YouSaid · the spoken record

Don Mullen

lines on the record: 87
first: 2023-06-29
most recent: 2023-06-29
sittings or episodes: 1
sources: podcast

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“And so our engine, I think we had two points where we had insight that many shared. So that was when we built the business. Many people thought, hey, these are cheap assets. Let's buy them, colony, capital, American homes for rent. John Gray is arguably the best real estate investor of my lifetime, right? And I say arguably because somebody may disagree with me. But you'd have a hard time finding someone who disagreed with that statement, I think generally. One of the best real estate investors maybe of all time. So lots of people have that idea. But by 17, 18, 19. We were kind of lonely, saying, This is not a trade. This is an interesting.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“And again, our best years of performance, obviously we're during COVID. We didn't expect that, but we expected the best years of performance to be when people acknowledge the fact there's a housing shortage. And when people were going public, the market had not yet been attuned to the big idea, wasn't buying cheap assets, it's owning assets that are in heavy demand”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“Recovery that created asset management firms that graze capital for the purpose of soaking up all these cheap securities that will eventually evolve into a more robust private equity business and credit business over time. For us in this space it was recognizing that our entry point was about the physical asset, but it wasn't about the demand. As we moved along and operated the assets more efficiently, our funnel could get larger and larger at its top. Because we saw more amounts of demand a many different types. And so as a result what we concluded is that this was a early on, again, five or six years into it, that it wasn't a trade, which is why in two thousand nineteen other people had been selling out, taking the companies public, putting them into REITs, and we had a line of people around the block telling me to go public.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“Happens over time. It doesn't happen on day one. I wish I could hit E all of the above on the first day that I had the idea, but didn't happen that way it happened over time. When I think about that in a way that's more like a case study, is when you see such a severe dislocation. There's multiple opportunities embedded in those dislocations. The first part of the dislocation is buying the asset anywhere near its bottom. It could still be going down and could still be going up. It doesn't have to be near the bottom, particularly for a big idea like that. So that's not the important thing, but getting in, getting focus, realizing the opportunity for the investor, that's all critical. The next phase of it for us, at least, is making sure that we're investing the time and understanding the long term trend around that. So in high yield in the nineties it was a process of constant review.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“Stop deferring household formations and moved into the housing market. We like to say when everybody realized not every person wants to live in Brooklyn, no matter how cool it is, because they have to move to the suburbs somewhere and raise their kids with a school that they can afford and a commute time they can tolerate. We didn't know when it was going to happen, and we certainly did not expect COVID. But what we expected is that some point there would be a realization that we don't have enough houses, and then the asset would become an institutionally recognized asset for allocations and that performance would improve at that time.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“Think of the big, big, big picture in simple terms Are there enough houses for the people? Do we have too many or too little? And whether you look at Stanford, Harvard, Fanny May, almost any economic analyst will tell you we're short, somewhere between three and seven million houses. Well, that's common knowledge today, but that wasn't in twenty sixteen. So we started the opportunity set as very opportunistic, focused on the fact that there was this strategic systemic sell-off of houses at below replacement costs as we continued to work our efficiency on the operating side, our knowledge on the investment side continued to improve about both location and the strategic overall picture of housing in the United States, and it became very clear that the country was having a severe problem that was going to get worse not better over the course of the coming years as millennia.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“this modest repairs to be focused on clustering, you could drive efficiency of delivery of servicing, so we mapped it out. That was the tactical mapping? Call it that. The strategic mapping was the focus on high demographic growth communities that were probably underbuilt that was predominantly in the southeast and southwest, where you still had a positive demographic movement of Americans into those communities, and that you could buy that type of house I described in scale because there was so much development done in the last 20 years. So when you look at older communities like the greater New York area or even the greater LA area, you have so many generations of house type built over the last 70 years that you couldn't get any uniformity of house type. And so as a result, it really made it much harder to surface. So that's how we mapped it out there. The next layer up is that...”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“Many houses that your estimate of $30,000 of repairs was 70 when you really got possession of it. And we also realized that the industry of servicing the houses was so nascent as the small local players weren't really ever going to be able to use the technology platforms we needed, the efficiency of delivery to people to drive margins that we ended up having to map the industry out by only buying owner-occupied houses, so houses that homeowners are choosing to sell and therefore were buying high quality assets, not distressed assets, and by driving homogeneity in the earliest phases similar to credit default swaps, driving it down to the simplest concept of a house, so a two thousand square foot three bedroom, two bath, two car garage, front and backyard, predominantly in a homeowner's association. Built in the twenty first century.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“The way we started it is we recognized that a couple things were in the midst of 10 million foreclosures. Every one of those people is going to be a renter in some way, shape, or form. So we had a massive increase in supply. We had a huge volume of houses that were stuck in sort of the American foreclosure system. And usually when they came out of that, they were really degraded in quality, so needed a lot of work. So they weren't really eligible for homeowners because there was so much work. Most homeowners don't walk around with both a down payment and $30,000 to rehabilitate the asset. So we had this massive inefficiency in the system that could be turned around. We originally mapped it out that we would buy distrust houses like I described, but the process was so full of fat tails, being a, you know.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“I said this could be Uber esque. It'll never get the premium that Uber gets, but it's Uber-esque in its ability to be scaled up. If you focus on the right attributes. So what happened was the firm actually wanted to try to do it. I was the one pushing back at that point, telling the executive office and saying, Lord, you were just down in Congress seven months ago. It didn't take more than a picosecond for them to say you're right, this is, we can't do this. They didn't necessarily want me to leave, but they were very happy about the way we worked together to make sure it was a good process. So they were very supportive of helping me get the business off the ground.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“And while our margins in the phase one of that were not what I had hoped for, I hope we look a lot more like multifamily margins. I could see the opportunity for improvement because the inefficiencies and the servicing the assets were so extraordinarily high. And I came back to the executive office of Goldman Sachs and said, I think this is going to be a very big business because almost all the houses in the United States that are rented are more fragmented than car services in the country, which if you think of what Uber effectively did, is they put a logistics layer on top of the black car industry and made it more accessible for other people to get into that space. And so therefore drove down the marginal cost and made marginal access easier.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so I went to all of the high intensity locations like Tampa, Las Vegas, Riverside County, California, Phoenix, Scottsdale, started walking communities with high default intensity, making observations about those, and then eventually invested $25 million on my money and bought houses, put a small asset management layer on top of it for people to manage local property managers.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, this isn't turning out the way I expected. I became aware because we had a loan servicer that we were selling homes at a discount to replacement cost because that was the obligation of the loan servicer that was dealing with the faults. It had to an obligation to the securitization, to liquidate defaulted homes. And the process was so systemic. The homes were selling below replacement cost. One of the great rules of real estate is, if anything, sells below replacement costs, particularly within a community where there's demographic growth, you're supposed to buy it. And so I first identified the opportunity to talk to some of the colleagues around Goldman Sachs. There wasn't a whole lot of interest because the challenge we were going through, understandably. But I got compliance's approval to start a process by myself. My daughters were all in college, so as a result, I had plenty of free.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“I was concerned. Remember, we had just gone through a whole lot of Senate investigations at Goldman Sachs, where I had the uncomfortable pleasure, if that's the right way to say it, or of having my emails read on TV by a senator to our CEO. I would not call that one of the better moments of my life. Certainly when your mom calls and said, I just heard your name on TV spoken by XYZ senator. Is that really your email? You're like.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“Disease that needed to be expelled from the US economy, and we forced insurance companies out of their positions by raising cap charges. They were in SNLs that otherwise had problems and they were forced to sell off, and as a result that created a systemic sell-off event, even if the companies on the other side hadn't changed in their credit quality. So you had this imbalance between buyers and sellers that created an extraordinary entry point for someone building a credit investing business. And that's one of the things that I became aware of in trends, which is that building machines that can farm or capitalize on dislocations and trends are some of the ways some of our most successful alts managers built their business and then once they built the culture, the infrastructure, the brand name, the ability to communicate with the broader”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“Capturing the value in those longer term trends is the most effective way to be successful in that space. Now some of that is you benefit from pattern recognition if you're forty years on Wall Street. We've seen a lot of these things over and over and that doesn't mean you're going to be right. I had a higher expectation for credit defaults after COVID hit didn't properly gauge the amount of stimulus versus its impact on credit. But usually what would happen is in single family homes is the great case study for me personally, they said it became very clear that the sell often houses from two thousand nine, let's call it through 2012 thirteen was going to have a lot of analogies to credit sell off in nineteen ninety one. We had decided that high yield bonds or junk bonds as they were then more commonly referred to were radioactive.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so when you look at opportunities to create success where either your organization doesn't or other people don't, you're right. I first focus on trends and have an insight into similar to what I said on credit derivatives, that if you see demand, if you create the right product, then”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“I didn't always look for places where everyone failed. There would be things that Goldman Sachs was not doing well, but other people were doing well. They had a model to study. At Bear Sterns, we had a lot of things we didn't do as well as we would have liked. Leverage finance was a good example. I had the opportunity to have almost complete control of that ecosystem, and I could learn from my experiences at Drexel. I could study Merrill Lynch at the time was very successful, and then figure out what could we do without the resources that a Merrill Lynch had to accomplish our goal. We were number 12 in the league tables. We got to two or three, I think, after a period of time.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“You're navigating your career on the sell side, you mentioned your gravitation to businesses where other people hadn't succeeded. Curious how you thought about trends and how you would identify opportunities.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“and zero in only on the difference between what people wanted is they didn't really care that much whether the coupon was quarterly monthly or every six months they didn't really care who was processing them what they were focused on was getting the names they wanted what the liquidity they wanted that was somewhat representative of the risk in the trade and so when you could create a vehicle like that you satisfied a need of the marketplace to be in a position where it could more dynamically trade its risk. And so if you find an ability where there's large demand, create an efficient product to solve that demand and scalability to some degree is the output.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“were predominantly held in places like insurance companies, our locked up vehicles as a result, a small percent of the universe could trade, but when you traded these derivative contract notionals, you could have much more volume than actually existed. It made sense to drive scalability, which meant”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“Credit derivatives is sort of the ultimate 21st century example, right? Here you're well said that we started out in a business that had a series of bespoke contracts that were each negotiated one off. Clearly, there was tremendous demand. That was the first thing. When you think about scaling, the effort of scaling has to have the expectation that the ability to create efficiency will be rewarded with volume. It was clear to us how valuable credit creatives could be in scale. So to be very successful in creating volume in that space was the output of us looking at it and realizing there could be more liquidity than there was with securities. That was the sixty four thousand dollars question you'd answer. And so once you realize that you can have more liquidity than securities because securities by their”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“In the end they share more in common than they have differences, but their differences could be meaningful, and I'd say that the most important attribute in each one, unlike big manufacturing businesses, the CEO's personality and the way he deals with the people in the organization is one of the most important attributes for culture, risk taking client treatment, and overall success of any business I've ever seen.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“So each of these nuances were meaningful going back to Credit Suisse versus Boston was really investment banker driven firm that traded to support investment banking, but it wasn't viewed as the powerhouse source of P&L back in the 80s, and most places that wasn't. Drexel, the training desk, effectively ran everything, everywhere all the time, because the trading desk and the capital markets function were integrated. One of their problems. At Solomon Brothers, it was almost trading to the extreme, not in a way that was oppositional to clients, but their scale of risk-taking relative to the size of the market at the time. When I ran Goldman Sachs's leverage finance trading desk businesses, we weren't as big in some things as Solomon Brothers had been 15 years earlier. The scale of risk taking was extraordinary. And so”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“Rather than our similarities. The other thing I'd say, you know, Bear Stearns was really characterized, and I use these two because of their perceived differences. Goldman Sachs for many, many years was not perceived as a trading firm. It was only pretty much after the financial crisis purely woke up and realized what a trading firm it was. And Bear Stearns wasn't a trading firm, despite the image of it. He was a sales firm.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“Culture is a lot of things. The leadership of the organization by driving a type of culture creates scalability around their vision of what an investment bank or firm should be. So it becomes a very important thing because if everybody thinks in the terms of is this the right thing for our place to do, then you get this repeatable thought process. That can be corrupted individually by department head sometimes, but generally speaking, that's what all of them try to do, whether it's Goldman Sachs or Bear Stearns. Arguably considered to be the two polar opposites of Wall Street. That being said, I found most of them to be more similar than different ecosystem. The kid with blonde hair looks really different than the kid with brown hair, but they're still probably the same kids who are five years old, but somehow you find differences. We're biased to look at our differences.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“Last did that more than a decade ago. Because, no, no, this is going to work out great. And he described the career arc that had me at the end of the process being either a division header being on the management committee. I left a goldman tax, and that's sort of my sell side career.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“Not going to happen. A year later, David called back again and said, We want to talk to you again. I said, I'm not doing it. I spent months jerking around on this thing. He said, you're going to meet one person, one interview only. And I said, okay. I had breakfast with Lloyd Blankfine, who is particularly insightful about talent. I think that's one of his great skills. In this circumstance, it wasn't about me. It was about his willingness to look at someone and make a decision, which I thought he was self-aware of his talent selection skills. And we sat down for two hours, and at the end of two hours he told me my next ten years of career at Goldman Sachs and convinced me, which is no small task. If you remember, I said at Bear Starnes, I ran almost everything but mortgages and government bonds that I was going to go to Goldman Sachs and only run the High Yield trading desk. I said, Lloyd,”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“big challenge with their credit trading businesses, and they'd already hired some of the people who work for me away, so they had inside knowledge of me, that person they'd hired away from me was David Solomon. And so David Solomon was recruiting me. I then spent, must have met 56 people or something crazy, a person who's pretty well known from Goldman Sachs reaches out to me and says, Listen, after fifty-six interviews, we come to the conclusion you just don't fit here. You're culturally a bad fit. We think you're talented, but”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“And a lot of people in the business that I've seen of divide into two categories people who do like being entrepreneur like as I just described as well as some people who are more like focused on being in the thing that's already successful and that's their way of managing their personal career risks I thought the better career path for me was being in the thing that wasn't successful, that was harder to do that someone else hadn't solved that problem and by solving that problem improves your probability of adding value to the firm and your success. As Bearsterns gets bigger, they want me to run investment banking full time, which was not my idea of the career path that I wanted. And so as a result, I let it be known to a handful of people that I was willing to leave. I was interviewed first by Goldman Sachs because they had a”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“In the 10 years that I was there, I went from running their high yield trading desk to all of credit emerging markets, investment grade trading, a big chunk of investment banking, leveraged finance, the industry groups within it. I don't run M&A Alan Schwartz uses to run that, and I run all the capital markets departments, including equities and the like, and help start the asset management division and the PE division and basically have responsibility for international generally. So it was a fantastic opportunity that only would take place at a place like Bear Stearns during that cycle, being the kind of person who likes to take on things that you think are succeeding enough so you feel like you have the opportunity to grow as a person and the fun of solving the riddle of why doesn't this thing”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“Obviously, the firm disappears, and I go then to Solomon Brothers, meet some great people, but a little frustrated with the direct team that I'm working for, because they're less familiar with leveraged finance is really about. They're more classic investment bankers and classic salespeople, but good folks. And Bear Stearns comes over the transom, which is one of the scrappiest places in its entire history. Fearless in its willingness to hire people want to work hard versus people who are sort of born to it. And they give me the greatest job opportunity, arguably, that has ever been given. At 32 years old, now I'm given the opportunity to run a department.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“I got to do it. Obviously paid for it myself, was able to get myself back into Wall Street, so first Boston as a credit analyst. Eventually I work in high yield sales, very lucky time eighty five eighty six is the beginning of that industry being created. I get to be a capital markets guy there because I get bored as a salesperson. And the team at first boss sends incredibly supportive. And I become very curious about all the adjacencies of sales. I end up doing capital markets. Then I go to Drexel, where that was sort of the intellectual capital of knowledge about not just leveraged finance, but really company valuation in some ways. The world really hadn't focused on cash flow a lot enough then, and there's always a balance between growth and cash flow, and they were the experts in cash flow valuation.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“I get that summer job in 1979, which was a great time to start on Wall Street, similar to what Warren Buffett says, you know, we can't ignore the benefits we get from being born in an era. And he points that out about himself, how poorly he would have fared in the medieval times or something like that. I completely acknowledge that. Entering Wall Street in nineteen seventy nine at the beginning of peak interest rates as they start to come down, you see an explosion of demand for experienced people as the industry grows. I am a huge beneficiary of that. So nineteen seventy nine, nineteen eighty summer person on Wall Street eighty one, I'm a summer person, but then I take off in September because I don't have enough money to be the European travel that so many people do when they graduate. So I did my European travel from September through January, which was a little less fun, but still.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I got the job most likely because the fellow who hired me saw my resume and he had grew up in Queens and Jackson Heights and went to Manhattan College and eventually got an engineering degree and a business degree from Columbia. But because his dad was an elevator repairman in Queens, he said holy if I could get to tell my dad that I hired a Yale kid whose father was an elevator repairman, he goes my dad would be proud of me hiring you. So I'm going to give you a job because my dad would be proud of you.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“It was a great time to get to Wall Street. It was actually 1979. I was in college, I was looking for the opportunity to start a career that was different than working on Route seventeen New Jersey at the uniform store. That's where I previously worked, selling police uniforms and security guard uniforms. And I spoke to family members. We had one family member who had good success being in finance. He married into our Norwegian immigrant family. He connected me with some folks at an old company back then called DLJ and some folks at a company called First Boston. One fellow was very kind to give me a summer job in fixed income research, which at that time I thought that meant analyzing the social security system because my grandmother had a fixed income. That's about all I knew about it, despite having a major in economics.”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source
“Guest on today's sponsored insight is Don Mullen, the founder and CEO of Predium Partners, a fifty-one billion dollar specialized investment firm he started in twenty twelve to focus on the US housing, residential and corporate credit markets. In a little over a decade, Predium is rapidly grown to become one of the largest owners of single-family rentals in the country. Prior to Fanding Predium, Don spent 30 years on Wall Street, including Longstints at First Boston Bear Stearns and Goldman Sachs, and Shorter Ones at Salman Brothers and Draxel Burnham Limbaugh. Our conversation covers Don's history on Wall Street, identification of the opportunity in single-family rentals, and path to founding Pretium to capitalize. We discussed the single-family rental market, sourcing and servicing properties, scaling through technology, critiques of single-family rental investments, growing into adjacencies,”
2023-06-29 · Capital Allocators · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · IDENTIFIED FROM THE TRANSCRIPT · source