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

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