Why Wayne Courreges III Is Still Bullish On Multifamily Apartments In Texas

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In this conversation, Wayne Courreges III shares his journey into real estate, detailing his experiences from high school to his time in the Marine Corps and his extensive career at CBRE. He discusses the transition to multifamily investments, the challenges faced in the current market, and the importance of community engagement in property management. Wayne emphasizes the resilience of multifamily investments and the need for proactive management strategies to navigate market risks. He also highlights the significance of understanding market dynamics and the future of multifamily development in Texas.

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Investor Fuel Show Transcript:

Wayne Courreges III (00:00)
in multifamily. I am very bullish on multifamily.

Dylan Silver (00:02)
Me too.

Wayne Courreges III (00:02)
And

I love it when people talk negative about multifamily because that gives us the opportunity to go buy. I’ll give you one more example. And I’m talking a lot. ⁓ In June of twenty twenty five, we bought an asset in San Antonio, one hundred twenty eight units. This is an area that I was being out there. Yeah, so this is north, north San Antonio near the airport. ⁓

Dylan Silver (00:19)
Which part of San Antonio? I lived in San Antonio.

Wayne Courreges III (00:27)
and very established neighborhoods. There’s not a lot of new supply going in the area. an older, more middle to upper class established area. And we bought an asset, was 127 units, for $3 million less than that seller bought a year prior.

Dylan Silver (02:16)
Hey folks, welcome back to the show. Today’s guest, Wayne Courreges III with CREI Partners is a commercial syndicator active in Texas, Louisiana and Alabama. Wayne, welcome to the show.

Wayne Courreges III (02:30)
Dylan, thanks for having me on today.

Dylan Silver (02:31)
Great to have you on here, great to meet you, Wayne. I always like to start off at the top of this show by asking guests how they got started in real estate.

Wayne Courreges III (02:40)
I started in real estate ⁓ indirectly in high school. So early 2000s, where I was dating someone whose dad was a successful real estate investor developer. And I really caught the bug early, you know, seeing what he was doing on a day to day basis and sort of asking him questions. So I, you when people ask, you know, I really contribute it to that person who, you know, looked up to in my high school years.

But in the Marine Corps, so I joined the Marine Corps in 2003 and bought my first single-family rental when I was stationed in Twentynine Palms, California, probably around 2004. So I must have been 19 years old when I bought my first single-family. Speeded up out of the Marine Corps in 2007, joined CBRE where I was with them for 16 years, heavily on their property management side. So I saw

and was able to do a lot on the operations, which is really the hard part of owning real estate. You know, even in a tougher capital environment, know, day one of owning an asset is, you know, onward is that is always going to be the challenge. But that’s always what I’ve known. So don’t really know anything different. You know, I’m a heavy operator operations guy. And then in 2019, I started CREI partners while working for CBRE.

and they were very open to it. I was focusing heavily on multifamily, which we still do now. And then in 2023, left the big green machine at CBRE and headed right into full-time CREA partners. And that’s where we are now into almost 2026. It’s crazy to say. It’s just around the corner.

Dylan Silver (04:21)
That’s right. I want to ask you a little bit about it’s CBRE forgive me for being a little bit in the dark It sounds like the scope of what they were doing was was was broad but you were on the operations side So was this all multifamily properties and management of them acquisition of them? Walk me through what the scope of CBRE is and then also what you were doing for

Wayne Courreges III (04:42)
Yeah. So CBRE is like, I don’t know, top 130 in the fortune 500. I don’t know what their number is now, but they are a massive, massive company. Jones, Englis, Sal, Cushman Wakefield, these other large companies, um, you know, are in that same genre where they’re focusing, you know, there’s a development arm with Trammell Crowe company. Uh, there’s obviously the property management side. So more so on the office retail industrial.

⁓ There’s the accounting financial services that go along with commercial real estate. There’s project management when it comes to like tenant improvements and building improvements. So CBRE touches everything. What I was doing was heavily on the office retail side for property management. And so a lot of the things are transferable into multifamily because every deal is like a business.

And so if you understand where we can get income, expenses, maximize occupancy,

ensure maximum collections, look at the risk management. A lot of people don’t talk about risk management, but that it’s a huge component of owning real estate. ⁓ And so, you know, I was able to get in the multifamily because it didn’t really compete with the day job. And to be frank with you, I saw the ups and downs of office and retail. Not to multifamily doesn’t have its own ups and downs.

But with office and retail, it’s much more obvious because people just move out in the middle of the night and they’ll just go work from home or work from Starbucks or wherever. anyway, so that’s what we were doing and what I did for all those years. And man, it was great. The reason I left was really just because we were growing our investment company to a point where it was hard to do both at the same time. so, ⁓ you know, but.

Dylan Silver (06:53)
They will get out of the office,

Wayne Courreges III (07:16)
That’s how, you know, that’s sort of the arm that I was in was, you know, on the operation side, which from, you know, multifamily property management, it went really well, despite, you know, a lot of that background being office and retail, because you’re still dealing with a physical asset. You’re still dealing with similar, you know, financials, income statement. A lot of things are transferable despite the asset class.

Dylan Silver (07:39)
Yeah, I have ⁓ only one experience in ⁓ managing commercial real estate. was like almost, gosh, it feels like maybe 10 years ago. It wasn’t that long ago. It was probably like 2017 timeframe. I was living in the greater Boston, Massachusetts area. And are you familiar with Yardi, the software for managing like tenants? So was working at some type of ⁓ mall.

And I had actually, this is before I had even an idea that I wanted to get into real estate. I had been hired through a temp agency. Now years later, I’m reflecting on it. That was really good experience, because I saw like, okay, this is mostly just, you know, collecting rent, dealing with people who are delinquent, and then dealing with problems all day. And so I understand why, you know, people hire property managers and the like, because that was my job. wasn’t, you know, it wasn’t like I walked in there with the mindset of, okay, today is going to be a bunch of great news. It was more like, okay,

What’s the issues that I have to solve today?

Wayne Courreges III (08:35)
Yeah, and when I was in property management, a big part of that was trying to be proactive versus reactive. you know, I was eventually an associate director overseeing multiple property management teams within the company. So definitely had a higher leadership position. And it was just shifting that mind of being proactive versus reactive, because, if every day you’re coming in, putting out fires, that is not a good way of ⁓ living or working. So.

Dylan Silver (09:01)
Yeah.

Wayne Courreges III (09:02)
Yeah,

and there’s a lot of things we can do proactively and we do, you know, on the multifamily side. I’ll give you an example, you know, we’re approaching, you know, we’re in Texas, so approaching, you know, winter, typically January, February are the coldest months, but, know, let’s be proactive before we get that first freeze warning and, you know, make sure we’re wrapping, you know, the pipes, we’re winterizing the systems that we’re already starting to communicate with residents about what to do during the freeze. Again, you know, if you’re, if you sort of plan in advance of things that are, you know, are coming down the road,

From an operation side it it helps protect the asset and for passive investors who are investing with us You know, they’re expecting us to protect their investment protect the the asset and so again just going from a Proact, you know instead of a reactive to a proactive. It’s hard to do in operations Once you’ve been to the movie a few times you sort of know what to expect and this is where they had experience like I’ve been doing this for I mean almost 17 18 years now

And so, you know, we’ve gone to the dance a few times, so we sort of know what to expect. And when you have that experience, you can just have more of a proactive approach. You know, for 99 % of the stuff, right? There’s always that 1 % where like, dang, you know, that sucks. You know, we’re gonna, we’ll have to get through it, so.

Dylan Silver (10:04)
Yeah.

versus reactive.

When we talk about multifamily acquisition, you’ve got experience in this, it does seem like, and I’ve talked about this with other guests of the show, that people ran into issues maybe around 2020, because it felt like you couldn’t go wrong buying multifamily, especially since everyone was working from home, or a lot of people working from home. But it does feel like now that there’s some stress.

distress on the operator side, not in the buildings themselves, but from people who bought maybe too deep and they had arm loans that have gone up. What mistakes, hindsight being 20-20, were people making at that point in time?

Wayne Courreges III (11:30)
Yeah. I, you know, first and foremost, know that like, it’s not just an operator who’s underwriting and getting a deal under contract. You know, it goes through appraisers. It goes through lender scrutiny. ⁓ there are a lot of people along that process to get, to get a loan and to go, you know, through that process. Right. So I think there was definitely some, ⁓ concerns in multiple. A of people just want to put it on the operator.

but really holistically, the amount of people who have to sign off on any given loan, ⁓ it’s more than just one person. So I’m definitely not going to kick any operators. There are those that were a little bit more aggressive ⁓ than others. But I will say ⁓ that I can only speak from my experience. So.

When I was starting to underwrite, and remember I started the company in 2019, so I was right into the thick of it. 2020, we didn’t buy any assets. 2021, we closed on our first asset in December of 2021 for CRU partners. I was getting told time and time again that every deal that we passed on, we would be regretting. Like your biggest regret in your life, Dylan, would be the one that you said no to, right? And so that’s what I was being told time and time again.

Dylan Silver (12:46)
Who was telling

you that was that from like listing a like who is telling you

Wayne Courreges III (12:49)
Yeah,

mostly, you brokers, ⁓ you know, and honestly, at that time, I mean, they, you know, people were making quite a bit of money buying properties and doing the value add. ⁓ I, you know, I had only wished that I had bought properties a little, you know, prior to that and, you know, hit the wave. So there’s, there’s going to be, you know, with any market, there’s ups and downs. I will say like I was getting outbid on projects, you know, a million dollars.

You know higher than what I was you know, Yeah, yeah, so you know 95 % of our stuff is Texas. So I stay in the Texas Triangle, you know, we have outliers and you know property in Louisiana through a build a rent community and we have a couple properties in Huntsville, Alabama Those are with some partners that we have really close relationships with but for the most part We’re the lead sponsors on the stuff we do in Texas But yeah, so I mean you

Dylan Silver (13:19)
Holy cow. Where? In Texas? In Alabama?

Wayne Courreges III (13:45)
you just underwrite and, you know, conservatively and realize like, hey, you know, could we have won the bid? Could we have gotten the loan? Could we’ve done all this? Yes. But, you know, there were a few, you know, at that point, two years from me starting the company, like, man, I really want to get a deal under under contract. ⁓ And so for me, like I’m I feel very blessed that I’m not stressing about those properties that I turned away from. ⁓ But I’m

Dylan Silver (14:10)
I’m gonna go to the bathroom.

Wayne Courreges III (14:13)
But we all don’t bat 100. And so that’s something that any investor should know. There’s always risk. How do you go through that risk? I’ll give you an example. So in 2022, I bought a property in Houston. This property was owned by a seller who had it since 2007. So a long-term hold. was a doctor investor out of California. I was buying.

definitely below market when I was looking at price. So that was one hundred and one units. So price per unit ⁓ was well under what others were paying in that sub market. Our cap rate was reasonable. Now, our cap rate was still in the four, which was still, you know, people were doing three cap purchases. So I felt like, you know, four cap and we use bridge debt, which ⁓ I think a lot of people got obviously are in trouble or were in trouble with. A lot have refinanced and have gotten out of it. ⁓

Dylan Silver (14:40)
How many units?

Yeah.

Wayne Courreges III (15:06)
But with bridge debt, we were using it in a way that actually made sense. And the fact that the bridge debt is there to be used so that you can buy an underperforming asset, improve the asset to get you to the permanent financing. So it’s a true bridge debt, right? That’s what it’s meant for. A lot of others were unfortunately using bridge debt because the valuations were so high, they were buying the property so high, they weren’t able to get permanent financing.

And so there wasn’t really that value add component where what we were doing was definitely a valuable. I slept easy at night knowing that, hey, we’re going to do bridge debt. Well, that property has aged me 25, 30 years. You know, we have, I mean, you’ve and that’s what I hope people that are listening in again, we’re not all going to bat a hundred. What do you do to get through it? Have you folded? Have you put your head under a pillow? Are you stop communicating with investors? You know, we refinance that into a fixed rate debt, but I’m still we’re still dealing with it, right?

Dylan Silver (15:48)
Right?

Wayne Courreges III (16:40)
And so, you know, if you if you’re investing with a group and that group says they don’t have one black eye or scar over the last five to 10 years, there, you know, there’s more to it, right? Everybody who was investing there in that time has a property that hasn’t met pro forma. And I’m not going to put anybody, including myself, on the fire for it. Like, you know, at the end of the day, like.

We underwrote it conservatively. working through it. We haven’t given up. We’ve over communicated. We’ve refinanced to fixed trade debt. Fortunately for us, that was like the one property that has tested our grit quite a bit, where the rest of the portfolio has done extremely well. We’ve done quarterly distributions, as we said we were going to do, the great tax depreciation that comes. I am a big believer, Dylan,

in multifamily. I am very bullish on multifamily.

Dylan Silver (17:31)
Me too.

Wayne Courreges III (17:32)
And

I love it when people talk negative about multifamily because that gives us the opportunity to go buy. I’ll give you one more example. And I’m talking a lot. ⁓ In June of twenty twenty five, we bought an asset in San Antonio, one hundred twenty eight units. This is an area that I was being out there. Yeah, so this is north, north San Antonio near the airport. ⁓

Dylan Silver (17:48)
Which part of San Antonio? I lived in San Antonio.

Wayne Courreges III (17:56)
and very established neighborhoods. There’s not a lot of new supply going in the area. an older, more middle to upper class established area. And we bought an asset, was 127 units, for $3 million less than that seller bought a year prior.

And the year prior, their loans were called due by one lender. And it was because they were having some financial defaults in other properties, is what I’m being told.

Um, but regardless, you know, there was an opportunity for us to go in and find a really great, uh, you know, value in buying an asset. bought another one just a few weeks ago in San Antonio, about 10 minutes away from that asset. And that is a day one cashflow, very low capex getting in at a strong, you know, cap rate. Um, and so again, I’m bullish on multifamily. Uh, you’re going to have these ups and downs.

Dylan Silver (18:50)
the end.

Wayne Courreges III (18:51)
When people are running away from an asset class, especially multifamily, which has proven historically over many, many years, I mean, it’s the original asset class of real estate thinking back to the caveman days. multi, you know, people need a place to live. Right. And so this is not something that is going to go away. It’s a need for any man, regardless of what AI is going to be doing in the future. So.

Like I I’m bullish for it. I think there’s opportunities.

Dylan Silver (19:19)
I have so many thoughts on this.

I look at it from all sides. I’m also a realtor myself. it’s not, I’m a retail single family home, know, realtor, predominantly now at least. First year in the business as a realtor, prior to that I was a wholesaler in the single family space. So from that lens, there’s of course a lot of my peers who are gonna tell everybody, you know, you’ve got to buy a home or, you know, don’t let everything turn into a rental economy. But on the…

other side of it, and I’m just talking like macro, you know, large influences here. It’s, it’s in many cases not feasible for people even now with with late rates a little bit lower and with all the builder incentives, it’s still not possible for everybody to get into a home. There’s renters by necessity. And you know, post Dodd Frank, there’s more of that because you know, it feels like you need a and again, there’s gonna be a lot of people on my side who might say don’t say this but

It feels like you need a blood sample and like your next of kin to in order to qualify for a home in some cases, especially for younger people, even with good credit, but maybe not necessarily established credit. And so, you know, I see that in some cases, like they’ve talked about the Austin area, know, rents may have stabilized or even dipped a little bit. ⁓ But on the whole, it does feel like ⁓ from a

from the perspective of someone who’s rented in San Antonio, there’s not enough rentals. Like if you go to a place and ask them if they have any open, even if they do have some open, they’re likely to say no. And I don’t know why that is. So until we get to a point where there’s like truly affordable housing, where people aren’t spending on $50,000 a year, close to one third or half of their post-tax income in their apartment plus utilities,

I still think that there’s not enough multifamily housing.

Wayne Courreges III (21:20)
Yeah. Well, and it’s very market specific. You’re absolutely right. ⁓ in many cases on this. then I think every market that someone invest in has to see, you know, what is the supply coming to the, to the market and what is supply has been put on the market. Austin and San Antonio had thousands of units put on the mark, you know, you know, finish. Cause you think about during expansion recovery, ⁓ you know, these different cycles that happen in real estate, you know,

depending on the cycle in the real estate, there can be an oversupply. And in San Antonio, there is an oversupply in much of the city. West San Antonio has a lot of new development. There’s a lot of growth happening west going into the Hill Country. then, know, you know, that’s in Austin, you know, a lot. So when a lot of growth was happening over the last few years, heavily from the west, you know, coming into Silicon, you know,

coming from like Silicon Valley to like Silicon Hills is what they call Austin. And even Austin being really tough. mean, you couldn’t, I mean, there were, when we were looking to buying in Austin, several years ago, say four or five years ago, it would have been really difficult to put anything under contract. I mean, we sold our house, you know, we lived in a Lake Travis, B cave area and you know, we got a cash offer on our home double for what we paid for it a few years prior.

and were able to lease back that home for three months. And I’m always just saying this because the market was really frothy. There was just so much capital cash. And so that brought a lot of developers to develop. And that’s normal. It’s part of this cycle. But then things slowed down. The economy slowed down. People weren’t moving as much. And so now you have this oversupply. But in Austin, San Antonio, these other markets,

If you look at like what’s coming, like what permits are in the pipeline for new deliveries over the next few years, it’s practically zero. It’s extremely small. So if you’re buying today, looking for a five to seven year hold, I believe we were in a great position because as supply and demand, you know, tightens that pushes, you know, rents and you know, it, and then when rents are pushed and then there’s a demand issue,

And, you know, developers who start going back in and start developing, but that’s a three to four year timeframe from when you start a permit to finish. Right. So there’s cycles of what’s going on. I believe in certain markets, especially like North San Antonio, where, you know, it’s already an established area. There’s not a lot of, there’s no real raw land where you can just go develop. ⁓ And so, you know, the, those type plays I feel very bullish about. then looking at overall markets.

three to four or five years from now. think, hopefully, I don’t have no crystal ball, but hopefully we’re making the right decisions and being conservative and buying now with the opportunity to build the business plan to sell over that period.

Dylan Silver (24:17)
There’s an element of this conversation too, where it’s the deal changes from the point that you got it under contract, to the point that you break ground, to the point that it’s finished. You’re looking at totally different circumstances. So if it’s like an 18 month or two year build, or whatever the standard would be for a 100 unit, 200 unit multifamily complex. I saw, I was living that area west side of San Antonio going towards. ⁓

I don’t know if you should call it the West side. think that they may not love that term in San Antonio, but the Western part of San Antonio going towards Bernie and then going towards like Six Flags. have the rim area. I was living over there. There were all these ⁓ high end apartment complexes going up all over the place. And I had left there around 2024. So last year and a lot of them were not finished yet. So

Now I’m thinking, okay, well, if they’re finished now, it’s probably a difficult time for a lot of them because this may be, you now there’s too much inventory to kind of juxtapose that with years earlier when I know I was moving into that apartment in 2021 and there was, you know, not enough inventory.

Wayne Courreges III (25:32)
Yeah, you’re you’re you’re spot on right now. There’s a lot of inventory in San Antonio, but we’re real estate investors You know where you sort of have to like look at where today is and then sort of forecast Okay, what’s the next three to five years look at you know? is the absorption in Central Texas like there’s a lot of growth? You know we primarily focus in Houston San Antonio and both of those markets have you know incredible growth San Antonio was one of the largest ⁓

cities population growth according to the US census in 2023. ⁓ And so, you know, as that continues and those units are absorbed, it’s going to take a few years. It’s not, you know, all going to be done over the next year. ⁓ And then you look at the new permits and sort of see the cycle. Then there’s a tightening and then there’s, you know, opportunities ⁓ for new supply that come on. But it just takes a while. And that’s what’s really concerning, ⁓ you know, nationwide and especially think in the Sunbelt states.

because as we have so much growth into these markets, know, development has taken a backseat of the last few years. are already hundreds of thousands of units short previously. And then as you know, it became less favorable to start developing, you know, that’s just going to cut harder into the supply. Now we were talking before the show, but the bulk of our stuff is day one cashflow value add ⁓ type opportunities. am

heavily focused on base hits. I home runs are overly aggressive and just doesn’t happen very often. So our properties that we buy have to cashflow day one and they have to have little capex. We’re gonna push a value-add plan, but the days of just going in and doing complete renovations and changing out the demographic, it’s just highly risky in today’s environment.

But then there’s about 20 % of our portfolio that’s focused on development. And so we are doing 150 unit multifamily development in Bryan. And you made a really great, Bryan, Texas, and you made a good point, Dylan. It’s like, how do you know, like in the next couple of years, things change, but we do a lot of market study, a lot of research, a lot of third party and you know, data that comes in and shows, okay, what’s the influx into the Bryan college station area, just as a market, as an example, how many units are available? What’s the, uh,

you know, the lack of supply, what’s that number that’s lacking? And if you’ve got a strong location and a very pro tenant or excuse me, pro landlord ⁓ area, you know, there are opportunities and we can talk through that through HUD and such, you know, this is also maybe a good time to look at, you know, some development opportunities for investors.

Dylan Silver (28:09)
I know that there’s a lot of, I can say this coming from the background of distressed single family fix and flip. There’s a lot of fix and flippers who can’t do fix and flip any longer, because there’s so much new development in single family homes and subdivisions going up that, know, why would you, if you’re a retail buyer and you can buy maybe a slightly smaller home, but brand new for the same cost as a pre-owned home, not brand new without the.

builder warranty and like a higher rate on the pre-owned side, why would you do it? And because of that shift towards development overall, I’ve seen as well kind of a migration, if you will, from people who were traditionally single-family investors into multi-family. I’ve been seeing this in real time, like people coming to me asking me, hey, I saw that you’re ⁓ offers off market and helping investors. I’m looking at getting into the multi-family space even on the, you

doing creative offers, can you assist with that? I’ve been seeing more and more of that.

Wayne Courreges III (29:09)
I tell you, my experience, no matter what part of real estate you’re in, I think if you’re in real estate, you’re doing it good. There are people that are gonna focus on single family. There are people that gonna focus on multi-family, retail, office. You can make money and do extremely well regardless. It’s really where your passion is. when I bought my first single family, it was a two bed, one bath in Twentynine Palms, California. Nothing sexy, 80 grand for the property. Somehow it was like, I don’t know.

I didn’t have any money. So I think I’ve got 100 % financing. It was during that time where like people probably shouldn’t get financing. was a private first class getting the loan on this property. But my experience was when we had a resident who was a good friend of mine who was renting it, the rents came in monthly. It was great. You I didn’t have any issues. I made like a hundred bucks, which, you know, for a private first class, was like, hey, that’s pretty good money. But then when I told him was going to…

Dylan Silver (29:58)
Yeah, I’m a real estate investor.

Wayne Courreges III (30:01)
Yeah, then I told him was going to sell. mean, that was after management fee. And, you know, because I was in Japan stationed and I wanted someone local to help manage the asset. Well, then, ⁓ you know, I told him I called him. I was in Okinawa, Japan. I called him and said, hey, I’m looking to sell before I get out of the Marine Corps. Would you be interested in buying? Well, that spooked him. He moved back onto base. You know, they had a newborn. You know, they were focusing on, you know, what what made sense for their family. And then it set.

vacant for six months while I was trying to sell the property. And so I’m like, California. Now this was like during a time where it was like starting to, you this is like, sad. I wasn’t the best. Well, it like, you know, after that, like single family never, mean, I was 21 learning that lesson of like single family, just to me, you know, unless you’ve got a big portfolio, you know, there’s risk because you

Dylan Silver (30:30)
in California.

Okay, I got you. Yeah, it was a tough time, yeah.

rest.

Wayne Courreges III (30:53)
there’s downtime to change units, whereas multifamily, mean, my break even for majority of my properties is 70%. So of 100 units, 70 of them have to be occupied. there’s economies of scale and just thinking about the break even and just the profit and the higher chance of you being able to really grow wealth comes with the bigger numbers, right?

you know, 100, 200,000. You may get 20, 30,000 here, but if you can double your investment in, you know, three to five years, and I would say in this environment, more of a five year turnaround, get that depreciation, help with the tax ⁓ and then, you know, having some cashflow. I think it’s, you know, it’s worth the investment thesis. The other thing too, I say Dylan is like, I don’t worry about what Elon Musk or anybody is out there tweeting or.

you know, what geopolitical stuff’s happening overseas, you know, really it’s just, you know, laser focused into that one mile radius of our property. And, you know, rents are still due on the first, it’s still a physical asset that, you know, I don’t have to worry about too many external things that could really, you know, factor into, you know, missing the business plan.

Dylan Silver (32:04)
Yep.

Yeah, I mean, at the of the day, people need a place to live. That’s what it comes down to. And if they’re not homeowners, they’re going to be renters. ⁓ And it’s funny you mentioned California, because I’ve seen now, although I have no experience buying or selling deals in California, working with ⁓ people who are buying in California, there is apparently this huge push for ADUs in multiple cities in California right now. So like Los Angeles in particular.

I guess people are building dwelling units in their backyard and then maybe even dividing the property somehow and being able to sell off portions of it. And I don’t think we’ve seen that as much or at all in Texas, I think, because of so many HOAs and this type of thing that I don’t necessarily know that it would be allowed. But that’s another thing that it’s not impacting market conditions. ⁓ I’m looking at it I’m saying, I’m right now visiting my parents in Northern New Jersey and

I know the price of real estate over here, you know, for a $370,000 home in the DFW Metro would be a $950,000 home up here. So, you know, there’s so many ways to solve the housing crisis. Multi-family addresses a ton of it. And we’re also seeing some of these other, you know, more creative setups as well happening throughout the country, even in places like California.

Wayne Courreges III (33:28)
Well, and ⁓ the other thing too is like, know, multifamily is an investment and you know, my wife and I, have these discussions. ⁓ I’m very business minded. I’m very bottom line, you know. However, there is a heart in me and I want our communities to do, you know, be a community. And one of the things we’ve done this year, ⁓

for Christmas is, you we’re putting a Christmas trees in all of our management offices. We’re getting like those plastic Christmas balls so people can write their name. We’re doing gifts for the kids. And one of our properties has actually very few kids. I think there’s like one kid in the whole complex, if you can imagine, but they’re very dog friendly. They have a lot of dogs. So we’re actually doing gifts for the dogs. so like every unique, ⁓ every property is unique in its own little way. And so trying to find and give back.

Dylan Silver (34:17)
Nice.

Wayne Courreges III (34:24)
to the community ⁓ where we can and doing these events. And so you really have an opportunity to make a difference from an ownership side at a larger scale too than the single family. And so yes, all of our investors, we do care about the business ⁓ generating enough income. And I say business because if you think of like every multifamily or every commercial real estate in general as its own business, like you’re buying a business.

Dylan Silver (34:48)
Yep. Yep.

Wayne Courreges III (34:49)
Good income, you know, supports the profit and the distributions to investors. But we can also give back to the community. And so that’s another huge ⁓ thing that, like, I love ⁓ and my team members are really getting excited about and giving back.

Dylan Silver (35:05)
That’s gotta

contribute to value in some way. It really does. Like it has to contribute to value. People saying, I’m having a better experience here. Or maybe, know, new management is better. You know, reputation, the amount of vacant units, it’s gotta contribute.

Wayne Courreges III (35:21)
Well, they’d start telling their friends and family and you know, it makes it harder makes I’ll say it makes a little bit more sticky for them not to leave, you know, if they’re they’re feeling like they’re part of a community and you know, just property we bought a few weeks ago, you know, we’re we’re doing it in the process of creating a survey and going out to all the residents and getting their feedback of what they like and what they don’t like what amenities they would like to see what improvements and

You know, so many times owners go in and they go full steam ahead, but some properties just sort of have to step back. It’s already doing extremely well. And so let’s get their feedback and try to, in some cases, less disruption is better than having disruption. So knowing when to go little further, fast steam and to doing some renovations and stuff, then sitting back and like, let’s really get the pulse of the community. Cause really that’s, you we…

we make them happy, they’re gonna make all of us investing in the deal happy.

Dylan Silver (36:19)
That’s right, that’s right. ⁓ We are coming up on time here, Wayne. Where can folks go if they’re interested in learning more about CREI partners or maybe they’ve got a deal ⁓ in Texas they’d like you to take a look at? How can folks reach out to you?

Wayne Courreges III (36:34)
Yeah, so I do these podcasts really to make awareness of real estate syndications. Obviously, let people know about CRI partners. But we have a free passive investor coaching program. I find that there’s not a lot of passive. mean, people can do podcasts and read a few books that are out there. But if you’re interested into like a free passive investor coaching program, it’s like five hours of content we’ve put together of how do we evaluate deals, how do we evaluate markets, syndicators or sponsors. ⁓

what questions to ask, those type things. Because a lot of the work that a passive investor does is all upfront, right? So it’s sort of that, the networking, everything that happens, all happens before the deal is funded. And then once the deal is funded and signed, then you step back and play that passive role. But people can definitely check out passiveinvestorcoaching.com. There’s no sales pitch or anything to it. It’s just content that hopefully will help.

investors make decisions, make them a little more sophisticated in this investment that we’re doing. The other thing is if people want to know directly more about us, CREIpartners.com would be that website to check out, but highly encourage people to check out passiveinvestorcoaching.com.

Dylan Silver (37:48)
Wayne, thank you so much for coming on the show today.

Wayne Courreges III (37:51)
Yeah, Dylan, thanks for your time today. Hopefully we added a lot of value to the listeners.

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Why Wayne Courreges III Is Still Bullish On Multifamily Apartments In Texas

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