#48: From 0 to 4,000 Units in 10 Years with Paul WorcesterApr 01, 2020
Every so often in the multifamily business, you meet a true gentleman. Actually, in this business, it is more often than not. In today's webcast, I interview one of the greatest success stories you will ever hear: Paul Worcester, who went from 0 to 4000 units and then walked away. Find out how his company Simplifyy is transforming multifamily property management through technology. Learn how Paul is changing the way multifamily is done and how he can help you make better offers on your deals!
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#48: From 0 to 4,000 units in 10 years with Paul Worcester
Paul was planning on becoming a Pastor, but once he read Rich Dad, Poor Dad he decided to make it his life's mission to becoming an entrepreneur and generating passive income. He burnt the ships and took the leap in 2006 with a 16-unit property in Salem, OR.
Later on, Paul shadowed the man who sold them him the 16-unit property in Kansas City, MO. This is when Paul learned that there were other markets. He moved his family from OR to Kansas City to build a business. Ever since then, Paul has stuck with investing in Kansas City because he knows that's his area of competency.
While in Kansas City for his first two years, Paul purchased 40 units consisting of single-family homes and 2-8 unit properties that would be considered 'C' class and entry-level. Knowing he was acquiring properties every month, he still wanted to grow faster.
In 2009, Paul purchased a 60-unit property where the tenant's rent was $240 where the market rate was at $500+ a month. From this experience, he began to develop properties and before he knew it had 4,000 units in 10 years with $400AuM and 140 employees.
From managing his units, Paul knew there had to be a better way for property management. Paul understood there was a massive innovation gap. He knew there was tons of money being wasted on property management. Looking to solve a solution, Paul spent $2M on property management technology... and thus Simplifyy was born.
Simplifyy is the first end-to-end platform that integrates all the platforms. It delights residents, solves homelessness, and grows profits. The best part of Simplifyy is that it reduces expenses by $131 per month per unit on average. Simplifyy helps you to start growing profits from day one!
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