5,000 Multifamily Units, Lessons Learned, and How to Grow with Mark Kenney

Full Transcript

SUMMARY KEYWORDS

deal, people, asset manager, multifamily, property, group, mark, units, year, property manager, money, started, partner, asset management, partnership, syndicator, business, syndication, bought, called

SPEAKERS

Taylor , Mark Kenney

Taylor   00:01

Hey guys, thank you for tuning in. This is passive wealth strategies for busy professionals. Today our guest is Mark Kenny from a multifamily family. This is a fun one because for a lot of reasons, a lot of great lessons in this one, I love talking to him. Because Mark is actually the first person that I ever invested in real estate with years ago. The first investment in real estate that I ever made was in an apartment deal with Mark at the thought of multifamily years back We're excited now we sold and that deal was actually rocky it didn't go according to plan. for a lot of reasons. We're going to get into that today. What went wrong, some money was stolen from us. We still made money on the deal, but not as much as we expected. And Mark had a lot of heartbreaks, if you will, around that are a lot of headaches. I don't want to put words in his mouth, but a lot of things didn't go right. And we get into a lot of other things about what it takes. To go from just a small time real estate investor to doing big deals, Mark now owns 5000 units under think multifamily 5000 units and is a lot of doors, a lot of people living in those properties, a lot of income. So I was happy to talk with him, catch back up with him and really address what happened on that deal and a lot of other things that he has learned along the way, going from a busy professional to now a very successful real estate investor. So without any further ado, here we go with Mark Kenny from thick family mark, thanks for joining us today.

Mark Kenney  01:39

Hey, Taylor, good to see you today. How are you doing?

Taylor   01:41

Great. Happy to be talking with you again. And we've known each other a couple years now. And it's always great to reconnect. And before we get into, you know what we're going to talk about today. Can you tell our listeners about your background and your history, you know, getting to where you are now.

Mark Kenney  01:57

Sure, yeah. So I'm in Dallas now, but I grew up in Again, one of seven kids and when I was a senior in college I was going for accounting and actually was a CPA for a little while as well. But my twin brother and I were like man, it kind of stinks not having anything you want and growing up we did everything we needed , we had food and which is in place to live, which is more than a lot of people in the world for sure. But really nothing we wanted. So we're like, it has to be a better way of doing it. So like real estate, so let's buy real estate. So we're 20 years old, still in college and started looking at you know, two to four unit properties. And we got a deal. first deal my dad talk us out of after was already under contract made me feel really pretty stupid. But I was all nervous and scared when he was talking to me. So he told me that I should do it. So I stopped listening to him and about two months later got another deal and didn't tell him we were close . That was that he could talk me out of it that way. And we started buying two to four units pretty much on our own. We didn't know what syndication was, which is basically raising money for the people who have never heard of the concept before. And then I went CPA for a couple of years DID IT consulting and continue to buy smaller properties. And then I had an IT company I started 2008 did well, I had a lot of, you know, human fortune 100 customers and things like that. But I had people kind of all over the world. I would literally sleep three hours a night, pretty much seven days a week. And any project matter what it was, doesn't matter what the timeline was, I would do it. And it caused some significant issues. I still was able to spend time with kids, but I didn't spend time with my wife to eat. And for some reason, she had an issue with that. So it kind of came to a head and she said, you know, kind of coming off guard but she said that she's thinking about leaving and I was like, I only want my first reaction is like, what I'm like I provide for the family. I take care of kids and do all these things. What do you want from me? And well, she wanted more time. So I said, well, there's no way we can keep buying, you know, two to four, you know, every other year and be able to replace what we're doing income wise, my team is doing pretty well. So a friend of mine was syndicating a deal. Never heard of it before 2013 I invested in that deal. And I personally think if that guy can do it, I do it. And it made a lot of sense to me. And started going to like a couple of events and took about a year to get our first deal. But good thing was both my wife and I were doing it together. So you know, she was involved heavily in it. And we started buying, you know, kind of larger looking at hundred plus unit properties. I guess I did the math, probably we bought over 6000 units since then. We have about 5000 right now. And so it's probably a little bit more than that we sold over 1000 so I bought 65 hundred units, something like that. But it took us a year to get our first deal because we were looking at franchises and, you know, custom home development and self storage and everything else. So it was kind of, we were kind of distracted. That's kind of how we got started. But it wasn't like, Hey, you just bought 5000 units. It was slow at first and took us a year and we got us the second deal, you know, pretty quick and third deal, and it just started compounding from there, but it doesn't happen overnight. Like a lot of people hope or wish. But it can happen pretty quickly. If you compare it to a lot of other things, but usually need help from people. We have help from other people helping us do different activities.

Taylor   05:39

Yeah, yeah, absolutely. I don't think I had invested in one of your deals. I think it was, I don't know, maybe your second or third or fourth deal. I'm not sure at this point, honestly. But you know, I've seen your deals over the years since then. I see you partnering with a lot of people to take down all these doors and it makes a lot of sense. You know, we need to specialize and go after our individual areas of expertise in these things. So how do you think about forming a new business partnership, whether it's, you know, bringing in somebody who is going to go hunt deals in a particular market or something like that, like, how do you find the right person and know that, you know, this is going to be the right person to Yeah, hundred deals for us? And, you know, whatever market it might be. Yeah, I

Mark Kenney  06:27

mean, you know, the issue, we had some issues, right, with a deal you're on with a partner, you know, that is things that you shouldn't and, you know, you can kind of do everything if you want to say, right, and, you know, ask around in the industry, things like that we had already done deals with that guy before. You know, I think take it slow, frankly, and you know, things can still happen, but we mostly just part of the people in our group now, not that it really matters, but we kind of get to know them a lot better than we normally would we have a lot of events we see each other face to face, we have called on a mean regular basis. So we have a lot more interaction with the people we're partnering with now than we did before. But it's when I'm looking at somebody, you know, usually I tell people, if you can get some sort of skill set and become really good at, you know, certain area, you don't have to be good at every area of syndication, unless you want to be but get really good at something. But a lot of this comes down to attitude, frankly, you know, personality, I, you know, one guy that does stuff for us right now and does a lot of asset manager for us as well. I mean, every time he ends the call, he's like, Is there anything else I can do for you that says, you know, every call Yeah, okay. He's and he's not just saying it to say he actually wants to know if there's stuff you can do. But, you know, if someone wants to do something, you know, a lot of large, large corporations that things happen internally. Someone wants to do something and get away with it. It depends how fast you can catch them. That really comes down to, you know, looking at different aspects and excuse me doing surprise visits. But I'm mostly looking for an attitude. And it is a small world as is the more you're in it. Some will ask other people, hey, do you know somebody? We did that with igneel with the guy you knew to we asked people in the local Atlanta market and things like that, and at that time got positive feedback from everyone we talked to, but as time went on, it's like, yeah, it's just not not a not a good guy, frankly. But you have to have provisions, you know, it was harder on that deal to me, because he was a property manager and a GP. I personally will never do that again. Am I saying it's a bad thing to do, but I won't. It just made it too complicated. You know, it's just that it's too much of a conflict. So I don't like that structure. But I'm not saying it's bad. I'd had a bad experience with it. So that's why I choose to do it. The

Taylor   09:00

Yeah. Now, um, I don't know, I didn't even necessarily mean to say even bring that up it just I don't know, I

Mark Kenney  09:09

I think people should know what I mean, there's definitely, if you're in the business long enough, I mean, talk to people all the time, you know, in partnerships as a whole data alarm doesn't last right. And there could be different reasons for it could be the ages of personality conflict or a health issue. And then they could be well, this guy, just a crook. You know? Okay, that's a bigger issue. But it's, like I said, that the whole conflict for us with a property manager and general partner in the deal, definitely complicated things for us.

Taylor   09:41

Yeah, that is one of the that's an important and important lesson that I learned as a investor in that deal is watching that happen, and it's something that I watch out for, and I'm, you know, currently in the middle of something that, you know, fortunately we're avoiding that scenario, but I wouldn't have known to look out for that. You know, you Making sure your property manager, okay, great. They're an investor in a deal. Don't have them in the GP though, because then that complicates things. And this gentleman has since passed away, he's no longer no longer alive. But I don't know how much we can really like to talk about the specifics of that situation. I know there's a lot that I don't know. There's probably

Mark Kenney  10:19

Yeah, I mean, it's, it's in litigation going on for a year and a year and a half. And, you know, even though he's not, you know, he did pass away, which is, you know, it's super sad. It really is he three kids and a wife and it's a horrible, horrible situation. But it's the most bizarre thing I've ever been through from a business perspective, like how someone can actually and we tried to sue us, right, try to sue me for taking away equity. I'm like, dude, you stole money, even a miniscule amount. I don't understand what the issue is. And every attorney looks at it. They're scratching their head, but you know, it's still going on.

10:54

So I don't know. Yeah, yeah. It's, uh,

Taylor   10:57

it was Yeah. Unfortunate to go I'm sure there were a lot of sleepless nights for you in that and you know, it's I don't know, whether you my read of the situation from knowing the guy's name and researching and everything and watching it also, he didn't just pass away It looks like he committed suicide too. So that's another to me. That's my read of it. There's obviously not it's not in the news and nobody really knows. But you know, there's so much that can go wrong in a business partnership. And you know, if you told me if you years ago before I had invested in the deal that you know, and to clarify life for listeners out there, we still made money on this deal. Yeah. But if you told me that these things were down the road. I may have suggested the I don't know, but I just would have never seen that coming. I mean, it's like intrigue, right?

Mark Kenney  11:51

Oh, it is and fortunately, we had a board director with five people on there and he was one of the five but four of us, you know, voting a mile so we had to come checks and balances in there. But, you know, it was just a very bizarre situation. But I think the industry is longer in it, the smaller the industry will be, even though more people come into it every day, the world kind of gets smaller. And you can kind of ask around as you know, more people, and then like, Oh, yeah, I heard of that guy. You know, when you're starting out early, it's like he only has access to more people, or people, you know, chances are, that someone's going to probably hear if somebody's trying to partner with someone who has never done that before. Someone else is asking about partnering with somebody and I actually had a bad experience with them. They didn't do anything wrong, necessarily. We've kind of tried to I don't know someone screw us on a certain certain thing, you know, and I'm like, yeah, I'm not gonna, that person didn't do anything illegal or anything like that this particular example, but it was one of those things where it was it kind of a very unfair situation to want to say so I'm like, Yeah, I never part with that person, small world.

Taylor   13:00

You know, interesting. So, you know, you've formed a lot of business partnerships and you say that now you mainly partner with people that are in your group and you I don't know the specifics of your group, but you're also a multifamily educator, can you tell us a little bit about your group so we can understand the profile of someone that you might partner with?

Mark Kenney  13:24

Yeah, so we do one on one coaching, and I do all the coaching we don't have any step coaches and I'm extremely involved in and I want to be so you know, hands on, you know, I before we started the group, I said, I wanted people in our group to be the most educated on the planet and the easiest to work with, you know, good goals. If you can do those two things. You're going to have more more deals you probably can't even handle frankly. So it's a community. We have people that are not being mean or exclusive. We have people want to join our group and we don't let them join the group because we are assaulting a good cultural fit. But it's all about everyone in the group helping each other. It's called family syndication group where maybe you come in together and you're good at, you know, whatever analysis and somebody else is going to raising money somebody else is good at, you know, they have a balance sheet for the loan, and everyone kind of comes together and we'll do deals that way. And now that's the way the deal can be structured from an equity standpoint, but from a management perspective, that can be completely different. So your equity splits don't have to dictate how you're going to structure from a management perspective. So I can come in to help you on a deal. Let's say I raise all the money. Did you know all these things and you said it's a great mark, but I'm going to actually have you gonna have all the control right you yourself, you can do that. So when people think sometimes, well, I don't want to give this piece equity and that person has a certain piece of control or voting and doesn't have to match.

Taylor   14:51

So one of the topics we've talked about on the show with other folks in the past is asset management for multifamily, especially multi Family syndications with a few general partners, and especially when you know for somebody your level with currently 5000 units, how do you handle that? Because at the end of the day, it's a, basically a big management problem to actually have no problem. But there are a lot of management needs to execute on all these business plans. So how are you handling that?

Mark Kenney  15:24

So for deals I'm doing now I don't become an asset manager anymore. We have an asset manager, a company that does it for us. That's what they specialize in. So some people might not understand the difference between an asset manager and a property manager, but the property manager is the one doing the day to day leasing the evictions, maintenance, things like that. But then you have an asset manager that kind of oversees them and also oversees the investors and, you know, is responsible for sending out financial documents, things like that. So the new ones we're doing now, I use a third party to do it.

Taylor   16:00

Interesting. That's a, I haven't. I don't think I've ever talked to anybody that's doing that. Why? What drove that decision to use a third party asset manager rather than maybe, you know, hiring someone for, you know, your think multifamily to asset managers just as an employee and keeping your ass

Mark Kenney  16:19

it's somebody in our group, and he kind of, you know, LSA fell into it, but really kind of took a liking to asset manager and management and I saw what he was doing as I'm going to deals we had done together and already knew them like dumb, trusted a hand. He's a super smart guy, dedicated and rather than try and take a chance. I mean, I didn't really have a year ago, I probably would have said that wasn't something I would even consider doing. But as he started managing some of the assets, maybe some of the properties we had together, I saw what he was able to do. I was like, man, it makes a lot of sense just to have him. Have him do that. I hire someone else. I have to, you know, vet them, make sure and then yeah, I don't really know what What you're going to get right till they're there and how they're gonna perform? Well, he's already shown he can perform no one for a couple years. So several people in our group are doing that now where they actually have this particular, you know, company asset managed property for them. And it frees up the syndicator if you want to say to, you know, find new deals, and they're having a company that sole focus is on asset management, so you're going to get better focus on it that way.

17:27

And are they

Taylor   17:29

you can dive all which whatever you care to divulge, but are they compensated on like a gross revenue basis? Are they part of the general partnership? Or how does that work? compared?

Mark Kenney  17:41

Yeah, good question. Yeah. So my opinion is No, they don't get anything part of it. They don't get anything for the general partnership as as the asset management piece and the reason is because it's a replaceable role, right. So do someone part of the gap, they're probably going to have it for the duration of the project. We do you take one and a half to 2% as an asset manager, fee of total revenue collected, and then there's an arrangement where, you know, this particular company will will keep the majority of it and then the syndicator might still get a little piece of paper, they're still involved some what's a very, very small piece.

Taylor   18:22

Okay. And what have you found from observing, you know, them doing asset management and having done it yourself? What have you found are some of the keys to doing it effectively? I mean, is it frequent touches with the property manager? Yeah. Is it you know, what does it come down to? You good

Mark Kenney  18:40

Yeah, now we have a kind of a standard too low we get like, you know, Monday morning report, we've added a kind of additional metrics to it. So I need the property management company we deal with to say here the metrics that we want to see on a weekly basis, so we can kind of monitor that way. It is frequent touches, it's also kind of some little surprise visits. You know, it's kind of how, with our, you know, our old partner, right? That's kind of how things I'm like, I'm things don't look quite right. Despite a surprise visit, right. And then, you know, there's a lot of things around looking at different things like getting broker opinion and values and figure out kind of, you know, what's the property value as of today, even though we usually have a good idea, looking at doing refinancing or supplemental loans, all those activities, but the end of the day, it's, it's really having consistent metrics. The processes are the same across all our properties, when you when we use a third party as a manager, which I like. And then investors get us, you know, the same type of report as well on a monthly basis and he's not doing every property for us, but you know, kind of doing a lot of them and the ones going forward, he will be as well. So it gives that kind of consistency that way. And he's always looking for new things that he's adding, you know, it's a company that creates news, new tools and things like that, that the typical syndicator probably wouldn't do. Such if they only have a couple of properties when he's managing an asset manager, a large number of properties, it kind of almost forces him to take it to the next level and start developing his own tools, kind of married as well.

Taylor   20:20

Yeah, he has to get a lot more systematized a lot smarter about how he's doing those tasks. If he's doing a lot right now. Great. That gives him a lot more efficiency and effectiveness, even as his number of units grows, at least in theory,

Mark Kenney  20:36

it does. Ma really has proven to be the case. Interesting.

Taylor   20:41

Okay. So you know, I also like to ask

20:45

you at

Taylor   20:46

someone at your level, really, what still drives you because I have to think I mean, obviously, on these 5000 units with investors, they're not all yours, right? If you wanted to liquidate your part of the holdings or whatever and put it in just cash flow and go sit on a beach, you could probably do that. Yeah, we could. What keeps you active now?

Mark Kenney  21:14

So originally when I was younger, I said, by the time I'm 40 I'm going to retire to sit on the beach. spaciality do sure I'm past them well past 40 now. But I was 40 and I'm like, Yeah, I don't know, you know, and then now I'm, you know, closer to 50. Now, I'm like, well, end of the day, I don't want to go see that they should do nothing. It may just be for a week or so so I don't know, but it said deals. I love deals. For one. When we can add, you know, have a business plan that goes well for me . It's great to see that. But really, for me, it's in you know, it's really the education piece, which is something you know, we've been doing a little over two years, but this season One brand new come in that knows, like, literally nothing about multifamily. And, you know, the smallest deal anyone did was 90 doors last year, and this last month was probably like 110 units. So pretty good first deal for sure. And now some people, you know, one guy did six deals, you know, like 1215 months, literally change their life forever. It really is. And we have people in the group that help us things like that. But we've been able to develop a kind of a platform that allows people that you know, want to take action, if they're going to write and it gives them access to a lot of things they can just get on their own. And when there is when you get a deal, which you know, can be frustrating. Some people are like, Man, I'm looking for a deal. I don't have one yet. I'm like, just keep following the process, it will happen. But people literally are changing life and hopefully changing life for their kids and you know, their spouses and things like that. That's what happened to me. You know, I was, you know, on the verge of you know, my wife Moving out and things like that. And then matter about you know about three years maybe a little less able to quit my it you know company completely and you know completely changed my whole life as far as get to work my wife full time now, way more flexibility when we do travel, it's we've traveled for events she comes with me she's totally engaged and we see other people the same thing they're kind of you know, very few people are working 85 9090 hours a week, and that's extreme. But if you're working 5060 hours a week there's still too many if you don't have any flexibility to be able to decide when you know if you work 12 hours a day and it's a long day you're not gonna see your kids most likely much at all. So the biggest driver for me literally especially the guy or gal that gets their first deal it's like oh my god like I was so excited. One person or group she had a deal with. They will she didn't have to deal prob Richie, someone else got the deal I'll better than they call broker called back and said all you have The deal now and then next day said oh no other the sellers gonna go back to the first buyer but she's like emotional roller coaster right and then just last week I think it's Thursday or Friday the broker called and said it's yours now so I mean I was so excited for her I really was like my gosh so so excited because she had an emotional roller coaster and I'm it's a good it's a great deal actually it's in a new market things like that. So to see people that want to take action actually take you know take the action and and start getting deals and start making money off it on me off me if you want to replace your income you're gonna have to make money. People like all it's not about it's not about the money. It's not for me either. But you still need money to live, right? And you can't quit your job if you're not making any money. So if you're going to syndicate you need to make money off it.

Taylor   24:46

Absolutely. So shoot, I just lost Oh, yeah. Now I've got the question back. So when you're, I'm curious about how you work with these new people because I think there's a lot of information out there. There are a lot of educators. If you are out there, they're saying, oh, get into syndication. You know, my program is whatever, 10s of thousands of dollars, but you don't need any money to actually syndicate real estate and what have you found for the new people doing syndications that are successful? What do they really need to bring to the table to close a deal or six deals in a year, whatever it takes. So I'm sure you have a range of people just like any program, you have people who invest in it and then don't do anything. That's right. People who invest in it and kill it. So what separates the successful from the unsuccessful?

Mark Kenney  25:37

Yeah, I think we had about, I think 78% of people got into a general partnership in six months or less, which while really, really high, yes. Um, and I think what it is, is that, you know, you don't necessarily have to do the things you don't like to do, we tell everyone. You have to if you don't like numbers, you still need to understand them enough to be able to make an informed decision. So right We do a lot of education. We're doing a two day deal analysis workshop tomorrow and Saturday. Bring your computer one topic steel analysis. Let's go, you know, and people really, you know, it's a really good kickstart to love people when they're brand new in the group and things like that. But the biggest thing I've seen is that, hey, focus on an area whether, you know, do you need to have money, it's always easier if you have money. It just is. But we have a number of examples. So when people are like, you know, hey, you don't need any money. I would say it's true, but somebody you don't need to have money. It's like, yeah, you're not going to make it happen without any money. So with our group, we have a number of people that really don't have liquid liquidity, right and they get a deal and somebody else was earnest money on form. So Josh and Emily in our group, I think it originally down to like six or seven deals for other people. You know, I've signed on the 18th 20 loans last year from an ownership group, you know, things like that. So it's picking something, one that you like, because you're just gonna be better at it that you kind of come up to speed the fastest. So if you have an engineering background or it, you're probably going to be good at deal analysis. You might not be as good at raising money. I don't know, maybe, maybe not. But some people think they have to do it all. But when you can find deals, that's the hardest thing to do if you don't have a track record, or you don't have a partner that has a track record, so you don't need money to do that. But it's really hard. You can analyze deals for other people. We have people in our group that analyze deals for other people that are more experienced and they get part of a general partnership for analyzing deals is a cool way to do it. Because people like numbers, you know, you can sign on loan, you can be asset manager, you can raise capital and raise capital, you have to do some other things too, and or really to be part of the general partnership. But the biggest thing is, we've seen people there on calls, they're going to events there Going to meetups that every immediately go to an event every day, if you want it to, right, you have to announce it, but they're active actively going out talking to people meeting people, there going different states, sometimes looking at properties go, it's all it's all action based, frankly, and then building those relationships with people, you know, let's say for example, if I can, I can analyze a deal, and you can, then I might submit, I can go find deals, we kind of have a relationship that we're in, I kind of orchestrate some of that in the group as much as I can, like, hey, so and so looking for somebody analyze deals, you're gonna analyze and deals once you guys talk and that's how a lot of partnerships get started that way, but number one is action. It is another job. I mean, you can work nights, weekends and so if you're not willing to put in some extra time, it's not gonna work out. And then don't wait till you know everything because one, you're never gonna know everything and there are a lot of aspects to it, and pick something that you're you think you're really good at quickly, and then kind of add value to somebody else. And that's where we've seen people. We have a couple of examples of people that want to do it all on our own. And frankly, they struggle, or they pick one market, Dallas, Texas. You know, it's like, I mean, yeah, I can tell you I'm not saying it's impossible, but you're gonna be looking a long time. And you're going to be outbid. And if you let it, you know, in my opinion, probably overpay for properties. And that's that's probably not fair to say, because nobody knows is going to happen. But it's definitely appearing. Some people are overpaying for some properties in Dallas right now, in my opinion. So being open minded in different markets is a big thing. And then developing those relationships and those markets is key.

Taylor   29:42

Hmm, interesting. That's all very good to know. Right. Now. We're going to take a quick break for our sponsor. All right, Mark, I got three questions. I asked every guest on the show. Are you ready? I'm ready. All right, great. First one, what is the best investment that you've ever made?

Mark Kenney  30:02

I was 321 unit deal. We pulled out 87% of the capital in 15 months. Wow refi

Taylor   30:10

wow and hung out of the property and enjoyed the cash flow

Mark Kenney  30:14

till you stole the property. Wow. And it's cash flowing and we it's one of those that not everything goes 100% the way it should but this is one of those ones that did in actually better than imagined you know it was but it's it's it's risky right 68% occupied we bought it was a good deal. Well, Where was that? Memphis? Memphis?

Taylor   30:38

I know that property. What's the name of it?

Mark Kenney  30:41

contribu

30:43

When did you close on that?

Mark Kenney  30:46

Oh, good question 18 months ago probably know, about 24 months ago.

Taylor   30:51

Okay. I was trying to figure out if I was on the deal distribution list for that one and I missed out on

Mark Kenney  30:58

that one might have it's easier. Do after the fact.

31:01

Yeah, right.

Taylor   31:02

All right. Second question What is the worst investment you ever made?

Mark Kenney  31:07

Not the one that you were in but with the partner that you were in. There's another deal you don't even know about a third property that he owned. property itself was fine but he stole way more. I'm not a property man and a bunch of liens and he likes and is still in litigation, but that by far has been the worst. investment.

Taylor   31:32

Wow. Wow. I can only imagine. Yeah. My favorite question number three. What is the most important lesson that you've learned in investing?

Mark Kenney  31:44

Um, patience. You know, when you're especially when you're younger or you're trying to get money quickly, you might just be after that, you know, to sell a property or just like that by being patient. Very few people. look back and say, I'm so glad I saw that property. You like, Man, I wish I still own that property I talked to almost every day, I'd rather buy a property that I own, you know, 20 years ago now it's worth, you know, 10 million. You could have bought it for one and a half million and being patient and you know, a second one I would say it basically being not a pushover but easy to work with. So doing what you say you're going to do every case even if it's doesn't seem like it's gonna benefit you, but still doing the right thing. Hmm. I like that. I like that. Well mark,

Taylor   32:29

thanks for everything today. It's been great talking with you again and and I've learned I learned a lot every time I talk to you. So definitely appreciate that. if folks want to learn more about you and your business and all that you're doing, where can they get in touch with you?

Mark Kenney  32:42

Just email me. It's Mark Mark at think multifamily.com and we'd love to chat with anybody.

Taylor   32:48

And you must get an incredible number of emails. I don't know how

32:52

we get a lot of emails.

Mark Kenney  32:56

Large podcast about a month ago, I think we had like 80 people reach out to Wow. So yeah, but it's good. I mean, you know, it's always good to chat with people.

Taylor   33:06

Yeah. And you have a podcast yourself. Right. You do. What's the name of that? The multifamily think multifamily podcast? Yes. Yeah,

Mark Kenney  33:14

it's newer. I think we have about 15 episodes so far. But it was a long time in the making, but it's out there now. So now we're committed.

Taylor   33:22

Hey, I hear you, man. It's, uh, we're recording this on November 14 to 2019. And I started working on this podcast, think in September of 2018. So I've been working on this for over a year.

Mark Kenney  33:37

This seems pretty similar to us. But now you're committed right? You haven't gone so it's good.

Taylor   33:43

Oh, yeah. Oh, yeah. Absolutely. Well, thanks once again for joining us today. I've you know, is a very indie addition to making money on that deal was it was interesting to your watch. You handle the very difficult situation. As you know,

Mark Kenney  34:02

that that

Taylor   34:04

property those properties went through the business case, it's interesting to hear that you were in another partnership there that was even in an even worse scenario, but also that you've, you've dealt with that and continue to grow your business outside of that. So definitely commend you for that.

Mark Kenney  34:22

Yeah, no, thanks. It's great chatting with you.

Taylor   34:24

great talking to you as well to everybody. Thank you for tuning in. If you're enjoying the show, please leave us a rating and review on iTunes. It's a very big help you know, anyone that could use a little bit more passive wealth in their lives, please share the show with them and bring them into the full. Thank you for tuning in today. I hope you have a great rest of your day and a great week and we'll talk to you in the next episode. Bye