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WS1534: Scaling from Single-Family to Multifamily | Steven Gesis
The Real Estate Syndication Show
When you think of a real estate business, single-family homes first come to mind. It is the most common asset class in the space and people are drawn to it especially when they are new in the industry. Today, we speak with Steven Gesis, co-founder of Smartland, and he talks about how they transitioned from having single-family rentals to investing in multifamily homes.
In this first episode of our three-part series with Steven, he talks about the successes he and Smartland had in the single-family rental (SFR) space. He then talks about the decision they made after scaling to transition to the multifamily space, how the asset class is a heavy value-add opportunity, and a lot more. Listen now and deep dive into SFR and multifamily today!
Key Points From This Episode:
- Steven talks about his background and how he got into the real estate business.
- Steven shares that Smartland began with single-family homes then they transitioned into multifamily investing.
- Why having a scattered site is a tough marketplace to capture?
- How do Steven and his partner divide their responsibilities in the business?
- Steven elaborates on the single-family rental business Smartland used to own.
- How did Steven look at his business model as a strategic opportunity to build a bigger management company than just his own portfolio?
- How big was Steven’s staff when the business was in full speed and scattered sites, single-family rental?
- Steven discusses how they were able to purchase a single-family home then.
- Steven shares they participated in some crowdfunding to raise funds for their single-family rental business.
- Why did Steven and Smartland decide to transition to multifamily?
Tweetables:
“You know, we sought out those deals, we found what was tough to find. We did the tough things we did on our own against the lot of naysayers that said, ‘No, you can't do that. Oh, that's not a good business. Oh, that's not popular. Oh, that's different.’ You know, that's not something we do.”
“We are able to look at things globally and triangulate information from multiple views. And, I think that's really been a successful part of our journey, is that we're not necessarily singular in our one path.”
“The beautiful thing about SFR (single-family rental) is its ability, how agile you can be with it if you do have the scale.”
“At the end of the day, it does boil down to one thing, it's still grit.”
“As demand grows also on that (multifamily) side of interest, we're looking to have a larger footprint, a larger geographic distribution. We've really honed our technology down where we are looking to build that exponential momentum.”
“So we're heavy value-add opportunity buyers, that's who we are. That's what we hunt for. That's why we have the outsized returns, we’re very disciplined in that perspective.”
Links Mentioned in Today’s Episode:
About Steven Gesis
Steven is responsible for the strategic direction and performance of all teams within Smartland. As EVP Steven is the catalyst for all department directors to ensure the Smartland vision and Smartland standards are being implemented and adhered to. Prior to joining Smartland, Steven was an Operations Administrator at the Cleveland Clinic, where he was instrumental in the implementation of new strategies and efficiencies. Steven holds an MBA from CSU Monte Ahuja School of Business as well as a Bachelor’s degree from The Ohio State University.
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