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Getting Started in Multifamily with Kent Ritter, Episode 129

October 11, 2019

 

Kent Ritter is a native of Indianapolis, who began investing after successfully exiting a consulting firm with his partners. In seeking a place to invest the proceeds, he turned to multifamily and began the education process. To date, Kent has invested in over 1,000 multifamily units and he shares why he picked passive investing to start instead of buying his own 50 unit. He also talks about the Indy market and the strategies he employs to finds investors.

 

 

PartnerDownload a Free Sample Apartment Deal Package

 

 

Key Insights

  • Background in consulting, focusing on operational improvement

  • Started his own firm, sold it in, and started looking for areas to invest

  • Considered buying a 50-unit, but realized there were more benefits in acquiring a larger property

  • The best property management firms don’t want to manage a property with less than 75-units

  • Find sponsors who will be transparent and provide access on the inner workings for the deal

  • As a passive investor, know your basics and ask about specifics, especially financing and renovations

  • Indianapolis – great for multifamily, stable, and affordable

  • Indy: 2nd largest city in the Midwest, 14th largest city in the US

  • Kent’s market criteria: major markets, growth (population and job), business friendly, employment mix, supply, amenities

  • Sub-market: Hamilton county is expected to double by 2050, Hendricks is expected to grow by 84% by 2050, median income is $66k

  • Indiana voted 8th best state for business tax   

  • Salesforce and Infosys have placed HQ in Indianapolis – attracting more tech jobs

  • Tips To Grow Investors: Create your investor persona

  • Kent’s Personas: Wealthy/Accredited Investor, Interested Active Investors, Busy Professionals, Retirees

  • Where to find investors: local charity and political events, local meetup, REIA groups

 

Bull’s Eye Tips:

 

Most Recommended Book:

Pitch Anything by Oren Klaff

 

Most Recommended Digital/Mobile Resource:

Contactually

 

Daily Habit

Meditate

 

Wish I Knew Starting Out

Syndications

 

Current Curiosity

Macro-economics

 

Best Place to Grab a Bite

St. Elmo’s Steakhouse

 

 

Connect with Kent:

Email: kent@hudsoninvesting.com

Website: hudsoninvesting.com (Coming Soon)

 

Leave us a review and rating on Apple Podcasts or Spotify. Be sure to check out more info at TargetMarketInsights.com.

 

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