Why Control of Operations Matters in Multifamily with Candice Muldrow

Getting through a tough multifamily cycle has not been about buying more for Candice Muldrow. It has been about tightening operations, building repeatable systems, and leading the people responsible for carrying those systems out.

Candice and her husband, Corey, are the cofounders of MGroup Capital and MGroup Residential. Their portfolio includes more than 700 units across Dallas Fort Worth, with most properties around the 200 unit range.

During the last couple of years, they slowed acquisitions and focused heavily on operations. Candice explains how that work helped them build repeatable systems and create a management company that she says is now largely scaled and running without them.

She also explains why they chose to bring management in house. For Candice, it came down to execution, speed, and control over the business plan.

The conversation also looks at current acquisition opportunities. Candice shares that they bought their first 18 unit property in 2017 for about $70,000 per unit. Today, she says they are seeing some similar B and C multifamily assets priced in the $60,000 per unit range. But she warns that today's expenses are also much higher, so lower pricing alone does not make a deal work.

KEY TOPICS

• Why Candice focused on operations instead of buying more properties
• The two sides of operating a company: systems and people
• Why MGroup moved away from third party property management
• Why lower multifamily prices still require careful expense underwriting
• How Candice and Corey built their investor network over about 10 years
• Why MGroup plans to bring even more operational services in house