Co-Founder and Senior Vice President of Homebuilding Jay Byce with ResiBuilt Homes joins the Atlanta Real Estate Forum Radio podcast to share the benefits of renting and dive into the Atlanta build-to-rent market. Byce joins host Carol Morgan on the All About Real Estate segment.
An Atlanta native, Byce grew up in Tucker and received his undergraduate degree from the University of Georgia. Holding a strong interest in architecture, Byce later transitioned to banking and started a development company at 28 years old.
In 2002, Byce made a name for himself by developing and selling lots to home builders and entered the private equity sector following the Great Recession. In 2011, the company Byce opened an office for in Atlanta decided to aggregate foreclosures. Each month saw the acquisition of 500 to 600 homes during a time when no buyer desired to purchase a home or complete renovations. In this venture alone, around 30,000 homes were purchased across the country.
Byce said, “We formed the floor, we stopped the price fall from the residential home market, we renovated hundreds of thousands of homes as an asset class and then made them good homes for people to start renting.”
Through this progression, Byce ran several investments in that space while securing builders to develop “mothball subdivisions.” Originally in development around 2005 to 2006, “mothball subdivisions” halted construction during the Great Recession and largely remained untouched until secured by another builder.
In 2018, Byce formed ResiBuilt Homes to satisfy the entry-level market abandoned when the surviving builders transitioned to higher-end markets following the Great Recession. The first 300 lots produced by ResiBuilt Homes were marketed as rental properties with the option for sale.
Byce said, “To our surprise, when people would call inquiring about buying a home [and learned] they can rent it and not have a long-term obligation…more people converted and began renting our homes.”
To date, ResiBuilt Homes has constructed around 1,200 homes mainly in metro Atlanta. Following the first 300 homes, the company decided to use them as inspiration for its business model. While retaining ownership of the subdivision, the dedicated rental communities enjoy yard maintenance, clubhouse events and more courtesy of ResiBuilt Homes.
The company now stands as the ninth-largest private builder in metro Atlanta, with expansions in Orlando, Tampa, Charlotte and Greenville. All four markets outside of Atlanta are currently in development, with homes coming out of the ground in the next six months.
Tune in to the full interview above to learn more about ResiBuilt Homes or visit http://ResiBuilt.com.
Georgia Residential Mortgage Licensee, License #22564. NMLS ID #6606. Subject to borrower and property qualifications. Not all applicants will qualify. New American Funding and ResiBuilt Homes are not associated. Click here to view the terms and conditions of products mentioned during the show. Corporate office 14511 Myford Rd., Suite 100, Tustin, CA 92780. Phone: (800) 450-2010. (June/2022)
New American Funding is a family-owned mortgage lender with a servicing portfolio of over 216,000+ loans for $56.8 billion, 171 branches and about 4,500+ employees. The company offers several niche loan products and has made Inc. 5000’s list of Fastest-Growing Companies in America seven times. For more information, call 678-898-3540 or visit https://branch.newamericanfunding.com/Atlanta.
The Atlanta Real Estate Forum Radio “All About Real Estate” segment, presented by Denim Marketing, highlights the movers and shakers in the Atlanta real estate industry – the home builders, developers, Realtors and suppliers working to provide the American dream for Atlantans. For more information on how you can be featured as a guest, contact Denim Marketing at 770-383-3360 or fill out the Atlanta Real Estate Forum contact form. Subscribe to the Atlanta Real Estate Forum Radio podcast on iTunes, and if you like this week’s show, be sure to rate it.