Often in life, we are faced with drastic changes that force us either to adapt or fall behind. In real estate, this period of adaptation is especially key because if you don’t keep up with the market conditions by adapting your business strategy, then you just might lose out on what could potentially develop into a big opportunity.
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Our guest today is Mark Kenney, a seasoned real estate investor, coach, two-time bestselling author, and founder of Think Multifamily. Mark started in an apartment investing career over 20 years ago as a side hustle, working 80 plus hours a week in the corporate world. He has purchased over 8,000 units in just the past few years, in six different states. In today’s episode, we dive into what is currently happening in the markets from Mark’s point of view, how COVID-19 has affected his business, a few changes that he and his team have implemented, working capital, free webinars, and more!
Key Points From This Episode:
- Mark gives us an update on what is currently happening in the multifamily market.
- Examples of how Mark used the time COVID-19 supplied and how it furthered his success
- An explanation behind the model of holding properties within the syndication space.
- Changes in underwriting that has occurred over the last year according to Mark.
- Mark speculates on cap rates for the next six to twelve months.
- We discuss the criteria, and whether it has changed, for multifamily buying prospects.
- He defines the concept of “loss of lease.”
- We hear about Mark’s preparation for downturns: Keep cash.
- Mark’s method for calculating extra reserve or “working capital.”
- How Mark gained such a high level of self-discipline.
- Daily habits that contribute to Mark’s success.
- How he would go about his first deal differently: Raising more capital.
- A recently implemented business improvement: Using more data.
- His best source for meeting new investors: Free content and webinars.
- Number one thing that’s contributed to Mark’s success.
- How Mark likes to give back: Educational platform and human/sex trafficking.
[bctt tweet=”When you’re preparing for a possible downturn, I think you should always try to have working capital. You want to have contingency and you want to have extra in that contingency. — Mark Kenney” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Mark Kenney
Mark Kenney is a seasoned real estate investor, coach, two-time best-selling author, and founder of Think Multifamily. Mark started his Apartment Investing career over 20 years ago as a side hustle, while working 80+ hour work weeks in the corporate world. He has purchased over 8,000 units in just the past few years in six different states. Mark has a passion to help others achieve success quickly in multifamily investing. He specializes in educating others on how to go BIG, fast through syndication! In his first year of coaching, he helped others acquire 6,000+ apartment units worth over $380M. The smallest deal any of his students purchased is 90 units, so, it is possible to go BIG, fast even if you don’t have any experience! His coaching style is “no fluff” and he is passionate about results and providing unmatched service! Mark is a graduate at Michigan State University in Accounting and is a CPA. He has also provided IT consulting for 20 years and is leveraging his vast IT experience to bring new creative technologies that will help others in the multifamily space. He has worked for organizations such as KPMG Consulting, EDS, SAP, HP, and founded Simplifying-IT which provides IT services to fortune 500 companies.
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