For the past several years, Andy Wu has served as Director of Acquisitions for RESICAP, the leading vertically integrated solution for institutional owners of single-family residential assets in the U.S. While the concept of providing rental opportunities for single-family homes has been around for years, the onset of COVID and the new trend of working at home has resulted in a huge upswing in single family home rentals.
Based in Atlanta, RESICAP was founded in 2010 and now has more than 250 employees throughout the country. “We started to see an increase in this type of investment in 2008 during the first housing crisis,” explained Wu. “A lot of Wall Street firms began buying properties at foreclosure auctions and this was a new experience for some who had never before entered the single-family home market. Since that time, we’ve seen a lot of other investors and private equity firms purchasing large numbers of homes as rental properties.”
RESICAP works directly with institutional investors to identify buy box and markets for purchase, renovate, then prepare the homes for the rental market.
The company operates in over 57 markets, with a concentration in Georgia, Florida, North and South Carolina, Texas, Indiana and Oklahoma. “We typically deal with long-term renters,” said Wu. “Many of them are actually able to afford to purchase a home, but they don’t want to be tied down to something and have to worry about constant home upkeep and repair. We also see a lot of younger people who tend to move more often.” RESICAP provides tenant the ability to live in a single-family house without worrying about the upkeep and repairs.
The company is always on the lookout for new properties to purchase and works with both the real estate and construction industries. “We are currently buying properties from multiple listing services, wholesalers (off market), national home builders and local regional home builders. We are always looking for new ways to acquire properties,” said Wu.
How does RESICAP work?
We work with institutional investors who want to grow their portfolio of single-family home assets throughout the U.S. RESICAP manages the whole lifecycle of single-family properties, offering services including acquisitions, renovations, property management and property sales. For home renters, we offer them the flexibility of having a single-family home without worrying about all of the maintenance involved. It’s basically hassle-free living.
Do You Work with Realtors?
Yes, we do work with local Realtors to review homes for purchase. Our in-house brokers are licensed in all of the markets we serve and we have established contacts within these markets. It’s important to understand the dynamics of specific markets.
Who Are Your Ideal Clients?
RESICAP is the perfect solution for current homeowners who want to sell their property quick and hassle-free. If a homeowner submits a form online at resicap.com, we can usually get someone on the phone with them within 24 hours and get them an offer.
And for prospective renters, we’re seeking individuals, couples or families who want the dream of living in a single-family home, without the constant worry of all of the expenses that often come with home ownership. RESICAP ensures that we have superior products on the market—we want to offer our renters the best in everything from flooring to kitchen appliances.
What are RESICAP’s Goals?
In the past 11 years, we have purchased more than 15,000 homes, renovated more than 20,000 homes, and managed more than 28,000 homes. Our goal is to purchase another 10,000 properties in the next couple of years and continue growing our markets.