In 2013, Carl made several observations that ignited him to form his own real estate investment company.
Carl noted that developers and ‘flippers’ were so focused on making money that they made the minimum amount of improvement needed to sell a property. Properties tended to look the same; they were done with cheap materials and little accountability for work. There was no originality, no innovation, no warranties, no branding and no customer support. Nothing elevated one company above another.
He also realized that in the future there would be a shortage of lucrative ‘fixer’ properties to snap up as there were fewer and fewer foreclosures or ‘short sales’ in high end areas of Silicon Valley.
With these observations top of mind, Carl formed Citadel RE & Investments LLC with several partners and investors. From a variety of both technical and financial backgrounds, together they assembled a team of over 15 talented members specializing in different areas: real estate development and finance, construction and renovation, architecture, design and state of the art technology.
To give Citadel a competitive edge, Carl and his team were enterprising and energetic in developing relationships and connections with business partners who could source lucrative off-market properties and in so doing sidestep competition. In just a few months, due to Carl’s instinct and efforts, Citadel had at least 30 off-market deals brought to them for review.
To be able to control quality, cost and service levels for their projects, Citadel formed Platinum Construction and Remodeling Inc. Later, they added the Platinum Flooring Company for additional leverage. With an in-house contractor group, Citadel was able to implement a Citadel + Platinum Construction Workmanship Warranty on all of their homes to assure buyers that their homes were renovated with the utmost attention to quality and detail.
Citadel formed dealer partnerships with Sonos and Nest so they could efficiently implement smart home features on their homes. Most Citadel homes now come with wall mounted iPads, Sonos speakers in each room, Nest Thermostats, Nest Smoke/Carbon Monoxide, Nest Drop Cams and an advanced three-stage alkaline drinking water system from Nuland.