Ex-Morgan Stanley Analyst Forms Firm to Buy Rental Homes

Oliver Chang, the former head of housing strategy at Morgan Stanley, said his new company aims to spend as much as $1 billion in the next two years buying rental homes, targeting low-cost houses that need major renovations.

“We’re looking for homes that are undervalued and need repairs,” Chang, who left Morgan Stanley in May, said in a telephone interview. “There’s not as much competition to buy those houses, so the price is lower.”