Candice and Corey Muldrow, the husband-and-wife founders of M Group Capital, have built one of Texas’s most impressive emerging multifamily portfolios—growing from a single 18-unit acquisition to nearly 800 units in under five years. Their story is a blueprint for how vision, execution, and the right partnerships can fuel rapid but sustainable growth.

In a recent episode of the Multifamily Management Excellence Podcast, host Mike Ballard spoke with the Muldrows about how they scaled quickly through vertical integration—and why outsourcing key functions like bookkeeping was a strategic inflection point in their success.

From Digital Marketing and Healthcare to Real Estate Operators

Before launching M Group Capital in 2020, Candice worked in digital marketing and Corey was a practicing nurse anesthetist (CRNA). That changed after Corey read Rich Dad Poor Dad, which introduced the concept of financial freedom through passive income.

The couple began by investing in a single-family rental, then joined a real estate mastermind and started investing passively in multifamily syndications. Before long, they realized they could sponsor their own deals.

“We figured, why not us?” said Candice. That mindset led to their first acquisition: an 18-unit property in Arlington, TX, funded through a $600,000 capital raise.

Rapid Expansion and Larger Deals

Over the next few years, M Group Capital’s portfolio expanded quickly:

       ·   A 102-unit property with a $4 million raise

       ·   A 256-unit deal with $8 million raised

       ·   A 200-unit deal with $7.5 million raised

       ·   A 270-unit acquisition requiring $16 million

       ·   A 152-unit transaction backed by $9 million in investor equity

Now operating just under 800 units, the Muldrows have not only scaled their holdings but also executed multiple full-cycle deals. “That kind of trajectory is rare,” said Mike Ballard, founder of Ascent Multifamily Accounting. “Few sponsors move from 18 to 200+ unit deals that quickly—and successfully.”

Vertical Integration: More Control, More Complexity

Rather than hand off operations, the Muldrows launched their own property management company to deliver better service and enhance asset performance. That shift gave them control—but also added complexity.

“Managing people has been the hardest part,” Corey noted. “We went from managing two employees to teams of 10 or more on distressed assets.”

Candice added, “We were building two businesses at the same time—a real estate portfolio and a management company. Multifamily is a people business, and building the right systems and culture takes time.”

Why They Outsourced Bookkeeping

As they scaled operations, the Muldrows realized they needed to free up time and focus on strategic initiatives—resident satisfaction, investor relations, and operations.

After meeting the Ascent team at an industry event, they made the decision to outsource their bookkeeping.

“Partnering with Ascent gave us peace of mind,” Candice shared. “It allowed us to stay focused on what drives returns: delivering value to our residents and investors.”

Outsourcing back-office work has become a growing trend across the multifamily industry, especially as rising interest rates, tighter margins, and maturing loans increase the operational demands on sponsors. Bookkeeping, in particular, is critical for investor confidence, tax accuracy, and financial transparency.

Capital Raising: A Relationship Business

Many first-time sponsors wonder how to raise capital at scale. For the Muldrows, the answer lies in one word: relationships.

They built their investor network by consistently attending industry events, joining mastermind groups, and having countless one-on-one conversations. “We kept changes of clothes in the car so we could network late into the night,” Candice said.

Their largest single check to date? $500,000. But that didn’t happen overnight. “You’re making deposits into relationships long before asking for a withdrawal,” Corey said. “People need to know, like, and trust you.”

Investment Strategy: Solving Problems in DFW

M Group Capital’s current focus is acquiring off-market, distressed assets in the Dallas–Fort Worth market. “We solve problems—whether it’s deferred maintenance, mismanagement, or maturing debt,” Corey explained.

Their most recent acquisition came from a seller nearing foreclosure. Despite being on vacation, the Muldrows pulled together lenders, attorneys, and inspectors to close the deal in under 60 days. Their ability to act quickly and decisively is rooted in having the right people and partners in place—including outsourced professionals handling their financials.

Advice for Aspiring Multifamily Investors

The Muldrows offer the following guidance to new investors:

     1. Find a Mentor – Learn from someone who’s already achieved what you hope to build.

      2. Invest in Yourself – Read books, join masterminds, and apply what you learn.

      3. Be Relational – “This is not a transactional business,” Corey emphasized. “It’s built on trust and long-term relationships.”

      4. Think Bigger – They recommend the book 10x is Easier Than 2x for its mindset-shifting insights on scale.

(Ascent is offering free copies of that book to the first five readers who request it—just email us!)

Final Thoughts

The Muldrows have proven that with grit, clarity, and smart partnerships, it’s possible to scale quickly and sustainably. By focusing on relationships, building the right team, and outsourcing where it counts, they’ve built a portfolio that’s not just bigger—but better.

At Ascent Multifamily Accounting, we’re proud to support operators like Candice and Corey. When sponsors are freed from the burden of back-office work, they can focus on growth, leadership, and delivering exceptional returns.

Ready to simplify your property accounting so you can scale like the Muldrows?
Let’s talk. www.ascentmfa.com | info@ascentmfa.com | (702) 997-0900

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