Ep. 030: Trust, Verify, and Buy Right: The Rey Reyes Playbook

Dustin sat down with seasoned real estate entrepreneur Ismael “Rey” Reyes as he shared his journey from a decorated military career to building a thriving multifamily portfolio. The conversation was packed with practical advice for both new and experienced investors.

After a distinguished 28-year career as an Army officer specializing in intelligence and foreign affairs, Rey transitioned into real estate in 2005. He went full-time in 2019 after retiring from the military and now manages a portfolio of around 1,000 units, with more than 300 units sold since 2019. His military background honed his discipline, analytical skills, and commitment to transparency — qualities that now define his approach to investing.

Rey’s philosophy is simple: “If you buy right, just about everything will work.” He emphasizes meticulous deal analysis and sound acquisitions over chasing trendy markets. While he invests primarily in Sunbelt states, Rey remains open to other markets if the numbers make sense — pointing to a recent successful deal in South Dakota as proof.

Transparency is non-negotiable. In every general partnership, he insists on access to financials and bank accounts, ensuring that investors are informed, especially when challenges arise. “Bad news does not get better with time,” he says.

Rey’s edge lies in his rigorous vetting process, shaped by years of military security work. He advises investors to look past flashy marketing and to conduct — or hire out — thorough due diligence. His motto: “Trust, but verify.”

Rey prefers larger multifamily properties — typically 130–150 units — for efficiency and scalability. He cautions against focusing solely on acquisition price per unit, reminding investors to account for all-in costs such as capital expenditures and loan rate caps. For Rey, multifamily properties offer stability and scale that single-family rentals can’t match. Housing is a necessity, making it more resilient during economic downturns compared to discretionary spending sectors.

Rey’s path involved self-education, investing alongside proven operators, and leveraging tools like Michael Blank’s syndicated deal analyzer. He sees great value in masterminds and coaching — but stresses that learning must be paired with decisive action.

Rey’s top book picks for investors include:

  • Best Ever Real Estate Syndication Book by Joe Fairless

  • Who Not How by Dan Sullivan

Rey sees prime opportunities ahead as some operators struggle with bridge loans and rising interest rates. He’s focused on acquiring more assets and exploring real estate funds for greater investor leverage and flexibility.

Rey’s guidance for those aiming to become general partners is straightforward:

  • Invest in your education

  • Seek out experienced mentors

  • Be willing to pay for quality advice

  • Surround yourself with people who know more than you

  • Keep learning and take action

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Ep. 029: Transparency, Timing, and Tenacity: Brent Ritchie’s Multifamily Mindset