Apogee Wealth Podcast: Wealth, Business & Life By Design

By Jonathan NicholsBusiness Entrepreneurship Investing Management

Apogee Wealth Podcast: Wealth, Business & Life By Design episodes

October 14Why the Next 12 Months Could Be the Best Time to Buy Real Estate with Nick DiLeone
What can a conservative approach to multifamily investing teach you about surviving a changing market?
In this episode, I sit down with Nick DiLeone, Managing Partner and founder of Leone Real Estate Partners, a Dallas-based firm focused on value-add and core-plus multifamily, RV parks, and warehouse and industrial investments. With over 20 years of commercial real estate experience, including senior asset management roles at Nuveen Real Estate and Berkeley Partners, Nick has closed 14 GP deals and now stewards over $100 million in assets under management.
We talk about how his institutional background shapes the way he buys, why a loan assumption helped him get ahead of rising rates, why he diversified into RV parks and triple net, and where the multifamily market really stands today.

Timestamp
00:00 Intro
01:00 Nick DeLeon's journey into real estate
03:22 Why conservative investing shaped Nick's strategy
04:03 Creating value through asset management in Waco
04:41 The risks of floating rate bridge debt
05:24 The Waco deal and navigating rising interest rates
06:53 Knowing when to sell and lock in returns
08:28 Why Nick invests across multiple asset classes
12:10 What effective asset management really looks like
15:55 In-house vs. third-party property management
18:14 How Nick sees today's multifamily market
25:53 Building relationships through real estate networking

What We Cover
Nick’s path from finance and IT into institutional real estate and eventually his own syndication business
Why a conservative background shaped his approach to leverage and deal selection
The Waco deal and what true value add looked like in practice
Why loan assumptions became a smarter play than floating rate bridge debt
How and why Nick diversified into RV parks and triple net alongside multifamily
How Nick approaches asset management and works with third party property managers
What is actually happening in the multifamily market right now and why deals keep falling apart
Nick’s DFW meetup and current investment offering

Key Takeaways
A conservative underwriting background, even sixty five percent leverage, can set the tone for how you evaluate every deal going forward
True value add often just means fixing the basics an owner never did, protesting taxes, bidding out insurance, and pushing rents
The Fed telling you rates are going up is a warning worth listening to, even if you do not know exactly how high they will go
Committing in advance to punch out once you hit investor return targets removes emotion from the exit decision
Diversifying into other asset classes can make sense when your core market becomes overpriced, but only with the right specialized partner
Treating a third party property manager like a partner instead of a vendor leads to better communication and better outcomes
Real estate has effectively been in a recession for multifamily for three years, and prices are only now starting to truly reset

Connect with Nick DiLeone
LinkedIn: https://www.linkedin.com/in/nicholasdileone
Email: [email protected]
Instagram: @nickleonepartners

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
33 min
October 07What the Fed's Rate Hike Actually Means for Multifamily Investors
The Fed just raised interest rates for the first time in 1,148 days. What does that actually mean for multifamily investors?
In this episode, I break down what the Fed’s latest rate hike means for multifamily real estate and why investors should be paying attention to more than just the Fed funds rate. I explain the difference between the Fed funds rate, SOFR, and the 10 year Treasury, and why the 10 year Treasury is especially important when it comes to commercial real estate debt.
I also break down how higher interest rates have affected multifamily valuations, why buildings that traded at aggressive prices in 2021 and 2022 are now selling at significant discounts, and the relationship between interest rates and cap rates. We look at why cap rates can lag changes in interest rates and how rent growth, financing costs, and investor expectations all influence property values.

Timestamp
00:00 Intro, the Fed's first rate hike in over three years
02:16 The Fed funds rate explained
02:51 What is SOFR?
03:29 How the 10 year Treasury works
04:29 Why Treasuries matter to commercial real estate
09:25 Why floating rate debt created distress
12:47 How cap rates affect property values
14:40 Why cap rates and interest rates aren't directly correlated, and where that falls apart
16:10 The impact of rent growth on cap rates
17:38 What experts are saying about rates and the market
20:08 Where interest rates could go next
23:25 How Apogee Capital is underwriting deals in today's rate environment
26:37 The one idea to take away from all of this

What I Cover
What actually happened when the Fed raised rates for the first time in over three years
The difference between the Fed funds rate, SOFR, and the 10 year treasury
How interest rates affect multifamily debt and property values
Why low interest rates drove multifamily valuations higher
How floating rate debt contributed to today's distress
The relationship between interest rates and cap rates
Why cap rates lag changes in interest rates
How rent growth affects property valuations
Why today's market may create opportunities for disciplined buyers
How Apogee Capital underwrites multifamily deals in a higher rate environment
Why positive leverage and conservative assumptions are critical

Key Takeaways
The Fed only directly controls the Fed funds rate, the 10-year Treasury is set by the bond market based on inflation expectations and risk
Floating rate bridge loans are priced off SOFR, which moves in near lockstep with the Fed funds rate
Cap rates and interest rates are not directly correlated, but they are tied together through cost of capital, a lag effect, and rent growth expectations
A property can lose 40 percent or more of its value when cap rates rise even if nothing about the actual asset changes
The best buying opportunities in real estate history often happen during high rate periods because that's when competition disappears

Resources
Join my Multifamily Advisory Conference: https://www.eventbrite.com/e/multifamily-advisory-conference-tickets-1998949811697
Mentorship Program
1:1 coaching for active multifamily investors.
https://apogeemfc.mykajabi.com/mentorship
Mastermind Program
For serious multifamily investors building their skills, network, and relationships.
https://apogeemfc.mykajabi.com/mastermind

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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
29 min
September 30How to Go From Saving Money to Building Income-Producing Assets with Annette Hemmert
What would you be willing to change in your life to take real control of your financial future?
In this episode, I sit down with Annette Hemmert, founder of Covenant Capital. Annette graduated from Texas Tech University with a degree in Biology and has worked as a pharmaceutical rep for 12 years. She started investing in real estate in 2022 because she wanted more control over her portfolio and knew she needed to create passive income streams. Since then, she and her husband have partnered as general partners on four multifamily deals.
We talk about the moment that pushed Annette to stop studying real estate and start doing it, and what she and her husband were willing to give up to free up capital for their first deals. Annette shares how she found multifamily, why she thinks of apartments as a business instead of just an investment, and what she wishes she had known before choosing her first mentor. We also get into raising capital when you have never asked anyone for six figures before.

Timestamp
00:00 Intro
03:03 From pharmaceutical sales to pursuing financial freedom
05:31 The breaking point that pushed Annette to take control of her finances
06:57 Mindset shifts for building wealth beyond saving and investing in the stock market
10:42 Why Annette sold her home and moved into an apartment to invest in multifamily
18:11 How Annette found multifamily real estate investing
20:49 Why Texas is a strong market for multifamily investors
22:19 Getting started as a multifamily GP and choosing the right mentor
25:07 How to raise capital for your first multifamily deal
29:12 Why investing in real estate education pays off
30:56 Advice for new multifamily investors

What We Cover
Annette's journey from pharmaceutical sales to multifamily general partner
Why a traditional saving and 401k mindset can keep you in accumulation mode
Why she and her husband sold their home to free up equity for investing
How to think about apartments as a business you can track and improve
How to choose a mentor and what to watch for in a mastermind
How to raise capital and shift your mindset when asking for six figures
Why Texas remains a strong market for multifamily investors

Key Takeaways
Be careful who your teachers are, look for someone who has done what you want to do and is fully transparent
Fixed rate debt held long term protects you when interest rates move
Raising capital is a mindset shift, going from investing six figures to asking others to invest with you
Every big move is disruptive, so expect discomfort and plan for it
A short season of discipline while you learn will serve you for the rest of your investing journey

Connect with Annette Hemmert
Website: https://covenantcapitaltx.com
LinkedIn: https://www.linkedin.com/in/annette-hemmert-8a342198
Instagram: @annette_hemmert

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
33 min
September 24How to Find Off-Market Multifamily Deals in a Competitive Market
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
Why knowing what a good deal looks like matters more than finding deal flow
How Apogee shifted into tertiary markets when DFW became too competitive
Why broker relationships remain the most reliable way to source multifamily deals
How to build trust with brokers as a newer investor
The story behind the Parkside Apartments deal in Lubbock and how it came together
Why now may be a strong time to buy despite a tougher lending environment
Where Apogee Capital is focusing next and the story behind the company name

Key Takeaways
You have to be able to identify a good deal before finding deal flow actually matters
If a deal does not work with agency debt above 85 percent occupancy today, growing into it is not a realistic plan anymore
Broker relationships are built on simple integrity, doing what you say you are going to do consistently over time
Partnering as a co-GP with an experienced sponsor is one of the most realistic ways to jump from small deals to much larger ones
Even technically on-market deals can behave like off-market opportunities when you get an early look before they officially list
A buyer falling through on earnest money can open the door for a backup buyer who is ready to move quickly
Apogee is now focused specifically on Dallas Fort Worth and Oklahoma City to build depth in fewer markets

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
46 min
September 16Getting Started as a General Partner in Multifamily Syndication
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
Why real estate has been one of the most effective wealth-building tools for generations
How forced appreciation and NOI directly drive the value of a commercial property
Why syndication exists and how general partners and limited partners work together
How GP fees and the promote structure actually work on a deal
The three key roles inside every multifamily syndication and how to find your fit
How to start raising capital from your own network and think through the investor funnel

Key Takeaways
Real estate lets you use the bank's money to buy an appreciating, income producing asset and keep the upside
Forced appreciation means increasing a property's NOI directly increases its value, unlike residential real estate valued on comps
Syndication exists because most investors don't have the capital to buy large commercial deals on their own
Very few people wear all three GP hats well, most people naturally lean toward acquisitions, capital raising, or asset management
Your first investors will almost always come from people you already know, not cold outreach
Understanding where someone is in the investor funnel, from awareness to trust to investment, helps you know how to approach them
Referrals are one of the most effective ways to grow your investor base over time

Resources
Join my Multifamily Advisory Conference on Oct 9: https://www.eventbrite.com/e/multifamily-advisory-conference-tickets-1998949811697?aff=oddtdtcreator

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
40 min
September 09The 3 Skills You Need to Succeed as a Multifamily General Partner
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
The three pillars of multifamily syndication
How to source multifamily deals through broker relationships
What it actually takes to know if a deal is good beyond basic underwriting
The three levels of raising capital from self-funding to full syndication
Why building your investor pipeline has to start well before you have a deal
Why asset management is the most overlooked but most critical part of this business
How to effectively oversee a property management company

Key Takeaways
Strong broker relationships can create access to better acquisition opportunities
Capital raising requires building relationships well before a deal is available
A strong investor pipeline is more important than having a large social media presence
Asset management is hands-on and critical to executing the business plan
Your property manager handles day-to-day operations, but the GP still has to provide oversight and accountability
Resources
Join my Multifamily Advisory Conference on Oct 9: https://www.eventbrite.com/e/multifamily-advisory-conference-tickets-1998949811697?aff=oddtdtcreator

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
23 min
September 02How to Build a Winning Real Estate Portfolio with Perry Zheng
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
Perry's journey from immigrating to the US to raising $4.2 million on his first syndication
How Cash Flow Portal started as a cap table tool and grew into a full operations platform
Why timing may matter more than skill when it comes to real estate returns
Why now could be one of the best windows to buy multifamily in years
What tools GPs need to stay disciplined and survive after closing a deal
Perry's advice for any entrepreneur working through a difficult season

Key Takeaways
Macro timing may matter more than operational skill; many investors who did well in past cycles underestimate how much timing played a role
Over a 30-year period, some markets have only tracked inflation, which means timing your entry and exit is critical
Surviving and staying disciplined matters operationally more right now than trying to thrive
Reconciling your books throughout the year instead of scrambling in January saves GPs real money on accounting costs
The next few years could be one of the best buying windows in real estate for GPs who are still in the game
Protecting your internal motivation through hard seasons is what separates people who make it through obstacles from those who quit

Connect with Perry Zheng
Website: https://www.cashflowportal.com
LinkedIn: https://www.linkedin.com/in/perryzheng/

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
41 min
August 26The Legal Mistakes That Kill Multifamily Deals with Kyle Swafford
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
Why touring every unit during due diligence can save you from costly surprises
Key mistakes to avoid when drafting your first letter of intent
Why buyers should provide the first draft of the PSA instead of using a broker form
Strategies for negotiating earnest money terms and inspection periods
What passive investors should actually be asking operators before investing
Why real estate should be judged with the same standard as any other investment
How to evaluate fit and capacity when choosing an attorney or any team member
Key Takeaways
Always tour every unit during due diligence, sellers have hidden mold, damage, and worse behind locked doors before
Submit your LOI under an LLC, not your individual name, and keep it clean, consistent, and under two pages
Having your attorney draft the first version of the PSA gives you home field advantage in negotiations
The seller holds all the leverage until the contract is signed, after that the leverage shifts to the buyer
Ask operators what would actually cause a deal to lose all your money and what they are doing to prevent it
An operator's failures and what they learned from them matter more than a polished social media presence
Investors should hold real estate to the same standard as any other investment instead of assuming an operator did something wrong when a deal underperforms
Connect with Kyle Swafford
Website: https://swaffordlawllc.com
LinkedIn: https://www.linkedin.com/in/kyle-swafford-819a24bb
Instagram: @KyleSwaffordEsq
Twitter: @KyleSwaffordEsq
Email: [email protected]

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
40 min
August 19How to Earn Double-Digit Returns Investing In Real Estate Syndications
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
What a multifamily syndication is and how the group investment model works
Why commercial real estate is valued on income instead of comparable sales
The difference between general partners and limited partners
How risk reward, and return metrics work in a multifamily investment
Why now may be a strong window to invest based on the current market cycle
How limited partners and general partners get paid
What to look for in a sponsor and key documents to review before investing

Key Takeaways
Commercial real estate is valued on net operating income, which means increasing income directly increases the value of the property
Forcing appreciation through NOI growth is one of the biggest advantages commercial real estate has over single-family investing
General partners take on far more risk, time, and liability than limited partners, which is reflected in how each is compensated
Real estate is illiquid; only invest funds you can have tied up for the full length of the business plan
Preferred returns ensure limited partners get paid first before profits are split with the general partnership
Track record, transparency, communication style, and sponsor skin in the game are the key things to evaluate before investing
Real estate offers tax advantages that can significantly reduce what investors owe on both real estate and other passive income

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
42 min
August 12How to Do Your First Multifamily Deal as a General Partner
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
Why we chose commercial multifamily over single family investing
The three businesses inside every multifamily syndication
What it really takes financially and personally to do your first deal
The different paths into multifamily including solo deals and co-GP partnerships
The three biggest pitfalls new investors make when getting started
Why mentorship accelerates growth but does not replace taking action

Key Takeaways
Coaching and mentorship can accelerate your progress and help you avoid million-dollar mistakes
Going in without enough financial cushion puts you and any partners you bring in at real risk
Becoming a co-GP does not teach you every part of the business
The perpetual student mistake keeps people stuck learning instead of getting started
Partnerships are essential in multifamily; very few deals are ever done by one person alone
Trying to do everything alone in multifamily almost always leads to isolation and missed opportunities
Being honest about the work and risk involved leads to better outcomes than glossing over the hard parts

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27 min

About Apogee Wealth Podcast: Wealth, Business & Life By Design

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Apogee Wealth Podcast: Wealth, Business & Life By Design is a show for professionals and investors who want a clearer, more intentional approach to building wealth through multifamily real estate syndication.

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Apogee Wealth Podcast: Wealth, Business & Life By Design

Apogee Wealth Podcast: Wealth, Business & Life By Design episodes

About Apogee Wealth Podcast: Wealth, Business & Life By Design