Young Trio Takes 'Be Your Own Boss' To An Attention-Earning Level
April 7th, 2013, 7:13 AM
Most guys in their 20s have an apartment or maybe own a reidence. Kirk Pinho of Crain's Detroit Business introduces a trio of young Bloomfield Hills moguls who bought 1,800 apartments in four states.
And they're just ramping up.
By the end of the year, they hope to triple their portfolio to more than 5,000 units.
The investment partners are Tyler Ross and brothers David and Michael Colman. They formed ROCO Real Estate, Inc. (as in ROss-COlman) at the start of 2012, Pinho reports.
It has amassed a $105 million portfolio of 1,800 apartment units at nine complexes in Michigan, Florida, Ohio and Mississippi.
And the Colman brothers and Ross -- all of whom are in their 20s -- believe they are just getting started.
"We have 40 years ahead of us to try to build this and make it successful," Ross said.
Ross and Michael Colman are 27, while David Colman is 25.
"It took a while to convince people we were serious, that we had the capability," said Ross. . . . "Once we closed that first deal in Lansing, then everyone started to pay less attention to our age."