347: Using Multifamily Syndication to Reach 5,000 Units with Mark and Tamiel Kenney
On today’s show, a married couple who scaled to 5,000 units together!
Brandon and David interview Mark and Tamiel Kenney, a husband and wife team who buy large apartment complexes through the power of syndication. This mighty couple shares some great insight into how to find the right partner, how to set expectations with your agent (or team member) in the beginning, and how coming up with strict criteria helped them overcome their fear of getting started.
You’ll love their advice on what they learned in the first 12 months to help them land their first deal, how they split profits with investors, and which are the most important fundamentals for any multifamily investor to learn. You DO NOT want to miss their advice on following up after meeting with brokers or investors. Plus, they reveal the most common trait successful syndicators share.
Mark and Tamiel go on to share how they’ve struggled with—and overcome—the difficulties of balancing a demanding business while still carving out valuable family time.
Don’t miss this episode, and subscribe to the BiggerPockets Real Estate Podcast so you won’t miss the next!
In This Episode We Cover:
- What to look for in partners
- How to have conversations with brokers and managers to set expectations
- What they learned in their first year that allowed them to land their first big deal
- The importance of strict criteria
- Mistakes they made that prevented them from being successful
- How they find deals their investors will want to invest in
- How to provide clarity to help investors feel comfortable moving forward
- How to use social media to build your database of partners, investors, and brokers
- Advice for standing out from other buyers when interacting with brokers
- How they split up the various tasks of their business
- How a typical syndication split looks in their deals
- What success looks like in their family and business
- Why learning the fundamentals is more important than complicating your business
- And SO much more!
Links from the Show:
Click here to listen on Biggerpockets: https://www.biggerpockets.com/show347