Mark Kenney knew he had to make a change. After his wife, Tamiel, expressed concerns regarding their marriage due to his long work hours, they agreed to focus on buying commercial apartments to generate passive income. Fast forward and they now own over 3,600 units. In addition, last year they helped others acquire 2,500 units. Today, Mark shares why apartment investing was the solution he needed to balance his financial goals and family commitments. In addition, he talks about the Dallas market and other areas, he’s investing in currently.
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Key Market Insights
Mark and his wife Tamiel are the founders of Think Multifamily
Has invested in multifamily for over 20 years
Dad talked him out of his first real estate deal, partnered with his brother on first deal
Was working IT 80 hours a week, but his marriage was at risk
He and Tamiel decided to start investing in larger apartments to provide passive income
Purchased in Dallas and Mesquite starting out
Believes many people are paying too much in Dallas right now
Underwriting Tips: Get property management company to provide pro forma on the property, involve your lender early, and include a property tax expert
Active in 5 states – TX, FL, AL, GA and TN
Focused on this markets due to growth in population and job
Landlord-friendly markets with lots of development
Can use Yardi and CoStar for data, but focus more on boots on the ground contacts
Started training others through webinars and meetups
Created a group to help others get into multifamily and helps others do deals
Bull’s Eye Tips:
Winning Your Market: Be easy to work with
Tracking Market Changes: Talk to the experts that do it daily
Daily Habit: Work on highest priority things first
Resources:
Best Business Books:
Get a Grip by Gino Wickman
Digital Resources
In-House Resources
Tweet This:
“I knew I had to do something different, but my why was big enough to figure it out”
“A property management company that manages in a sub-market is going to know the area better than I ever will”
Places to Grab a Bite:
Connect with Mark:
Email: mark@thinkmultifamily.com
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