Managing Partner and Founder of Equiti Partners LLC, a prominent multifamily investment firm based in Coral Gables, Florida. Additionally, he has been involved in over 100 transactions, asset management, and development projects, equipping him with a robust skillset in the real estate industry.

Bernard’s success can be attributed to his ability to identify value and apply innovative financing strategies to maximize returns. Furthermore, he has been able to expand into new markets effectively and is a frequent speaker at real estate investment conferences and seminars. Bernard is also an active member of multiple high net worth mastermind communities and exclusive real estate investment groups, where he is continually exposed to the latest business trends. Additionally, he believes in continuing his education and sharing his experience and knowledge with others.

Bernard holds a Master’s in Real Estate from Georgetown University and a Bachelor’s Degree in Business Administration with a focus on Finance and Management from American University. He also earned a Certificate of Commercial Real Estate Analysis & Investments from MIT.

Outside of work, Bernard is an avid skier and golfer who enjoys traveling to new countries and spending quality time with his family.

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