Innovator, Leader, Pilot, War Veteran, Developer, Visionary,– Just a few words to describe a remarkable man who has lived a remarkable life. This is an interview of Entrepreneur Van Stayton. He is a real estate developer that owns several housing projects around the country including “The Summit” student housing apartment complex located in close proximity to Western Carolina University. A man with remarkable work ethic and a natural ability to visualize potential assets where many fail to see opportunity.
VAN A. STAYTON
Valcron Builders, LLC
An affiliate of STAYTON HOMES, LLC
Owner of The Summit Apartments in Cullowhee, NC
1.) What is your educational background and previous work experience?
I graduated from North Fulton High School- Atlanta (Buckhead) in 1961. I had transferred into NFHS my junior year from Paris, Texas High School. I attended Western Carolina on a partial football scholarship and graduated in the class of 1965 (graduated early in November of 1964). After graduation, I entered the U. S. Navy and began officer and flight training in January of 1965. After earning my Naval Aviator wings, I was assigned to San Diego, and flew E-2 Hawkeyes aboard the USS Kitty Hawk. We deployed twice to Vietnam and flew missions in the Tonkin Gulf. After my 5 year contract was completed, I moved back to Atlanta. I went to real estate school and searched for all of the real estate education that I could find. I even took one course in real estate development at Georgia State University. After this course and a few non-credit seminars, I figured out that the most money in real estate comes from developers and owners of commercial real estate. After 2 + years as a real estate agent, I was hired as a pilot in 1972 for Western Airlines in Los Angeles. I spent the next 20 years out west living in Seattle, Los Angeles (Thousand Oaks), and Salt Lake City. Western merged with Delta in 1987. During my 29 years in the airline business, I was licensed as a real estate broker in 4 states due to transfers. Being an airline pilot allowed me to pursue a parallel career in real estate development. This included completion of all the academic courses from the Certified Commercial Investment Division of the National Association of Realtors. It was one of the few places that this education was available from experienced people and not college professors. While living in Thousand Oaks, California, a friend of mine, who was a United pilot, put together a 23 house subdivision. I also developed an 8,000 square foot office building. During my time with the airlines, I completed 15 semester hours from the University of California Berkeley School of Business. This was done to supplement the vast knowledge necessary to be a successful developer and owner. This included tax analysis, managerial accounting, and several other necessary skills needed to develop and own properties. After being transferred to Atlanta in 1994, I teamed up with one of my fraternity brothers who had developed student housing at UNCG. By 1997, I had found a suitable site in Cullowhee that ultimately became the Summit at Cullowhee student housing project (now 314 bedrooms). With my background, I identified the property, researched the utilities, formulated the costs, negotiated the raw land purchase, and did the feasibility and proforma presentation to Wachovia Bank. In 2005, I obtained my General Contractors License and subsequently developed, built and sold one of the first condo projects in Cullowhee: Brighton Place, 12 units.
2.) What were your deciding factors/motivations to pursue a career in the Real Estate industry?
From day one, I was always a dual career type of person. While in the Vietnam War, aboard the USS Kitty Hawk, I took courses from the University of Tennessee.
3.) What are some of the biggest challenges you face on a regular basis in your business?
I would say the biggest challenge would have to be government regulation for properties, land, building code, etc..
4.) What advice would you offer to someone interested in pursuing a career in Real Estate?
Find the area of Real Estate that most interests you and something you can see yourself doing every day. There are numerous segments in the business. This ranges from brokerage, financing, developing, property management, and several other possibilities within the industry.
5.) How was your business affected when the housing market bubble crashed after 2006?
We found ourselves in a “break even mode” for at least a period of 3 years.
6.) After the market started to decline, did you see an increase in the number of people opting to rent homes rather than purchase?
We saw a significant increase in rental housing demand. Appraisers ran scared and few new housing was being built at the time.
7.) What experience do you have working with rental companies in your business?
We have a professional real estate management team that manages the Summit at Cullowhee. I personally manage all of my smaller properties.
8.) Have you ever worked with the buying, selling, or building of commercial properties? If so, how is this different from the residential buying/selling process?
Absolutely. A developer has to have one different key ingredient in his personality over the residential market: VISION. You must be able to visualize potential projects and see opportunity where others can’t. Creativity is also a real asset.
9.) What would be your work schedule for a typical week?
About 15 hours per week watching over personal rental properties that have a potential for bigger projects.
10.) What type of advertising methods do you use to broadcast your business?
Depending on the property, social media is the best place. I like Craig’s list for a starting point. Then a solid and functional web site and personal contacts to people that I know or have worked with in the past.
11.) What do you find to be the most rewarding thing about your job?
As a successful real estate developer, I get some of the same satisfaction that I am sure Rembrandt got from his fine art work or Beethoven from a great classic piece.
