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Summary
Sometimes, the best sources for profit are the properties that no one wants. Let’s learn more about investing in undervalued, mismanaged, and undercapitalized real estate with this week’s guest, Kent Ritter. Find out more about our investing opportunities here www.vonfinch.com/invest
Kent Ritter is a multifamily investor, an entrepreneur, the host of Ritter on Real Estate podcast, and the managing director of Birge & Held Asset Management, a multifamily private equity firm that has over 15,000 apartment units and more than $1.5 billion of assets under management. Today, we learn more about the enigma that is Kent Ritter and how he came to be, starting with the tragic loss of his father that forced him to grow up faster than everyone else.
With his early experience with grief, Kent shares an insightful view on how the lowest points in our life can actually help us build our character and make us realize what matters most. It is this loss that has helped him become who he is now—a successful real estate investor on a mission to help others achieve financial freedom and make a positive impact on society through affordable housing.
Kent walks us through the strategies that they use at Birge & Held, particularly how they manage to achieve sizeable scale in such a short amount of time. We discuss how investing in the properties that other people ignore can provide better return profiles, and thus allow investors to gain more value. More than that, we go over their views on in-house management, digital leasing processes, scattered-site management, and the use of a hub-and-spoke model for operations.
As if these golden nuggets of knowledge are not enough, Kent also shares their journey of renovating an entire apartment complex with 700 units that would have taken 3 years to complete—and how they did it in just 11 months (check out the YouTube link below for the time lapse of the entire process!)
KEY TAKEAWAYS
1. Embrace the low moments.
2. Investing in properties that people aren’t paying attention to can lead you 3. to better returns.
4. Running small properties can be more challenging than running large properties.
5. Sometimes, the old-fashioned way is not the best way to go.
BOOKS
The Passive Investing Playbook – http://theinvestormindset.com/passive
LINKS
Kent Ritter’s Official Website: https://www.kentritter.com/
Kent Ritter on LinkedIn: https://www.linkedin.com/in/kentritter
Ritter on Real Estate Apple Podcast Page: https://podcasts.apple.com/us/podcast/ritter-on-real-estate/id1511017979
Birge & Held – Oaks at Eagle Creek Apartments | Renovation Timelapse: https://www.youtube.com/watch?v=RZHeP04MbKk
Learn more about investing with Steven at http://theinvestormindset.com/invest
Join the MultiFamilyMBA and get exclusive free training: http://theinvestormindset.com/mfmba
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About The Show
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YOUR HOST:
Steven Pesavento
The Investor Mindset Podcast & President VonFinch Capital
Steven Pesavento has always been obsessed with understanding how we can think better, how we can be better and how we can do better. He is an active real estate investor who curates Commercial Real Estate Investments for clients.
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