Scaling your business is not just about expanding your portfolio; it’s also about growing as a person. New deals bring new challenges you have to overcome, and by pushing through, you will come out better on the other side. Today’s guest, Mark Davenport of Levare Properties, joins us to talk about the importance of getting past fear and self-limiting beliefs so that you can scale and succeed.
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In this episode, we talk about the transition Mark made from a music career to real estate investing and why jumping in rather than planning perfectly is often the best decision. Mark shares the details of a 12-story building he bought in February, just as the pandemic was starting to take hold. We hear about how he financed the deal, what he learned, and how it has motivated him to reach for even more. Our discussion also touches on not getting emotionally-attached to assets, taking risks, and working with the best people you can. For all this and more, tune in today!
Key Points From This Episode:
- Get to know Mark and hear about his journey from music to real estate.
- How Mark fell in love with real estate and the organic way he scaled his portfolio.
- You do not need a well-thought-out plan to take action; you can start and tweak as you go.
- What taking a risk looked like for Mark and how was able to scale because of it.
- How Mark and his partner, Phoebe, work together and share responsibilities.
- Details about a deal Mark did in February 2020, where they purchased a 12-story block.
- Some of the major lessons Mark learned from this big deal.
- Financing the deal and why Mark decided to go with a local bank as the lender.
- Hear about what the hardest part of commercial real estate for Mark is.
- Why investing in affordable housing is a great way Mark protects himself from downturns.
- Mark’s predictions for the next 12 months in real estate.
- How passion and desire help Mark stay disciplined and motivated.
- A recent business improvement, the biggest contributor to Mark’s success, and giving back.
[bctt tweet=”The key for being aggressive for me was appreciating the past, enjoying it, seeing it for a good – if you’ve developed a situation, you are now in a better situation. Then, also seeing well, if I cash this in, I can make plays from here on out and I can go to the next level. — Mark Davenport” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Mark Davenport
Mark Davenport and his partner, Phoebe, got started in real estate when they bought a single-family fixer-upper in NH in 2009. Halfway through renovations, they had an epiphany – ‘let’s not work to pay a mortgage for the next 30yrs… let’s build passive income through real estate instead’. So, they finished that single-family renovation then sold the property and got to work on a foreclosed duplex. Next was a fourplex. Nine months later, both were sold and two six-unit buildings were on the books, along with a three-unit and another foreclosed duplex. Having relocated from NH to Brooklyn, they optimized these buildings through new management and renovations. Now living in Kansas City, Mark and Phoebe have made another leap by selling their NH portfolio of 18 doors and investing in a 73-unit tower and a 33-unit historic repurposed hotel.
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