On April 12, 2018, Mike Schocker, president of FOURMIDABLE, was interviewed by Kevin Price, host of nationally syndicated radio show, Price of Business. Here is an excerpt of the wide-ranging interview, which you can hear on Sound Cloud at https://soundcloud.com/user-759550640/4-12-18-michael-schocker-expansion-of-company-into-ohio-and-new-multifamily-properties
Kevin Price: Welcome back to The Price of Business. I’m really excited about having Michael Schocker back on the program. He’s been on before. He’s with a cool company called FOURMIDABLE.
And you guys have a huge footprint, not only in the Midwest where you and I are both from—every time we get together, we go down memory lane even though we both lived on different streets, but we were in the same neck of the woods, like you say. And so, Michael, love having you on the program. Kind of give us the story of your company. And man, you’ve got so much expansion going on. It’s phenomenal.
Michael Schocker: Kevin, thanks for having me back on. I really appreciate the time. We are a Michigan-located company just right outside of Detroit. We actually just celebrated our 43rd year in business. And generally speaking, our business is to operate apartment communities in and around the country. So presently, we have roughly 10,000 units located in 13 different states.
A lot of that expansion has taken place over the last, say, four or five years. We’re really getting a pretty strong presence down south—Tennessee, Mississippi. Interestingly enough, I know you’re a Michigan guy, but we’re expanding into your neck of the woods, and we’ll be right outside of Corpus Christi opening a new property this summer. That’s our first expansion into Texas. We are as far west as Oklahoma and as far east as South Carolina and Maryland.
Kevin Price: Yeah, but you’re going to take over the world.
Michael Schocker: Well, I don’t know about taking over the world, but we are definitely a growth-minded company. And it’s an exciting place to work. And I work with just some wonderful coworkers that allow us to really take on more properties and expand our presence in the different markets.
Kevin Price: Love it. So, Michael, kind of give us a panoramic overview of the types of properties that you have.
Michael Schocker: When we bid on different properties and things like that, Kevin, one of the things I like to talk about is not only our lengthy experience, which I mentioned with the 43 years in business and the tenure of a lot of the employees here, my coworkers, is really, really pretty strong, so we have a lot of experience, but outside of that, we do have a diverse portfolio. So, we don’t specialize just in what we would call market rate or conventional properties. We also specialize in tax credit properties. Senior housing, we have a big footprint in. We actually are a public housing management company as well, and we’re one of the larger providers in the state of Michigan for public housing. We manage communities for Detroit Housing Commission, Pontiac Housing Commission, Romulus Housing Commission. So, besides the experience, we definitely have the diverse portfolio type that we like to push out there as we meet with new groups because you never know exactly where it’s going to go and the types of different properties that are available for us to operate.
Kevin Price: What’s the good news, Mike?
Michael Schocker: Well, the good news has to do with the expansion too. As I mentioned, we are opening a property this summer in Texas. I’m actually going to head down there next week, spend a little time in Austin for a conference. And then I’m going, like I said, to Bishop, Texas, which is just southwest of Corpus Christi. And we’re going to see how that property’s progressing. It’s a new construction, so it’ll be interesting to see how things are moving forward.
Kevin Price: Talk a little—explain the expansion. What do you see happening? And why is this happening? And again, congratulations.
Michael Schocker: Why do I see it happening is just that the rental market, and really all the geography that we operate. is just really that strong. So, investors are really putting their money back into multi-family assets, whether it’s purchases or new constructions. It’s just the safe way for investors to invest money nowadays. And so, from the business side, even though prices have gone up and the purchase price to buy these assets are getting more and more expensive, there’s definitely still a strong demand for it, which helps companies like ours because when they do purchase these things, they look for a professional management company. And that’s where we fit in. So obviously, the economy is pretty strong today. The rental market is just as strong as the economy. So that’s just been a great recipe for companies like ours to kind of continue on our expansion.
Kevin Price: Yeah. No question about it. I really enjoyed our time, always do, Michael. We’ve got just 30 seconds. I want to give you a chance for final thoughts as we wrap it up.
Michael Schocker: Again, I work for an outstanding company. I really enjoy it here. We’re growth-minded. We’re really getting into the new markets, which my favorite part of that is I get to meet new people and come to new areas and learn about the culture and the background and everything else like that. That’s probably my favorite part of the job, the travelling and meeting new people and seeing new things. And along with the business growth, it’s just been a good couple of years for us here at FOURMIDABLE.
Kevin Price: Well, it’s good always to have you on. Love hearing about your progress. I hope you keep us abreast. And when I come out to Michigan, I’m going to have to come check out your facilities up there when I get there. Kevin Price is your host. This is the Price of Business. Really enjoyed my time with Michael Schocker. The website—Fourmidable—that’s a u in there in that four—fourmidable.com. Make sure you check them out. And, by the way, we are nationally syndicated on the Biz Talk Radio Network.