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As real estate investors, sometimes what we think is a good investment strategy does not turn out quite as expected. While a single family investor may be able to stick to a strategy and adopt minimal changes, this is not usually the case for the apartment investor.
Your investment strategy should suit the deal you are making. It may become necessary to change your strategy in order to make a deal work.
While this may mean an extra headache in the short-term, a change in strategy could mean the difference between a successful investment and a failure.
Just ask Apartment Investor Kurt Westfiled
Kurt Westfield is the founder of WC Companies, an umbrella brand for his multi-service real estate investment firms.Listeners will remember Kurt’s last episode with us when he discussed his transition from single family investor to apartment investor.
This episode, we catch up with Kurt following his transition to apartment investor. He discusses how he found out early on in his career the importance of finding a winning strategy.
Apartment Investor: Finding a New Strategy
The Deal
- 14 unit apartment building
- In foreclosure
- Expedited due diligence (7 days)
- Intended to be 12 month, light fix-and-flip with capital expenses at $80-100k
The Issues
- Tenants trashed complex
- Property had suffered from neglect
Changing Strategy
- Evicted all current tenants
- Rehabbed entire property, inside and out
- Structured leasing as condo-apartment type w/ one model unit completed while construction was ongoing
- Created brand identity
- Started community engagement activities
The Results
- 3 1/2 year project, cap expenses at $400k
- Property raised market rent 60% in area
- Identified potential of revitalizing fringe market properties
- Focused on developing branded communities rather than street addresses
Kurt is still an active apartment investor, looking for multifamily deals in Tampa and Jacksonville up to 50 units. To contact Kurt with a potential deal, email him at kurt@wccompanies.com.
For any other questions or to find out more about services offered by WC Companies, visit their website.