Where do you invest and why? For Worcester Investments, Kansas City Multifamily Investing is it.
In 2007 Paul, Joel & Jesse Worcester followed their mentor from Oregon to Kansas City for the opportunity they saw. Kansas City real estate was a bargain compared to their native Oregon.
Prior to moving to Kansas City, the brothers tried their hand in real estate investing through building spec homes in Eugene, OR. For three straight years, they were able to build and sell a spec home to help pay for college. Then in 2006 the market turned, and they were lucky to get out of their last home.
This is when they realized that regular reliable cash flow was more desirable than feast or famine of new single family construction
Knowing no one, the brothers moved to Kansas City to invest in real estate. They started with small single family and small plexs and did the managing as well. In a couple of years they had a collection of 40 doors.
Shortly later, they realized that by concentrating their efforts on larger multifamily they could create economies of scale. They could provide onsite management instead of driving all over town.
Today, they have over 3000 units, 120 employees and are looking at properties and projects in excess of $5M each including ground up construction and a downtown redevelopment project on the new Kansas City Streetcar line.
How did they grow so fast?
Family, Friends and syndication.
They have done it all. The biggest growth has come through syndication.
So what is the strategy?
Worcester Investments are Focused to be the Best at Multifamily in Kansas City and stay purposefully ignorant to all other real estate opportunities.
As they have grown, their team has and focus has evolved. Today, they look at over 100 multifamily opportunities a year in the Kansas City. Their team can analyze a deal to determine if it is an opportunity they want to pursue in just 45 minutes.
They look for intrinsic value. What can they improve on and increase the performance of the property.
Today, Worcester is a major multifamily investing company in Kansas City. Instead of duplexes, their appetite is for opportunities with intrinsic value priced at and above $5 million.
Through all of the tremendous growth, the Worcesters recognize that true deals are rare, but fundamentals and the integrity of the people are what will drive their business on into the future.
To learn more, go to: http://www.worcesterinvestments.com/