Andrew Young, Founder and CEO of NorthRock Companies, shares his dynamic journey in real estate, transforming a tough start into a billion-dollar portfolio of over 6,000 units in just four years. He emphasizes the importance of relationships and a data-driven approach to investing. Young's future plans include expanding into self-storage and aiming for 30,000 units. He reflects on tuning the company to thrive amid potential market downturns, showcasing the resilience and strategic foresight required for sustained success.
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insights INSIGHT
Data-Driven Market Targeting
Use data analytics to dissect major markets into submarkets for targeted acquisitions.
Focusing deeply on selected submarkets helps avoid spreading too thin and drives better investment decisions.
question_answer ANECDOTE
Andrew's Early Real Estate Struggle
Andrew Young had an early, tough start in real estate flipping houses as a teen during the Great Recession.
A mentor's advice led him back to college, which he credits for his career turnaround and real estate success.
volunteer_activism ADVICE
Build Real Relationships & Trust
Build genuine, respectful relationships in real estate; never burn bridges.
Partnerships should be based on trust and complementary skills, ensuring proper alignment and teamwork.
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In this interview, Andrew Young, the founder and CEO of NorthRock Companies, shares his journey in the real estate industry, starting from his false start in the space to building a substantial portfolio of over 6,000 units and a billion dollars in acquisitions in just a few years.
He talks about the challenges he faced and the grind he had to go through to build relationships and close deals. Young also discusses his future plans for NorthRock, which include branching into more institutional-type equity relationships, expanding into the self-storage/flex industrial space, and building a billion-dollar acquisition business in the smaller multi-family space.
Overall, Young's story is a testament to the value of hard work, determination, and perseverance in achieving success in the real estate industry.
Show Highlights:
Andrew Young, the founder of NorthRock, shares his journey from a failed real estate venture to building a billion-dollar commercial real estate portfolio in just a few years.
Andrew emphasizes the importance of building relationships and having a data-centric approach to commercial real estate investing.
North Rock is focused on acquiring assets in the multifamily space and has a goal of reaching 30,000 units.
Despite their success, NorthRock is using this time to fine-tune their processes and prepare for the next downturn, which they believe will present a buying opportunity.
North Rock is expanding horizontally into additional verticals, including self-storage and flex industrial space, with a goal of building a billion-dollar self-storage business and another billion-dollar acquisition business in smaller multi-family space.
Andrew highlights the importance of a flat organizational structure and an open-door policy, making himself and his team readily available to answer questions and build relationships.
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