Business
Mark Kenney is a seasoned real estate investor, entrepreneur and founder of Think Multifamily. Mark started his real estate career over 20 years ago and has extensive experience in property valuation, acquisition, and operations. He has a passion for helping others succeed in the multifamily arena. Mark has invested in over 3,500 units and has a top-notch reputation among the multifamily investment community a trustworthy and highly experienced sponsor and syndicator. His coaching program helps aspiring investors making the jump from single family to multifamily investments and guides them through properly syndicating deals. TIPS: (5:42) Network and build relationships with prospective investors well before your first investment (meetups, social media, conferences, etc.) (11:01) Do not cut corners when building your deal team, from attorney, mortgage broker and lender, insurance broker, contractor, property management company, etc. (14:51) Partner up with more experienced investors if necessary to qualify for loan (16:10) Do not submit a LOI (Letter of Intent) without underwriting and physically visiting a property first. (22:01) Choose your team members wisely... (32:52)Every deal can look good on paper… (23:06) Never buy an existing entity - always structure your property investments as asset purchases (26:28) Be aware of and prepared that a lender may change the terms a few days before closing (lowering loan proceeds, reducing interest-only period, etc.) (27:40) Compared to bank and agency loans, bridge loans come at a much higher cost (29:20) Do not shop a deal with multiple commercial mortgage brokers or insurance brokers - Brokers not only seek out the lenders that are the most suitable for a transaction, they are your advocate and fight behind the scenes to get a deal closed. (30:02)BiggerPockets is a good outlet for someone starting out and get ideas/feedback from members (35:15) Not all commercial property investments are equal; learn about the risks and intricacies of each asset type such as hotels vs. multifamily (36:40) Do not be afraid to audit the books prepared by a property management company Please do not forget to sign up for Think Multifamily’s F.I.R.E. event on September 22 and 23: https://go.thinkmultifamily.com/fire-summit-home Use code MEETUP to save $100 off the regular price! Mark@thinkmultifamily.com https://thinkmultifamily.com/ Facebook: https://www.facebook.com/multifamilyinvestors/