More and more real estate investors are forsaking single-family homes in favor of purchasing apartment communities in areas with low vacancy rates. One such investor is Spencer Cullor, founder of Kansas-based Cullor Properties/ApartmentVestors. He purchased his first apartment community in 2006 prior to the housing market's implosion. "A lot of people start with a four- to eight-unit and work their way up," said Cullor, who switched his business from building single-family residentials to spec on farmland and transferred to investing in multifamily. "We even started our business like that." Today, he has ownership stakes in 400 rental units across three states -- Kansas, Missouri, and Oklahoma -- and is next looking to set its sights on Texas.
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