Episode 246: Smiling, Dialing, and Syndicating: A Husband-and-Wife Masterclass in Multifamily with Corey and Candice Muldrow
Summary
In this episode of My Life As a Landlord, Jennifer sits down with Corey and Candice Muldrow, the dynamic husband-and-wife duo behind Texas-based M Group Capital. The Muldrows share their incredible journey from working in healthcare and corporate sales to building a vertically integrated real estate empire with over 1,000 multifamily units. Listeners will learn how Corey’s background as a Certified Registered Nurse Anesthetist and Candice’s expertise in digital marketing sales shaped their disciplined approach to asset management. They also dive into the nitty-gritty of transitioning from third-party property management to bringing operations in-house through M Group Residential. Whether you are a newbie landlord or a seasoned investor looking for golden nuggets, this conversation is packed with actionable insights on scaling through systems, managing properties as a couple, and prioritizing proof over promises.
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This Week’s Blog Post:
Welcome to My Life as a Landlord, where we educate curious US and Canadian landlords, answer rental questions and clear up confusions about all things housing. In this episode, I’m heading down to Texas to speak with an absolute powerhouse couple, Corey and Candice Muldrow, the founders of M Group Capital and M Group Residential. In just a few short years, they went from purchasing their first 18-unit property to managing a portfolio of over 1,000 multifamily units. Corey comes from a background in anesthesia, while Candice spent eight years in corporate working for a digital marketing company, where she started in entry-level sales “smiling and dialing” before moving into sales training and partnership sales. Candice is also a third-generation real estate investor, and although they originally thought they would invest in single-family properties, joining a mentorship education program turned the light on for multifamily.
From 18 Units to More Than 1,000
Corey and Candice decided that if they were going to do something, they were going to go all in. Their first deal was an 18-unit property that they purchased for just over a million dollars, raising about $600,000 for renovations and closing. At the time, it was daunting, but they raised the funds, their investors were excited, and they executed the business plan. That gave them the confidence to go bigger, moving from 18 units to 102 units and continuing to build their portfolio from there. They originally used third-party management but eventually realized that no one was going to care about their property as much as they did. When things were moving too slowly and they weren’t getting the answers they wanted, they decided to start their own management company so they could have full control of the operation.
Systems, Dashboards, and Building the Right Team
As Corey and Candice scaled, systems had to change. Their management company went from two employees to more than 25, and one of the most important systems they put in place was a dashboard where they could track trends week over week. If you’re waiting until the end of the month to look at your rent roll and T12 and decide something needs to change, you’re already 30 days too late. The faster you can get information, the faster you can calibrate. We also talk about the importance of building a team around the areas where you’re weak. That includes vendors, partners, mentors, other owners, lender brokers, insurance brokers, tax professionals, property management, HR, marketing and investor relations. There are a lot of pieces to the pie, and the people you have around you are everything to your success.
Working Together and Moving Through Fear
As part of a husband-and-wife team myself, I wanted to know how Corey and Candice work together, live together and raise three children while operating in a high-stress, high-production environment. Their answer comes down to having a clear vision, clearly defined roles and responsibilities, and very clear communication. They have a sync meeting in the morning to talk about their rocks for the day and the actions that are going to move them toward their vision. We also talk about fear and how they continue moving forward even when they’re scared. Corey starts by asking, “What’s the worst that can happen?” Once there’s a plan for the worst possible scenario, there’s really no fear, and they can go all in. Candice adds that you have to get started and keep going, know what you want your vision to be, write it down, make the steps to get there and surround yourself with people who are already doing what you want to do.
Go After It and Keep Growing
Looking five years ahead, Corey and Candice see themselves continuing to scale, improving the service they provide to residents, creating opportunities for their team, buying more multifamily and potentially getting into different assets. Corey loves a challenge because challenges are where you grow. It isn’t just about a goal like having 10,000 doors; it’s about the person you become because of the goal. As we wrap up, their advice is to go after whatever you’re thinking about and whatever your goal is. Find the people who are going to support you and don’t let anything hold you back. As Corey says, “In the cave you fear to enter holds the treasure you seek.”