From SFR Fix And Flip To Multi-Family Properties

So my background was single family fix and flip. We actually still own one of the largest wholesale and fix and flip businesses in a, in New Jersey. So we did about 200 flips this year in that business. But as we all know, that business is very active. So there's moving parts to it and its not passive. I think whenever anybody wants to get into real estate, they're thinking about the freedom that they're trying to provide for them and their families versus this really great job. And that's what we've kind of created as. 

It is a really good job in that other business. Just over the last 12 to 18 months, integrity capital group was born and the three partners are all fix and flip and wholesale guys that recognize that the larger you know, the freedom comes from these larger multifamily, complex self-storage unit, student housing complexes, and things like that. So we decided to start focusing on, those asset classes. And what we found was nobody cared about how much we were going to flip. They didn't care about how many wholesales we were going to do, how many deals are going to do, the ones know about assets under management.

And it became kind of a difficult thing to get deals. We couldn't see the deals that we wanted to see, They're going to bed and sponsors, they're going to guys that have a thousand units under management. We just couldn't really see good deal flow and that's why we chose syndication. We said, if we could figure out a way to raise capital and we've been doing it for years on the fix and flip side, why don't we raise the capital and then go find a sponsor that has a good deal, that has a good track record and just say, Hey, we have some money. We'd like to partner with you on your next deal. 

And that time came, I guess about nine months from now, that was a self-storage facility that we're building out in Orlando to 1,193 units. CubeSmart is going to manage it. It's ground up development. It's going to be done in two phases, but a really exciting project for our first one out of the gate.

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