Today we’d like to introduce you to Andy Wu.
Hi Andy, thanks for joining us today. We’d love for you to start by introducing yourself.
I started my career in corporate finance, handling FP&A and some M&A work for a Global 50 company called Siemens. I did that for 4 years, then decided to pursue a career in real estate (SFR). I have been in the space since then, and I love every second of it. I got to meet some of the most awesome people in this space and got to be part of some really cool projects & ventures, from aggregating a rental portfolio of 5,000 homes to doing ground-up construction projects (BTR and build for sale). I always try to do the right things, work hard, and be creative on deal structures.
Alright, so let’s dig a little deeper into the story – has it been an easy path overall, and if not, what were the challenges you’ve had to overcome?
There have been some economic downturns and upswings. We’ve had years where we didn’t complete a single deal and others where we invested in multiple projects. I would say that during slow market periods, it’s crucial to explore other avenues to add value, either by getting creative with deals or exploring new strategies. For instance, Resibuilt has traditionally focused on building for rent, but due to the rising cost of capital, most new deals are no longer viable for Built-to-Rent (BTR). Consequently, we’ve diversified into a retail business line, building for sale. This adaptation has sustained deal flow and allowed us to continue deploying capital effectively.
Appreciate you sharing that. What else should we know about what you do?
I would say Resibuilt provides housing solutions to the marketplace either through For Rent or For Sale. We have completed subdivisions in GA, FL, and the Carolinas that are designated for rentals, and we also have another 500 units in our pipeline that will be for sale. Alcovy Meadows in Lawrenceville will be available to purchase by mid-2024, and two more subdivisions will follow in Loganville and Bethlehem. We are proud to stand behind our craftsmanship and provide the answer to the housing shortage problem this country is facing.
In terms of your work and the industry, what are some of the changes you are expecting to see over the next five to ten years?
Affordability remains a significant issue in many markets, particularly for first-time buyers. Addressing affordability challenges through regulatory reforms and an increased inventory of entry-level homes will be crucial for sustaining growth. However, achieving this requires alignment among local municipalities regarding building codes and permitting processes within each state rather than allowing individual cities and counties to establish their own rules.
In addition, I believe there will be a significant shift towards renting rather than owning homes, and Build-to-Rent (BTR) subdivisions will become popular among first-time home buyers. BTR offers flexibility and eliminates additional maintenance costs and issues. It’s very comparable to leasing the car you’ve always wanted to buy but without the extra responsibilities. Additionally, with BTR, you get a new and different “car” every 2-4 years.
Pricing:
- Alcovy Meadows starting at high $300s https://alcovymeadowsga.com/
- Grove Parc $2500/month https://groveparcfl.com/
- Cottages at Wildwood $2000/month https://cottagesatwildwoodfl.com/
- Mill Creek Springs $2300-$2700 https://millcreekspringsga.com
- Minworth Commons $2000-$2100 https://mintworthcommonsnc.com/
Contact Info:
- Website: https://resibuilt.com/
- Instagram: wuandy23
- Linkedin: https://www.linkedin.com/in/andy-wu-089a8b37/
- Other: https://resihome.com/
Image Credits
Resicap’s Marketing Team
Allan Sabado
