POWERS #331 - David Moore - Co-Founder & CEO @ Knightvest Capital - Investing in 55,000 Apartment Units: Stories, Lessons Learned, and Insights On Current Apartment Market
Jan 16, 2024
David Moore, Founder and Managing Partner at Knightvest, discusses making key hires to grow the company, the explosion of the Class B multifamily market, a walkthrough of a typical deal, the American renter in 2024, construction and labor cost hikes, and a state of the market update 2022-2024.
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Knightvest's Unconventional Beginnings
- David Moore, after being laid off, co-founded Knightvest Capital with friends, starting with a risky purchase of unseen multifamily properties at a tax foreclosure auction.
- Driven by inexperience and limited capital, they managed properties themselves, learning through trial and error while facing numerous operational challenges.
Securing Outside Capital
- Securing their first deal with outside capital involved convincing a friend to invest based on trust and determination, despite a lack of proven success.
- Their inexperience led to challenges, requiring an extension and personal financial strain to close the deal.
Multifamily Management Challenges and Strategies
- Multifamily property management is demanding due to the constant need for resident interaction and problem-solving.
- Renovating units to a slightly higher standard than affordable can attract higher-income residents.