After the 2008 financial crisis left him stuck with 30 unsellable houses, the Evernest founder converted them to rentals and built a company managing nearly 20,000 properties across 19 states. Single-family rental management had no national player because scaling it is brutally hard.
Yeah, the quick Evernest story is when I got out of college, I started buying and selling houses and thought I was the proverbial real estate investor. I thought I had the world by the tail, had it all figured out. And then 2008, 2009 hit. I actually owned 30 houses at the time that I couldn't sell. Instead of selling them, moved residents in them and started renting them. And that's how Evernest was born. And since then, we've grown the, grown the property management business to almost 20,000 doors across 19 states, 50 different markets. And the, the thing that we saw was that there was just no national player in, in this single-family property management space. And now we know why there was no national player. It's really hard to do this. It makes a lot of sense that it hadn't been done before.
Well, it's been really fun to watch your growth and success over the years. The volume of doors you have under management is, is staggering. When I think about the 700 doors operation that we have here, thinking about what it would take to get that to 20,000 just boggles the mind. It's unbelievable.
