Jan 19, 2021
Spencer Gray did his first real estate deal out of high school and was hooked. He started investing on the side and went all-in on commercial real estate investing in 2015. He founded two firms, one for active investing and another for passive investing, Gray Capital and Gray Properties. Spencer is based in Indianapolis, IN, and focused on value-add deals before pivoting his approach.
When looking at a market, Spencer focuses on population and job growth. He loves the Indy market and shares why he prefers the fact that the market flies under the radar. In fact, he says he prefers markets that have strong fundamentals without the competitiveness that bids up values and prices in popular multifamily markets like Phoenix, Atlanta, and Raleigh-Durham.
In this episode, Spencer shares his criteria for selecting markets, finding deals, and operating his assets. He shares why value-add deals are so competitive and why he has more appeal for newer, core plus apartments. He also talks about his newsletter, Gray Report, which aggregates industry news and keeps his investors informed.
Partner: Text: “EQRP” to 72000 and receive a special eQRP report on taking control of your retirement money
Key Insights to Select Strong Markets that Fly Under the Radar
We try to identify markets that are growing, that check all of your demographic boxes, but are flying under the radar and not on the top of competitors list.
The 3 elements that Spencer analyzes when looking at a deal and/or market
We won’t choose a market that has peaked with flat growth, we are looking at a market that has sustainable growth for years into the future.
Partner: Download our Sample Deal Package
My first real estate deal in high school was a failure on ROI, but it showed me that real estate was a possible option.
Webinar Jam (webinar platform)
Most Recommended Book:
Never Split the Difference (Chris Voss)
Workout, 20-minute steam, and meditation
Wish I Knew When I Was Starting Out:
Networking is key
Inflation vs. deflation and where the US will go
Best Place to Grab a Bite in Indianapolis, IN
St. Elmo’s Steakhouse