New Release
Surviving The Multifamily Collapse
Critical Lessons to Avoid Collapse and Navigate the New Multifamily Cycle
Available now in paperback and Kindle formats.
The "F-Word" Means Foreclosure
Between 2023 and 2024, over $75 billion in multifamily loans were transferred to special servicing. In just 18 months, more debt hit distress than in the entire previous decade combined.
This isn't just about reckless operators. It’s affecting smart investors who followed the rules, bought the education, and "did everything right"—yet were blindsided by rising interest rates, exploding insurance premiums, and valuation collapses.
"The struggle is real. I've lived it. I've fought through capital calls, bridge loan chaos, and sleepless nights. This book pulls back the curtain on the truth no one is telling you."
— Mark Kenney
This is not a "rah-rah" success story. It is a war manual designed to protect your wealth, your reputation, and your sanity in the hardest market we've seen in a generation.
Critical Lessons from the Trenches
No fluff. Just the hard truths about what destroys deals.
The "Non-Recourse" Lie
Why non-recourse loans aren't as safe as you think, and how "Bad Boy Carve-outs" can trigger full personal liability.
Floating Rate Killers
How rate caps expire, costs exploded by 3,000%, and "silent killer" loans destroy cash flow overnight.
Partnership Regret
Why 50/50 partnerships are the fast track to 100% regret, and how to structure control correctly.
Cash Management Traps
Understanding "Lockboxes" and how lenders can legally hijack your revenue before you see a dime.
Cap Rate Destruction
The math behind how cap rate expansion silently destroys millions in equity, regardless of NOI growth.
The Depreciation Trap
Depreciation is great until the IRS comes knocking and you did not properly plan for the potentially devastating tax hit.
This Book Is For
Active Multifamily Investors
GPs and Sponsors who need to refine operations and underwriting for a tougher cycle.
Limited Partners (LPs)
Passive investors who want to elevate their due diligence and spot "ugly financials" on pretty properties.
Sponsors in Distress
Operators currently navigating capital calls, paused distributions, or difficult lender conversations.
This Book Is Not For
The "Get Rich Quick" Crowd
If you are looking for shortcuts or hype, this war manual will scare you.
Speculative Investors
Those relying on aggressive appreciation and "automatic" rent growth to save bad deals.
Naive Optimists
Anyone unwilling to confront the brutal realities of foreclosure, risks, and market corrections.
About Mark Kenney
Mark Kenney is a seasoned real estate syndicator and co-founder of Think Multifamily. He has personally acquired over 18,000 apartment units across 15 states, completing 120+ multifamily transactions valued at over $1 billion.
Mark's story isn't just about numbers—it's about lessons learned by walking through fire. After facing market shifts, lender challenges, and the brutal realities of the industry, Mark wrote this book to equip serious investors with the truth needed to survive. He lives in Texas with his wife Tamiel and their two children, prioritizing faith, family, and fitness.
Tactical Takeaways
Modified Cash Basis Accounting
Why standard accrual accounting is a lie that hides cash flow problems until it's too late.
Lender Escrow Traps
How to stop unexpected $50,000 escrow shortfall demands from depleting your operating cash.
The Operator-Lender Threat
How to spot lenders who don't want you to pay them back—they want to take your property.
The "Bad Boy" Carve-Out
How missing an insurance renewal or a deadline can turn a non-recourse loan into full personal liability.
Accounts Payable Nightmares
Why unrecorded invoices in a property manager's desk can lead to mechanic's liens and default.
Net Worth vs. Cash Flow
Why being a "paper millionaire" provides fake security, and why cash flow is the only real power.
What Readers Are Saying
“A rare deep dive into failure, accountability, and the hard lessons most of the industry glosses over.
Kenney delivers a stark and honest look at how investors can be blindsided by structural and market risks.
A must-read for both passive investors and real estate sponsors alike."
— Ryan J.
"This book is more than a survival manual—it’s a powerful reflection on leadership, humility, and endurance.
Mark’s story proves that wisdom grows from hardship—and his transparency makes this book both informative and inspiring.
A reminder that true success means protecting integrity, purpose, and relationships.”
— Jon K.
“A comprehensive operating manual disguised as an investing book.
He walks through the unglamorous but crucial details — team structures, systems, financial modeling, investor relations — that determine whether a deal succeeds or becomes a cautionary tale.
It educated me on what I don’t know.”
— Mark B.
Don't Wait for the Market to Teach You These Lessons
In a shifting market, ignorance is expensive. Surviving The Multifamily Collapse gives you the blueprint to survive the storm and thrive when others are folding.
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