Building Wealth on Your Own Terms W/Wayne Courreges III
Or listen wherever you podcast!
Episode Description
In this episode of the On The Rise Podcast, host Jeremy Dyer sits down with Wayne Courreges III, founder and managing partner of CREI Partners, recording live from his family's nine-month RV road trip across the country. Wayne shares how discipline, fixed-rate debt, and an unwavering buy box have allowed CREI Partners to grow to over $60 million in assets under management — even while many operators in the multifamily space have struggled. He breaks down his non-negotiable underwriting rules, why he never looks at broker numbers, the case for fixed-rate debt over bridge loans, and why passive investors should be doing deep diligence on the heart of the operator, not just the pitch deck. He also shares his perspective on the RV and boat storage niche and when it makes sense for an investor to go active versus passive. A grounded, practical, and refreshingly candid conversation.
Summary
1. Discipline Over Aggression — Every Time Wayne's approach to real estate is built on one word: discipline. When the market was frothy and brokers were pressuring him to submit LOIs on deals that did not pencil, he simply passed. Because he had a W2 income covering his living expenses, he never had to force a deal just to stay active. That patience is now paying off as he buys properties at significant discounts from their peak pricing.
"If the numbers didn't work, we didn't really fight to make the numbers work. Now we're at a position where we're buying properties heavily discounted from what they were selling for a few years ago."
2. Two Easy No's — Market and Flood Zone Wayne starts his deal screening with two hard filters that eliminate opportunities immediately. If a deal has gone to the open market, he is not buying — his best opportunities come from broker relationships before they are officially listed. And if a property touches a flood zone in any way, it is an automatic pass. There is already enough risk in real estate without adding Mother Nature to the equation.
"Once it goes on market, we're not buying. And once it hits a flood zone — easy, no. There's already risk in real estate. Why add Mother Nature to it?"
3. Fixed Rate Debt Is Non-Negotiable One of the clearest lessons of the 2021-2022 market cycle was the danger of bridge debt used without a genuine value-add component. CREI Partners does not use bridge debt — all properties are on fixed-rate loans, including development deals structured as construction-to-permanent. Wayne does not want to play chicken with markets three years from now.
"We don't do any bridge debt. It's all fixed rate debt. We don't want to play chicken with the markets three years from now."
4. Two Base Hits Win the Game Wayne is explicit with investors about what CREI Partners is and is not. They are not chasing 20% IRR home runs. They are hitting consistent two base hits — deals that cash flow from day one, preserve capital, and deliver predictable returns. He believes that the pursuit of outsized returns is where most operators create the risk that eventually destroys investor trust.
"We'll never come out and say we're 20% IRR. Our investors — we like two base hit runs. I'm not in the business to do home runs. Two base hits wins the game."
5. If You Haven't Had a Black Eye You Haven't Been in Long Enough Wayne offers a refreshingly honest perspective on the reality of commercial real estate — every experienced operator has at least one property that has aged them 20 or 30 years. What matters is not whether you have had a setback, but what you learned from it, how transparently you communicated with investors through it, and what you are doing differently going forward.
"If you've got a sponsor who hasn't had a black eye in their career, they haven't been in real estate long enough. Those lessons learned need to be communicated on what you're doing differently moving forward."
6. Do Diligence on the Operator's Heart Jeremy and Wayne align on one of the most important themes for passive investors — the operator's character matters more than their pitch deck. Track record, presentation skills, and financial modeling are all secondary to the trust, integrity, authenticity, and grit that an operator demonstrates through how they handle challenges, communicate through adversity, and treat their investors when things get hard.
"You want to see grit in the heart of any jockey that's running your investments. That is a huge one."
7. Unless Real Estate Is Your Answer, Partner First When asked about the active versus passive investing decision, Wayne gives direct and honest advice — unless you can answer the question "if you had all the money in the world, what would you be doing?" with real estate, do not try to be the operator. The stress, the complexity, the people management, and the relentless problem-solving required make it a calling, not just a strategy.
"Unless real estate is your answer to that question, maybe look at partnering or joining. Especially when you're working with other people's money — be mindful of partnering first."
8. RV and Boat Storage Is a Growing Niche With High Barriers Wayne's CREI Partners development in Bryan, Texas — 20 by 50 enclosed units with full power, lighting, and 60-foot drive lanes — reached 75% occupancy within a year and a half of opening. He sees the niche growing as more people invest in high-end RVs and boats that cannot be parked in HOA-governed neighborhoods. The large unit format also creates higher barriers to entry than traditional mini storage.
"Whenever you see a nice RV on the road, there's a nicer one next to it. People spend a lot of money on these and they need a place to put them."
Resources
Website: https://www.creipartners.com/
Passive Investing Coaching: https://www.creipartners.com/passive-investor-coaching/
