JF3767: How a $2M Apartment Complex Became a $4M Condo Project & The Power of Ruthless Asset Management ft. Chris Stout

The Best Ever CRE Show

Best Ever CRE

Realestatepodcast, Entrepreneurship, Business, Realestate, Investing, Realestateinvesting, Realestateinvestingpodcast

4.8 • 983 Ratings

🗓️ 27 December 2024

⏱️ 67 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of The Best Ever CRE Show, Matt Faircloth interviews Chris Stout, a former New York City firefighter turned real estate investor who has built a portfolio of over 700 apartment units. Chris shares his journey from living in a mobile home park at age 10 to becoming a successful real estate investor, starting with buying two-family homes in Staten Island. The conversation explores his innovative approach to property management, including his "ruthless asset management" philosophy of focusing on operational efficiencies like consolidating maintenance work orders to one day per week. Chris details a recent successful project where he purchased a 24-unit townhouse community in Fayetteville, Arkansas for $2 million, invested $500,000 in renovations, and is selling the units as individual condos for $180,000-$200,000 each, generating approximately $1.6 million in profit. The discussion covers the surprisingly simple process of condo conversion in Arkansas compared to Northeast markets, as well as Chris's strategy of targeting properties with below-market rents for acquisition. Chris emphasizes the importance of location and purchase price as the two factors investors can't change after acquisition, and shares how he's leveraging his track record to secure favorable local bank financing for future projects. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Are you looking for a tax-efficient way to build long-term wealth through commercial real estate?
0:05.0	Look no further than Sunrise Capital, where smart money meets affordable housing.
0:09.9	Sunrise Capital's mobile home park investment funds have delivered 28 consecutive quarters of on-time
0:15.8	distributions, with current investors earning 8 to 10% preferred returns with 16% targeted annual returns.
0:23.4	What sets Sunrise Capital apart?
0:25.6	They buy with a margin of safety using conservative leverage that's kept them stable,
0:30.1	while others have struggled with rising rates.
0:32.8	Their forever hold model prioritizes return of capital within seven years while building long-term wealth.
0:39.5	Plus, they're laser focused on the affordable housing niche, a sector with limited supply and
0:45.1	growing demand. Add on the exceptional depreciation and tax benefits that come with investing in
0:50.6	mobile home parks, and it's easy to see why investors have trusted Sunrise Capital
0:54.8	for more than a decade. Led by industry veterans Kevin Bup and Brian Speer, Sunrise Capital
1:00.5	is vertically integrated and has never made a capital call, never paused distributions, and
1:05.5	has never lost investor capital. These are all reasons why I myself have invested with Sunrise capital. So if you're a
1:12.6	high net worth individual looking for long-term growth in a passive, tax-efficient vehicle, visit
1:17.7	investwithsunrise.com to learn about their current fund offering. That's invest with sunrise.com
1:23.7	to get started today. Quick disclaimer, the views and opinions expressed in this podcast are provided for informational
1:30.0	purposes only and should not be construed as an offer to buy or sell any securities or to make
1:35.8	or consider any investment or course of action.
1:39.1	For more information, go to best ever show.com.
1:42.3	All the money in this business is made in the little, little things.
1:46.5	And if you're not paying attention to them, you're not nearly as profitable. If you're still
	...

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