Can revitalizing distressed properties solve America's affordable housing crisis? Kurt Byers, Head of Business Development at New Western, discusses the impact of investing in affordable housing. New Western operates the largest real estate investment marketplace in the country, connecting investors with distressed properties that need rehabilitation. Kurt explains how local investors are helping revitalize communities by purchasing vacant homes, renovating them, and selling them at price points accessible to first-time homebuyers. The conversation explores the mechanics of these investments, the current market conditions, and the social impact of bringing distressed properties back to life.
[00:01 - 05:00] Revitalizing Communities One House at a Time
New Western operates as a marketplace connecting investors with distressed properties
Approximately 3-4 million vacant homes in the US need substantial repairs
Investors typically bring properties back to market at 20% below median price points
[05:01 - 10:54] The Mechanics of Distressed Property Investment
Most properties appeal to first-time homebuyers looking for turnkey starter homes
Older inventory in northeastern cities often requires significant rehabilitation
New Western operates in approximately 40 markets across the country
[10:55 - 15:23] Financing Rehab Projects and Market Dynamics
Investors typically use cash, hard money, or private money to purchase properties
Currently about 65% of investors are flipping properties within 3-6 months
New Western requires investors to physically inspect properties before purchase
[15:24 - 19:47] The Impact of Local Investors vs. Corporate Buyers
Many investors are "mom and pop" operations doing just a few projects per year
Investors take on significant risk to rehabilitate severely distressed properties
New Western carefully balances acquisition volume with investor capacity
[19:48 - 22:38] Personal Growth and Professional Evolution
Kurt transitioned from speech pathology to real estate business development
He emphasizes proactive problem-solving without waiting for instructions
Kurt uses AI tools to educate himself on various aspects of the real estate industry
Connect with Kurt!
Website: https://www.newwestern.com/
Key Quotes:
"Our biggest strength is our investors because they're the ones that really fuel the projects in the marketplace." - Kurt Byers
"Everyone thinks everyone should own a home, but it's not everyone's best interest at that time to always own. Sometimes renting is best." - Kurt Byers
Visit our website https://www.birgo.com/to learn more about High-Quality Recession Resistant Assets for the Everyday Investor
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