Ep #84: Multifamily success stories and advice from Investment Expert - Spencer Cullor

Real Estate Investing for Cash Flow with Kevin Bupp

Kevin Bupp

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4.9 • 675 Ratings

🗓️ 24 August 2015

⏱️ 68 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week we're going to speaking with multifamily investment expert, Spencer Cullor who is the director of acquisitions for ApartmentVestors, an investment firm specializing in the acquisition and management of value-add multifamily apartments in various markets throughout mid-west

During our time together, Spencer shares with us his path to success through multifamily investing and provides intimate details about the lessons he’s learned along the way from the school of hard knocks.

Here’s a few things you’ll learn in our interview with Spencer today:

How he went from working in the corporate world as an employee to being a homebuilder and then transitioning to commercial real estate.
What he disliked about the homebuilding business and the specific reasons that he was ready to make a jump out of this business and into investing in commercial real estate.
What hard lessons he learned on his first commercial acquisition which was a retail shopping center that he purchased near the peak of the market.
Details on his first multifamily acquisition which was a 40 unit apartment building that was a property with deferred maintenance and less than stellar management and how he’s been able to achieve more than a million of equity in this one deal alone.
How he dealt with an occupancy drop from 85% to 65% on this first apartment acquisition and what he did to turn it around.
The challenges he’s experienced with property management companies which is the reason he created his own management company.
How he used a direct mail campaign to find his first deal and continues to use direct mail today to successfully find deals.
Why you shouldn’t pay for upside potential on a property.
Why Spencer doesn’t suggest that you start with a property larger than what you’re comfortable with for your first acquisition. If this number is 30 units then don’t go looking at 100 unit buildings.
Why Spencer suggests that every investor has a mentor to guide them and how to go about finding them.
And much more

Recommended Resources:

Download my free success guide, “7 habits of highly successful multi-family investors” by going to www.KevinBupp.com/guide
Schedule your free 30 minute "no obligation" call directly with Kevin by clicking this link https://www.timetrade.com/book/KV2D2
Looking to invest in Mobile Home Parks? Want to JV with me on deals? If so, schedule a call with me and let’s talk. Click here https://www.timetrade.com/book/FGF7S
Learn more about Spencer and his company, please visit www.ApartmentVestors.com

Transcript

Click on a timestamp to play from that location

0:00.0	You've been searching for the best way to generate passive income in your life
0:06.5	and heard that real estate is a great way to do it.
0:09.2	But you're tired of all the so-called gurus who are all talk and no substance.
0:15.3	Get ready to celebrate because Kevin Buck has spent 14 years successfully making it happen.
0:21.8	This is the Real Estate Investing for Cash Flow podcast.
0:25.2	Now, here's Kevin Buck.
0:30.0	Hey guys, Kevin Bup here with episode number 84 of the Real Estate Investing for Cashflow
0:34.7	Podcast.
0:35.7	Our mission is to help you build and maintain
0:37.5	massive amounts of cash flow through income producing real estate investments. And this
0:42.2	week we're going to be speaking with multifamily investment expert Spencer Culler. Spencer is
0:47.0	the director of acquisitions for apartment investors, which is an investment firm specializing
0:51.8	in the acquisition and management of value ad multifamily
0:54.9	apartments and various markets throughout the Midwest. During our time together, Spencer shares
0:59.5	with us his path to success through multifamily investing and also provides intimate details
1:04.8	about the lessons that he's learned along the way from the School of Hard Knox. And here's a
1:09.0	little taste of what you're going to learn from our interview with Spencer. You'll learn how he went from working in the corporate world as an employee
1:14.5	to being a home builder and then transitioning into commercial real estate investing.
1:19.3	You'll learn what he disliked about the homebuilding business and the specific reasons that he was
1:23.9	ready to make a jump out of this business and into investing in commercial real estate.
1:28.2	You'll learn what hard lessons he learned on his first commercial acquisition,
1:31.7	which was a retail shopping center that he purchased near the peak of the market.
	...

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