Christian Osgood bought a 144-unit apartment complex for one of his best deals. He charges below-market rent to provide affordable housing while using economies of scale to stay profitable, generating millions he reinvests into the community. His portfolio carries $47 million in debt, projected to exceed $50 million.
Chapters
About 144-unit project. We're going to make millions, plural, millions of dollars buying this particular deal. This is one of the best acquisitions I've ever seen. Absolutely massive campus. We're on one quarter of it over here, but just massive. We're doing inspections, walking through every single unit. As I'm doing this, I found a few rough units, but this is actually pretty darn nice. So I'll get a lot of hate online for people saying like, why are you buying this beat-up building? Or You're ripping all the money out of the economy. The problem's you. No. When we do a good job providing housing, we make it affordable, we have people rent here, we keep occupancy high, we do make a boatload of money. With that boatload of money, we come back in, reinvest in the community, and make the housing even nicer. We charge under-market rent for all of our stuff, which means we have affordable housing for people. We keep costs down. We keep quality up because of the scale of our business. I'm able to provide better and better housing at lower and lower pricing. Net result: people get to live less expensively, and yes, I make a lot of money. As well we should, because we do a lot of work and we take on a lot of debt. This is $47 million of debt. When I close, this will be over $50 million of total debt in my portfolio. I take that risk to make the millions that we do make to solve an actual problem: affordable housing, great housing for great people.