Small Axe Podcast: Multifamily Real Estate | Buy Buildings, Build Empires

What happens when your refinance gets delayed, your lender drops the ball, and selling means taking a loss?

In this episode of the Small Axe Podcast, I share what's happening inside my own real estate portfolio—the wins, the mistakes, and the tough decisions I'm working through right now.

I break down a lender error that left us facing a higher interest rate, the pressure of approaching loan maturities, and why we're considering selling our 44-unit portfolio at a loss. I also share the lessons from a fix and flip that went sideways and why protecting investor capital drives every decision.

We cover:

• How higher rates affect refinance proceeds and monthly cash flow.

• Why a fixed-rate commercial loan can still create problems when it resets.

• The difficult choice between selling at a loss and holding through uncertainty.

• Lessons from overpaying and dealing with contractor delays.

• Why vetting your partners and building a strong network matter.

Real estate investing comes with setbacks. This is an honest look at what it takes to work through them, take responsibility, and stay in the game.

Want to learn how to buy and analyze multifamily properties? Get my Buy Buildings, Build Empires™ course and Multifamily Deal Blade bundle for $497, backed by a money-back guarantee: https://stan.store/buybuildings

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Episode 321: Find Your Tribe. Build Your Team. Do More Deals.

Multifamily real estate is a team sport.

In this episode, I'm recording from Jacksonville after spending the weekend with the Make It Happen Mastermind, and I'm leaving re-energized.

The past few months have been challenging. Refinances, difficult deals, properties that won't sell, partnership issues, and a tough market can make you feel like you're the only one struggling.

You're not.

Being around other investors and operators reminded me that everyone goes through difficult seasons. The people who keep moving forward are the ones who stay connected, keep learning, add value to others, and build strong teams.

In this episode, we talk about why networking matters, why you need to find your tribe, how to figure out where you add value to a team, and why relationships can be just as important as finding the deal itself.

You do not have to do this alone.

Find your people. Build your team. Stay in the game.

Learn more about multifamily investing at Stan.store/buybuildings.

Nobody likes losing money in real estate. But if you invest long enough, eventually a deal may not go according to plan.

Markets change. Interest rates rise. Insurance and taxes increase. Cap rates shift. Loans come due. And sometimes the property you thought would be a great investment simply isn't performing the way you expected.

In Episode 320 of the Small Axe Podcast, Nico gets personal about challenges he's facing in his own portfolio and asks an uncomfortable question: When does it make sense to sell a property at a loss?

Instead of holding onto an investment simply because you want your money back, Nico discusses opportunity cost, upcoming CapEx, debt maturities, cash flow, reserves, and one question that can completely change how you look at a struggling investment:

If I didn't already own this property, would I buy it today?

Sometimes the right move is to hold. Sometimes it's to refinance. And sometimes taking the loss and moving forward may put you, your partners, and your investors in a stronger position.

Protect your portfolio, not your ego.

🏢 Ready to learn how to buy and analyze multifamily real estate? Check out Nico's Buy Buildings, Build Empires™ course and other multifamily resources:

Buy Buildings, Build Empires™

Are you waiting for the "perfect" time to buy real estate?

The perfect market. The perfect interest rate. The perfect deal. The perfect moment.

Here's the problem: it doesn't exist.

In this episode of the Small Axe Podcast, Nico breaks down why successful real estate investors stay involved regardless of where we are in the market. That means analyzing deals, making offers, talking to brokers, building relationships, and being ready when the right opportunity finally shows up.

Nico also gets into an important question every investor should ask: Are you really prepared to be an active owner/operator?

Being a GP requires time, energy, consistency, and a long-term commitment. If that isn't the right fit for your life, investing as an LP may be a better way to participate in real estate.

There are plenty of ways to get into the game—from single-family and small multifamily to joint ventures, syndications, and passive investing. The key is understanding your resources, your goals, and the role that actually fits you.

Stop waiting for perfect conditions. Get involved, stay consistent, and be ready when your opportunity comes.

Ready to take the next step in multifamily real estate? Check out Nico's courses, tools, and resources at the Buy Buildings, Build Empires™ Stan Store:

stan.store/buybuildings

Your first real estate deal doesn't need to make you rich. It just needs to get you in the game.

In Episode 318 of The Small Axe Podcast, Nico Salgado breaks down why so many aspiring investors get stuck waiting for the "perfect" first deal—and why that mindset can keep you on the sidelines for years.

Your first property might be a duplex you house hack, a small multifamily deal with a few partners, a creatively financed property, or even a deal where you partner with a more experienced operator. The goal isn't necessarily to hit a home run. It's to start building experience, relationships, credibility, and a track record.

Nico also discusses creative ways to get into your first deal, the importance of structuring partnerships correctly, and why creative financing should never become reckless financing.

You can read books, listen to podcasts, take courses, and underwrite hundreds of properties—but eventually, you have to own something to truly understand this business.

Your first deal may not change your life.

But it might put you on the path to the deal that does.

What happens when a real estate deal refuses to follow the business plan?

In this episode, I break down the full story of our six-unit Baker Street property in Plant City, Florida. We bought it with a straightforward plan: improve the property, sell it quickly, and generate a strong return for our partners.

We were three days away from closing the sale when a car crashed into the building.

From there, everything changed.

The sale fell apart, the market shifted, our original financing was approaching maturity, and eventually we had to abandon the original exit strategy entirely and pursue a cash-out refinance.

I walk through what went right, what went wrong, the decisions I still question, and how we ultimately refinanced the property, returned some capital to our partners, built up our reserves, and bought ourselves time.

Because real estate investing isn't about having a business plan that works perfectly. It's about being able to adapt when it doesn't.

Sometimes surviving long enough to reach the next opportunity is a win.

For the past few years, multifamily investors have been hearing the same prediction: distress is coming, sellers will be forced to sell, prices will collapse, and incredible buying opportunities will finally appear.

But where are all those deals?

In this episode of the Small Axe Podcast, Nico Salgado looks at what's actually happening in the multifamily market in 2026 and tackles a question a lot of investors are asking:

Is it finally time to buy multifamily—or should you keep waiting?

Transaction volume remains low. Cap rates have expanded significantly from their 2022 lows. Some owners are facing difficult refinances and upcoming loan maturities. At the same time, there is still a tremendous amount of capital waiting on the sidelines.

The massive multifamily crash many investors predicted hasn't arrived. But that doesn't mean opportunities aren't beginning to emerge.

Nico explains why distress doesn't always mean foreclosure. Sometimes it's a tired owner, a partnership that wants out, a loan coming due, a property with deferred maintenance, or a seller who has finally become willing to negotiate.

He also breaks down exactly how he would approach the market if he had $100,000 today and was trying to buy his first multifamily property.

In this episode:

• Why the predicted wave of multifamily distress hasn't materialized
• What higher cap rates mean for apartment valuations
• Why lower prices don't automatically mean better deals
• Where smaller investors may actually find distressed opportunities
• How upcoming loan maturities could create motivated sellers
• Why waiting for lower interest rates could backfire
• How Nico would invest $100,000 in multifamily today
• Why today's market gives smaller buyers more negotiating power
• How to underwrite deals without relying on aggressive rent growth
• Why cash reserves matter more than maximizing leverage
• The warning signs that would make Nico walk away from a deal
• Why you don't need to perfectly time the bottom to build long-term wealth

The goal isn't to buy just because prices have fallen.

It's to find a good building at a basis that makes sense, finance it with debt you can comfortably service, keep enough cash in reserve to survive the unexpected, and create value through better operations.

You don't need thousands of distressed apartment buildings to hit the market.

You only need one great opportunity.

Start underwriting. Build relationships. Talk to brokers and lenders. Make offers. Learn your market. And when the right opportunity shows up, be ready to move.

Keep swinging that axe.

In this episode of the Small Axe Podcast, Nico Salgado breaks down what today's slowing rent growth actually means for multifamily investors—and why it doesn't mean the opportunity is gone.

For years, multifamily investors benefited from rapidly rising rents. You could renovate units, push rents, and rely on a strong market to help drive NOI and property values. Today, that environment has changed.

Rent growth has slowed considerably, new apartment supply is still being absorbed, and renters have more choices. For small operators, that means the old playbook needs to change.

Nico shares what he's seeing in his own portfolio and the practical adjustments investors should be making right now—from pricing vacant units and understanding your true competition to retaining good tenants, reducing turnover, and holding property managers accountable.

He also explains why investors looking to buy today should stress-test their underwriting, question aggressive rent-growth assumptions, and make sure a deal can survive even if rents don't increase for the next few years.

The opportunity in multifamily isn't gone. But the investors who win the next cycle may not be the ones who buy the most buildings—they'll be the ones who operate them the best.

In this episode:

• Why multifamily rent growth has slowed

• How new apartment supply affects smaller properties

• Why vacancy can cost far more than lowering rent

• How to evaluate your true rental competition

• Why retaining good tenants matters more than ever

• How to stress-test a multifamily deal before buying

• Why you shouldn't rely on rent growth to make a deal work

• How better operations can drive NOI in a flat-rent environment

• Why small operators may actually have an advantage in today's market

The market has changed. The question is whether your strategy has changed with it.

Keep swinging that axe.

In today's multifamily world, finding a great deal isn't enough.

Social media celebrates acquisitions. Closing photos. Big announcements. The next apartment building.

But what happens after the closing table?

That's where real wealth is created.

In this episode, I break down the seven skills that have become far more valuable than simply finding another deal. After years of buying, operating, refinancing, and selling apartment buildings, I've realized that successful investors aren't just great at acquisitions—they're exceptional operators.

We discuss:

• Why communication is one of the most underrated skills in real estate • How leadership shows up when things don't go according to plan • Why asset management—not acquisitions—is where fortunes are built • The truth about raising capital and earning investor trust • Negotiation strategies that can save you thousands of dollars • How to make confident decisions with incomplete information • Why staying calm under pressure may be your greatest competitive advantage

If you're serious about building long-term wealth through multifamily real estate, this episode will challenge the way you think about success.

Because finding deals gets you into the game...

Operating them well is what keeps you there.

📚 Ready to take the next step?

Visit https://stan.store/BuyBuildings for my free resources, the Buy Buildings, Build Empires™ course, the DealBlade™ Multifamily Analyzer, coaching opportunities, and everything you need to confidently invest in multifamily real estate.

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In this episode of the Small Axe Podcast, we're diving into one of the most important skills every multifamily investor needs to master: underwriting.

Whether you're analyzing your first apartment deal or your hundredth, underwriting is the foundation of making smart investment decisions. But here's the catch—it's both incredibly important and inherently imperfect. A pro forma is only a projection, so the goal isn't perfection. The goal is making the best decisions possible with the information you have.

In this episode, I walk you through my underwriting process from start to finish, including:

• How to create a buy box that saves you time

• What to look for in a rent roll, T-12, and offering memorandum

• How I build a realistic pro forma

• Why taxes and insurance can make or break a deal

• How financing impacts your underwriting

• Where to find reliable market data and expense benchmarks

• Why conservative exit assumptions matter

• When it's time to make an offer—and when it's time to move on

If you want to become a better multifamily investor, this episode will help you analyze deals with more confidence and avoid some of the costly mistakes that trip up new investors.

If you're interested in learning more, check out my Buy Buildings, Build Empires course and the Multifamily Deal Blade underwriting tool at:

https://stan.store/buybuildings

Remember, it only takes a small axe to build a lasting empire.