The Fort
RE #206: Scott Everett - Founder of S2 Capital - 0 to 38,000 MF Units by 32 y/o
Apr 5, 2022
Scott Everett, Founder of S2 Capital, shares his journey in value add MF and growing to 38,000 units. He discusses underwriting deals, operational setup, and why he's raising a fund. They explore physical due diligence, investment management software, labor market challenges, and balancing rent growth. The speakers also discuss raising a fund, the impact of social media, and building a family business.
01:42:30
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Quick takeaways
- S2 Capital prioritizes quick renovations and value to tenants by engaging their design, branding, and construction teams immediately after closing a deal.
- S2 carefully balances renovations with maintaining occupancy by starting with renovating around 50% of vacant units and turning unrenovated units while increasing rents.
Deep dives
Fast and Efficient Turnaround: How S2 achieves quick renovations
S2 has developed a fast and efficient system for renovating units in their properties. As soon as a deal is closed, they engage their design team, branding team, and construction team to begin the renovation process. They aim to have all paint schemes, design branding logos, and renovations done on-site by the time they close. This allows them to hit the ground running and start the renovation process immediately. With a goal of renovating 100% of units in two years, they prioritize turning units quickly and providing value to tenants by increasing rents while upgrades are made.
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