In real estate syndication, sealing your first deal is a milestone. This is an official first step of new syndicators and this signals the start of their career in the industry. In today’s episode, KRI Partners founder and managing director Ken Gee tells us why your first syndication deal cannot struggle.
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In our conversation with Ken, we get to know him and his over two decades of experience in the real estate business. Ken also talks about his third-party management firm that helps manage new syndicators. Ken details how they help new syndicators manage their deals and at the same time teach them to learn the ropes in the industry. We also talk about how to really deep dive into the numbers and know the ins and outs of the business. Ken also emphasizes the importance of networking as relationships are key to last in this industry. We have so much to learn from this man so better start listening now!
Key Points From This Episode:
- Ken talks about focusing on multifamily and value-added deals.
- How to start your funds successfully.
- Ken details how he helps new syndicators.
- How to become the best of the best in the syndication business.
- Where else can you find experience in real estate syndication aside from having a mentor or a third-party management company
- Ken talks about the importance of having a lot of patience in the business.
- How operators can prepare for a downturn.
- Ken’s predictions of the real estate industry in 6-12 months.
- The daily habits that keep Ken disciplined, the biggest contributor to his success, and how he gives back.
- Ken shares how he improved his syndication business.
- Ken’s best source for meeting new investors
“So what I encourage our clients to do, and anybody that I’m talking through, especially new in this business, is to really do a deep dive into the numbers.” [0:04:41]
“The best way to build confidence is to build knowledge because as soon as you understand what’s going on, your confidence is just gonna come automatically.” [0:05:56]
“In our world, I like to say experience is extremely important. So, find that experience somewhere, either it’s a mentor or a third-party management company like ours.” [0:07:41]
“I’ve always told people the best advice is not the advice you get from a salesperson, it’s from the advice that you just flat out paid for because whether they give you what you want to hear or not wanna hear, they’re still getting paid.” [0:10:00]
“Your goal every day is to become smarter and more valuable as a person, whether you’re reading a book about real estate or life or people or whatever it is. Every new skill that you can bring to bear in business is helpful.” [0:19:23]
Links Mentioned in Today’s Episode:
About Ken Gee
Mr. Gee is the founder and managing partner of KRI Partners and the KRI group of companies. He has more than 24 years of significant real estate, banking, private equity transaction, and principal investing experience. Throughout his career, he has been involved in transactions valued at over $2.0 billion, much of which has included the acquisition, management, and financing of various multi-family real estate projects as well as playing a significant role as a member of due diligence and transaction structure planning teams for several private equity firms specializing in the small and middle markets.
Before forming KRI Partners, Mr. Gee was a tax manager with Deloitte & Touche LLP where he focused his practice on state and local tax planning, merger and acquisition due diligence, and transaction structure planning for private equity and middle-market companies. Some of his major clients included The Riverside Company, Key Equity Capital Partners, Blue Point Capital, Linsalata Capital Partners, The Zaremba Group, Charter One Bank, and Applied Industrial Technologies, Inc.
Prior to his career at Deloitte & Touche, Mr. Gee spent several years at National City Bank (now part of PNC Bank) where he served as a commercial loan officer, credit analyst, branch manager, and mortgage loan originator during his career with the bank.
Unrelated to his real estate experience, Mr. Gee also owned and operated several certified Cessna Pilot Centers in the Northeast Ohio area. These Cessna Pilot Centers operated an FAA-approved professional pilot school which was part of the Delta Connection and specialized in the sale of new and pre-owned aircraft.
Mr. Gee is a licensed Ohio Certified Public Accountant. He received his master’s degree from Case Western Reserve University’s Weatherhead School of Management and his B.B.A. from the University of Toledo. He is a member of the National Apartment Association, Florida Apartment Association, Bay Area Apartment Association, Apartment Association of Greater Orlando, First Cost Apartment Association (Jacksonville), Northeast Ohio Apartment Association, Ohio Society of Certified Public Accountants, and American Institute of Certified Public Accountants.
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