Apr 22, 2024
What surprising advice does a seasoned real estate investor have for those looking to invest in multiple markets?
In this episode, Angel Williams sits down with Randy Langenderfer, a seasoned real estate investor with a diverse portfolio spanning several markets. Randy shares his journey from corporate America to real estate investing, discussing the importance of knowing your market, the challenges of investing in tertiary markets, and the value of having strong regional managers. He also touches on the changing dynamics of multifamily investing, the significance of population growth and income growth when choosing markets, and how to utilize self-directed IRAs to get started in real estate investing.
Randy is Founder and President of InvestArk Properties and general partner in 1,500 doors representing $250M in assets under management. He has invested in a total of over 3,000 units in TX, OK, AZ, SC and LA. His investment strategy focuses on providing the passive investor significant returns by improving communities using a safe and time-tested approach. He is passionate about helping the busy professional achieve their goals in real estate and has been a part of several national educational programs and is currently a private multi-family coach.
He is a board member and previously served as the Chief Compliance and Audit Officer for a large academic medical institution in Houston, TX. He has a bachelor’s degree in accounting, Information Systems, an MBA in Finance, and is a CPA.
[00:00:00] - [00:03:00] From Corporate America to Real Estate Investing
- Randy's journey from corporate America to real estate investing
- Starting with single-family flips and hard money lending
- Discovering multifamily and pursuing financial freedom
[00:03:00] - [00:07:00] The Importance of Knowing Your Market
- Angel's advice on focusing on 1-2 markets and knowing them well
- Randy's experience investing in multiple markets and the value of local partners
- The challenges of investing in Houston without being present
[00:07:00] - [00:12:00] Navigating Tertiary Markets and Changing Dynamics
- The skinny margins in tertiary markets and the need for larger properties
- The changing breakeven point for multifamily properties (from 60 to 90+ units)
- The importance of strong regional managers in navigating local challenges
[00:12:00] - [00:18:00] Lessons Learned from Asset Management
- Angel's experience managing a property during a management company dissolution
- Randy's "PhD in the school of asset management, hard knocks"
- The value of overseeing property management without doing it yourself
[00:18:00] - [00:23:00] Choosing Markets and Utilizing Self-Directed IRAs
- The significance of population growth, income growth, and crime rates when choosing markets
- The higher probability of success in larger, growing markets
- Utilizing self-directed IRAs and forming LLCs to get started in real estate investing
Quote:
"There needs to be an angel or somebody that's close that can get to the property in an hour. If it's not me, it's somebody on my team that can get to the property in an hour, no more than an hour." - Randy Langenderfer
Connect with Randy:
Website: www.invest-ark.com
Website: www.multifamilymaestros.com
LinkedIn: https://www.linkedin.com/in/randy-langenderfer/
Facebook: https://www.facebook.com/randy.langenderfer
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