Think Multifamily Podcast
Investing for your family’s future has never been explained like this! Apartment investors of the Think Multifamily brand, Mark and Tamiel Kenney, outline the path to success through multifamily investing in this week-to-week, content-rich podcast. From the power couple that leveraged 1 duplex into 6500+ units in 3 years, you’ll discover that time, money and freedom don’t have to be sacrificed in order to create your legacy. If you’re looking to work less, earn more and secure a financial future for your family, you’ll find immediate solutions in this podcast.
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Multifamily Asset Management Best Practices with Mike Kenney (Part 2) | Ep. 159
08/09/2023
Multifamily Asset Management Best Practices with Mike Kenney (Part 2) | Ep. 159
If you asset manage long enough, you'll deal with a homicide, an arson, or a car crashing into your building. That's not worst-case — that's Tuesday. In Part 2 of this conversation, Mark Kenney sits down with his twin brother Mike Kenney — a 20-year real estate veteran — to go behind the scenes on what multifamily asset management actually looks like. No theory. Just real situations, real decisions, and hard-won lessons from managing properties across multiple markets. In this episode you'll learn: · Why the same leasing strategy can fail on one property and work perfectly on another just 300 feet away · How to structure staff bonuses that drive occupancy without letting in unqualified tenants · When to increase marketing spend — and how to use ILS platforms and pay-per-click strategically · What asset managers can (and can't) control when it comes to evictions and K-1 timelines · The mindset shift every asset manager needs when the unexpected happens This is the real, unfiltered side of apartment investing that most people never talk about. Ready to learn alongside serious multifamily investors in person? Join us at our next live event at Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify. Read the full podcast shownotes, timestamps, resources, and key insights from this episode here:
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What Is a Multifamily Asset Manager? With Mike Kenney (Part 1) | Ep. 158
08/02/2023
What Is a Multifamily Asset Manager? With Mike Kenney (Part 1) | Ep. 158
Most people think they want to be a multifamily asset manager. Then they actually do it. In Part 1 of this two-part series, Mark Kenney sits down with his identical twin brother Mike Kenney — a 20-year real estate veteran — to break down what the asset management role actually involves, why so many investors underestimate it, and what separates the people who thrive in it from those who burn out. In this episode you will learn: • What a multifamily asset manager actually does — and who they answer to• Why trying to asset manage alongside deal sourcing and capital raising leads to poor results across the board• How to structure weekly calls with your property management company without pulling them away from operations• What the Monday morning report should include and how to review it in under 10 minutes• How to navigate a business plan you inherited — especially when market conditions have shifted This is the behind-the-scenes conversation on asset management that most people never get access to. Ready to learn alongside serious multifamily investors in person? Join us at our next live event at Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify. Read the full podcast shownotes, timestamps, resources, and key insights from this episode here:
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When to Sell, Refi, or Walk Away from a Multifamily Deal with Dugan Kelley (Part 3) | Ep. 157
07/26/2023
When to Sell, Refi, or Walk Away from a Multifamily Deal with Dugan Kelley (Part 3) | Ep. 157
30% of zero is still zero. And right now, a lot of syndicators need to hear that. In the final episode of this three-part series, syndication attorney Dugan Kelley delivers the conversation most GPs are actively avoiding — what to do when your property is in trouble, your loan is maturing, and every option in front of you is a hard one. In this episode you will learn: • Why the ostrich effect — burying your head in the sand — is the worst thing a syndicator can do when a deal goes sideways• When a cash-in refi makes sense and how to structure that conversation with your investors• What your legal duty of care, loyalty, and good faith to LPs actually requires when making sell or hold decisions• Whether your LPs get a vote or just a voice — and why it all comes down to how your PPM is written• Why the greatest wealth transfer between generations is happening right now and what staying on the sidelines will cost you This is the episode for every syndicator, operator, and LP navigating a market that rewards the prepared and punishes the passive. Ready to learn alongside serious multifamily investors in person? Join us at our next live event at Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify. Read the full podcast shownotes, timestamps, resources, and key insights from this episode here:
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Loan Modifications, Capital Calls, and Member Loans with Dugan Kelley (Part 2)
07/19/2023
Loan Modifications, Capital Calls, and Member Loans with Dugan Kelley (Part 2)
Your loan documents will determine how creative you can get when your deal hits trouble. Most syndicators don't find that out until the crisis is already here. In Part 2 of this series, syndication attorney Dugan Kelley breaks down the legal and financial tools available to operators in distress — and explains why lenders right now are more open to working with you than you might think. In this episode you will learn: • Why your loan covenants are the real limit on your options — not your creativity • How lenders are being encouraged to work constructively with borrowers to avoid defaults and foreclosures • The critical difference between a capital call and a member loan — and how each one sits differently in your capital stack • When and how to disclose problems to your investors — and why waiting is the worst option • How to use loan modifications, capital calls, and member loans together to stabilize a struggling property This is the episode every syndicator, GP, and LP should hear before trouble arrives — not after. Ready to learn alongside serious multifamily investors in person? Join us at our next live event at https://thinkmultifamily.com/event Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify. Check out the shownotes for this podcast
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The Multifamily Market Shift — What Syndicators Must Know Now with Dugan Kelley (Part 1)
07/13/2023
The Multifamily Market Shift — What Syndicators Must Know Now with Dugan Kelley (Part 1)
Transaction volume in multifamily is down 60 to 70%. The syndicators still winning are the ones using deal structures most people haven't touched in years. In Part 1 of this three-part series, syndication attorney Dugan Kelley — a 23-year legal veteran and trusted advisor to Think Multifamily for over seven years — breaks down exactly what has shifted in the acquisition market and what operators, sponsors, and investors need to know right now. In this episode you will learn: • Why the market has flipped from seller-driven to buyer-driven — and what that means for earnest money, due diligence, and deal structure • How loan assumptions, seller carrybacks, and contract-for-deed are becoming primary negotiation tools instead of last resorts • What the trillions in maturing multifamily debt means for deal flow over the next 12 to 18 months • Why SEC regulatory shifts around Regulation D matter for every syndicator raising capital right now • How to explain bonus depreciation and 1031 exchange benefits to potential investors — and why you must be able to This is the episode that reframes the current market — not as a crisis, but as one of the most significant buying opportunities in a generation. Ready to learn alongside serious multifamily investors in person? Join us at our next live event at https://thinkmultifamily.com/event Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify. Read the full podcast shownotes, timestamps, resources, and key insights from this episode here:
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How to Analyze a Multifamily Deal — What Mark Kenney Looks For First
07/05/2023
How to Analyze a Multifamily Deal — What Mark Kenney Looks For First
Think Multifamily teaches deal analysis over three full days. What Mark shares in this episode is the condensed version — and it's still more actionable than most full courses on the subject. In this solo episode, Mark Kenney walks through the exact questions he asks when a coaching client submits a multifamily deal for review. From the first pass to exit assumptions, this is how experienced operators actually stress-test a deal. In this episode you will learn: • Why CapEx below $5,000 per door is an immediate red flag — and what the right rehab timeline actually looks like • The critical differences between bridge loans and Fannie/Freddie on closing costs, CapEx funding, and interest-only periods • How to compare your underwriting against the T12 and PM budgets line by line — and what gaps to look for • Why you should never undercut the property management company's own payroll estimate in your model • How to spot exit cap rate and year-over-year income assumptions that make a weak deal look like a strong one This episode is required listening before you analyze your next deal — or review one someone else submitted to you. Ready to go deeper on deal analysis in person? Join us at our next live event at https://thinkmultifamily.com/event Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify.
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Interacting with Selling Brokers — What Every Multifamily Buyer Needs to Know
06/28/2023
Interacting with Selling Brokers — What Every Multifamily Buyer Needs to Know
Most multifamily investors know they need brokers — but very few know how to actually work with them. In this solo episode, Mark Kenney breaks down the rules of engagement with commercial multifamily selling brokers, from your first interaction to the day you sell the property years later. In this episode you will learn: • How commercial multifamily brokers differ from residential agents — and why you never work with a broker from a different firm on a listed deal • The right way to get on a broker’s radar — and why touring an active deal beats coffee every time • What to watch for in confidentiality agreements — and the submarket CA trap that landed one investor in a lawsuit • How to handle off-market deals when multiple brokers bring you the same property • Why buyer brokers are almost never worth it — and what it signals when a group requires you to use one • The unwritten rule every investor should know: who gets the first shot at listing your deal when you’re ready to exit This episode is essential listening for anyone actively sourcing multifamily deals or building their broker network. Ready to accelerate your investing? Join us at our next live event at — use promo code PODCAST20 for 20% off. Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify. Read the full podcast shownotes, timestamps, resources, and key insights from this episode here:
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Interest Reserves & CapEx Funds — What Lenders Won’t Tell You
06/21/2023
Interest Reserves & CapEx Funds — What Lenders Won’t Tell You
Most investors know their bridge loan includes interest reserves and CapEx funds. What they don’t know is what happens when they don’t use them correctly — and by the time they find out, it’s usually too late. In this solo episode, Mark Kenney walks through everything lenders won’t volunteer upfront about interest reserves and CapEx funds, including the real-world mistake that left one borrower responsible for $780,000 out of pocket. In this episode you will learn: • Why Mark’s rule is to draw as much lender money as you’re allowed, as early as possible — and why waiting is a trap • What interest reserve replenishment clauses are and why you must understand them before you sign • Who is actually funding your interest reserves at closing — and how to raise for it correctly • How the CapEx draw request process works, what documentation lenders require, and how long reimbursement can take • Why lender selection based on behavior — not just rate — may be the most important call you make on any deal Join us at our next live event at — use promo code PODCAST20 for 20% off. Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify. Read the full podcast shownotes, timestamps, resources, and key insights from this episode here:
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Loan Assumptions in Multifamily — What Buyers and Sellers Need to Know
06/15/2023
Loan Assumptions in Multifamily — What Buyers and Sellers Need to Know
When a seller says the loan must be assumed, do you know what that actually means — and what your real options are as the buyer? In this solo episode, Mark Kenney demystifies loan assumptions in multifamily investing: why sellers use them, what lenders are looking for, and the key details that most buyers overlook until it’s too late to fix them. In this episode you will learn: • The real reason sellers list properties as loan assumptions — and why it’s not always a hard requirement • What the lender evaluates when approving a buyer — and why you can find out early • What you won’t get in a loan assumption — and what you need to bring to closing out of pocket • The contract language you need to protect yourself when the timeline is out of your hands • How supplemental loans work, when you can get one, and why most deals today can’t support one at closing • When loan assumptions make sense in today’s market — and what to verify before you commit This is a compact, high-value episode that will change how you evaluate the next deal with an assumable loan. Join us at our next Fire Summit at — use promo code PODCAST20 for 20% off. Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify. Read the full podcast shownotes, timestamps, resources, and key insights from this episode here:
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VAs, AI & Smarter Operations — Behind the Scenes of a Family Syndication Group Call
06/08/2023
VAs, AI & Smarter Operations — Behind the Scenes of a Family Syndication Group Call
What does it actually look like when multifamily investors use virtual assistants and AI in their day-to-day business? Not the theory — the real workflows, real costs, and real trade-offs. This episode takes you inside a Family Syndication Group members-only call, where three investors share exactly what they’re doing and how it’s working. In this episode you will learn: • How Jeff McKee grew his LinkedIn connections from 5,000 to 9,500 in 18 months using a $5.50/hour VA — and the targeting strategy that made it work • The difference between OnlineJobs.ph and managed VA services like Rocket Station — and when each makes sense • How Justin Francis uses Asana as a real-time rent-ready board at the property level — with staff, vendors, and VAs all in the same system • Why George Cline chose local contractors over overseas VAs — and what that trust-based model looks like in practice • A live demo of Fireflies.ai — the meeting transcription tool that cut one team member’s recap work in half • Spinach.io and ChatGPT for Excel — two free or low-cost AI tools that are quietly saving serious time This is the kind of peer-to-peer conversation you normally only get inside a paid membership community. Join us at our next FIRE Summit at Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify.
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Airbnb-Friendly Apartments — What Multifamily Owners Need to Know with Jesse Stein
06/02/2023
Airbnb-Friendly Apartments — What Multifamily Owners Need to Know with Jesse Stein
Airbnb just launched a program that lets your residents legally host on Airbnb — with your permission, a revenue share back to you, and free marketing from Airbnb. But what does that actually mean for multifamily owners and syndicators? In this episode, Jesse Stein, Airbnb’s Global Head of Real Estate, walks through exactly how the Airbnb-friendly apartments program works — and Mark Kenney asks the ownership-level questions most hosts won’t think to ask. In this episode you will learn: • How the Airbnb-friendly apartments program works — hosting limits, revenue splits, and what building owners actually receive • Which landlords have already signed on — and how smaller syndicators can get involved • How access, cleaning, and on-site operations actually work in practice • What residents are earning on average — and the built-in income calculator that’s driving leasing velocity • The lending and loan doc questions every owner needs to answer before opting in • How Airbnb’s AirCover works for hosts and building partners — and what’s still an open question This is a program that didn’t exist 12 months ago and is already live in 40+ markets. Worth understanding before your competition does. Join us at our next event at Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify.
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Is Multifamily in Trouble? Mark Kenney’s Honest Take on the Market
05/24/2023
Is Multifamily in Trouble? Mark Kenney’s Honest Take on the Market
Is multifamily in trouble — or is everyone asking the wrong question? In this solo episode, Mark Kenney cuts through the noise, identifies what’s actually driving the pain in today’s market, and makes the case for why multifamily still wins as a long-term investment — even now. In this episode you will learn: • Why variable-rate debt — not multifamily as an asset class — is the real culprit behind today’s problems • The $50M prepayment penalty calculation that reframes the fixed vs. variable rate debate • Why non-recourse debt changes the risk profile of multifamily in ways single family simply can’t match • How loan assumptions are driving deals right now — and why this advantage doesn’t exist in single family • The cap rate multiplier that makes every NOI dollar worth roughly $15 in multifamily value — and why that math doesn’t exist for residential investors • How to stop second-guessing past decisions and use what the market has taught you to invest better going forward This is the honest, numbers-driven perspective on multifamily that you won’t get from the headlines. Join us at our next event at Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify.
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Capital Calls, Member Loans & Recapitalization — What Every Multifamily Investor Needs to Know
05/17/2023
Capital Calls, Member Loans & Recapitalization — What Every Multifamily Investor Needs to Know
If someone is asking you to put more money into a multifamily deal, do you know what you’re actually being asked to do? And do you know what happens if you say no? In this solo episode, Mark Kenney walks through every option available to a struggling syndication — member loans, capital calls, recapitalization, new offerings, and outright sale — and what each one actually means for GPs and LPs. In this episode you will learn: • Why the GP team should always contribute first before going to limited partners — and what that typically looks like • How member loans work, who has priority in repayment, and the risk most people don’t say out loud • The key difference between a member loan and a capital call — and what non-participation in a capital call can actually cost you • How penalty interest rates and equity dilution work when operating agreements enforce participation • Why recapitalization almost always ends up unfavorable for existing investors — even when the terms look reasonable on paper • When Mark would choose an outright sale over a capital call — and why breaking even is sometimes the best decision available This is a topic most sponsors won’t walk you through this clearly. Essential listening for any LP or GP navigating today’s market. Join us at our next event at Subscribe to the Think Multifamily Podcast on Apple Podcasts ans Spotify.
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What to Know Before Investing in Multifamily — with Tamiel Kenney
05/04/2023
What to Know Before Investing in Multifamily — with Tamiel Kenney
Most multifamily content focuses on how to find deals. This episode focuses on what to know before you invest in one. Tamiel Kenney — 28-year investing partner to Mark and a GP on over 120 deals — takes the mic solo to cover the fundamentals that newer investors get wrong and the structural advantages of multifamily that experienced investors keep coming back for. In this episode you will learn: • How Tamiel and Mark have paid zero federal income taxes since 2016 — and why non-recourse debt changes the risk equation for multifamily investors • Cap rates explained clearly — what they are, how they determine property value, and why the NOI multiplier effect is multifamily’s biggest advantage • The four most common and costly mistakes Tamiel sees new investors make — including the one that quietly costs hundreds of thousands of dollars • Why getting only one property management budget is a mistake — especially in a new market • Why being undercapitalized is the mistake that damages deals most — and why you can’t rely on lender reimbursement timing to save you • Recommended Think Multifamily episodes for going deeper on deal analysis: Eps. 82, 144, and 145 A grounded, experience-first episode for anyone who is new to multifamily or wants to sharpen the fundamentals. Join us at our next event at Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify. Read the full podcast shownotes, timestamps, resources, and key insights from this episode here:
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Live Deal Analysis Workshop Part 2 — OMs, Occupancy, CapEx & Property Taxes
04/27/2023
Live Deal Analysis Workshop Part 2 — OMs, Occupancy, CapEx & Property Taxes
The offering memorandum is a marketing document. Some of the numbers in it are wrong — and a few of them are deliberately wrong. In Part 2 of the Live Deal Analysis Workshop, Mark Kenney works through the questions most investors don’t know to ask: how to read occupancy without trusting it, what “free and clear” actually means, and why a single property tax line item can quietly cost you hundreds of thousands of dollars. In this episode you will learn: • Why sellers certify the rent roll at closing — and what you can actually do when occupied units turn out to be vacant • Why 95% occupancy is a signal to raise rents — not a ceiling — and the Fannie/Freddie 90/90 rule for agency financing • How to evaluate CapEx per door based on where money was spent — not just how much • What “free and clear” means in a listing, and how bogus mechanic’s liens work and how to bond around them • Why the pro forma property tax figure is almost always wrong — and the $280,000 real-world example that illustrates why it matters • How the cap rate multiplier turns a small property tax error into a massive valuation mistake This is Part 2 of a two-part series. Listen to Episode 144 first if you haven’t already. Join us at our next event at Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify.
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Live Deal Analysis Workshop Part 1 — Deal Criteria, Property Classes & Reading an OM
04/20/2023
Live Deal Analysis Workshop Part 1 — Deal Criteria, Property Classes & Reading an OM
What does 30 years and 119 deals actually teach you about analyzing multifamily investments? In Part 1 of the Live Deal Analysis Workshop, Mark Kenney puts you in the room. This is a raw, unfiltered recording from a Think Multifamily live event — deal criteria, property classes, building red flags, and why the offering memorandum is a marketing document you should never fully trust. In this episode you will learn: • How to define your deal criteria before you approach a broker — and why getting this wrong wastes everyone’s time • What property class A, B, C, D actually means beyond the letter — and the building characteristics that change your risk profile • The chiller story: what happens when your HVAC goes out in July across 208 units and you can’t get the part for three weeks • Non-recourse vs. recourse debt explained — and what the Houston foreclosure story actually tells us about bad boy carve-outs • Why offering memorandums are marketing brochures — not legal documents — and the aluminum wiring example that proves it • What to actually look for in an OM and how to use it without relying on it This is Part 1 of a two-part series. Continue with Episode 145 for occupancy, CapEx, property taxes, and more. Join us at our next event at Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify.
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Multifamily Money Matters Part 2 — What Lenders Don’t Like, Market Outlook & Advice for Borrowers with Brandy Shotwell
04/11/2023
Multifamily Money Matters Part 2 — What Lenders Don’t Like, Market Outlook & Advice for Borrowers with Brandy Shotwell
There are things hiding in your loan documents that your lender will never volunteer. In Part 2 of Multifamily Money Matters, mortgage broker Brandy Shotwell and Mark Kenney get specific. Loan rebalancing demands, interest reserve replenishment traps, operator-lenders who can take your property — and the market characteristics that quietly kill your financing options before you even apply. In this episode you will learn: • Why the term sheet is non-binding and the loan docs always win — and what happens when a lender demands a $3M rebalance • The interest reserve replenishment clause — how lenders slide it in and why it discourages you from using reserves for their intended purpose • Balance sheet lenders vs. securitized debt funds — why in-house servicing changes everything when problems arise post-closing • What lenders don’t want to see right now: crime in the submarket, weak cash flow, missing T12s, and concentration risk • The operator-lender red flag — why working with a lender who is also a property operator is one of the most serious risks in commercial real estate • Brandy’s market outlook and final advice: why staying active now gets you first call when inventory returns This is Part 2 of a two-part series. Listen to Episode 142 first if you haven’t already. Connect with Brandy Shotwell at Join us at our next event at Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify. Read the full podcast shownotes, timestamps, resources, and key insights from this episode here:
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Multifamily Money Matters Part 1 — Why You Need a Mortgage Broker & What’s Happening with Rates with Brandy Shotwell
04/06/2023
Multifamily Money Matters Part 1 — Why You Need a Mortgage Broker & What’s Happening with Rates with Brandy Shotwell
Most multifamily investors go directly to a lender they know. Most of them are leaving better terms, more options, and real negotiating leverage on the table. In Part 1 of Multifamily Money Matters, mortgage broker Brandy Shotwell joins Mark and Tamiel Kenney to break down what’s actually happening in commercial real estate lending — and what investors need to know before their next loan. In this episode you will learn: • What a commercial mortgage broker actually does — and the two reasons using one consistently gets better outcomes • The five-unit and $1M loan thresholds that unlock non-recourse financing — and why this matters more than most investors realize • Nine consecutive Fed rate hikes: what agency and bridge rates look like now vs. a year ago — and why the buyer-seller disconnect is so hard to close • Loan assumptions in 2023 — why they’re surging, what the 2.96% example tells you, and why the process is not simpler than a new loan • What lenders do after closing that can cost you — draw timelines, immediate repair holdbacks, and the loan doc clauses nobody reads until it’s too late • Why stress test timing is something you can negotiate upfront — and why nine months is almost always too soon This is Part 1 of a two-part series. Continue with Episode 143 for what lenders don’t like, the operator-lender red flag, and market outlook. Connect with Brandy Shotwell at Join us at our next event at Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify. Read the full podcast shownotes, timestamps, resources, and key insights from this episode here:
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2023 Multifamily Outlook — Rate Hikes, Insurance, Rescue Capital & What’s Actually Happening in the Market
03/29/2023
2023 Multifamily Outlook — Rate Hikes, Insurance, Rescue Capital & What’s Actually Happening in the Market
The multifamily market in 2023 looks nothing like it did 18 months ago — and some of what’s happening right now can wipe out an entire deal or hand the keys to someone else without warning. In this solo episode, Mark Kenney shares his unfiltered market outlook and breaks down the specific forces investors need to understand going into the year. In this episode you will learn: • Why Mark doesn’t expect another 350–400 basis point rate move — but isn’t betting on a rate drop either • What’s actually available on a loan assumption right now — and the common underwriting mistake that makes the math look better than it is • The insurance story: $600K annual premium at closing, $3.6M at renewal — and what it means for how you underwrite today • Rescue capital explained: who it favors, what it does to existing GPs and LPs, and the sell-today test Mark uses to evaluate any rescue opportunity • Loan rebalancing — what triggers it, what lenders demand, and why relationships are your only real protection • The operator-lender conflict — why this lender type is the riskiest borrower’s nightmare and how equity stripping actually works This is the honest 2023 market read that most podcasts won’t give you. Join us at our next event at Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify.
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Multifamily Deal Analysis Fundamentals — Cap Rates, Economic Vacancy & Income Growth Red Flags
03/20/2023
Multifamily Deal Analysis Fundamentals — Cap Rates, Economic Vacancy & Income Growth Red Flags
One line item change — property taxes — turned a 22% IRR into a negative 10%. That’s what happens when investors skip the fundamentals. In this solo episode, Mark Kenney walks through the core concepts every multifamily investor needs before they underwrite their next deal: cap rates, economic vacancy, income growth assumptions, and the specific red flags that reveal a pro forma built to sell rather than reflect reality. In this episode you will learn: • The real deal example: how one property tax adjustment flipped a 22.7% IRR to negative 10% — without changing anything else • Cap rates explained clearly — the three versions investors need to know and why the in-place cap rate is often misleading • Economic vacancy broken down — the four components, why they’re not created equal, and which one is hardest to fix • Loss to lease: why it’s Mark’s favorite vacancy metric — and when it’s being used to inflate a deal • Why 100% unit renovation in year one is almost never realistic — and why you actually don’t want it • The utility bill-back staging red flag: how to spot a pro forma that shows full RUBS income from day one This is the pre-flight checklist for anyone evaluating a multifamily deal in today’s market. Join us at our next event at Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify.
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Building Your Investor List — How to Find Capital in Your Phone, Overcome the Head Trash & Start Conversations That Convert | Part 3 with Keely Hubbard & Eric Mattingly
03/10/2023
Building Your Investor List — How to Find Capital in Your Phone, Overcome the Head Trash & Start Conversations That Convert | Part 3 with Keely Hubbard & Eric Mattingly
Your investors are already in your phone. The only thing stopping you from reaching them is the story you’re telling yourself about why you shouldn’t. In the final segment of the investor list series, Eric Mattingly shares the exact process he used to raise $15 million starting from zero, and Keely Hubbard delivers the mindset reframe that makes non-salespeople into effective capital raisers. In this episode you will learn: • The phone list exercise: how Eric went from 1,875 contacts to 350 qualified prospects — and raised $15M from a quarter of them • The A, B, C sorting system — how to prioritize by financial capability and relationship depth before you make a single call • The text message template that generates investor interest without pitching — and why response rate is all that matters • The head trash reframe: why not sharing this investment with your network is doing them a disservice, not protecting them • Detaching from the outcome — why 80% of capital raising success happens between your ears and what you can actually control • The six places to find new investors — and why you have to block them in your calendar or they will never happen This is Part 3 of a three-part series. Listen to Episodes 137 and 138 first if you haven’t already. Join us at our next event at Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify.
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Building Your Investor List Part 2 — Investor Math, Investment Sizing & Where to Find High-Net-Worth Leads | Keely Hubbard & Eric Mattingly
03/02/2023
Building Your Investor List Part 2 — Investor Math, Investment Sizing & Where to Find High-Net-Worth Leads | Keely Hubbard & Eric Mattingly
How many investors do you actually need to raise $10 million? What happens when you ask an investor for the wrong amount? And where are the high-net-worth individuals who aren’t already getting pitched by 50 other syndicators? In Part 2 of the investor list series, Keely Hubbard and Eric Mattingly break down the investor math most syndicators skip — and the strategies that put you in front of the right people. In this episode you will learn: • The investor math: one relationship is worth $100K–$300K per year in capital — and what that means for how many investors you actually need • How to use the referral multiplier — and how opening 35 new investors on one deal compounds over time • How to create real urgency and exclusivity — why 3,000–5,000 people competing for 100 spots is an accurate description, not a tactic • Investment sizing: the 5–10% net worth rule — why getting this wrong in either direction costs you the investor • The $800K example: why turning down oversized capital builds more trust than taking it • The Trojan horse strategy — how to get in front of high-net-worth investors by leading with your expertise, not real estate This is Part 2 of a three-part series. Listen to Episode 137 first, then continue with Episode 139. Join us at our next event at Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify.
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Building Your Investor List Part 1 — Organic Lead Generation, Niching Down & The Bar Strategy | Keely Hubbard & Eric Mattingly
02/24/2023
Building Your Investor List Part 1 — Organic Lead Generation, Niching Down & The Bar Strategy | Keely Hubbard & Eric Mattingly
There’s no easy button for finding accredited investors. The syndicators who think there is are burning through marketing budgets chasing lists that will never convert. In Part 1 of this three-part series, executive sales coach Keely Hubbard and DMI Holdings founder Eric Mattingly share the only approach that actually works: organic lead generation, niching down, and knowing where high-net-worth individuals are already ready to have a conversation. In this episode you will learn: • Why buying accredited investor lists fails — and what six figures in marketing taught Eric’s firm about the limits of paid acquisition • How Think Multifamily funds $8M deals in two weeks — and why you can’t replicate it without years of relationship foundation • Why niching down beats broadcasting — the optometrist example that shows how a specific message reaches the right people every time • How to identify your niche, their pain points, and why your target audience has to have actual investable capital • The bar strategy: where wealthy people gather on weeknights — and Eric’s technique for working through a room without a table • Why four to five quality conversations per month is a more sustainable and effective target than chasing thousands of leads This is Part 1 of a three-part series. Continue with Episodes 138 and 139. Join us at our next event at Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify.
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Becoming a Multifamily Sponsor Part 2 — Broker Relationships, Deal Flow, Market Outlook & How Underwriting Has Changed
02/17/2023
Becoming a Multifamily Sponsor Part 2 — Broker Relationships, Deal Flow, Market Outlook & How Underwriting Has Changed
If you’re still underwriting deals the same way you were 12 months ago, you’re leaving yourself exposed. The market has changed — and so has Think Multifamily’s approach to financing, underwriting, and deal selection. In Part 2 of the Becoming a Multifamily Sponsor series, Mark Kenney tells Tyler Lyons what the KPIs for a new sponsor actually look like, how to build real broker credibility fast, and what’s changed inside his firm in response to the rate environment. In this episode you will learn: • The KPIs for new sponsors: market selection, underwriting practice, and what 100 deals actually means as a target • Why you should tour a property instead of asking a broker to coffee — and the Arizona deal story that shows why introductions matter more than cold calls • How to build credibility fast with brokers: domain email, one-page website, third-party data — and what signals you haven’t done your homework • The rate cap story: $24K increase four minutes before the Fed meeting, then another $120K — and why you will never win against a lender • Why deal flow is actually easier to build right now — and why sitting on the sidelines as a syndicator is a mistake • How Think Multifamily has changed its underwriting: higher cap rate escalators, lower refi leverage, rate caps even when not required, and a fresh look at recourse bank loans This is Part 2 of a two-part series. Listen to Episode 135 first. Reach Mark at or visit Join us at our next event at Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify.
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Becoming a Multifamily Sponsor Part 1 — Skills, Mindset, Partnerships & How to Scale Without Burning Out
02/10/2023
Becoming a Multifamily Sponsor Part 1 — Skills, Mindset, Partnerships & How to Scale Without Burning Out
Most people who want to become a multifamily sponsor think the barrier is knowledge. It isn’t. In Part 1 of this two-part series, Mark Kenney tells Tyler Lyons of the Cash Flow Connections Real Estate Podcast what actually separates investors who break through from those who don’t — and what the common mistakes look like before you ever close your first deal. In this episode you will learn: • The six roles on a multifamily deal — and how to figure out which one you’re actually suited for • Why investing passively in a deal teaches you 1% of what you need to know as a GP — and what you should do instead • The one factor the annual FSG survey consistently identifies as the biggest predictor of success (it’s not knowledge or market timing) • The mental characteristics that predict who makes it and who burns out — and why money-only motivation tends to end badly • The doing-too-much-too-fast failure mode: too many deals, raises that are too large, and the asset management vs. acquisitions trap • Why people almost universally overvalue their contribution to a partnership — and how to structure equity before it becomes a problem This is Part 1 of a two-part series. Continue with Episode 136. Join us at our next event at Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify.
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125 Tips for Cash Flow Part 3 — Financing, Loan Docs, Raising Money, Private Equity & Live Q&A
01/26/2023
125 Tips for Cash Flow Part 3 — Financing, Loan Docs, Raising Money, Private Equity & Live Q&A
This is the final installment of the 125 Tips series — and it’s where Mark Kenney gets the most candid, including a live Q&A where the real questions finally get real answers. Financing requirements, loan doc red flags, why private equity is a last resort, actual deal performance across 100+ deals, and whether you should still be buying right now. In this episode you will learn: • The lender requirements most investors underestimate — net worth, liquidity, and the lender red flags that can kill deals quietly • What passive investors must read in loan docs before they write a check — and the worst-case scenario they need to understand • Why private equity is Mark’s last resort — and why he hasn’t done a single PE deal without a re-trade, including one on the day of closing • How Think Multifamily’s deals have actually performed — the honest answer on IRR, total returns, and the one deal that went badly • Whether you should still be buying in today’s market — and the rate cap strategy that makes it defensible • The three skills Mark says determine success in multifamily — his closing answer This is Part 3 of a three-part series. Listen to Episodes 132 and 133 first. Email Mark at or visit Join us at our next event at Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify.
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125 Tips for Cash Flow Part 2 — Market Selection, Deal Analysis, Drive-Bys, LOIs & Due Diligence
01/12/2023
125 Tips for Cash Flow Part 2 — Market Selection, Deal Analysis, Drive-Bys, LOIs & Due Diligence
One property tax adjustment turned a 22% IRR into a negative 10%. That’s what happens when you don’t do your homework before you submit an offer. In Part 2 of the 125 Tips series, Mark Kenney covers market selection, deal analysis, drive-by strategy, LOI submission, contracts, and due diligence — with the real errors and real examples that expose where investors get burned. In this episode you will learn: • Why city investment in a submarket matters less than developer investment — and the market characteristics Mark avoids entirely • The $50M deal red flag: what happens when someone submits with no PM budget, no insurance, no equity, and three other deals open • How one property tax adjustment flipped a positive 22% IRR to a negative 10% — without changing anything else • Cap rates demystified: sub-market vs. in-place T12 vs. adjusted — and which one you’re actually buying at • The cash vs. accrual accounting distinction that can shift property value by millions — and why sellers use one and buyers assume the other • Drive-by strategy, LOI submission rules, re-trade guidelines, and why Mark’s team drilled the locks on 36 units during due diligence This is Part 2 of a three-part series. Listen to Episode 132 first, then continue with Episode 134. Join us at our next event at Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify.
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125 Tips for Cash Flow Part 1 — Why Multifamily, Current Market Stats, Defining Criteria & Building Your Team
12/29/2022
125 Tips for Cash Flow Part 1 — Why Multifamily, Current Market Stats, Defining Criteria & Building Your Team
There are things you only learn after 100-plus multifamily transactions. In Part 1 of this three-part series, Mark Kenney delivers the opening section of his live 125-tip presentation — and gets right into the lessons most people learn the hard way. Market stats, team-building mistakes, and the distressed property story that ended with a million dollars in vandalism damage. In this episode you will learn: • What national market data actually says about multifamily right now — and why the “did you miss the train” narrative doesn’t hold up • The rent-to-value multiplier: why a $125 rent increase equals $30,000 in per-unit value at a five cap • Why defining your criteria before talking to brokers saves everyone’s time — and the realistic capital raising reality most new syndicators underestimate • The million-dollar vandalism story: what happened after Mark bought a deeply distressed property and why he no longer buys at 0% occupancy • Why Mark wants one neck to choke on CapEx — and what goes wrong when you split work between a GC and in-house property management • Insurance and mortgage brokers: why shopping multiple simultaneously is a mistake — and how to tell real equity groups from debt providers This is Part 1 of a three-part series. Continue with Episodes 133 and 134. Join us at our next event at Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify.
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Ask Mark Anything — Asset Management Calls, Husband-Wife Syndication Teams, Talking to Friends & Family & Getting Your Kids Involved
12/15/2022
Ask Mark Anything — Asset Management Calls, Husband-Wife Syndication Teams, Talking to Friends & Family & Getting Your Kids Involved
Four questions that almost every investor eventually asks — but rarely gets answered honestly. In this Ask Mark Anything episode, Mark Kenney covers what actually happens on asset management calls, what he and Tamiel learned the hard way about dividing responsibilities, how to start telling your network what you’re doing, and how to get teenagers interested in real estate without pushing them away. In this episode you will learn: • What should happen on every asset management call — the specific checklist items, frequency, and why “how are things going” is never enough • How Mark and Tamiel divided roles as a husband-wife team — and what Mark undervalued in the early years that he now admits was critical to the business • How to tell friends and family what you’re doing without it being weird or feeling like a pitch — the newsletter approach and the social media strategy • Why your CPA or closest friends may think you’re crazy — and why surrounding yourself with action-takers matters more than getting their approval • How to get teenagers interested in real estate without forcing it — and why matching tasks to their natural strengths beats replicating your exact path • The one structural piece that made the Mark and Tamiel partnership actually work: decision authority in separate domains Join us at our next event at Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify.
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Ask Mark Anything — Partner Not Doing Their Job, Deals Not Penciling, KP Risk & Losing Your Earnest Money
12/01/2022
Ask Mark Anything — Partner Not Doing Their Job, Deals Not Penciling, KP Risk & Losing Your Earnest Money
What happens when your partner stops pulling their weight? Are you doing something wrong if deals keep not penciling? What do you actually risk as a KP? And if you can’t close, can you lose your entire earnest money deposit? In this Ask Mark Anything episode, Mark Kenney gives direct, experience-based answers to four of the highest-stakes questions in multifamily investing. In this episode you will learn: • Why almost every partnership has one person doing more work than the other — and what your documents must allow upfront to take action • Why removing a partner who is also a KP requires lender approval — and what that means for your options • Why analyzing 128 deals and submitting 4 offers is probably the real problem — not the market • What being a KP actually requires: net worth, liquidity, experience, and the difference between recourse and non-recourse risk • What a lender can demand when you miss your debt coverage ratio — and why lender relationships change what actually happens • Why earnest money is almost always lost if you can’t close — and the mistake of sending it directly to a seller’s personal account Join us at our next event at Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify.
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