Two childhood friends have rapidly built a significant real estate portfolio in Buffalo, New York, by focusing on a specific investment strategy. Connor Swofford and Pieter Louw acquired 24 rental units in less than 12 months, committing only about 10 hours a week to their side project.
Their success hinges on targeting multifamily properties in need of renovation within one of the nation's most competitive housing markets. By using creative financing and a clear operational plan, they have managed to scale their investments without using much of their own capital.
Key Takeaways
- Connor Swofford and Pieter Louw grew a real estate portfolio to 24 units in under one year.
- Their strategy focuses exclusively on multifamily properties with three to 10 units in Buffalo, NY.
- They utilize the BRRRR (buy, rehab, rent, refinance, repeat) method to finance growth.
- Buffalo's market conditions, including affordability and job growth, are central to their success.
- The investors manage this as a side project, dedicating no more than 10 hours per week.
A Focused Strategy on Multifamily Properties
Swofford and Louw began their joint venture in October 2024, starting with a three-unit property. Since then, they have remained committed to buying multifamily buildings, which are single structures divided to house multiple families in separate units.
While they initially purchased some duplexes, their focus has shifted to larger properties with at least three units. According to Louw, who is a real estate agent based in Buffalo, the financial returns are more compelling with larger buildings. "The cash flow and cap rates are a lot better," he explained, noting that in their market, it represents a "more lucrative and safe investment."
This approach is particularly effective with their chosen financing model, the BRRRR method. This strategy involves buying a distressed property, renovating it, renting it out, refinancing to pull capital out, and then repeating the process. The key for Swofford and Louw is finding properties that don't require a complete overhaul.
Generating Income During Renovations
A crucial part of their selection process is identifying multifamily buildings with at least one unit that is already livable. This allows them to generate rental income immediately, which helps cover expenses while they renovate the other units.
Louw described a recent acquisition of a five-unit building as a prime example. "Two of the units are occupied and we're redoing the other three, so those two units are covering our monthly expenses while we're redoing the others."
Operational Efficiency
Managing renovations in a single multifamily building is far more efficient than overseeing work on multiple single-family homes scattered across a city. Contractors can move sequentially from one unit to the next within the same building, minimizing travel time and logistical complexity. "The plumber just goes from one to the next. The electrician follows behind," Louw added.
Why Buffalo is the Ideal Market
The decision to invest exclusively in Buffalo is strategic. Louw has lived in the city for a decade, giving him a deep network of local contacts, including contractors, agents, and fellow investors. This local expertise is invaluable for sourcing deals and managing projects effectively.
Buffalo's housing stock also aligns perfectly with their investment thesis. Multifamily properties are "extremely common" in the city, a legacy of its history as a major industrial hub at the turn of the 19th century. "There were a lot of families moving here to work," Louw said. "And with big families, the theme back then was separation of living space but being in the same home."
A Booming Real Estate Market
Buffalo has been recognized as one of the nation's top housing markets. Zillow named it the "hottest" market in both 2024 and 2025, citing its relative affordability and significant job growth. This economic revitalization has made it an attractive destination for real estate investment.
The City's Economic Rejuvenation
Louw noted that he moved to the city at an opportune time, just as its revival was beginning. Buffalo, like many classic "steel cities," experienced a population decline in the 1970s and 80s as manufacturing jobs moved overseas. This led to historically low property values.
"The average home price in Buffalo 10 years ago was ridiculously low compared to the national average," he said. While prices are now rising, the market remains more affordable than many other major U.S. cities.
This affordability, combined with new economic opportunities, is drawing a new demographic to the city. The rise of remote work has encouraged people from more expensive areas like New York City to relocate. Furthermore, initiatives like 43North, which invests $5 million annually to attract high-growth companies, are bringing young, well-paid professionals to the area.
"We have all these young adults coming in that are making good money. As a result, we have a lot of people that want these higher-end rentals that we're offering."
Scaling as a Side Project
Despite their rapid success, Swofford and Louw remain committed to keeping their real estate venture a part-time endeavor. Swofford, who lives in Charleston, works as a startup consultant, while Louw maintains his career as a real estate agent in Buffalo. Their partnership allows them to leverage their distinct skill sets while managing the workload from different cities.
They have no immediate plans to expand their search beyond Buffalo. The goal is to continue growing their portfolio without letting it become a source of stress or interfere with their primary careers.
"We're scaling phenomenally, but we don't want it to get to the point where it detracts from our other careers that we have going on and becomes another stress or too consuming," Louw stated. Their disciplined approach ensures the project remains what it was intended to be: a fun and profitable collaboration between friends.
For now, their focus is clear and unwavering. "For the foreseeable future, we're all in on Buffalo."
