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Kenny purchased his first out-of-state property in 2014. Kenny initially started buying apartments in Texas and then he bought in Colorado, Oklahoma and Ohio. Kenny\\u2019s philosophy is have \\u201creal estate and will travel.\\u201d He likes to buy in landlord friendly states that contain diverse economic drivers for growth, low unemployment, and historical population growth. Kenny explains the challenges of living in Dallas, but owning apartments in different states. He actually visits his properties out of state more frequently than the ones he owns in his immediate area. Everyone believes that proformas and partnerships work in straight lines, but Kenny believes in being flexible to handle \\u2018operational curve balls\\u2019 as one of his keys to his success.\\xa0
Kenny chats about his latest acquisition in Waco, Texas. Kenny bought this property because of its location near Baylor University. It was 50% occupied and needed lots of rehab\\u2026but its spectacular location made it a great opportunity. The seller could not provide historical financials to the property. Typical bank financing was not available because of lack of financials and low occupancy on the asset. Kenny had to be creative on how he was going to finance the acquisition and rehab of the property. He discusses the strategy of using \\u2018hard money\\u2019 as a tool. Hard money can be an option when an \\u2018\\u2019all cash\\u201d purchase is not available. It\\u2019s a short term solution and can help you acquire more assets.\\xa0

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Are you interested in learning more about how Multifamily Syndications work? Please visit www.spiadvisory.com to learn about Michael's Real Estate Syndication business with SPI Advisory LLC.\\xa0