CP14: 10 years of Multifamily Success: How Kenny Wolfe built his syndication business

Join Duc and Vince with Kenny Wolfe from Wolfe Investments as they talk about how he found success in syndication. Kenny was one of those who didn’t fit in the “cookie-cutter” future that everyone seemed to advertise. He didn’t want to get a degree, work for a company for 40 years, then sack away money into stocks. Reading a lot of books led him to an interest in real estate, which led to buying more books about real estate, which eventually led to his wife saying, “you gotta stop buying books and do something.” Now, he’s at the top of his game!

 

In the episode, you’ll learn how Kenny got started in real estate through a 76-unit deal, the importance of logistics in finding deals, his preference over “real” teams versus virtual assistants, and the importance of staying calm when others are not. Kenny also shares his expertise with third party management, the importance of getting the right reports regularly, doing surprise visits, and knowing your property managers. Stay tuned, and enjoy the podcast!

 

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About Kenny Wolfe:

Kenny is a principal in 2,659 units (4,004 units all-time) in the Dallas/Fort Worth, TX area, El Paso, TX, Waco, TX, Oklahoma City, OK, Columbus, OH, and Cleveland, OH.  He has been involved in over $250MM+ worth of commercial real estate acquisitions since 2010. 

 

Prior to founding Wolfe RE Mgmt, Kenny served as CFO for Twin Cities Development based in the heart of the Haynesville Shale in Shreveport, LA. He was responsible for all areas of accounting and financial reporting, as well as the human resources role for 140 employees and independent contractors. 

 

Kenny has a BBA from Baylor University and an MBA from University of Texas at Arlington.

 

Outline of the Episode:

• [01:54] The “aha” moment to getting to earn passive income.
• [02:48] Getting into real estate and jumping right into a 76-unit deal.
• [08:17] The different reasons he had for going into real estate. These things change over time!
• [08:59] Dealing with bears and cougars in different properties!
• [10:57] Logistics is key to your deals. Kenny had to wait extensively to get the residential building vacant before being able to do any renovations!
• [13:19] Feeling the pulse on your properties by doing surprise visits. The secret of the “Trash Test”: knowing if your property managers care.
• [16:42] The value of dog parks and upgrading units to adding your NOI.
• [19:16] Virtual assistants versus real assistants. Why does Kenny prefer the latter?
• [20:44] Not buying anything over 100 units and keeping every property under third party management.
• [23:36] Hiring the right people is key to being the best-in-class operator!
• [27:11] Communicating to residents and providing rental assistance/payment plans during the pandemic.
• [29:43] Picking up strategies from books. Which one should you read?
• [31:46] Remaining calm when others are not. Deals are almost never a straight line but instead go in a zigzag direction!
• [32:45] Outdoor activities with the family and favorite travel destination.

 

Resources:

·       Wolfe Investments

·       Facebook

·       YouTube

·       LinkedIn

·       Email: [email protected]

·       Rich Dad Poor Dad

·       Investing in the Dream

·       Titan: The Life of John D. Rockefeller, Sr.

·       The Snowball: Warren Buffett and the Business of Life

 

Connect with The Cashflow Project!

·       Tri-City Equity Group

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