Kent Ritter - A Deep Dive into Multi-Family and the Mechanics of the Market

<strong>Standout Quotes:</strong> <p>"My mantra for 2021 is to just be very intentional with my time and my decision making” - [Kent]</p> <p>"I wanted to actively syndicate somewhere down the road, but I was self-aware enough to know there's a lot that I didn't know" - [Kent]</p> <p>"There's a lot of asset price inflation. We're seeing cap rates coming down, but I think there's still quite a bit of room to run"- [Kent]</p> <p>“I think that we will see a lot of asset price inflation over the next few years.” – [Kent]</p> <p>“Relatively speaking, interest rates have crept up a little bit but relatively speaking historically, they're still very low” – [Kent]</p> <p>“There's a huge disparity in unemployment rates as you look at level of education and type of jobs” – [Kent]</p> <p>“I think you get a lot out of people. And I think that it just really goes a long way” – [Kent]</p> <p><strong>Key Takeaways:</strong></p> <ul> <li>Kent describes himself in one word as "Intentional".</li> <li>I've done that pretty well throughout my career. I think that's why I've been able to take advantage of some of the opportunities.</li> <li>I started my career out of college as a management consultant.</li> <li>About seven years into that career, myself and several of my coworkers left to start our own firm.</li> <li>We started a boutique management consulting firm. We were based out of Chicago, grew that to about 95 employees and 30 million in annual revenue.</li> <li>In 2015, we decided to sell that business and that was really what kicked off my real estate career.</li> <li>I started looking at alternative assets to invest in and found real estate, fell in love with real estate.</li> <li>I joined Birge & Held, Birge & Held existed prior to me. One of my mentors is founder there.</li> <li>A primary market would be somewhere like New York or San Francisco.</li> <li>We just don't have enough affordable housing in the US.</li> <li>You have negative yields there on bonds where you're paying money to hold it.</li> <li>So in a low cap rat