Today’s episode with Mark Davenport is a great example of how you can go full time in real estate with just a few deals! Mark is an investor that I’ve personally known a long time with a very unique story… you’ll learn how he managed renovation projects from multiple states away, how he uniquely added value to his first few properties, and how he was able to scale his business. This is a great show for both newer and experienced investors – stick around!
Mark and his partner, Phoebe, are the owners of Levare Properties, LLC. Mark got started in real estate when he and his partner, Phoebe, purchased and started working on an owner-occupied single-family in Dover, NH. Fast forward many years, and they wanted to pivot away from a 9-5, middle-class career model. In 2015 they chose to sell the single-family and renovate a foreclosed duplex in a neighboring town. They discovered a passion for renovation and generating passive income and began scaling their business – moving quickly through a 4plex and a few 6 units. Most recently acquiring a 72 unit 12-story apartment building in Kansas, they're still adopting a posture of aggressive growth as they push through a target to pass 100 doors by the end of 2020. They also work with investors who are keen on using real estate to generate strong, sustainable returns.
Show Notes:
2:55 Mark shares his background as a musician, how he got into real estate, and what his business looks like today.
5:06 We talk about Mark’s first deal and how it paved the road for his future investments.
6:23 Mark shares how he got into small multifamily properties and how he progressed to larger properties by “trading up”
14:30 We discuss the issues Mark encountered during the value-add process with one of his properties and how he overcame them.
18:00 Mark shares the details on one of the mixed-use properties he purchased and how he converted it to residential.
22:17 We discuss the differences of renting on Airbnb vs. renting traditionally and how he successfully rented on Airbnb.
26:36 Mark talks about why he sold his properties and the types of properties he is seeking in the midwest.
34:12 We discuss the details regarding Mark’s 72 unit and what drew him to the deal.
40:40 Mark shares how he plans on leasing his property and what his vision for the project is
43:40 We learn about the fears and concerns Mark had when closing his large multifamily property.
48:01 Mark shares his vision for the next 6-12 months and what types of deals he plans on pursuing.
51:40 We learn what Mark considers his biggest failure in real estate.
54:38 Mark talks about what he would do differently if he started his real estate business again.
CONNECT WITH MARK
https://www.linkedin.com/in/mark-davenport-7a32301b6/
https://www.levareproperties.com/
CONNECT WITH AXEL
https://www.instagram.com/multifamilywealth/?hl=en
https://www.linkedin.com/in/axelragnarsson/
Download my investor toolkit (cash flow calculator, investor pitch deck, scope of work template, and renovation checklist) here.
