Webinar: From Investor to Fund Manager: David Priest’s Real Life Journey
In today’s webinar, hosted by Dustin Miles, investors got a candid look at the path of David Priest—a Houston native whose career in real estate has been shaped by calculated risks, resilience, and a deep commitment to doing the right thing. His story offers timely lessons for anyone navigating the multifamily landscape in a turbulent market.
A Career Forged Through Crisis
David launched his career in mortgages in the early 2000s, gaining a strong foundation in underwriting and deal structure. When the 2008 financial crisis hit, he made the bold move to start his own mortgage company. The years that followed were lean, but they were also formative. He went on to complete more than $500 million in mortgage transactions and gained a firsthand understanding of how real estate markets behave under pressure.
Despite his success, David wasn’t interested in managing single-family rentals or following the traditional starter path. Instead, he waited for the right moment—and after COVID-19 reshaped the industry, he set his sights on multifamily investing.
Entering Multifamily—And Learning the Hard Way
David’s first multifamily deal, a 90-unit property in Houston, became an expensive but invaluable education. Challenges with financing and unreliable partners ultimately forced him to walk away—at a loss.
But that setback became a turning point. David learned quickly the importance of surrounding yourself with experienced partners, building backup plans into every deal, and above all, protecting investor capital. His integrity during that failed deal caught the attention of another operator, who invited him to help raise capital for a 296-unit project. David stepped up, raising over $1 million and discovering his “swim lane” in capital raising—a role that has fueled his success ever since.
Raising Capital Through Trust and Presence
For David, capital raising isn’t about slick pitches—it’s about people. He stressed the value of authentic connections, consistent communication, and truly understanding what investors need. While digital tools help, he believes nothing replaces face-to-face interaction.
His approach to building a network is simple: offer value, focus on educating newer investors, and show up—at events, meetings, and conversations where trust is built. As he puts it, “You don’t have to be a master of everything. But you do have to be authentic and reliable.”
Disciplined Deal Selection
David uses a structured method for evaluating opportunities—his “DEAL” framework:
D – Debt: Favoring fixed-rate loans and avoiding risky bridge debt.
E – Experience: Partnering only with GPs who have a proven track record.
A – Area: Prioritizing strong Texas markets like Houston, Dallas, and San Antonio.
L – Look at financials last: Only after debt, experience, and location pass the test.
He focuses on Class A or well-maintained assets where the distress lies in the debt—not the operations. And he invests only in deals he’s willing to put his own money into.
What’s Ahead: A Generational Opportunity
Looking at 2026, David sees one of the best buying environments of his lifetime. With distressed owners under pressure and pricing still well below recent peaks, disciplined operators have an opportunity to step into high-quality deals.
His warning: competition will be fierce, and success will favor those who underwrite conservatively, partner wisely, and put investor protection first.
His encouragement: “Don’t be paralyzed by fear. If you’ve done your homework and you’re working with the right people, this is the moment to act.”
A Path Built on Integrity
David’s openness about both his missteps and his wins gives investors a grounded view of what it takes to thrive in multifamily. His journey is a reminder that resilience, humility, and integrity aren’t just admirable traits—they’re competitive advantages.
