In my recent podcast guesting on the Best Ever CRE Show, I sat down with Matt to talk through how Apogee Capital actually finds deals in today's market. We got into why knowing what makes a good deal is the real starting point, long before you ever pick up the phone with a broker, and why chasing deals in DFW pushed Apogee to become experts in tertiary markets like Tulsa, Oklahoma City, and College Station instead.

I broke down why broker relationships are the backbone of Apogee's deal flow, how to earn a broker's trust when you're brand new, and why simply doing what you say you're going to do is still one of the most underrated advantages in this business. I also walked through the story behind Parkside Apartments in Lubbock, a deal that got away from us at first before falling back into our lap, and how that deal fit into a broader shift toward true value-add opportunities.

We closed out talking about where Apogee is headed next, why I feel like now is actually a great time to be buying, and the origin behind the Apogee name itself.

Timestamps

00:00 Intro and Jonathan's background in real estate
02:11 How engineering shaped Jonathan's approach to investing
06:45 How the market shifted from 2021 to today
07:25 Why Apogee expanded into tertiary markets like Tulsa and Oklahoma City
09:00 Why deals have to work with agency debt above 85% occupancy
10:33 Why Apogee sources deals strictly through broker relationships
12:04 How to get brokers to take you seriously when you are a beginner
14:19 Why integrity and consistency matter more than any pitch
17:04 The story behind the Parkside Apartments deal in Lubbock
40:58 Why Apogee is focusing on Dallas Fort Worth and Oklahoma City going forward
43:38 The origin story behind the Apogee name

What We Cover

Key Takeaways

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🌍 Website: https://www.apogeemfc.com/
📸 Instagram: https://instagram.com/multifamilyengineer
💼 LinkedIn: https://www.linkedin.com/in/jonathan-nichols45/
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What does it actually take to become a general partner in multifamily?

In this episode, I break down why real estate has been one of the most powerful wealth building tools for generations, covering cash flow, principal paydown, appreciation, and the tax advantages that make it so effective. I also explain how forced appreciation works in commercial real estate, how net operating income and cap rate determine a property's value, and why syndication exists as a way to buy properties far larger than any one investor could on their own.

I walk through the general partner and limited partner structure, how GP fees and the promote actually work, and the three key roles that make up every multifamily syndication: the deal finder, the capital raiser, and the asset manager. I also share practical advice on how to start raising capital from your own network, how to think about the investor funnel, and why referrals end up being one of the most effective ways to grow.

Timestamp

00:00 Intro

00:33 Why real estate has been such a powerful wealth-building tool

02:43 How forced appreciation works in commercial real estate

05:02 How net operating income and cap rate determine property value

08:51 What syndication is and why it exists

10:01 General partners vs limited partners

11:02 How GP fees and the promote actually work

14:20 The three key roles in every multifamily syndication

18:25 How to start raising capital from your own network

20:51 Understanding the investor funnel and why referrals matter most

35:52 Details on our first-ever in-person conference in Arlington

What We Cover

Key Takeaways

Resources

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Connect With Me
🌍 Website: https://www.apogeemfc.com/
📸 Instagram: https://instagram.com/multifamilyengineer
💼 LinkedIn: https://www.linkedin.com/in/jonathan-nichols45/
✉️ Subscribe to my newsletter: https://www.apogeemfc.com/contact

What actually goes into running a multifamily syndication business from start to finish?

In this solo episode, I break down the three pillars of multifamily syndication: acquisitions, capital raising, and asset management. A lot of new investors think this business is just about finding a deal and closing it, but that is really just the starting line. I walk through how we source deals through broker relationships instead of cold calling, what separates a good deal from a bad one once you get past the basics of underwriting, and why the last 10% of analyzing a deal is where the real money is made.

I also cover the three levels of raising capital, from buying with your own funds to joint ventures to full syndication, and why building your investor pipeline has to start long before you ever have a deal to offer. Finally, I get into asset management, the most overlooked pillar of this business, and why understanding the incentive gap between you and your property manager can make or break your returns.

If you are serious about becoming a general partner in multifamily, this episode lays out exactly what the job actually requires.

Timestamp

00:00 Intro

01:25 The three pillars of multifamily investing

02:35 Why broker relationships are the best way to source deals

06:38 What separates a good deal from a bad one once you know the basics

09:47 Key assumptions that go into underwriting a multifamily deal

11:24 The three levels of raising capital for a deal

14:52 Why capital raising starts with relationships not a website

16:54 Why asset management is the most overlooked pillar of this business

18:23 The incentive gap between you and your property manager

20:04 What asset management actually looks like week to week

What I Cover

Key Takeaways

Resources

Connect With Me
🌍 Website: https://www.apogeemfc.com/
📸 Instagram: https://instagram.com/multifamilyengineer
💼 LinkedIn: https://www.linkedin.com/in/jonathan-nichols45/
✉️ Subscribe to my newsletter: https://www.apogeemfc.com/contact

What actually determines whether a real estate deal succeeds or fails?

In this episode, I sit down with Perry Zheng, founder and CEO of Cash Flow Portal, a YC-backed all-in-one technology platform for commercial real estate. Before building Cash Flow Portal, Perry was an engineering manager at Lyft for 5.5 years and worked as a software engineer at Twitter and Amazon. He is also a lead sponsor on over 1,020 apartment units, having raised more than $25 million for real estate projects and generated over 30% annualized returns for investors.

You'll learn how Perry built his real estate portfolio from seven single family rentals into a 172 unit, $4.2 million first syndication, and what it actually took to make that jump. Perry breaks down what he believes really drives success in this business, why he thinks about the next few years differently than most operators, and what separates GPs who recover from a bad cycle from those who don't. He also shares what Cash Flow Portal is building to help general partners stay disciplined and survive after they close a deal, from tracking actuals against underwriting to avoiding costly year end accounting scrambles.

Timestamp

00:00 Intro

00:41 Who is Perry Zheng and how he got his start in real estate

04:41 From buying single-family rentals to raising $4.2 million on his first syndication

09:15 How Cash Flow Portal started and what problem it actually solves

15:30 Why macro timing may matter more than operational skill in real estate

23:01 Why buying during the downturn could define the next five years for GPs

27:14 Why real estate returns may just track inflation over the long run

30:12 What Cash Flow Portal is building to help GPs survive and stay disciplined post raise

36:04 Perry's advice for entrepreneurs pushing through a hard season

What We Cover

Key Takeaways

Connect with Perry Zheng 

Hit follow or subscribe wherever you’re listening, and I’ll see you in the next episode!

Connect With Me
🌍 Website: https://www.apogeemfc.com/
📸 Instagram: https://instagram.com/multifamilyengineer
💼 LinkedIn: https://www.linkedin.com/in/jonathan-nichols45/
✉️ Subscribe to my newsletter: https://www.apogeemfc.com/contact

What are the biggest legal mistakes multifamily investors make, and how do you avoid them before they cost you the deal?

In this episode, I sit down with Kyle Swafford, real estate attorney and founder of Swafford Law LLC. Kyle earned his JD from Mississippi College School of Law, where he clerked for Mississippi Supreme Court Justice Kitchens, and went on to complete his LLM in Tax through the University of Florida's top ranked tax law program. Before starting his own firm in 2023, Kyle worked as an International Tax Consultant at Deloitte, spent time with the IRS and the Georgia Department of Revenue, and worked at a premier commercial real estate law firm in Atlanta. Today he represents clients in real estate syndication, tax strategy, joint ventures, and commercial lending.

We get into the small but costly mistakes new investors make when drafting their first LOI, why touring every single unit during due diligence matters more than people think, and the strategies Kyle uses to protect clients on earnest money terms. Kyle also shares the questions limited partners should be asking operators before investing, and why social media presence should never be mistaken for operational competence.

Timestamp

00:00 Intro

02:06 Who is Kyle Swafford and how he became a real estate attorney

05:47 Why touring every unit during due diligence is non-negotiable

09:50 Key mistakes to avoid when drafting your first LOI

14:17 Why buyers should provide the first draft of the PSA

16:02 Strategies for negotiating earnest money and inspection periods

21:35 What passive investors should look for in legal documents

24:53 The most important question to ask an operator before investing

28:18 Why real estate should be judged like any other investment

31:14 Kyle's shift toward a values-driven law practice

33:30 How to evaluate fit and capacity when hiring an attorney

35:09 Why you should not be afraid to raise capital from high net worth investors

What We Cover

Key Takeaways

Connect with Kyle Swafford

Hit follow or subscribe wherever you’re listening, and I’ll see you in the next episode!

Connect With Me
🌍 Website: https://www.apogeemfc.com/
📸 Instagram: https://instagram.com/multifamilyengineer
💼 LinkedIn: https://www.linkedin.com/in/jonathan-nichols45/
✉️ Subscribe to my newsletter: https://www.apogeemfc.com/contact

In this episode, I walk through the fundamentals of multifamily syndication investing from the ground up. This is a replay of one of our educational webinars, and I wanted to share it here for anyone who has been curious about how these deals actually work but has never had it explained in plain terms.

I cover what a syndication actually is, why commercial real estate is valued so differently than a single family home, and how forcing appreciation through net operating income is one of the biggest advantages of this asset class. I also break down the roles of general partners and limited partners, the different ways investors get paid, the fees involved, and what to look for in a sponsor before you ever invest a dollar.

If you have ever wondered whether passive or active real estate investing is the right path for you, this episode gives you the full picture.

Timestamp

00:00 Intro

02:54 What is a multifamily syndication

04:41 Why commercial real estate is valued differently than single family

08:52 What forced appreciation means and why it matters

09:36 General partners vs limited partners explained

11:39 Other key roles on a multifamily syndication team

16:15 Understanding risk and reward in commercial real estate

22:53 How a multifamily deal moves from acquisition to sale

25:36 The different types of debt used in multifamily deals

26:44 Key return metrics every investor should understand

29:01 How limited partners get paid through preferred returns and cash flow

31:07 How general partners get paid through fees and profit splits

32:45 Tax benefits of real estate investing

33:43 How the legal structure protects investors

34:27 Accredited vs. non-accredited investors explained

36:32 Key documents to review before investing in a syndication

37:16 What to look for in a sponsor before investing

38:46 Pros and cons of being a passive investor

What We Cover

Key Takeaways

Hit follow or subscribe wherever you’re listening, and I’ll see you in the next episode!

Connect With Me
🌍 Website: https://www.apogeemfc.com/
📸 Instagram: https://instagram.com/multifamilyengineer
💼 LinkedIn: https://www.linkedin.com/in/jonathan-nichols45/
✉️ Subscribe to my newsletter: https://www.apogeemfc.com/contact

What does it actually take to do your first deal as a general partner in multifamily?

In this episode, I answer the question I get asked more than any other on social media and at meetups, how do you get started as a GP in multifamily syndication. I share the real story of how Paula and I transitioned from single-family into large-scale multifamily, the mistakes we made along the way, and what finally got us traction after months of trying to figure it out on our own.

I break down the three businesses that make up multifamily investing, acquisitions, capital raising, and asset management, and why most new investors only focus on one instead of understanding all three. I also walk through the different paths people take to get started, what financial cushion actually looks like going into your first deal, and the three biggest pitfalls I see new investors make over and over again.

If you have ever wondered what it really takes to become a general partner in multifamily, this episode gives you the honest picture.

Timestamp

00:00 Intro

02:08 Why we chose the multifamily syndication model over single family

04:37 How Paula and I got started in multifamily and what finally worked

07:07 The three businesses inside multifamily investing

09:36 Why coaching and mentorship accelerate progress but do not replace action

12:06 What financial cushion actually looks like going into your first deal

14:35 Becoming a co-GP and what that path really teaches you

16:39 The perpetual student mistake and why learning alone is not enough

19:09 The isolation mistake and why partnerships are essential in multifamily

21:39 Upcoming events for anyone serious about becoming a GP

What We Cover

Key Takeaways

Hit follow or subscribe wherever you’re listening, and I’ll see you in the next episode!

Connect With Me
🌍 Website: https://www.apogeemfc.com/
📸 Instagram: https://instagram.com/multifamilyengineer
💼 LinkedIn: https://www.linkedin.com/in/jonathan-nichols45/
✉️ Subscribe to my newsletter: https://www.apogeemfc.com/contact

Is it actually possible to build a million-dollar net worth in five years?

In this episode, I break down why building wealth today looks completely different than it did for our parents and grandparents, and what you can actually do about it. Pensions are mostly gone, education costs keep climbing while starting salaries stay flat, and housing has never been more expensive relative to income. But none of that means the path to financial freedom is closed; it just means the strategy has to change.

I walk through the four things I believe every young professional needs to focus on: financial education, building the right habits, boosting your income, and investing wisely in real estate and the stock market. I also get into the difference between a 401k and a Roth IRA, why living below your means matters more than how much you make, and how compounding can double your money in as little as five years if you get the right return.

Timestamps

00:00 Intro

01:44 Why building wealth today looks different than it did for our parents

05:07 The concept of escape velocity and why five years of focus matters

06:26 Why financial education is the foundation for building wealth

08:53 How to build good financial habits regardless of your income

11:36 The ten ways to boost your income and why it matters early on

14:14 How to think about investing in real estate and the stock market

16:37 Understanding the rule of 72 and how fast your money can grow

18:11 The difference between a 401k and a Roth IRA

19:40 Advanced investing strategies once you have a foundation in place

21:28 Why becoming a millionaire in five years is more achievable than you think

What We Cover

Key Takeaways

Hit follow or subscribe wherever you’re listening, and I’ll see you in the next episode!

Connect With Me
🌍 Website: https://www.apogeemfc.com/
📸 Instagram: https://instagram.com/multifamilyengineer
💼 LinkedIn: https://www.linkedin.com/in/jonathan-nichols45/
✉️ Subscribe to my newsletter: https://www.apogeemfc.com/contact

Do you actually know what your multifamily insurance covers and what it doesn't?

In this episode, I sit down with J.T. Lynch, Commercial Insurance Broker at Ramey King Insurance, specializing in multifamily and commercial real estate risk management. J.T. works with owners, operators, and investors nationwide to structure property, liability, and umbrella insurance programs that meet lender requirements while controlling costs. As both an insurance professional and a passive real estate investor himself, J.T. brings a practical ownership perspective that most insurance brokers simply don't have.

We break down the three core components of multifamily insurance, what lenders actually require, and the physical property red flags that can blow up your premiums or kill a deal entirely. J.T. also shares how loss history sticks to a property, not the owner, why crime scores matter more than most investors realize, and how to use insurance estimates during underwriting before you ever submit an offer.

Timestamp

00:00 Intro

04:32 The three core components of multifamily insurance

05:17 How geographic risk affects your insurance coverage and premiums

06:32 What lenders require from your insurance policy and why

09:29 Physical property red flags that impact your insurance

10:00 Roof age and why it is one of the most important factors in underwriting

11:09 Aluminum wiring and the fire risk hiding in older multifamily properties

12:02 Federal Pacific and Zinsco breaker boxes and why they matter

13:29 How loss history sticks to a property and affects your premiums

15:03 How to evaluate loss runs when buying a multifamily property

16:07 Why crime scores and high crime areas create insurance exclusions

18:38 What property improvements can lower insurance premiums

20:46 What to do when a tenant files a slip and fall claim

23:17 How to get an insurance estimate during multifamily underwriting

What We Cover

Key Takeaways

Connect with J.T. Lynch

Hit follow or subscribe wherever you’re listening, and I’ll see you in the next episode!

Connect With Me
🌍 Website: https://www.apogeemfc.com/
📸 Instagram: https://instagram.com/multifamilyengineer
💼 LinkedIn: https://www.linkedin.com/in/jonathan-nichols45/
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Why do most people who want to invest in real estate never actually get started?

Today, I break down the seven reasons most people never succeed as real estate investors. After almost a decade in this business and coaching several students along the way, I have seen the same patterns come up over and over again. And the truth is, it almost always comes down to one of two things: not knowing what to do, or not believing that you can do it.

I walk through each of the seven reasons in detail, from analysis paralysis and confusing education with action, to waiting for the perfect deal and thinking you need a lot of money to get started. If you have been sitting on the sidelines wanting to invest but can not seem to get traction, this episode was made for you.

Timestamp

00:00 Intro

01:30 Analysis paralysis and why it stops most new investors

08:27 How to use books, podcasts, and mentors to build your foundation

13:15 How the house hack strategy lets you get started with less money

15:44 How the BRRRR method works for low money down investing

17:13 How partnering and using other people's money opens doors

20:23 How to build the right team for your real estate investing strategy

23:33 How to identify what is holding you back as a real estate investor

What I Cover

Key Takeaways

Hit follow or subscribe wherever you’re listening, and I’ll see you in the next episode!

Connect With Me
🌍 Website: https://www.apogeemfc.com/
📸 Instagram: https://instagram.com/multifamilyengineer
💼 LinkedIn: https://www.linkedin.com/in/jonathan-nichols45/
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