Today on the show we welcome Andrew Campbell, the co-founder at Wildhorn Capital, a multifamily operations group in Central Texas. Currently, they have 1,800 units that are all value ad and within the B to A-minus asset class range. Andrew shares with listeners how they have been doing in-house renovations with great success, partly due to the savings they make on bulk purchases and focusing on those renovations that give you the most bang for your buck. He also discusses the advantages of having the products on hand and using the same ones across all their assets, and why they choose vinyl flooring throughout all their apartments. We switch to discussing the importance of communication between the asset manager, on-site manager, and GCs, and Andrew also gives advice about value add renovations in general.
Key Points From This Episode:
- Learn about the Wildhorn Capital operations group and its number of units.
- How Andrew and his team manage the renovations on properties in-house.
- Buying flooring, light fixtures, sinks and other fittings in bulk to use across all assets
- The major advantages of having the necessary products on hand.
- What operators can save by buying renovation products from China.
- The importance of good communication between asset manager, on-site manager, and GC.
- Hear which renovations Wildhorn makes the most money on and the timelines involved.
- Why Wildhorn opts for vinyl flooring throughout all their units, including the bedrooms.
- Advice for newbies about potential challenges when doing value add renovations.
- Hear which reporting tools they use to track renovations and communicate with role players.
“I think the biggest bang for your buck, I think for us will probably be flooring. We’re a group that does vinyl flooring, we do it throughout the unit, including bedrooms, living rooms, and on upper floors.” — Andrew Campbell [0:03:59]
“I think really being on top of it at the beginning of the process both as you are defining the scope but then as you start that execution to make sure it is sort of unfolding like you think it should” — Andrew Cambell [0:17:12]
“I think being a good asset manager is about being a good communicator with your eyes and ears on sight, which is your management team.” — Andrew Campbell [0:07:40]
Links Mentioned in Today’s Episode: