After attending the educational conference and learning about these statistics, the team at Homerock was inspired to set a new company goal: to acquire 1,000 single family home rentals by the end of 2016.
(PRWEB) June 22, 2016
Aaron Amuchastegui and his team from Homerock recently attended the IMN 4th Annual Single Family Rental Investment Forum in Miami to network, discuss and brainstorm about the industry with other like-minded operators. Amuchastegui was a speaker at the industry-leading event that brought together key market participants including REITs, Funds, Aggregators, Fix and Flippers, Note Buyers, ABS & REIT Investors, property management and technology companies, as well as several companies that provide short-term and long-term financing for single family home flips and rentals. Both privately held and publicly traded companies were represented, as they discussed the best ways to maximize shareholder value and growth strategies.
Amuchastegui, who has been transitioning the fix and flip company Homerock to longer term rental holds over the past 2 years, provided input during the event during several break-out sessions. After speaking during the "New Fund Challenges" break-out session, he says several groups approached him about combining their existing housing inventory with the current Homerock fund.
Amuchastegui says one part of the forum that he found to be eye-opening was a report by Keefe, Bruyette, & Woods and RentRange, provided by IMN at the beginning of the conference. The report stated that there are only 18 companies in the United States with more than 1,000 single family homes in their inventory. Among those are four REIT companies and 14 privately held companies.
Amuchastegui says that after attending the educational conference and learning about these statistics, the team at Homerock was inspired to set a new company goal: to acquire 1,000 single family home rentals by the end of 2016. "We left the event with an enhanced short-term company goal. We plan to be the 19th home on that list within the next year,” he says.
To meet this goal, the company is seeking out local operators throughout the country with current rental pools between $3-$5M in value, operating at a net return of 9% and above. “We are hoping to consolidate and merge inventories with other operators to get us to 400 to 500 homes very quickly, then establish ongoing acquisition teams for the remainder of the year,” Amuchastegui says.
For more information, visit http://www.aaronamuchastegui.net; or to see the list of company affiliates, visit http://www.amaconstruct.com. To contact Aaron Amuchastegui regarding purchasing properties, email aaron(at)homerock(dot)com. Follow on Twitter at: twitter.com/amaconstruct.
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