Thinking about buying your first apartment building but don’t know where to start? Multifamily real estate investing can offer opportunities to build long-term wealth, but choosing the wrong property, misunderstanding the numbers, or overestimating rental income can turn a promising investment into an expensive mistake.

In this episode, Aviva Sonenreich and Ken Gee, Founder and Managing Member of KRI Partners, break down how to buy your first apartment building, evaluate multifamily investment opportunities, and avoid common mistakes that cost real estate investors money. Drawing on his experience as a multifamily investor, former commercial lender, and CPA, Ken explains why understanding property financials, finding experienced mentors, and starting with a manageable investment are essential for beginners.

They also discuss how multifamily investors raise capital, why some experienced operators prefer real estate funds over traditional syndications, and how rising interest rates and insurance expenses can affect apartment building investments.

Key Topics Discussed

• Multifamily Real Estate Investing for Beginners: Why apartment buildings attract investors and how diversified rental income, housing demand, and property improvements can support long-term investment strategies.
• How to Buy Your First Apartment Building: Ken’s advice for first-time investors, including learning the numbers, finding a mentor, building partnerships, and starting with a manageable property.
• Choosing the Right Multifamily Investment Property: Why Ken focuses on apartment buildings with approximately 100–200 units and how smaller properties may be more practical for beginners.
• Understanding Multifamily Investment Returns: How cash flow, rental income, property improvements, and long-term appreciation influence investment performance.
• Multifamily Syndication vs. Real Estate Funds: Why Ken transitioned from raising money for individual acquisitions to raising capital through a private equity fund before pursuing deals.
• How to Underwrite Multifamily Real Estate Deals: Why investors must evaluate realistic rental growth, operating expenses, insurance costs, financing terms, and potential risks before purchasing a property.
• The Impact of Interest Rates and Insurance Costs: How rising borrowing costs and insurance premiums can affect cash flow, property valuations, and investment returns.
• Avoiding Costly Multifamily Investing Mistakes: Why disciplined underwriting, realistic assumptions, and resisting fear of missing out (FOMO) are essential to long-term success.

Ken also shares how his first apartment investments helped him transition from a career in accounting to full-time real estate investing, and why his investment philosophy has evolved from generating short-term profits to building long-term wealth.

Whether you’re preparing to buy your first apartment building, exploring multifamily syndications, or looking to improve your investment analysis, this conversation offers practical insights into evaluating deals, managing risk, and building a sustainable real estate investment strategy.

About the Guest

Ken Gee is the Founder and Managing Member of KRI Partners, a private equity real estate investment firm specializing in multifamily properties. With a background in commercial lending and public accounting at Deloitte, Ken brings financial expertise to apartment acquisitions, asset management, and investment strategy. Through KRI Partners, he focuses on identifying multifamily investment opportunities, improving property performance, and helping investors build long-term wealth through real estate.

About the Host

Aviva Sonenreich is the Managing Broker and Owner of the Warehouse Hotline, a Denver commercial real estate brokerage specializing exclusively in industrial properties. She leads the firm’s brokerage operations, negotiates industrial sales and leasing transactions, advises clients on acquisition and disposition strategies, and oversees the company’s marketing and business development efforts. Through Commercial Real Estate Secrets, she interviews leading investors, brokers, developers, and industry experts to provide actionable insights on commercial real estate investing, brokerage, leasing, development, and market trends.

Looking to Buy, Sell, or Invest in Industrial Real Estate in Colorado?

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