How should multifamily deals really be underwritten in 2026?

In this live LSCRE podcast, we break down how we are underwriting multifamily real estate today and the critical mistakes investors and sponsors don’t realize until years 3–5.

This episode covers real-world underwriting decisions we’re making right now, including:

Why underwriting mistakes don’t show up in year one

Cash flow vs IRR (and how cash flow can be manipulated)

The hidden risk of in-the-money interest rate caps

How location repricing is changing acquisitions

True rents, fees, and concessions (what most people miss)

Why most “value-add” deals don’t work in today’s market

Loaded ICR vs DSCR and how we evaluate debt risk

What real multifamily distress actually looks like

How LSCRE is positioning acquisitions for long-term cash flow

We also answer live investor questions and explain how these principles apply to a real multifamily acquisition we just closed.

Learn more about LSCRE:
www.lscre.com

Higher leverage makes deals look better on paper,  but often weakens cash flow and increases risk.

In this episode of the LSCRE Podcast, Craig McGrouther and I break down why we structure deals with lower leverage for better cash flow and risk management.

We discuss targeting lower loan-to-value, using full-term interest-only debt, and maintaining strong coverage from day one.

We explain why LTV alone doesn’t tell the full story, how amortization can compress cash flow, and why flexibility matters more than headline IRRs.

This episode is about structuring deals that can perform today and survive tomorrow.

Learn more about LSCRE:
www.lscre.com

In this episode of the LSCRE Podcast, Craig McGrouther sits down with Andrew Davis, Partner at Fully Funded, to discuss why integrity has become the most valuable advantage in real estate investing.

Andrew shares insights from raising hundreds of millions in capital, building investor trust at scale, and partnering with best-in-class operators. He explains how discipline, clear incentives, and long-term thinking matter more than chasing the next “great deal” in today’s market.

Learn more about LSCRE:
www.lscre.com

In this episode of the LSCRE Podcast, Craig McGrouther and I break down how market cycles influence smarter capital decisions.

We explore why patience, long-term holds, and strategic underwriting leads to better outcomes than chasing hot deals. Learn how understanding cycles, managing closing costs, and avoiding short-term flips can reduce risk and compound returns over time.

Whether you’re a new investor or seasoned in real estate, this episode offers actionable insights for making disciplined, profitable investment decisions.

Learn more about LSCRE:
www.lscre.com

In this episode of the LSCRE Podcast, Craig McGrouther sits down with Michael Guthrie, who grew his ATM business to over 8,000 machines across the United States before exiting in 2023. He explains how he scaled the business one machine at a time, expanded through affiliates, and created a model that allowed him to generate income while remaining hands-off.

Michael shares how those same principles of calculated risk, smart partnerships, and cash flow management apply to real estate investing, illustrating the lessons top investors learn over time.

Learn more about LSCRE:
www.lscre.com

In this episode of the Live LSCRE Podcast, Craig McGrouther and I break down how to maximize value and reduce expenses in multifamily properties.

We dive into contract services, maintenance strategies, and key line items in the P&L that can make or break your NOI. Learn how strategic expense management, property tax exemptions, and smart operational practices can drive strong, risk-adjusted returns.

Whether you’re a new investor or seasoned in multifamily, this episode highlights practical takeaways for building more efficient, profitable real estate portfolios.

Learn more about LSCRE:
www.lscre.com

In this episode of the LSCRE Podcast, Craig McGrouther sits down with Mathew Owens from OCG Properties to explore how the smartest investors approach risk, opportunity, and cash flow.

They discuss how alternative strategies like real estate-backed loans and unique financing structures create consistent returns, and why understanding the numbers is only part of the story. Mathew shares lessons from his investing journey, revealing how disciplined decision-making and long-term planning can protect capital and uncover opportunities others overlook.

Learn more about LSCRE:
www.lscre.com

In this episode of the LSCRE Podcast, Craig McGrouther and I break down the most surprising finance trends shaping 2025, covering everything from capital flows to unexpected movements in the debt markets.

We talk through why these trends are emerging now, how they are influencing investor behavior, and what they reveal about the next phase of the real estate cycle. The episode highlights the data points that matter most for evaluating both risk and opportunity in today’s environment.

Learn more about LSCRE:
www.lscre.com

In this episode of the LSCRE Podcast, Craig McGrouther sits down with Alex Zahn from Sunrise Capital Investors to unpack the alternative real estate strategies investors aren’t hearing about.

They dive into unique opportunities in mobile home communities and parking structures, exploring how cash flow, long-term land value, and smart management create compelling returns. Alex shares insights on how this “cash-covered land play” works and why staying in a specialized lane can maximize both performance and investor confidence.

Learn more about LSCRE:
www.lscre.com

In this episode of the LSCRE Podcast, Craig McGrouther and I unpack the latest market update and what it tells us about today’s multifamily landscape.

We explore shifting transaction volumes, rising prices, and how debt origination, not just sales activity, is shaping investor decisions. The discussion highlights what data points truly matter for evaluating risk and opportunity in the current environment.

Learn more about LSCRE:
www.lscre.com