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Most real estate investors starting out will try their hand at single family investing first. Single family properties are familiar, small-scale and generally easy to tackle for first-time investors.
However, many investors will find they have a limited ceiling for growth with single family properties. Juggling dozens of single family properties while actively marketing for new investments no longer becomes practical. Apart from wholesaling, flipping and other similar single family markets, the next logical step for many investors is to make the move to multifamily investing.
Multifamily investing may be intimidating to some, but while it is a different ball-game than single family, the two do share a few commonalities and the overall benefit of multifamily investing outweighs the risk.
Just ask Kurt Westfield.
Kurt moved to Florida from New York and, in 2008, co-founded an investment partnership, WC Equity Group. They then entered into Tampa’s single family investment market.
After doing 102 single family deals in his first two years, Kurt new it was time to make a change if he wanted to scale his investment growth.
Kurt turned to multifamily investing and has since expanded to also offer lending, management and syndication services under his umbrella firm, WC Companies. In addition to Tampa, WC Equity Group also has properties in Jacksonville, FL and Cleveland, OH.
Check out Kurt’s story going from single family to multifamily investing and what he learned along the way!
Tools for Multifamily Investing
- Market Timing
- Understand where market could go, not where it is.
- Fringe Markets
- Areas on edge of of hot market’s outward growth, i.e. markets around South Tampa
- Similar tenant quality to class-a markets, better price points
- Gentrification/community redevelopment occurring
- Value-add opportunity
- Network
- Working relationships with brokers
- Like-minded investor base
- Reliable team of contractors/sub-contractors
- Responsiveness
- Be prompt and responsive for potential investment deals. Assure potential investors of trust-worthiness.
- Mentors/Inspiration
Kurt is always interested in working with bright, like-minded investors and brokers to expand his network in multifamily investing.
To contact Kurt with potential deals or to find out about the services his companies offer, visit www.wccompanies.com, click on any company tab and find the contact section.
Check out their Facebook Page!