Live Deal Analysis Workshop Part 2 — OMs, Occupancy, CapEx & Property Taxes

Live Deal Analysis Workshop Part 2 — OMs, Occupancy, CapEx & Property Taxes

Author: Mark & Tamiel Kenney April 27, 2023 Duration: 16:08

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.

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Mark and Tamiel Kenney built something remarkable, turning a single duplex into a portfolio of over sixty-five hundred units in just three years. On the Think Multifamily Podcast, they pull back the curtain on exactly how they did it, moving beyond theory to share the tangible, week-by-week steps that define real success in apartment investing. This isn't about sacrificing your time or freedom; it's a practical conversation about building a legacy that actually works for your life. Each episode feels like a direct conversation with the Kenneys, filled with the specific insights and hard-won lessons from their own journey. You'll hear them break down complex deals, discuss market shifts, and explore the mindset required to navigate the challenges and opportunities in multifamily real estate. Tune in for a straightforward, content-rich dialogue that cuts through the noise, offering a clear path for anyone serious about creating lasting wealth through property. This podcast provides the kind of actionable guidance that only comes from hosts who have walked the path themselves.
Author: Language: English Episodes: 100

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