Even in the midst of a real estate meltdown and economic recession, some people seem to find the ability to create fortunes out of disasters. Carlos Vaz, a 31 year old Brazilian immigrant with an extremely modest background is a perfect example of such a story.
On August 27, 2009, Carlos Vaz and his company, CONTI Organization, closed their 10th apartment investment property(262 units) almost exactly 17 months from the day of his first deal. "We're here and we're buying" Vaz states as this most recent purchase is his first outside of Dallas/Ft Worth as he expands his buying frenzy to Houston, TX.
What makes the story so remarkable is how it began. Carlos Vaz was born in Brazil to parents who could neither read nor write and immigrated to Boston to go to college. In 2007 he moved to Dallas after deciding that he would like to "begin" apartment investing and the Dallas market looked promising.
With no contacts, no sources of capital and no experience in multifamily real estate he managed to get his first property closed, a 208 unit complex, in March of 2008. Since then, he has been closing deals about one every month and a half.
His secret says Vaz, is his ability to help relieve banks from their troubled and foreclosed reo assets. By leveraging his reputation as one of the most active multifamily investors in Texas, he is able to secure prices for these properties often at 40% of the prior owner's "Note/loan" value.
Mr. Vaz is the subject of occasional skepticism from experienced investors who believe that such a rapid acquisition strategy is dangerous in this falling market. When his contract prices on the property on subsequently revealed the skepticism often turns into wonder and disbelief.
Carlos Vaz has a goal of acquiring 10,000 apartment units in the next 12 months and if his current pipeline are any indication, he'll hit that easily.
Carlos Vaz is available for interviews and his apartment investment strategies are revealed at http://www.TheMultiFamilyMentor.com
