Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles

By Michael Becker & Paul PeeblesBusiness Investing

Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles episodes

October 01 EPS 350 - Multifamily's Lost Decade: Survive the Storm, Seize the Opportunity
Nearly 300 apartment investors gathered in Dallas for the 10th Annual Old Capital Conference—but this year felt very different. With a "Survivor" theme, the conversation focused on what multifamily investors have endured: higher interest rates, rising insurance and taxes, expanding cap rates, difficult equity raises, and property values that in some cases have fallen back toward 2016 pricing. But after several painful years, could the market finally be creating one of the most interesting buying opportunities in a decade? In this episode, we break down what we heard from experienced operators, lenders, GPs, and investors about distressed properties, lender foreclosures, repair escrows, and why even Fannie Mae borrowers are beginning to feel pressure. Michael shares his success story on purchasing a large apartment property that was roughly 50% occupancy to 95% through disciplined management, capital improvements, competitive pricing, and relentless execution. Michael also discusses why raising equity takes longer today, why GPs are talking with investors before putting deals under contract, and why a big social-media following is no substitute for knowing how to operate an apartment property. We share lessons from the Old Capital Accelerator Program, where aspiring investors move beyond spreadsheets and into real-world underwriting, property tours, deal analysis, and conversations with experienced GPs. Keynote speaker and 9/11 survivor Darren Kinder brought the conference theme full circle with a powerful message about resilience, community, and what surviving adversity can teach us. The multifamily storm has taken out plenty of investors—but for those still standing, educated, disciplined, and prepared to act, this window in time may look very different from the last four years. Learn alongside experienced apartment owners, brokers, property managers, attorneys, and other industry professionals as we walk through the entire acquisition process—from finding and underwriting deals to financing, due diligence, raising equity, and submitting an offer. This isn't about theory. It's about learning how apartment deals actually get done in today's market. Real Deals. Real Experts. Real-World Experience. Learn more and apply to the Old Capital Multifamily Accelerator: OldCapitalAccelerator.com
51 min
September 23 EPS 349 - Zach Fugman: Oil fields → first LP investment → first 50-unit deal → 4,000+ units. Can you do this?
Zach Fugman didn't start his career in real estate—he started in the oil fields, moving from job to job before discovering multifamily investing in 2014. His first apartment investment was a 50-unit property in Slidell, Louisiana, purchased for $2 million, where he raised $700,000 from friends and began learning the business firsthand. From that first deal, Zach steadily scaled his portfolio to more than 4,000 units and over $200 million in assets, investing across multiple states and learning some expensive lessons along the way. Zach shares why building the right team, finding experienced partners, and surrounding yourself with knowledgeable lenders, property managers, and operators can dramatically shorten the learning curve. He also explains his evolution from using third-party property management to building an in-house management company overseeing thousands of units. Zach discusses how raising capital changes as you grow—from asking friends to invest in your first deal to eventually raising millions of dollars from a much larger investor network. For aspiring apartment investors, his advice is simple: consider starting as an LP, get educated, build relationships, attend events, and learn from experienced operators before trying to do everything yourself. Most importantly, Zach's story demonstrates that multifamily success rarely happens overnight—it comes from years of learning, networking, adapting, building the right team, and consistently taking the next step.

To contact Zach Fugman: [email protected]

Learn alongside experienced apartment owners, brokers, property managers, attorneys, and other industry professionals as we walk through the entire acquisition process—from finding and underwriting deals to financing, due diligence, raising equity, and submitting an offer. This isn't about theory. It's about learning how apartment deals actually get done in today's market. Real Deals. Real Experts. Real-World Experience.

Learn more and apply to the Old Capital Multifamily Accelerator:

OldCapitalAccelerator.com
47 min
September 08 EPS 348 - The Multifamily Market Is Entering Its "Resolution Phase"- Mark Allen Colliers- Dallas
Mark Allen of Colliers- Dallas joins the Old Capital Real Estate Investing Podcast to explain how distressed properties, forced sales, and lender-owned assets are reshaping the multifamily market. According to Mark, nearly 60% of apartment sales during the first half of 2026 involved properties built before 1990—evidence that workforce housing has moved to the center of the market. "I look at this as really the resolution phase of the market, so we're starting to resolve a lot of this distress," Mark explains. High-net-worth investors now represent many of the buyers pursuing these opportunistic acquisitions, replacing some of the traditional syndication groups that previously dominated bid sheets. For sellers, Mark says the most important consideration is no longer necessarily the highest offer: "Surety of close is key in today's market. Not price—surety of close." Mark also describes two extraordinary transactions in which sellers are willing to pay buyers to assume loans and avoid agency foreclosures—something he has never witnessed during his career. Although today's market remains challenging, he believes some properties are trading at values that could eventually produce exceptional returns as demand and rent growth recover. "At some point, they're going to look great," Mark says, predicting that certain properties could eventually trade for twice their current purchase prices. "If you felt like you missed the opportunity 10 years ago, we're back—same pricing, same opportunity." His advice to sellers is to carefully investigate each buyer's transaction history and personally contact their references. His advice to buyers is equally direct: "Location is key," and investors entering difficult submarkets should have sufficient capital to withstand a potentially extended recovery. In today's market, Mark believes being overcapitalized is far wiser than being undercapitalized. Paul also shares how the Old Capital Accelerator provides hands-on education, property tours, and practical experience for investors who want to grow into multifamily ownership. Learn alongside experienced apartment owners, brokers, property managers, attorneys, and other industry professionals as we walk through the entire acquisition process—from finding and underwriting deals to financing, due diligence, raising equity, and submitting an offer. This isn't about theory. It's about learning how apartment deals actually get done in today's market. Real Deals. Real Experts. Real-World Experience. Learn more and apply to the Old Capital Multifamily Accelerator: OldCapitalAccelerator.com
42 min
August 25 EPS 347 - From Immigrants to Entrepreneurs to Multifamily Owners: Vivek & Asha's American Dream
Vivek and Asha, founders of Starcore Capital, are successful entrepreneurs and multifamily operators in the Dallas-Fort Worth area. Their story began when they immigrated to the United States in 2010 with two young children, determined to build a better future for their family.

Their journey was not without challenges. After Vivek unexpectedly lost his job, they quickly realized they wanted greater control over their financial future. That setback became the catalyst for entrepreneurship.

They first entered the business world by starting a granite import company, learning many lessons through trial and error. They later launched a successful cookware brand, where their focus on customer service, operational efficiency, and building strong systems helped drive the company's growth.

That entrepreneurial experience eventually led them to multifamily real estate. They began as passive investors, using education and mentorship to better understand the business before making the transition to acquiring and operating apartment communities themselves.

Today, Vivek and Asha bring an operator's mindset to multifamily investing—emphasizing strong systems, disciplined underwriting, teamwork, and data-driven decision-making. They believe the current DFW market cycle is creating compelling opportunities as distressed properties and motivated sellers begin to emerge.

Now, through Starcore Capital, they are taking the next step by launching a multifamily investment fund focused on opportunities throughout DFW. Their goal is to combine their entrepreneurial experience, operational expertise, and disciplined investment approach to identify and improve well-located multifamily assets.

The Old Capital Multifamily Accelerator is built for investors who are ready to move beyond podcasts, books, and seminars—and start evaluating real multifamily opportunities.

To contact- Vivek & Asha: [email protected]

Learn alongside experienced apartment owners, brokers, property managers, attorneys, and other industry professionals as we walk through the entire acquisition process—from finding and underwriting deals to financing, due diligence, raising equity, and submitting an offer. This isn't about theory. It's about learning how apartment deals actually get done in today's market. Real Deals. Real Experts. Real-World Experience.

Learn more and apply to the Old Capital Multifamily Accelerator:OldCapitalAccelerator.com
48 min
August 20 ASK MIKE MONDAY: "Is Multifamily Finally Turning the Corner?"
In this episode of Ask Mike Mondays, Paul and Michael discuss improving apartment fundamentals, lender-driven sales, distressed opportunities, and why today's reset in values could create an attractive buying window. They also introduce the Old Capital Accelerator Program and Michael shares three simple rules he's learned from decades of multifamily investing. Old Capital Accelerator Program Paul introduces the Old Capital Accelerator, a hands-on multifamily education program designed to help investors move from learning about apartments to evaluating and pursuing real opportunities. Participants work with actual deals, learn underwriting and financing, understand due diligence and operations, and gain access to experienced owners and industry professionals. The focus is real-world education and experience—not promoting a particular sponsor or investment. Learn more: oldcapitalaccelerator.com What's Happening in Multifamily? The market remains unpredictable. Many sellers still have yesterday's pricing expectations, while buyers are underwriting based on today's higher interest rates, expenses, and required returns. Meanwhile, lenders are increasingly influencing which properties come to market—sometimes pushing over-leveraged borrowers toward a sale or foreclosure. Some properties are now trading near values last seen years ago, creating what Michael describes as a potential "lost decade" in apartment values for certain owners. Are Fundamentals Improving? Despite negative headlines, Michael is seeing encouraging signs across SPI Advisory's portfolio: • DFW properties are now 90%+ occupied • Portfolio-wide occupancy is approximately 95% • Apartment absorption remains strong across DFW, Austin, and San Antonio • New construction is slowing • Concessions could decline as excess supply is absorbed The key point: apartment values have fallen significantly, but renter demand remains strong. Is This a Buying Opportunity? Investor sentiment remains cautious, but fundamentals are beginning to stabilize. Today's buyers may benefit from lower valuations, less competition, improving occupancy, slowing new supply, available debt capital, and significant tax benefits. Equity remains difficult to raise, which could create an advantage for experienced investors with capital and the ability to execute. Michael believes today's risk-adjusted opportunities—particularly in workforce housing—may be among the most attractive in years. Michael Becker's 3 Rules of Multifamily Investing Rule #1: Don't buy in the hood. A cheap property isn't necessarily a good investment. Rule #2: The business isn't always fair. Track record, credibility, and relationships matter. Rule #3: Don't be a jerk. Multifamily is a relationship business. Your reputation follows you—and compounds over time. Key Takeaway The multifamily market isn't suddenly easy again. Distressed properties can be complicated, equity remains challenging, and buyers and sellers still don't always agree on value. But values have reset, occupancy is improving, new supply is slowing, and debt capital is available. For disciplined investors, this could create one of the more interesting acquisition windows we've seen in years. Old Capital Accelerator: oldcapitalaccelerator.com SPI Advisory: spiadvisory.com
32 min
July 01 EPS 346 - Let's do this together: Old Capital Accelerator Program
Why Join the Old Capital Multifamily Accelerator? Most aspiring apartment investors don't fail because they lack information—they fail because they don't know how to turn that information into their first acquisition. The Old Capital Multifamily Accelerator Program is designed to bridge that gap. Learn by Working on Real Deals Forget hypothetical case studies. You'll underwrite current apartment opportunities, analyze actual financials, and participate in the same decision-making process experienced investors use before submitting a Letter of Intent (LOI). Learn Directly from Experienced Operators Gain access to seasoned apartment owners, commercial lenders, attorneys, contractors, property managers, brokers, and other industry professionals who have successfully closed and operated multifamily investments. Ask questions, receive honest feedback, and learn from their real-world experiences—both successes and mistakes. Follow a Proven Roadmap Instead of trying to figure everything out on your own, you'll follow a structured step-by-step process covering acquisitions, underwriting, due diligence, capital raising, financing, asset management, and property management. Each session builds on the previous one, giving you a clear path from finding a deal to closing one. Build Confidence Before You Risk Capital Practice negotiating LOIs, underwriting deals, reviewing due diligence, and presenting investment opportunities in a collaborative environment. You'll develop the skills and confidence needed before committing your own money to a transaction. Stay Current with Today's Market Apartment investing has changed dramatically over the past few years. The Accelerator focuses on today's lending environment, interest rates, insurance costs, operating challenges, and capital markets so you're learning strategies that work now—not what worked five years ago. Join a Community That Continues Beyond Four Weeks The Accelerator isn't just a class—it's a community. After the initial four-week program, members continue learning through monthly case studies, quarterly property tours, market updates, and ongoing networking with active apartment investors. Expand Your Professional Network Many successful apartment acquisitions begin with relationships. You'll build connections with investors, lenders, brokers, operators, and potential partners who can help you source deals, raise capital, solve problems, and grow your business. Move from Education to Execution The ultimate goal isn't simply to teach apartment investing—it's to help you take action. Whether your objective is buying your first apartment community or becoming a stronger syndicator, the Accelerator provides the knowledge, accountability, resources, and community to help you get there. The difference isn't more education. It's having experienced professionals and a community walking beside you as you pursue your first—or next—apartment acquisition. To get more information on the Old Capital Accelerator: OldCapitalPodcast.com Watch Old Capital Accelerator on Vimeo
37 min
May 14 EPS 345 - "The Next Multifamily Buying Wave? Preparing for Opportunity in a Changing Market"
On this episode of the Old Capital Real Estate Investing Podcast, Paul Peebles and James Eng, take a deep dive into the dramatic shift happening across the multifamily housing market—and why today's uncertainty may create tomorrow's buying opportunities.

After years of rapid appreciation, easy debt, and aggressive investor competition, the apartment market is experiencing a major reset. The discussion explores how the market evolved from the steady growth years of 2015–2020 into the buying frenzy of 2021–2022, when historically low interest rates and abundant capital drove prices to unsustainable levels. Properties routinely received dozens of tours and competing offers, pushing values to record highs.

Now, with higher interest rates and tighter lending standards, the landscape has changed dramatically. Multifamily values in many markets have fallen 20–30%, refinancing has become increasingly difficult, and lenders are beginning to repossess properties that can no longer support their debt structures. Many listings entering the market today are lender-controlled or distressed assets—signs that the market may be approaching a bottoming phase.

The episode also compares today's environment to previous real estate downturns, including the late 1980s savings-and-loan crisis and the 2008 financial collapse. One recurring lesson remains clear: excessive leverage, overbuilding, and risky loan structures eventually lead to painful corrections.

But with disruption comes opportunity.

Paul & James- discuss why experienced investors are preparing for a significant wave of multifamily buying opportunities in the coming years. Rather than focusing solely on today's cash flow metrics, investors may soon have the chance to acquire quality real estate at discounted "price-per-pound" valuations.

The conversation also highlights common investor mistakes during market transitions:

Moving too quickly without proper due diligence Investing purely for tax benefits Waiting endlessly for the "perfect" deal and missing opportunities altogether

To help investors prepare for the next cycle, the episode introduces the Old Capital Accelerator Program—a hands-on educational and networking platform designed to bridge the gap between learning about apartment investing and actually closing deals.

Topics Covered: Why multifamily prices are resetting The impact of rising interest rates on apartment owners Distressed assets and lender-owned opportunities Historical real estate cycles and lessons learned Investor psychology during downturns Building a disciplined acquisition strategy Why the next buying wave may reward prepared investors About the Old Capital Accelerator Program

The Accelerator Program is designed for serious multifamily investors looking to transition from education into execution.

Participants will experience:

Interactive cohort-based learning Real property tours and deal analysis Weekly Zoom sessions with experienced operators Discussions on acquisitions, asset management, capital raising, and dispositions Access to seasoned GPs, LPs, and Old Capital professionals Practical underwriting experience and live deal feedback

The program is intended for accredited investors and experienced professionals who are financially prepared to actively pursue apartment investments.

Final Takeaway

This episode is ultimately about preparation. Market dislocation often creates extraordinary buying opportunities—but only for investors who are educated, disciplined, and ready to act when the timing is right.

The next multifamily cycle may already be forming. The question is: will you be ready when the opportunities arrive?
34 min
May 13 EPS 344 - "Texas Multifamily Cycles, Professional Property Management & Surviving Market Downturns"
Veteran multifamily operator Dusty Wolf joins the Old Capital Real Estate Investing Podcast for a deep dive into the realities of apartment ownership, property management, and surviving multiple real estate cycles in Texas. With nearly five decades in the business and leadership over thousands of apartment units across Texas, Dusty shares firsthand lessons from some of the most challenging periods in commercial real estate history — including the oil crisis, the Savings & Loan collapse, the Great Financial Crisis, and today's multifamily slowdown. Dusty explains how every downturn forced owners and operators to adapt, become more professional, and focus on operational discipline. From the devastating impact of the 1986 tax reform changes to mass foreclosures and the creation of the RTC, this episode provides historical perspective that today's investors desperately need. The conversation also explores current apartment market challenges facing Texas owners, including declining occupancies in B & C class properties, demographic shifts, labor disruptions, rising operating costs, and the growing pressure on syndicators managing large investor groups. Dusty discusses why many operators underestimate the importance of staffing, vendor relationships, and resident retention — and why cutting corners during difficult times can permanently damage an asset. Key themes throughout the episode include: • Why professional property management matters more during downturns • Lessons learned from 40+ years of real estate cycles • The evolution of apartment syndication and investor expectations • Operational mistakes owners make during market stress • Why resident retention and customer service are critical in Texas multifamily • How patience and long-term thinking separate survivors from forced sellers • Why many experienced operators remain optimistic about 2026 and 2027 Dusty also shares candid advice for apartment investors navigating today's market: multifamily investing is not a "get rich quick" business. Success requires patience, strong operations, adequate capital, and a willingness to let experienced professionals manage the day-to-day execution. To contact Dusty Wolf: [email protected] Ready to unlock the potential of multifamily syndications? Learn how Michael Becker's proven real estate syndication strategies can help you grow wealth and build long-term financial success. Visit SPIADVISORY.COM to start your journey today.
48 min
April 22 EPS 343 - "Don't Get on the 'Bad Boy List': Inside Agency Loan Compliance"
Closing the loan is just the beginning. In this episode of the Old Capital Podcast, we dive into the hidden world of Agency asset management—where property condition, communication, and execution determine whether you stay in good standing…or get flagged. Learn how to avoid slipping to a "4," navigate new Fannie and Freddie requirements, and position yourself for your next deal—not your last. Key Takeaways: Agency Loan Basics- Agency loans are typically non-recourse, with the property and cash flow as primary collateral. Importance of Property Maintenance- Maintaining the asset protects the lender collateral. Deferred maintenance can lead to operational issues and lender intervention. Asset Management Process- Post-closing oversight shifts to asset management. Heavy communication expected- especially in year one. Annual inspections standard, with increased scrutiny if issues arise. Property Rating System- Scale from 1 (new) to 5 (uninhabitable) A "2" is the target' a "4" triggers serious oversight and additional capital requirements. Falling to a "4" can result in "A-Check" status, limiting future borrowing ability. New tracking systems flag repeat property issues. Final Takeaway: Agency lenders are paying closer attention than ever. The investors who succeed are the ones who stay proactive—maintaining their properties, communicating early, and treating asset management as a critical part of the investment, not an afterthought. Ready to unlock the potential of multifamily syndications? Learn how Michael Becker's proven real estate syndication strategies can help you grow wealth and build long-term financial success. Visit SPIADVISORY.COM to start your journey today.
41 min
April 21 EPS 342 - "Equity Dried Up. Deals Are Cracking. Now What?"
Raising equity used to be the easy part—today, it's the biggest hurdle. Veteran real estate securities attorney Eugene Trowbridge unpacks the legal landmines, capital challenges, and shifting dynamics in apartment syndication. From SEC rules to struggling deals and cautious investors, this conversation connects the dots on why deals aren't penciling—and what smart operators must do to survive and win in today's market. Key Takeaways: The New Reality of Raising Equity 1) Equity has gone from abundant to scarce almost overnight 2) Many investors are either fully deployed or sitting on the sidelines waiting for clarity 3) Larger deals ($10M+) increasing require multiple GPs and creative capital stacks Legal Structure Matters More Than Ever 1) Understanding Regulation D (506B vs 506C) is critical. 506B: Relationship-based, no advertising, limited sophisticated investors 506C: Allows advertising but requires strict accreditation verification. Market Stress is Exposing Weak Deals: Rising interest rates + bridge debt + depleted reserves = distressed assets. The Hidden Risk in Capital Raising: Not all "capital raisers" are operating legally. Transaction-based compensation without property licensing can trigger SEC enforcement. Final Thought: Today's market is separating professionals from pretenders. Capital is harder, deals are riskier, and the legal framework matters more than ever. The operators who understand both the financial AND regulatory side of the business will be the ones still standing when the market turns. To contact Gene Trowbridge: [email protected]

Ready to unlock the potential of multifamily syndications? Learn how Michael Becker's proven real estate syndication strategies can help you grow wealth and build long-term financial success. Visit SPIADVISORY.COM to start your journey today.
42 min

About Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles

From the publisher's feed

The Old Capital Real Estate Investing Podcast is aimed at Multifamily Real Estate Investors both new and seasoned. Hosts Michael Becker and Paul Peebles deliver no-hype education from an experienced commercial banker's perspective. You will gain valuable insights from in-depth interviews with real life investors who are actively acquiring and operating apartment complexes in today's environment. You will discover how they are identifying, financing and operating multifamily properties, as well as helpful advice on how to get started and avoid common mistakes. Be sure to subscribe today, as there is a new episode released weekly.