WS152: How to Add Value to Your Multifamily Investment with Spencer Cullor

Listen to the podcast here:

Summary:

Spencer Cullor, Founding Principal, ApartmentVestors shares how some effective ways for improving the value of a multifamily investment and profiting from a deep value add deal.

This show starts off with Spencer revealing his background information. Next, Spencer shares some interesting details about his recent multifamily investment. This deep value add property was plagued by problems such as poor tenant quality and lower-than-market rents. What steps did Spencer take to improve tenant quality? How did Spencer manage to get community help for this project? And, was it challenging for Spencer to evict tenants, and then manage a vacant building.

You will learn why a deep value deal is the domain of experienced investors. Towards the end, Spencer has some great advice for inexperienced investors who wish to start their own syndication business. Tune in for some excellent insights!

Tune in for some excellent insights!

Our Gracious Sponsor:

Are you wanting to learn how to gain financial freedom through having your own syndication business? Text LEARN to 474747 to begin to learn from one of the best in the industry, Vinney Chopra. Vinney came to the US with only $7 in his pocket, and now controls hundreds of millions of dollars of real estate he has acquired through multifamily syndication. He is now personally coaching others to do the same. Text LEARN to 474747 to begin your journey to starting your own syndication business! Vinneychopra.com

Time Stamped Show Notes:

00:29 – Whitney introduces Spencer to listeners
01:25 – Spencer shares his background information
02:57 – Learn how Spencer managed to improve tenant quality after extensive renovations on his recent acquisition
05:45 – How Spencer enlisted the help of the community to improve asset quality
07:11 – Is it normal to deal with bad tenant quality and vacancies in multifamily investing?
10:17 – Are Spencer’s investors wary of investing in deep value add deals?
11:51 – Was if difficult for Spencer to evict tenants?
12:55 – Some more ways via which Spencer increased the value of his multifamily investment
13:40 – Text LEARN to 474747 to learn the nuances of multifamily syndication from Vinney Chopra
15:44 – Did Spencer have a difficult time getting the city involved?
19:31 – Is it more challenging to manage a vacant building?
21:54 – What is the current status of this real estate investment?
23:58 – Spencer’s advice for inexperienced investors who wish to transition to the syndication business
26:34 – How has hiring a knowledgeable manager helped Spencer improve his business?
28:28 – What is the number ONE thing that has contributed to Spencer’s success?
29:24 – Spencer shares that he is looking for partners and employees
30:05 – How does Spencer give back to society?
30:30 – Spencer shares his contact information
31:15 – Join our Facebook group to connect with like-minded individuals and real estate experts like Spencer
31:28 – A Special Thanks to our sponsor, LifeBridge Capital