Episode 204: Joe Rinderknecht — The Missoula Deal

🎙️ Welcome to the Deal Junkies Podcast – the ultimate resource for real estate investors. Hosted by four experienced investors who’ve closed over $500 million in transactions, this podcast is packed with strategies and stories to help listeners build wealth and scale their portfolios. Our main goal with this podcast is simple, turn you into a Deal Junkie, too. If you’re ready to invest alongside our team or want to learn how we build and scale deals, click here: https://stackassetgroup.com/contact Joe Rinderknecht of Cowboy Capital is back with the Junkies to break down one of his favorite deals. Joe walks through the 54-unit apartment acquisition in Missoula, Montana that Cowboy Capital purchased in September 2024. Originally listed for $6.5 million, the team moved quickly, underwriting the deal immediately and putting earnest money down on day one. After negotiating directly with the seller, they secured the property for $6.8 million, even after a higher competing offer came in. At the time of purchase, rents averaged just $783 per unit and most tenants were month-to-month. After implementing roughly $13,000 per unit in renovations and executing a strong rent repositioning strategy, the property has dramatically increased in value. With an all-in cost around $7.5 million, the asset is now being marketed near $11.8 million. Joe also shares how Cowboy Capital operates with a small but efficient team and why tight operations matter when scaling deals. We get into one of his toughest early deals that dragged on for years and barely broke even, proving that every investor has scars along the way. The episode also highlights Joe’s nonprofit, Tiny's Tribe, which supports families dealing with tragic life events by providing financial help, food, housing improvements, and support to help people move forward. This one is a deep dive into deal structure, execution, and the lessons that come from both wins and setbacks.