Real Estate Investing for Cash Flow with Kevin Bupp FBF #850: How To Build a Thriving Multifamily Syndication Business
11 snips
Jan 24, 2025 Paul Moore, multifamily investor and co-founder of Wellings Capital who specializes in Class B value-add garden-style apartments. He tells how he moved from flips and development into large multifamily syndications. Stories include building a 130+ unit man camp in North Dakota, rebounding after the 2008 recession by focusing on helping others, and why he targets B-class garden apartments in growing markets.
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High-Pricing Multifamily Man Camp Win
- Paul Moore built a 130+ door multifamily camp in Watford City, North Dakota to house oilfield workers and charged roughly $13 per sq ft instead of the typical $1 per sq ft.
- The ground-up project rented 300–400 sq ft efficiencies for about $3,900 monthly, stayed full, and was sold at the market peak despite limited formal processes.
Clever Family Exemption Land Rescue
- During the 2008 downturn Paul faced about $2.5M of real-estate debt and solved it by creatively subdividing waterfront land using the family exemption law.
- He executed a chain of sales and donations over 13 months that turned $863k of debt into profit and paid off his house.
Buy Class B Value Add In Growing Cities
- Target Class B value-add garden-style apartments in large, growing cities with diverse economies to offset cap-rate expansion risk.
- Paul prefers markets with steady population inflow like Austin, Dallas, Charlotte, and avoids highly cyclical hotspots like parts of Florida or California.
