Masters of Moments Deploying $50MM into Affordable Housing with Mario Brown - Co-Founder of Affordable Upstate
Affordable Upstate is a real estate investment firm focused on redeveloping and redefining naturally occurring affordable housing in the Upstate of South Carolina.
In 2017 Mario co-founded Affordable Upsate, a small real estate investment firm, at the time with 63 units, that redevelops energy-efficient, multifamily apartment units. Since 2017 we have placed over $50MM of investor equity into socially responsible, environmentally-enhanced workforce housing investments.
On this episode, Mario and Jake discuss:
- The housing shortage in the southeast
- Mario's work in affordable housing
- Building a vertically integrated company
- Raising capital & deal structures
Connect & Invest with Jake:
Follow Jake on Twitter: https://twitter.com/jwurzak
Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/
Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo
Links:
Topics:
(00:00:00) - Intro
(00:03:51) - Greenville: The new Austin?
(00:06:57) - The housing shortage in the southeastern United States
(00:13:22) - The opportunity in Class B multifamily
(00:16:09) - Mario’s work in affordable housing
(00:20:47) - How are you assessing risk?
(00:25:47) - Mario’s journey into real estate
(00:28:10) - What advantage do you have investing in the market you live in vs. outsiders?
(00:29:36) - Making the entrepreneurial leap
(00:37:23) - Mario’s first deal
(00:41:36) - Value add
(00:43:07) - Becoming vertically integrated
(00:46:09) - What innovative ways have you chosen to run the operating business?
(00:49:56) - What’s a mistake you made when building the PM company?
(00:52:12) - Investing through Gps & building trust with investors
(00:55:41) - Deal structures
(00:57:56) - Raising capital
(01:01:30) - What is your competitive edge?
(01:03:31) - Construction & renovations
(01:08:48) - What’s your weekly work cadence?
(01:10:43) - What drains your energy?
(01:11:43) - What are your 3-year goals?
(01:14:00) - What is your favorite hotel?