There’s a plentiful supply of single-family opportunities. So, finding a quality deal may be easier because there’s a lot of single-family residences.
Additionally, from an investment standpoint, there’s a lot of individual owners versus institutional or investment firms that are owning the communities like in the apartment segment.
So, in single-family, you’re able to find good opportunities to buy things at an attractive price because there may be a distressed seller, whether it’s an inheritance, whether a property comes up due to death, divorce, there’s opportunities and single-family in many markets because of those factors that come up. And so, there’s more plentiful supply. That’s one of the pros from an acquisition standpoint.
Single-family segment, a lot of the owners are individuals, so you may not have a sophisticated investment firm or institution that’s selling the property.
So, you’re able to deal with everyday people and buy an asset and improve it that might have been outdated. So, maybe someone didn’t have the capital to enhance a property to today’s standard.
And so we’re able to buy something at that existing price and then improve it to the value to today. Single-family presents a lot more supply, but multifamily has opportunities in terms of scalability.