His $1.5M Apartment Renovation Blew Up to $3M — Here’s How He Survived It, with Joe Rinderknect, Ep. 768

Joe Rinderknecht is the founder of Upgrade Partners Capital and Cowboy Capital, a real estate investment firm specializing in acquiring and operating value-add multifamily properties. With deep roots in ranching and a background in construction, Joe brings a hands-on approach to real estate, backed by years of entrepreneurial experience. His journey from working blue-collar jobs to managing complex multifamily assets reflects his drive to create generational wealth and live intentionally. In the past year alone, Joe and his partner Levi have closed on 419 units across several states—all while keeping family and values at the center of their mission.

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Key Takeaways

• Learn why having a strong partnership can unlock rapid portfolio growth

• Understand how hands-on experience helps overcome construction challenges

• Discover the importance of aligning business strategy with personal values

• Get practical advice for vetting contractors and managing budgets

• Hear how transparent communication saved a struggling project

Topics

Joe’s Ranching Roots and Entry Into Real Estate

• How Joe’s upbringing on a ranch and construction background shaped his work ethic

• Transitioning from manual labor to entrepreneurship and finance

Hands-On Multifamily Management

• Lessons from managing an 80-unit property with high vacancy and crime

• Building operational skills through property management and acquisitions

The $3M Renovation Journey

• What went wrong on a 1951 property rehab—and what saved it

• Learning to navigate capital calls and manage contractor relationships

Lessons in Construction Oversight

• Why multiple contractor bids are essential

• Realizing cheaper isn’t better when scaling projects

Building a Powerful Partnership

• How Joe found a long-term partner after multiple failed ones

• Dividing responsibilities and scaling with aligned values

Family First, Empire Later

• Why Joe and his partner are intentionally staying lean

• Long-term vision to build a bigger business after their kids are older

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Round of Insights

Failure that set Joe up for success: Under-communicating with investors during a major renovation project. The experience taught him the importance of having difficult conversations early, which ultimately strengthened his investor relationships and led to repeat capital commitments.

Digital or mobile resource recommended: Podcasts (especially for cutting down learning curves), including Multifamily Insights.

Book recommended most in the last year: Best in Class by Gary Lipsky

Daily habit that keeps him focused: Every night, Joe shares his daily wins and top three tasks for the next day with a coach to stay accountable.

#1 insight for overcoming obstacles: Action cures anxiety. Make decisions quickly and move forward—inaction only makes problems worse.

Favorite restaurant in Idaho: Red Net Sushi (a go-to spot for Joe, who loves sushi).

Next Steps

• E-mail Joe at joe@cowboycapital.us

• Check out Joe’s website, cowboycapital.us

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