College Football Player Turns Real Estate Mogul, He Owns and Operates 1,800 Apartment Units at Age 33 Pt. 2 | Justin Spaulding E24

The Rich Somers Report

Rich Somers

Business, Entrepreneurship, Investing

5 • 910 Ratings

🗓️ 23 February 2023

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

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Summary

Justin Spaulding is arguably the top multifamily operator under the age of 35, and owns a portfolio of 1,800+ apartment units. In part 2 of Rich & Justin’s interview, they talk about a couple different refinancing scenarios they’re going through right now, interest rate caps and recaps, and the different types of investors they decide to work with or sometimes not work with. They discuss how you can get creative with seller financing, and Justin shares a specific story about a deal where ...

Transcript

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0:00.0	Sometimes I get caught up in like comparing but sometimes I gotta remember or remind myself like hey you know Grant Cardone's 62 years old or 63 years old
0:07.8	Yeah, something like that. Yeah, Justin Spalding is 30 33 years old. Yeah, you know and so to think that you have, man, he has 30 years on you.
0:15.4	And where was, where was Grand Coddown at 33?
0:17.8	You're well ahead.
0:18.8	I was on an Instagram line with him like two or three years ago, something like that.
0:21.6	He's like, dude, you're at 300, it was when I was at 300 units,
0:23.7	so remember that was.
0:25.0	He's like, dude, you are, he's like, you're 35 years ahead of me.
0:28.0	He's like, you don't realize that.
0:28.8	And I thought about that, because I was 28 at that time,
0:30.9	so this was five years ago.
0:32.4	I was 28 at that time, I'm five years ago I was 28 at that time I'm like oh
0:33.7	holy shit welcome to the rich drummer's report where we talk real estate
0:38.1	business and wealth building all while keeping it real no fl no BS. I hope that you enjoy the show.
0:49.2	It will be interesting to see, so we're going through a couple refinances right now.
0:54.0	Timber Creek Apartments which is 145 units out in Greensboro, North Carolina
0:58.3	and also the Arborist Town Homes, which is 150 units also in Greensboro.
1:02.2	We bought them generally in the same time frame,
1:04.3	spring, summer of 21, but same thing.
1:07.1	We bought them on Freddie Mac floaters.
1:09.0	Intrarate was 2.7 on one property.
1:11.4	The other one was 2.38.
	...

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