All Forum Posts by: Tamiel Kenney

@Ruben Kanya  We only do large apartments 150+.  We are buying south of the airport currently....I'm sorry I do not know the county.   We are starting to expand our search to include other areas of Atlanta as well.

@Nicholas Kontos  Hi Nicholas!  We buy Multifamily in Dallas and Atlanta.  Message me and I will send you who we use.

@Ruben Kanya  We buy South of the airport.  That area is gentrifying and the city is investing money in the area.  North of the airport are the popular areas, but would be costly.  We buy B & C class assets, over 150+ units.

@Account Closed  HI Chuck!  I live in Dallas and buy large Apartments thru syndication.  I have heard it said that "Live where you want to live, Invest where it makes sense."  A "good" market for us to investment in, it must meet a few of these top indicators: 

If we had to choose 1 to focus on, it would be this:

Landlord Friendly - How quickly can you evict for non-payment of rent (Some states like California can be anywhere from 3-9 months to get a tenant out...meanwhile you continue to pay for them to live for free). States like Michigan (where we grew up), it is based on the city; however, the city we invested in was NOT Landlord Friendly.

*We currently own in Dallas and Atlanta (2100 units)

*Other Markets we are currently looking at:

Tennessee, The Carolinas, Florida

We started off doing Single Family and Small Multifamily years ago  - - but you certainly don't have to start small.

Get educated in the Niche you like best (SF, Fix & Flip, Buy & Hold, Wholesale, Commercial, Land, Commercial MF, Residential MF, Development); build a great team in the market you want to invest, in and find a partner you TRUST who has skills you may be lacking. *Keep in mind that trying to get out of a bad partnership can be more difficult than getting out of a bad marriage.  

*Education *Deal Flow *Money Flow. 

Hope this helps!

@Ruben Kanya  Hi Ruben!  I live in Dallas, but am in Atlanta for the week.  We will be in Dunwoody on Saturday at a MeetUp we are hosting to talk about Apartments.  We own in Dallas and Atlanta currently, with over 2100 units (thru syndication).  Apartments/Multifamily are still a great investment right now if you know where to look.  

Partnerships are definitely key in this business...and choosing a good partner is also key...because getting out of a bad partnership is can be more challenging than getting out of a bad marriage!

I am definitely interested to hear about what has worked for you on FB.  I have run ads before, but honestly do not see the benefit, but perhaps it is because I do not know how to track the results.

Any suggestions would be appreciated!  THX

@Luke Lawrence  Hi Luke.  A couple things…I agree education is critical. But, you are not going to get that overnight. You should look at brining on a partner that has already done what you want to do. If your deal is good, then you are bringing value because it takes work to find good deals. Putting $10k/door is a fair bit to put in and the rent bumps are not that great. I don’t know the cap rate for the area you are looking, but on the surface, the bump in rents does not seem fantastic to me.

I would not trust what the seller is telling you. Remember…he is the one selling the property. You have to do your own research and I would also recommend engaging a local property mgt company and get their perspective on the property.

I would also ask why the property is 50% occupied. Taking on a project like this as your first project could be extremely painful.

Section 8…there are pros and cons. Yes, you typically get your rent, but there are other things you have to contend with. Also, having too many Section 8 tenants can cause issues with a lender when you go with permanent financing.

As an fyi…you will be going with a bridge loan since the occupancy is so low.

Good luck,

Mark & Tamiel Kenney

@John B.  We don't buy in California.  CA is not a great state to invest in, from a landlord perspective. It does not mean you should not invest in CA, but you need to be aware of it. Before you invest, it is really important to understand some of the basic rules of thumbs in the industry, so you can quickly identify questions that you might want to ask the deal lead.

For example…

Market cap rates, what should working capital be, economic vacancy rules, typical leverage, etc.

Rules of thumb can be different in each market.  Hopefully someone on BP can provide you with some basic rules of thumb for the area you are considering to invest in.

Good luck!

I love your drive!  Even though you are young, you likely have skills that will be very useful to a syndicator.  Most syndicators would like others to help with...deal analysis, raising money, finding deals, etc.  So, I would first find out what you are really good at and offer your services to a syndicator...you might be working for free at first.  You will want to develop all aspects of multifamily, but starting with what you are really good at will likely get the attention of some syndicators.  As others stated...getting real world experience is where you will learn the most. 

@Ayana Sabree  Hi!!!  Welcome!  I live just north of Dallas and focus mainly on large Multifamily...although I have done small MF years ago in the Midwest.  If you have any questions... even if they are just "curiosity-type"questions, feel free to reach out.  

@Janice G.  Hi Janice!  What are your goals?  Are you wanting to be a passive investor only or are you wanting to learn how to syndicate your own deals?   Do you have any previous real estate investing experience? My husband and I have over 2100 apartment units - mostly Dallas and Atlanta...with more on the way.  I would be happy to answer any questions you may have or give suggestions for books to read to give you a jump start.