Goldman Sachs Exchanges The future of real estate investing: Pretium’s Don Mullen on the rapidly changing asset class
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Mar 21, 2025 Don Mullen, Founder and CEO of Pretium, shares insights from his journey in real estate investment with an eye on the future. He discusses the evolving housing market, emphasizing the shift towards renting as millennials face a housing shortage. Mullen elaborates on innovative renovation strategies amidst economic changes and the critical role of single-family rentals. From his unexpected path from aspiring detective to Wall Street, he reflects on the lessons learned in finance and the importance of work-life balance.
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Housing Market Insight
- Don Mullen saw the 2008 financial crisis as a generational investment opportunity in single-family homes and mortgages.
- He predicted a shift from homeownership to renting and discounted asset prices.
Post-Crisis Housing
- The housing market post-crisis prioritized reducing systemic risk, leading to stricter lending standards and a decrease in home construction.
- This, coupled with growing millennial demand, created a housing shortage.
Pretium's Strategy
- Pretium capitalized on the housing market changes by becoming the largest private owner of single-family homes and a major lender in the renovation space.
- They also provide non-QM loans for individuals who don't fit traditional lending criteria.