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

Everyone keeps asking the same question right now… is multifamily crashing?

I don't see it that way.

What we're actually seeing is a reset.

Rates jumped faster than they have in decades. Debt got expensive. Supply hit the market all at once. And now a lot of operators are feeling real pressure.

That doesn't mean the game is over. It means the game changed.

In this episode, I break down what's actually happening in today's market, why deals don't pencil the way they used to, and where the real opportunities are starting to show up.

We talk about:

• Why rising rates are crushing refinance assumptions
• The supply surge and what it's doing to vacancy
• Bridge loan failures and why some operators are stuck
• Where deals are actually trading today
• How to think about buying in this environment
• And where to find real data instead of guessing

I also touch on something most people aren't talking about… how global events and energy prices could impact real estate moving forward.

This is not a hype episode.

It's a real look at what's happening on the ground right now and how I'm thinking about it as an active operator.

If you're serious about buying apartment buildings, this is the part of the cycle that matters.

Because reading about deals doesn't make you an investor.

Buying buildings does.

Multifamily deals don't pencil the way they used to.

If you've been underwriting properties lately and wondering what changed, you're not alone.

In this episode, Nico Salgado breaks down why multifamily deals that worked just a few years ago are falling apart today. Interest rates have jumped, lenders have tightened their standards, operating expenses have surged, and CapEx requirements are forcing investors to rethink their underwriting models.

But this shift isn't necessarily bad news.

In fact, it may be creating one of the best buying opportunities since the Great Financial Crisis.

Nico explains how lenders are underwriting deals today, why leverage has dropped across the board, how rising expenses are impacting returns, and why serious operators are adjusting their assumptions instead of sitting on the sidelines.

If you're actively analyzing deals or trying to understand where the multifamily market is headed, this episode will help you see what's really happening behind the numbers.

Because deals may not pencil the way they used to… but disciplined investors know how to adapt.

And those who understand the shift may be positioned to capitalize on the next cycle.

Reading about deals doesn't make you an investor.

Buying buildings does.

Is today the best buying opportunity since the Great Financial Crisis?

After more than a decade of rising prices and easy money, the multifamily market has shifted. Prices are down, capital is tight, and lending has become more conservative. For many investors, that uncertainty has pushed them to the sidelines.

But for disciplined operators, this is exactly when real opportunities appear.

In this episode, Nico breaks down why the current multifamily cycle may present the best buying window since 2009. He explains how the rapid rise in interest rates reshaped the market, why deals must cash flow under today's conditions, and the two major obstacles investors face right now: raising capital and securing debt.

If you can solve those two problems and stay patient, the next five years could be extremely rewarding.

This episode also dives into the mindset required to invest during a downturn and why many of the best investors build their portfolios during difficult market cycles.

If you want help navigating today's market and learning how to analyze, acquire, and operate multifamily deals, check out Nico's Multifamily Machine program.

https://stan.store/buybuildings

In this episode, I break down exactly how to make offers on apartment buildings using a Letter of Intent.

What an LOI actually is. When to use one. When to skip it and go straight to a Purchase and Sale Agreement. How I structure mine. What terms matter. How earnest money works today versus 2021. And why this market gives buyers more leverage than we've seen in years.

If you're serious about buying multifamily, you need to understand how to make clean, confident offers without overcommitting too early.

We also talk about underwriting, why you should not be making offers if you don't know your numbers, and how to protect yourself with due diligence timelines, extensions, and financing contingencies.

This is a practical episode. Tactical. No theory.

If you've been waiting for the "right time" to buy, this might be it.

Now go sling some LOIs.

Most people think underwriting a multifamily deal means opening a massive spreadsheet, building out ten assumptions, running sensitivity analysis, and toggling IRR scenarios.

That's not how I do it.

In this episode, I break down the exact 15-minute filter I use before I ever open a full underwriting model. If a deal doesn't survive this fast analysis, it doesn't deserve two hours of my time.

I walk through:

• Price per door and how I benchmark it against current market trades

• The 1% rule — and why today it's closer to 1.25%

• How I use a 50% expense ratio as a reality check

• Back-of-the-napkin cap rate math to estimate true value

• Why capital required can kill a deal before the numbers do

In this business, 99 out of 100 deals won't make sense. The key is learning how to identify them quickly and move on without wasting energy.

If you're serious about buying multifamily and want a faster way to analyze opportunities, this episode will sharpen your filter.

Before you wire money into a syndication — whether it's with me or another operator — you need to hear this.

In this episode, I walk through the real conversation most sponsors don't slow down enough to have. Multifamily investing is not a savings account. It's not a money market fund. It's an operating business. And businesses have seasons.

There will be smooth years. There may be tight years. Insurance moves. Taxes move. Rent growth stalls. Market cycles shift. That doesn't mean a deal is broken — but it does mean you need to understand what you're stepping into before you send capital.

I talk about:

• Why you're not just investing in a building — you're investing in the operator

• The uncomfortable questions every LP should ask before wiring

• Break-even occupancy and why it matters

• Reserves, illiquidity, and what "long-term" really means

• The difference between professional LPs and new investors

• Why alignment matters more than projected IRR

If you're considering investing $50K, $100K, or more into a syndication, this episode is for you.

No hype. No guarantees. Just real talk about risk, responsibility, and long-term wealth building in multifamily.

Lately, I keep hearing the same take everywhere: multifamily is dead. Rents aren't growing, deals aren't penciling, and capital feels frozen. I understand why people feel that way — but that conclusion misses what's really happening.

Multifamily isn't dead. We're in a market correction.

In this episode, I break down what has actually changed in today's market and why this cycle feels so uncomfortable, especially for owner-operators. We talk about flat and declining rents, higher expenses, cautious investor capital, and why money flowing into high-yield savings accounts and money market funds has raised the bar for real estate investing.

I also get honest about raising capital right now, why easy money disappearing exposed weak underwriting, and why this environment forces operators to actually operate. This is a market where discipline, conservative assumptions, strong reserves, and real systems matter more than ever.

This episode isn't about fear or hype. It's about understanding market cycles, adapting to today's math, and deciding whether you're built to operate in a tougher, less forgiving environment.

If multifamily feels harder than it used to — you're not wrong. But that doesn't mean it's broken. It just means the game has changed.

There's a myth floating around real estate that you can buy a multifamily property with just 20% down. It's not totally wrong — but it's dangerously incomplete.

In this episode, I break down what it actually takes to close on a multifamily apartment building in today's market. We walk through real numbers, real scenarios, and the capital most people forget to account for: closing costs, CapEx, operating reserves, debt service requirements, and why stabilized loans almost never work at 20% down.

I also talk candidly about the current market cycle, flat rents, cautious investor capital, and why the math that worked in 2020–2021 doesn't work the same way in 2026. This isn't meant to scare you away from multifamily — it's meant to reset expectations so you don't blow yourself up early.

If you're serious about buying apartment buildings, raising capital, or underwriting deals realistically, this episode will give you a much clearer picture of what keeps a deal alive long term.

If this helped you, share it with someone who still thinks 20% down is the whole story.

Most people don't have a knowledge problem. They have an action problem.

In this episode, I talk about why consuming more podcasts, books, and courses can actually keep you stuck — and why deals don't come from education alone. They come from decisions. From submitting offers. From putting real skin in the game.

Consuming education feels productive because it's comfortable. Making offers is uncomfortable. It risks rejection, exposure, and failure — and that's exactly why it works.

I break down:

• Why "one more book" is often just fear in disguise

• The real reason people avoid submitting offers

• What actually happens once you start making offers (even bad ones)

• How offers sharpen your thinking, build broker relationships, and force clarity

If you're serious about becoming an investor, this episode is your push to stop hiding behind education and start playing the game.

Stop consuming. Start submitting offers.

If you can't explain your deal in 60 seconds, you don't have a deal. You have confusion.

In this episode, I break down why hiding behind spreadsheets kills momentum, confidence, and credibility with brokers, partners, and investors. Multifamily deals don't fall apart on paper first. They fall apart in your head.

I walk through how real investors think about deals, how to explain fundamentals without Excel, and why clarity matters more than perfect underwriting. We talk markets, rents, expenses, cap rates, experience, and business plans—without rambling, jargon, or scenario overload.

This episode is for anyone stuck "modeling one more version," second-guessing their numbers, or losing confidence mid-pitch. Simplicity creates clarity. Clarity creates confidence. Confidence creates momentum.

Sharpen the axe. Stop overthinking. Start moving.