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Global Investors Podcast
GI112: Transitioning from Single-Family to Commercial Real Estate with Dan Kennedy
August 11, 2021
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GI112: Transitioning from Single-Family to Commercial Real Estate with Dan Kennedy

Dan Kennedy has actively invested in real estate since 2011, and in 2017, Dan began divesting his Single-Family Residence portfolio to focus on commercial real estate acquisitions. Dan also professionally played soccer for 12 years; retiring in 2017.

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Transcript:

Announcer:
Welcome to the Global Investors Podcast, a show that focuses on helping foreign investors enter the lucrative US real estate market. Host, Charles Carillo, combined decades of real estate investing experience with a professional background in international banking to interview experts in all areas of US real estate investing. Now here’s your host, Charles Carillo.

Charles:
Welcome to another episode of the Global Investors Podcast; I’m your host Charles Carillo. Today we have Dan Kennedy. Dan has actively invested in real estate since 2011, and in 2017, Dan began divesting his Single-Family Residence portfolio to focus on commercial real estate acquisitions. Dan also professionally played soccer for 12 years; retiring in 2017. So thank you so much for being on the show. Dan.

Dan:
Charles, thanks for having me, man. Good to catch up.

Charles:
So tell us a little bit about yourself, both personally and professionally prior to getting involved with real estate investing.

Dan:
Yeah, yeah. You touched on it. I had I grew up in Southern California. Real estate is a, it’s a topic of conversation and in California in general, just with the pricing. And I grew up in just a modest household, you know, and my, my dad’s like good buddies that were wealthy were all invested in real estate. So from an early age, I associated investing in real estate with wealth and I went to UC Santa Barbara for undergrad, played college soccer there. And I, I, at this time I was starting to read the rich dad, poor dad series, and this is 2000 2001. And that’s when I actually started saving for my, my first real estate investment. And I got a couple of my, my college teammates and good friends to just open a savings account to try to invest in real estate. And it was that it was that simple. It was just a desire and a want to get started. As fortune would have it, I ended up having a 12 year professional soccer career, which wasn’t what I anticipated or set out to do. But it was something that year after year I was able to make a little bit of progress professionally in, in the sport.

Dan:
And so I really just focused on that being my job and the beautiful thing when you’re an athlete is rest is a huge part of what you’re supposed to be doing. And so my afternoons were free and that’s when I was like really spending time trying to understand and what I was going to do with that free time while it was going to be investing in real estate. And the interesting thing of for athletes, and everyone’s heard the horror stories of like, oh, this guy made hundreds of millions of dollars and lost it. All right. I didn’t have that problem. I didn’t, I didn’t make that much money playing, but what I, what I, and nor was I that good, you know, to be honest, like I was just an average, like a slightly above average professional player. And I really did feel that any given season could be my last.

Dan:
And so I was really conservative with my money and I really wanted to create just a stream of passive income so that when I retired from playing, I didn’t have to go take any given job. Right. I didn’t have to go into coaching because it was the only the best opportunity that was in front of me. So really my focus as I played was every year I was trying to buy one or two investment properties that had a good, a steady stream of passive income. And when I looked up in 2016, it’s like, I think I had, at the time seven properties, I was managing self-managing. And I was entering into business school while I was wrapping up my professional career. And I was at this pain point where I could not from a lending perspective, from a managerial perspective it was hard for me to scale my, my business model and that, that was really the pivotal, pivotal, pivotal point that I started investing in commercial real estate. And I actually started as an LP investor and a larger syndication shop.

Charles:
Okay. Interesting. Yeah. So it was a transition from not being able to scale that a one to four unit property portfolio to to getting into commercial, which is I think what most people definitely for me, you know, it was one of the things, because it was like, wow, this is going to take a while. And also you didn’t have much scale. And I mean, it’s just, it’s not as an efficient use of your time, I think.

Dan:
Well, so yeah, that’s, that’s think about this real quick, you know, let’s just say remind $500,000 houses just for the use of a simple metric and you own 10 of them. Okay. You own five, you own $5 million of real estate in the single family world. If you buy more expensive homes, you’re probably actually going to drive down your return on investment from a, if it’s a rental property, right?

Dan:
So if I own a $2 million rental property, and it’s a single family home, I’m likely to be cash flowing a lot less than if I own a $250,000 single family home and in a, in a smaller market. Right? So if you try to compare apples to apples, you can’t, it’s hard. The only way to scale efficiently is through, is to have a lot of properties, a lot of little properties and residential real estate, which means you need a property management team. And I wasn’t willing to build that property management team. So there’s plenty of people out there that are and have been very successful at it. It just, for me, and in commercial real estate, what we love is we love going. And just an example, I mean, one of the first, very first deals we did, we bought it for a $1.6 million. We used $400,000 of equity and we sold that same property a few years later for $2.6 million.

Dan:
So, you know, we turn that equity into 1.4 million or something with given the cashflow to add during the during the hold. And then we’d go and place that into an asset that is similar characteristics, but three times the size. And so when you talk about efficiently putting your money to work, commercial real estate is a lot for me easier way to do it. And that’s what that’s, what’s so appealing, you know? And so we started Matt and I, my business partner. We started out out both with single family home portfolios. That was our seed fund in order to start driven capital partners. And we largely started driven capital partners to invest our own money. So in a way, we, we kind of think of ourselves as a, as a, as a family office, real estate shop. This is for the, and then we’ve naturally opened up our investments to friends and family.

Charles:
Interesting. Okay. Yeah. The other thing too, about scaling the single family or smaller multi-family is the the geographic, which is one thing that very difficult when you have a real estate team, and you’ve got to send someone an hour here and an hour there and stuff. So it’s, there’s a lot more factors, whereas you can have, you know, you can have a hundred units here, three hours away, you can have a hundred units, three states away. You can have a hundred units because it’s a big enough scale there.

Dan:
Great. So let me, let me add Charles great example when I have when I need a new roof at my apartment complex, I have, let’s just say I have a hundred doors to, to pay for that roof. If I need a new roof at my house at a single family rental home, there’s only one unit paying for that, right? So it’s hard. Like all of these costs are a little bit more painful, let alone, if you had a tenant move out, then you had a roof leak. Now you have a hundred percent vacant building. And now you’re servicing all of these expenses completely out of pocket where your apartment deals are like, well, I average 95, 90 7% occupancy, so I can understand my vacancy risk a little bit better.

Charles:
Yeah. Yeah. Someone was telling me about wanting to buy a property and renting it for $1,400 a month. They just emailed me like the other day and making $150 a day. And I was like, you know, you have one tenant moves out. And during the whole year, if you have a perfect tenant stays for 12 months, pays you on the first, every month. Then when they move out, then when you make ready, even if you’re the perfect agent that we rent it, I mean, you’ve just lost all your money. You know what I mean? There’s no, there’s nothing there, you know? So it’s just, that’s something with getting into multi-family and then getting in the more units, the less of all total, your income’s going to be, and your cashflow is going to be a lot more consistent, which something I didn’t learn right away when I was buying a smaller multifamily, even though it was like, you, you know, it was a great experience, but it’s also something that you know, you gotta learn from and figure out where’s the best use of your time and where you can make the biggest impact for you and your investors. Now, obviously since you’re partnering with them.

Dan:
Yeah. And I, the, you talk about partnership and investors. We have, we have investors that are active operators and we have investors that are completely passive real estate investors. And the interesting thing for me and what I always talk about with people is there, there’s some people there’s an R and R investment cohort that they want to own real estate, and they want to feel like they own real estate, right? Like they want to be like, oh, that’s my house. Right? Like I have ownership of it. And what I challenged their narrative on is to say, Hey, what w what, over five or 10 years, what would you really prefer? W would you prefer to say, Hey, I own that house. And you have that ownership. And it, you know, you get, you create 5% annually, passive income on it. And it turns out to be a decent investment, or would you rather be invested in a higher quality asset, have a smaller share of that higher quality asset, but it’s, it’s the same amount of money for you invested in it.

Dan:
And that that asset actually returns a better pro profit and all else equal. I am, I am driven by returns of, of real estate, not the attractiveness of the actual asset that I’m invested in. Right. We make decisions based on finances, that’s it. Right. And sure, real estate is a very inefficient marketplace. And this is where we try to take advantage of it. It’s, you know, the story of, oh, you drive down the street, you can have two identical, identical assets on the same street. One’s being optimized and running at full efficiency. And the other one has been owned for 30 years and has an absolutely nothing done to it. And they haven’t turned over any tenants. And you might have two properties that are identical in terms of when they were built sizes, unit mix, everything else. And they could be worth 40% different and valuation based on their net operating income.

Dan:
Right. So that’s where, that’s where we try to exploit opportunity in commercial real estate. And it is a little bit it, the, the residential marketplace is actually slightly more, more efficient, and I find it harder to source these types of deals. And it’s because there’s more investors looking for them too.

Charles:
Yeah. Yeah. It’s definitely night and day from when I was buying properties 10 years ago, and you’d find properties sitting on the market for you know, small commercial properties, mixed use properties five, six months, right. And then you go in there and you could make an offer of 25%, 30% lower, and the bank would actually counter you. Someone would respond to that. They get crazy offer. And it’s not that today, there’s so many buyers, which makes it, but it also depends. You find the buyer that doesn’t want to pay the the broker’s fee and he wants to work directly with you.

Charles:
And you’ve got some interesting terms compared to your local bank and, you know, all this there’s, everybody’s different. That’s why it makes it inefficient, but it just takes a long time. And that’s why syndicators are paid that acquisition fee for sourcing deals. And the other thing too, going back to that single family example is that I like that example, but it’s also just because that person has ownership doesn’t mean they’re going to operate it correctly when you’re dealing with these larger, you’re dealing with professional asset managers, being your company, and then also dealing with a professional third party property management company, most likely that probably has tens of thousands, if not just thousands of units in an area and knows the area better than anyone involved in the deal.

Dan:
Yeah. And that, I mean, now we’re starting to talk about how we partner really with, with different folks. And one of our key partnerships in any asset that we own is what the property management company, we source data for through them. We rely upon them to execute our business plan. You know, we guide them and what we think is achievable at the assets that we purchase. So yeah, it’s a, this, this syndication space is really a relationship-driven you’re taught you, you, you touched on deal flow. How are we accessing deals? German capital partners. I would say 90% of the stuff we purchase is completely off market. And so you have, you know, you, you, you have for instance, we just closed on a hundred thousand foot industrial multi-tenant industrial warehouse property in St. Louis. the seller is a developer in town and he’s, he’s in the middle of development on a hospitality deal on an office deal and he needs cash, right?

Dan:
He like, he, I think about the world we’re living in with COVID, he needed a quick solution to close. He knew his number and the listing broker that he was talking to, we had just closed a deal with. So he said, Hey, let’s, let’s talk to the driven capital guys. And if, if we could provide a quick solution, we could get a little discount on the property. And that’s what we were able to do. And everybody was happy, right. That for the seller, the service that was provided was he needed liquidity for his other projects. So he, what he could not afford to do was have some CVRE long marketing plan where 30 investment groups walk the building, and maybe, maybe it went into escrow, fell out, and then maybe it went into escrow and fell out. And then, you know, nine months later, he was still trying to sell this property, you know? So we gave him that quick certainty to close a little discount. We were happy with the pricing. And now for the next, I mean, we may never sell this asset and that’s how excited we are about it.

Charles:
Nice. Yeah. See, that’s it, the you had a competitive advantage over anybody else because you had the relationship and you had access to capital. And a lot of that’s something that new investors don’t have. So you had a leg up on other, let’s say, amateur investors in the market, right. That didn’t have that relationship because Dan proven themselves. And the other thing too, is they didn’t have access, obviously that’s a fast closing. So you had access to capital, whether it’s in your investor’s money or whether it’s your money, you would access to that. And that’s what made everything kind of.

Dan:
Yeah, absolutely. Absolutely. Right. And track record is reputation is everything. And that’s what, you know, relationships again, are, are the driving force behind trust. And, you know, we’re, we try to be fair when we’re selling assets. We want to be fair when we’re buying them. We want to be fair. And we, we, we’re what we pride ourselves upon as making quick decisions and analyzing the decisions that we need to make. And then, you know, not holding any one person up. And what we find is that a quick now is from us as, as good as a quick yes, but maybe it’s like, yeah, maybe I’m interested and you’re, you’re stringing people along and you’re not actually doing anything. Then you, you start, you know, people start spinning their wheels and that’s where you, your reputation as an operator gets you know, it gets a little bit tarnished when you’re dealing with brokers.

Charles:
Yeah. I just had a deal that was sent to us and it was out of our realm of what we focus on and responded back within 24 hours after we spoke to our team. And I was like, yeah, we’re not moving forward with that. And every time I do that, I always get a thank you from the broker because, and that’s something that’s so simple. It’s so simple. I could be, you know, people don’t do it. They’re just like, nah, I just delete the email. I’m not going to respond well, that’s your reputation. And you, do you think you’re getting another deal? Do you think you’re getting an off market deal? Right, right, right.

Dan:
Yeah. We want to be right. Very tight on, on our like investment criteria. So when you do have that broker conversation, especially like the first one it’s Hey, this is what driven capital partners does. We are sub institutional investment shop. We want to invest in assets probably just under $15 million. So we’re not competing with the big boys. We think it’s a really inefficient space that five to $15 million space. And we pride ourselves and going into secondary tertiary marketplaces that have a good growth story. And then we also, we also compete in one of the tightest residential markets in the United States and that’s Santa Barbara and all of our deals in Santa Barbara. You heard that I went to UC Santa Barbara, come from a couple of key relationships that I’ve had for 20, 22 years now. Wow. You know, and so those, you know, we just right or wrong, we get first look on almost anything that’s coming to market. We know it’s coming to market and before anybody else, our pencil sharpened, we’re one of the first offers in, we have a reputation in town of closing deals and it puts us in a really nice position to to win things before a real bidding war happens.

Charles:
Nice. The, so you’re involved with what types of asset classes are you involved with and how are you guys recognizing markets to invest into?

Dan:
So asset classes, we w w we divested out of a herd single family homes in 2017, we understood where we were at and from an economic cycle perspective. And we were, we were we were pretty concerned about what the next five to 10 years held. No one could have ever imagined it was going to be COVID that disrupted our economy. But with that being said, our thesis was apartments, multi-family industrial warehouse and medical offices. Those were the three asset classes that we were, we were focusing on because historically they have been resilient and a recessionary environment. And when you’re a single family home guys, like the apartment game is the easiest transition for sure.

Dan:
The lowest, I guess, learning curve, you would say and as we’ve pursued this, we were Matt and I are both based in Southern California. So we wanted to invest in growth markets. This led us to Atlanta Nashville, Huntsville Plano, Texas all of these places you’ve heard of as an apartment investor. Right. And one thing that we, we quickly started to learn about was the industrial warehouse asset class, and how this disruption and our supply chains pre COVID, right. COVID is accelerated it. But the center of the United States is a really interesting play for logistics and distribution centers. And that’s the Midwest, right? You can, and it typically in a day’s drive from the Midwest, you can touch about 75% of the population. So then we started our, as we think about what driven capital partners gives back to investors.

Dan:
We give investors the opportunity to invest in tertiary, secondary growth markets and apartments. So you get this organic, organic rent growth, but we also feel like we’re purchasing something that’s mismanaged. So that’s that’s our value creation strategy. And then the industrial warehouse is supposed to be the stable coupon, clipping, passive income investment that buy under market rents on the lease by, on the very low end of a price per square foot. When you look at like in St. Louis, you know, we want to be the guys that own the building at the lowest basis possible. It allows us to pass on those savings to our tenants, and it creates a really good, strong relationship with their tent, with the tenant, which creates a sticky tenant. We, we have really strong cash flow in these assets. And then when, at times it comes time to renew, clearly they’re still under market from a lease perspective.

Dan:
So we can have a fair negotiation. We don’t have to bring them up to market. We just want them to stay in the building, but we can capture a little bit of a pop in net operating income when we’re no lease. So that that’s, you know, that was really the strategy behind it. And as it’s played out with the markets that we’ve invested in, we’ve also seen some cap rate compression because of the lending environment is so, so healthy.

Charles:
So, yeah, getting into that with everything that’s changed here and been accelerated has your investment approach changed in the wake, or I guess we’re finishing up, I guess, or going through the ending portion of COVID right now with the vaccines and whatnot, but how has it changed over the last 12 months?

Dan:
Well, we, a year ago we were in contract on seven properties and we ended up we ended up walking away from six of them. Wow. And it was that as we sit here today, I can laugh about it because there’s never a deal that you don’t do. You just can’t get hurt on deals you don’t do. Right. But I look back and I think all of them probably would have been good investments. Today we, we would have been able to operate them, but when there’s that much uncertainty in the marketplace, like we just felt like, Hey, we’re not gonna, we’re not gonna push the lever here. We took a deep breath, which when you, when you put a 90 day pause on acquisitions really that turns into about six months because your deal flow dries up. And so we, last year we were disrupted, we really focused on the assets we had under management everything performed admirably. So we had this as we got through summer of 2020, our medical offices, our industrial warehouse and our apartments were all performing really well.

Dan:
We had seen some distress in our rental Inc in our collections at apartments. So we focused back to industrial warehouse first, and we’ve scaled, started scaling up on the industrial warehouse space. We’ve purchased the fall. We’ve purchased like 240,000 feet of industrial warehouse. And we have another 200,000 in the pipeline. And we are just starting to look for opportunistic plays in the marketplace, like buying some vacancy, taking on that risk, thinking that, okay, in two years time, we’ll be in a different world, different economy. We can start leasing things up. And then we’re aggressively pursuing. Again, we just, I would say at the turn of the year, we just started aggressively pursuing value out apartment and development investments. So we, we develop ground up apartments in Santa Barbara, California. Typically our investment thesis there is like buy a C class apartment and turn it into a B plus.

Dan:
So heavy, heavy renovation budget, typically like 50 to $70,000 per door. Wow. yeah, heavy, heavy value add, but it’s such a tight market place that you can change rents. So in some cases you can dump, you can double your rents if you, if you do a good job. And we, we haven’t done anything in the medical office space. We’ve just been re since COVID, we’ve just been really focused on industrial. And and multi-family.

Charles:
Interesting. So you have like, so we’d do the same thing. You guys do a, into a part with the third party. You guys have a third party underwriter, and this is something that we started utilizing at the beginning of 2020. And we’ve done it now going forward. So tell us a little bit about when you’re having a third-party underwriter, institutional underwriter underwrite review your acquisitions beforehand. And why did you start that? And you know, kind of how that process worked, when do you bring them in to react?

Dan:
Yeah. Well, I’m going to, I have an update for you. We actually just brought someone in house, but yeah. To your point, like, why do I love this strategy of a third-party underwriter? So there’s, you know, you have, you have bullpen, you have all kinds of platforms out there now where you have institutional underwriters that have come out of big equity shops that are doing their financial acumen for this as far stronger, like from a modeling perspective, far stronger than Dan Kennedy’s. Right? And so whenever we’re going in to purchase an asset, we want to get underwriting from multiple sources because this is our due diligence. This is this, this is this check work against what we think can actually happen.

Dan:
So typically we have we have a listing broker underwriting, the deal, we have our broker underwriting, the deal, and we want that broker to underwrite the deal independently from the listing broker, right. We have the bank also underwriting the deal because they’re the one that’s going to provide the loan. We underwrite the deal. We have the property management company, give us, Hey, can, can you send me a projected rent roll if we, you know, 7,500 bucks a unit can you send me, what would you, based on all of the apartments you manage in the area what is your expected expense ratio over the course of a year? Right. and then simultaneously as we’re going through this, we used to pay, so Matt and I would underwrite the deal. And then we would go, and we built a relationship up with, with bullpen where we would send it out and then they would independently underwrite it.

Dan:
So as much of it was about efficiency and some sense is like, okay, Matt and I are building this business. We need to kick out some underwriting, but it’s also about making sure that we’re not missing anything. And so now we’re big enough where we have a full-time financial analyst on our, on our, on our books that he’s got more work than he knows what to do with, and he’s doing a great job. So we’re, we were just having this conversation of well, his name’s Roberto on, when you get stuck, feel free to reach back out to, you know, bullpen and we can still outsource and give and provide some more support for you because it’s, this is back to Charles. What we just talked about, what are we trying to do? We’re trying to build a reputation in the community that these guys are for real.

Dan:
And the best thing that we can do, if, if a broker calls me and says, Dan, I got this apartment deal, it’s off market. There was, you know, whatever happened, we just, there was a death in the family. Th th the folks that are in the trust want to sell the asset and they want to get it done quickly. So we don’t want to go and alert, okay, Hey, I can, I can turn the underwriting around. And, and 48 hours put it at the high, you know, high end of the priority list, and we can go. So it’s about, it’s about speed and not, you know, good deals are not going to be around for long. That’s why you have to move quickly.

Charles:
Right. For sure. Yeah. I love that about bringing your property manager in too, as being one of the underwriters, because obviously your lenders on writing it, and they’re the biggest portion of the capital stack.

Dan:
Yeah. Yeah. They’re the owner.

Charles:
And the, like, with that being said is like, you bring your, bring your property manager on it and a good property manager. I can call some my property managers. And they’ll tell me, ER, the expense ratio in this market is 48%. Correct. And they’ll tell me it’s 46. If you’re doing this with, if, depending on who takes care of utilities, they, I mean, they’re down to they’re like over the 25 years is like these. I mean, this is their job. They know exactly what, and they should know it. So bring them in and a good property manager will come in early and we’ll say, then obviously you should even have them walk the property with you. So they have an idea of what they’re getting themselves into and be like, listen, your estimates are way low on this value. and on your value add process, or these apartments are in better shape than we thought. And because they’re going to the ones really working with you and the GCs to do this this renovation and this value add,

Dan:
We’ve never gone on a property tour of a building that we’ve purchased without our property manager. Because again, this is, is as much as they don’t like driven capital partners is not, is not issuing them a, a 10 99 every month. You know, like we, we, the property is paying them. They are a part of this team, even though they don’t live under the driven capital partners umbrella, they have their own property management company. We are so just in bed together and, and w I’ve never, it’s hard to imagine a world in which you have a very successful investment without a great property manager.

Charles:
Yeah. That’s, couldn’t have said better than that myself. Perfect. So what do you think are the main factors that have been true to your success, Dan?

Dan:
Well I’ve always been I’ve I’m, I’ve always been a really hard worker and that’s kind of goes back to like my, my professional soccer career. I was never the most talented player, but I was the guy that could dig in and kind of break through some boundaries and some maybe mental hurdles that other players could not, I’m very awake. This term is pulled straight out of the military, but I’m very comfortable being uncomfortable. And that’s what we do is we take calculated risks with the investments that we make. We represent friends and families hard earned money, right? Like we have a huge responsibility on our shoulders to go and, and preserve and grow wealth. Like we, the investors in our cohort talk about creating generational wealth to be passed down for generations, right? Like that’s, that’s what we’re trying to achieve. And so it’s important that we’re not asleep at the wheel here.

Dan:
And accountability is a huge thing. And our company and Matt and I are two guys that just want to lead by example and make sure that, you know, we’re principals of this company, but by no, by no means, are we not doing the dirty work? Cause that’s, that’s really what’s required in order to build a successful business. And to me, like w just naturally Charles we’ve had this overarching theme of talking about deal flow, talking about property management, talking about, I mean, th thinking about our investors and, and we’ve mentioned how relationship driven this is leadership’s a big part of what we do, you know, like w if, if something happens at one of our properties it’s our job to, to, to solve the problem, to have solutions. And it’s our job to be completely transparent to the investors when things aren’t necessarily going how we envisioned, right.

Dan:
And that accountability is, is built into our leadership style. And, you know, we feel, we feel great about, about what we’re doing. But it’s, it’s not built on just feeling good. It takes, it takes a lot of hard work. And I just don’t think there’s shortcuts to success. So we, we try to be thorough and diligent, and I feel very fortunate to have this opportunity to represent all of the investors in our you know, in our, in our cohort cohort of investors. It’s a, it’s a privilege. So we don’t, we don’t take it lightly.

Charles:
So how can our listeners learn more about you and your firm?

Dan:
Well we have a website driven cap.com www.drivencap.com. It’s, it’s a good, I mean, it probably needs to be refreshed. Doesn’t clearly depict exactly the amount of assets we have in our management today, just because we’ve had a lot of acquisitions recently, but it’s a good place to start to understand who Matt is. Matt Seamus is my partner. We’re, we’re a long time buddies macro up with my wife and our wives are best friends. We’ve been vacation and together for about 16 years now. And Matt, Matt has an interesting background himself. He was an employee at Facebook Mo most recently career entrepreneur. He started three successful businesses on his own outside of driven capital partners. He was an investment banker out of undergrad, where he went to UC Davis and played division one college football. So he’s, he’s an interesting person. When you think about driven capital partners, it’s both of, you know, it’s both of us that have, have put this together. So it’s important to understand who each of us are. You can reach out to me via email, D a N [email protected] is my email address on our website. You can sign up to our investment portal, you can sign up to our mailing list to see what kind of content we push out.

Dan:
It’s largely deal flow oriented, but sometimes we’re sending out a market updates on what we find interesting. I mean, we’ve seen this huge huge shift in the industrial warehouse space where asset or across the United States cap rates are, are getting driven down because of the stability of the asset class. Right. And so we’re, we feel like we’re pretty well positioned because we’re in a little bit early here, and we have these established relationships that we’re going to go exploit this, this opportunity and provide a really steady flow of passive income to investors. So yeah, I would just, if anybody’s any of your listeners are interested, sign up for our website scheduled call with Matt and I and we were always just looking to grow our network with good people.

Charles:
Awesome. Dan, I will put all those links in the show notes, and I want to thank you for coming on today,

Dan:
Charles. Thanks for having me, man. Really, really nice to catch up.

Charles:
Yeah. Have looking forward to connecting with you in the near future.

Dan:
Sounds good.

Charles:
Hi guys! It’s Charles from the Global Investors Podcast. I hope you enjoyed the show. If you’re interested in get involved with real estate, but you don’t know where to begin, set up a free 30 minute strategy call with me at schedulecharles.com. That’s schedulecharles.com. Thank you.

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Announcer:
Nothing in this episode should be considered specific, personal or professional advice. Any investment opportunities mentioned on this podcast are limited to accredited investors. Any investments will only be made with proper disclosure, subscription documentation, and are subject to all applicable laws. Please consult an appropriate tax legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of Syndication Superstar LLC exclusively.

Links and Contact Information Mentioned In The Episode:

About Dan Kennedy

Dan has actively invested in real estate since 2011, focusing on well located investments with strong cash flow in markets from California to Texas. In 2017, Dan began divesting his Single-Family Residence portfolio to focus on commercial real estate acquisitions. Dan started investing in syndications, allowing him to further diversify his holdings in Class A Student Housing developments in downtown Los Angeles.

At Driven Capital Partners, Dan’s focus is on asset management and investor relations. Dan manages DCP’s portfolio of assets meticulously, optimizing each property’s potential while implementing the business plan that was put in place upon acquisition.

Dan retired from a 12-year professional soccer career in 2017 where he most recently played for the LA Galaxy. Dan was selected by his peers to represent Major League Soccer players as an Executive Board member for the players association. In this role he was responsible for Collective Bargaining Agreement negotiations, strategic planning, executive team building and budget approval. As a former athlete, Dan is passionate about educating all professional athletes on real estate investing and the tremendous benefits of establishing a strong real estate portfolio leading into life after an athletic career.

Dan has an MBA from the USC Marshall School of Business.

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