A first deal at 19. A growing business at 23.

Starting young

Caleb joined the mentorship at 18, approaching 19, and bought his first property at 19. His earlier member account described 28 units owned and another 24 under contract. In this interview, he and Christian discuss how his business developed over the following years.

Related reading: 413 Units at 23: Caleb Hommel on Senior Housing and Speed

By 23, Caleb was working on much larger apartment purchases through joint ventures. He describes meaningful ownership interests in those partnerships, rather than owning every unit outright. An upcoming 81-unit acquisition would bring the portfolio he participated in to 413 units. That purchase was still scheduled to close when the conversation was recorded.

The property he enjoys running

Asked to choose a favorite, Caleb points to a 44-unit senior community. He talks about the residents’ seasonal gatherings and the satisfaction of providing a place where people want to stay. Those day-to-day experiences matter to him alongside the financial performance.

The building also taught him an operating lesson. Caleb and Christian describe a period with several vacant units, followed by improved occupancy after they established consistent on-site office hours with the right manager. Prospective residents wanted to visit and speak to someone in person.

Building the team around the buildings

As the portfolio grew, management became a bigger part of Caleb’s work. He explains how nearby properties can share staff, while entering a new market means building that support again. A deal has to make sense with those operating costs included.

He also continues to seek out experienced operators. In the interview, he describes arranging a conversation with the owner of a large property management business through a broker relationship. Learning from people who have already built the next stage of the business remains part of his approach.