Vendor Portal
Kevin Schnell shares his journey from grinding it out as a young broker to becoming a partner at Concord Capital, transacting over 1,500 units and owning hundreds of apartments throughout Chicago. From humble beginnings knocking on industrial doors to building a powerful network and launching his own real estate venture, Kevin’s story highlights grit, resourcefulness, and smart investment strategy.
This episode is packed with practical advice for investors, brokers, and landlords—including how to underwrite deals, navigate property tax uncertainty, manage turnovers, and approach value-add opportunities. We also dive into the pros and cons of launching your own company versus joining an established team.
Questions We Answer in This Show
Q: What can Chicago property managers and landlords learn from Kevin Schnell’s real estate journey?
A: Kevin’s trajectory—from leasing small units to overseeing large multifamily acquisitions—teaches landlords the importance of due diligence, vendor relationships, and understanding neighborhood dynamics.
Q: How does tenant damage get handled and billed in professional property management?
A: Tenant chargebacks don’t need to wait until move-out. With the right lease terms, managers can collect damage costs immediately and apply late rent consequences if necessary.
Q: What’s the best way to handle leasing in Chicago’s tough rental market?
A: Kevin emphasizes that leasing isn’t just about filling units—bad leasing decisions create long-term management problems. Thorough screening and disciplined turnovers are essential.
Q: Why are property taxes such a challenge for Chicago landlords?
A: The unpredictability of assessments makes underwriting difficult. Kevin shares how this creates opportunity for knowledgeable investors and managers who can analyze long-term viability.
Q: How can you scale a property management portfolio in Chicago’s neighborhoods?
A: Kevin’s story shows the power of starting with smaller buildings, learning your market, and building broker relationships. Eventually, his portfolio and partnerships allowed him to scale up.
Q: Is office-to-residential conversion a viable strategy for Chicago investors and property managers?
A: Yes—but only with the right layout, zoning, and architectural planning. Kevin details how egress, light, and vent requirements can impact feasibility.
Q: What role does strategic neighborhood selection play in Chicago investor success?
A: Kevin’s experience shows that walking neighborhoods and understanding micro-markets leads to better leasing, acquisition, and management outcomes.
Q: How can landlords use property management systems to improve communication and accountability?
A: Kevin emphasizes consistent follow-up, tracking interactions, and data-driven decisions—traits that landlords can replicate using digital systems and CRMs.
Q: What are the top mistakes new property managers make in Chicago and how can they avoid them?
A: Rushing to fill units, underestimating property taxes, and failing to document chargebacks are common mistakes. Kevin advises learning from mentors and structuring leases properly from day one. (Mastering Tenant Screening in Chicago)
Kevin Schnell’s Growth: From Cold Calls to Concord Capital
Kevin began his career with early mornings, street-by-street mapping, and 250 cold calls a week. That discipline led to his first acquisition role, learning under the MOTU team, and eventually becoming a full partner. After a decade and nearly 1,500 transactions, he co-founded Concord Capital to scale further.
Kevin emphasizes the value of walking neighborhoods, understanding hyperlocal trends, and keeping seller conversations alive—even when the first offer doesn't stick. He highlights how direct-to-owner deals, combined with relational brokerage, have been key to scaling his portfolio.
Office-to-Apartment Conversions: The Next Big Chicago Investor Play?
With the shift in office demand, many landlords are asking: Can we turn vacant offices into rental apartments?
Kevin says yes—carefully. The layout, egress, access to natural light, and zoning challenges mean that not every space qualifies. But with the right property and design team, these conversions offer a new lane for scale and value.
Chicago Property Management Lessons for Today’s Investors
Kevin’s approach offers key takeaways for current and aspiring landlords:
Don’t ignore maintenance chargebacks—add “additional rent” clauses in your lease and recover funds proactively.
Stay consistent with your leasing standards—rushing leads to problems.
Property tax awareness is vital—underwrite conservatively and seek advice from experienced zoning attorneys.
Screen tenants with precision—even slight inconsistencies in pay stubs or employer info should be flagged.
Don’t overspend early—Kevin lived with family to save up for his first deal, proving that smart money management matters.
Show Notes
02:48 Housing Provider Tip: Chargebacks for tenant damage and lease clause strategy
06:15 Kevin’s intro and Chicago property experience
09:42 Origin story: From Ohio to cold-calling Chicago industrial spaces
14:10 Transition to multifamily with Marcus & Millichap
17:26 Early years of walking neighborhoods and learning markets
24:05 Joining MOTU and evolving into acquisitions
30:10 Structuring in-house acquisition compensation
36:50 First investment deal with MOTU: 3940 Southport
40:25 How to talk to overpriced sellers and stay top of mind
46:00 Learning construction and managing renovations
51:45 Transitioning to Concord Capital during COVID
57:40 Why Kevin is bullish on investing in Chicago
62:12 Logan Square preservation laws and strategic flips
66:15 Office-to-residential conversions: mechanics and opportunity
72:05 Raising capital and scaling with a trusted investor base
Guest Info
Guest Name: Kevin Schnell
Guest Company: Concord Capital
Guest Website: https://www.concordcapitalre.com/
Because finding good tenants and property management shouldn’t feel like online dating.
Dear Investor,
If you are an investor in either the city or suburbs of Chicago, I would love to speak with you about how we can help you on your real estate journey. At GC Realty & Development LLC we help hundreds of Chicagoland real estate owners and brokers each year manage their assets with both full service property management and tenant placement services.
We understand that every investor’s goals are unique and we love learning about each client’s individual needs. If there is an opportunity to help you buy back your time by managing your rental property or finding quality tenants, please check us out.
Best Investing,
Mark Ainley
Founder, Partner, Podcast Co-Host, and Investor
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