The 2020-caused supply chain shortage went from bad to worse over the span of just a month. By the summer of 2020, builders were facing massive delays, a lack of labor, and material prices that made new homes look almost comically unaffordable. Lumber skyrocketed in price, basic building materials sat on ships for weeks, even months at times, and subcontractors left to get paid more by working for themselves. Is this nightmare finally over for the new construction industry?
Joining us today is build-to-rent expert Chris Funk from Southern Impression Homes. Chris got into real estate investing around the same time as the last crash. He was buying foreclosed homes off the courthouse steps, then later built a property management company and a new development company he still owns and operates today. He realized that buying new build homes as rental properties significantly reduced his maintenance and management costs, without adding too much of a price premium.
Now, he’s working with investors across the nation to offer new-build quality at regular residential pricing to those who want a headache-free investing experience. But Chris doesn’t just supply the homes, he also works with investors to get property management set up from day one, so it’s as turnkey as can be. Chris gives his read on today’s market, what investors should look for before they buy, and whether or not our supply chain nightmare is over!
Dave:
Hey everyone. Welcome to On The Market. I’m your host, Dave Meyer. Joined today by Kathy Fettke. Kathy, what’s going on?
Kathy:
Oh, so happy to be here again and see you.
Dave:
Thank you. Well, today we have a guest who you recommended and is your friend. How do you know Chris?
Kathy:
He’s one of the property managers through Real Wealth that we recommend to our members there. And he’s helped our members buy properties for years. We’ve seen the struggles. We’ve seen prices go up and people get angry about that. So we’re constantly trying…