Entrepreneur Rich Von hopes to reach $100 million in rental properties.
Rich Von, one of the partners of Von Vesting, Inc., is excited to announce that the company is in high-level talks to take on a $30 million rental fund. If the fund goes through, Rich Von says the company will have achieved part one of its goal to reach $100 million in rental properties.
As Rich Von explains, each $10 million fund represents about 110 single-family residences. The company has always put an emphasis on choosing the best properties for an area, including in its criteria the possibilities of improved economic development of that area. While Rich Von is excited at the prospect of making money for his investors, he is equally thrilled to be able to help in this ailing economy.
Rich Von says the impact of Von Vesting, Inc., extends beyond the Sacramento area where he lives. Von Vesting has properties in the San Francisco Bay Area, Reno, Tahoe, Modesto, Stockton, and beyond. Rich Von always familiarizes himself with an area, believing truly knowing a community is key to buying and reselling.
Rental properties aren't new to Von Vesting, Inc., Rich Von explains, with the partners behind the company having done several rental funds over the years. In the past three years Rich Von has put the majority of Von Vesting's efforts behind the American Redevelopment Fund and West Coast REF, both of which are œflip funds. Flip funds support the efforts of those who purchase, rehabilitate, and resell properties.
However, the recent economy has driven consumers to rent instead of buy. Rich Von has found that even among those who could afford to buy their own homes, ownership must be often delayed to the hesitance of banks to loan money. For this reason, Rich Von and his colleagues are turning their collective attentions toward the rental industry, which has thrived during the real estate decline of recent years.
In recent months, Rich Von has been approached by investors interested in rental properties, so the company has decided to add rentals to its acquisitions. However, Von Vesting, Inc, will not be walking away from flip funds. Its fund will support both rental and owned properties.
Rich Von co-founded Von Vesting, Inc. in 2010, but has worked with distressed properties since 2001. Rich Von and the team at Von Vesting seek out distressed properties, turn them into marketable properties based on current trends, and then sell the properties at a profit. Rich Von is also the CEO and founder of OneUp Construction, where he hones his diverse skills managing construction teams. This experience helps him save money on Von Vesting projects, resulting in increased earnings for his investors.
Rich Von holds an associate's degree in marine technology, which he put to use as part of the United States Antarctic Research Program. An active community member, he lives in the Sacramento area with his wife and children.