Ritter on Real Estate Hard Lessons From a Market Downturn with Mark Kenney
Jan 26, 2026
01:03:39
On this week’s episode, Kent is joined by Mark Kenney, co-founder of Think Multifamily, for a candid conversation on what real market downturns actually teach long-term operators. Mark draws on 30+ years of experience and recent hard lessons from the multifamily correction to unpack what broke, what held, and what investors must rethink around debt, partnerships, and risk. They dive into the realities of floating-rate debt, insurance shocks, tax surprises, and why “boring” markets can outperform during volatility. The episode is a grounded, experience-driven look at how to scale responsibly—and how to avoid mistakes that only show up when the market turns.
Where to find Mark:
- thinkmultifamily.com
- https://www.linkedin.com/in/mark-kenney-566065142/
- https://www.youtube.com/@MarkKenneyMultifamily
- https://linkedin.com/company/thinkmultifamily.com
- https://www.youtube.com/c/ThinkMultifamily
- https://www.instagram.com/thinkmultifamily/
- https://www.facebook.com/multifamilyinvestors
Key Takeaways
- Floating-rate bridge debt amplified risk during the downturn; fixed, long-term debt can dramatically reduce uncertainty.
- Market selection matters more than ever—boring Midwest markets often fell far less than overheated Sunbelt metros.
- Insurance, taxes, and interest rate caps can change faster and more severely than underwriting models assume.
- Partnerships need clear decision-making authority; 50/50 structures without a tiebreaker are a major risk.
- Passive investors must understand debt, contracts, and assumptions—not just “trust the operator.”
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Production by Outlier Audio