EPS 323 - "From Anesthesiologist to Real Estate Mogul: Dr. Paul Pena's Journey to Financial Independence and Multifamily Success"

Dr. Paul Pena, who transitioned from being a full-time anesthesiologist to a full-time real estate investor. Dr. Pena shares his journey, starting with single-family homes in El Paso, Texas, and moving to multifamily properties. He discusses his first multifamily investment in Fresno, California, a 28-unit property, and the challenges and successes he faced, including raising rents significantly and achieving a 20% cash-on-cash return for investors. Dr. Pena also talks about a more recent investment in Ventura, California, a distressed property that required extensive rehabilitation. He emphasizes the importance of education, tenant care, and providing jobs through real estate investments. Dr. Pena's philosophy includes long-term investment and financial independence, allowing him to enjoy life and spend time with his family. He encourages new investors to get educated, take care of tenants, and understand the risks involved in real estate investing.

Are you ready to unlock the potential of Multifamily Syndications? Discover how Michael Becker’s proven real estate syndication business can open doors to financial growth and your long-term success. Visit SPIADVISORY.COM today and start your journey toward smarter investing!

EPS 322 - "Unlocking North Texas Investment Potential: Inside Rowan Multifamily Advisors and the Future of B & C Multifamily Sales"

Rowan Burch, Matt Waskow, and Coleton Burch of Rowan Multifamily Advisors share their expert insights into the current market, drawing from their experience in selling hundreds of large apartment buildings since 2010. They gave us market insights on the 1960’-1980’s apartments and the possible occupancy challenges and why buyers are being more selective. Also, they spoke about the level of property tour activity that they are experiencing. A great conversation with a knowledgeable investment sales team in DFW.

Contact Rowan Multifamily Advisors: rowanmultifamilyadvisors.com

Are you ready to unlock the potential of Multifamily Syndications? Discover how Michael Becker’s proven real estate syndication business can open doors to financial growth and your long-term success. Visit SPIADVISORY.COM today and start your journey toward smarter investing!

EPS 321 - What questions would YOU ask an operator of 30,000 units?

Obviously, we had lots of questions. Since 2008, Charlie Young and his partners at Madera Residential have acquired over 120 large apartment buildings, again that’s “120 buildings- NOT just units. Billions of dollars of total asset value across many states. Today, they’re navigating a recapitalization of several properties they purchased in 2021 & 2022, by bringing more capital into the properties. Charlie is open and transparent with his lenders and investors, ensuring they understand the process and what to expect. Tune-in as Charlie shares his insights into the current state of the apartment market.
To contact Charlie Young: http://maderaresidential.com/contact

Are you ready to unlock the potential of Multifamily Syndications? Discover how Michael Becker’s proven real estate syndication business can open doors to financial growth and your long-term success. Visit http://SPIADVISORY.COM today and start your journey toward smarter investing!

ASK MIKE MONDAYS: "Michael, Given the Impact of Stricter Immigration Policies, How Are Landlords in Class B & C Apartments Responding to Occupancy Challenges in Workforce Housing?"

Some landlords of Class B and C apartments were not concerned with tenants' immigration status, and many rented to undocumented individuals over the last few years. Today, stricter immigration policies have notably impacted occupancy rates in workforce housing, especially in areas with a high concentration of older apartment buildings.

Are you ready to unlock the potential of Multifamily Syndications? Discover how Michael Becker’s proven real estate syndication business can open doors to financial growth and long-term success. Visit SPIADVISORY.COM today and start your journey toward smarter investing!

EPS 320 - "Maximizing Value: Chris Pearson, Top Investment Sales Broker at Marcus & Millichap- Dallas, Shares Insights on Small Apartment Deals Under 75 Units”

Whether you’re a seasoned investor or just dipping your toes into the world of small apartment buildings, Chris Pearson and Nick Fluellen are here to give you the inside scoop on the latest trends, market shifts, and all things commercial real estate.

Key Points:
Upcoming Events:
Old Capital's bus tour at the end of March.
Virtual Speaker series with Jeff Adler of YardiMatrix in April.
Conference in Dallas on October 8th and 9th. Save the Date!
Old Capital Connection: New App for your phone!
A community for accredited investors focused on multifamily investments. Provides exclusive updates, market insights, and new deal alerts.
Market Sentiment:
Positive sentiment at the National Multifamily Housing Council (NMHC) conference.
Increased inventory and more deals hitting the market.
Volatility in the treasury rates affecting the market.
Broker Opinion of Value (BOV):
High activity in BOVs indicating sellers' interest in knowing current asset values.
71 BOVs done in the last 30 days, suggesting increased market activity.
Market Segments:
Nick Fluellen's team at Marcus Millichap covers larger deals in DFW, 75 units and under, and secondary markets. Chris Pearson focuses on the 75 units and under segment, which he is seeing significant positive momentum. “These days, it’s a lot easier to equity raise $3 million than $10 million.”
Current Market Trends:
Increased activity in smaller deals (75 units and under).
First-time buyers and out-of-state buyers are more active.
Deals are still being made with hard money, though the amounts may be smaller.
Advice for New Investors:
Tour as many properties as possible to get comfortable with the market.
Submit offers even if they are below the asking price to stay active and top of mind with brokers.
Understand the importance of having financing and equity lined up.
Challenges and Opportunities:
Volatility in interest rates and its impact on deal financing.
The importance of rate locking to mitigate risk.

To contact Chris Pearson: chris.pearson@marcusmillichap.com
To contact Nick Fluellen: nick.fluellen@marcusmillichap.com

Are you ready to unlock the potential of Multifamily Syndications? Discover how Michael Becker’s proven real estate syndication business can open doors to financial growth and long-term success. Visit SPIADVISORY.COM today and start your journey toward smarter investing!

EPS 319 - Are Apartment Investors Finding "DEALS" in San Antonio & Houston? Top Colliers Sales Brokers Weigh In.

In this episode, we sit down with two of Colliers International’s leading sales brokers—Bob Heard and Zar Haro—to explore the current landscape of apartment investments in San Antonio and Houston. With years of experience uncovering hidden opportunities, Bob and Zar offer expert insights on whether now is the right time for apartment investors to dive into the South and Central Texas markets.

Key Takeaways:
1. Market Insights:
• San Antonio: Zar Haro takes us through the current state of distressed operations in Central Texas, drawing comparisons to the market shift of 2008. He reveals how operational challenges are creating unique opportunities for future growth.
• Houston: Bob Heard highlights Houston's strong economic fundamentals—such as robust job and population growth—even as certain areas experience occupancy struggles, particularly with tenants moving back in with family or opting for roommates.
2. Investment Strategies:
• San Antonio: Zar dives into the emerging opportunities in South Central San Antonio and the Medical Center area, where government projects are driving change and property prices are seeing significant shifts.
• Houston: Bob suggests that investors focus on well-located B properties in suburban hotspots like Katy and Conroe, which are holding steady despite an influx of new supply.
3. Investor Sentiment: Both Zar and Bob discuss the prevailing mood in the investor community—cautious optimism. They break down how investors are approaching distressed properties and making strategic acquisitions to maximize long-term value.
4. Immigration Impact: A hot topic raised by Paul—could immigration policy changes affect occupancy rates? Zar weighs in with early signs of delinquency, especially in areas where fear of ICE raids is beginning to impact renters’ stability.
5. Funding & Transactions: Zar and Bob explain the driving forces behind apartment transactions, with high-net-worth individuals and experienced syndicators leading the charge. They touch on how high leverage and strategic acquisitions are key to closing successful deals in today’s market.
6. Funny (and Not So Funny) Stories: Get a behind-the-scenes look at the quirky and sometimes challenging aspects of the real estate business. Zar and Bob share amusing stories from their careers, including unforgettable encounters with rat infestations and creepy, abandoned buildings.
To contact Zar Haro: zar.haro@colliers.com
To contact Bob Heard: bob.heard@colliers.com

Are you interested in learning more about how Multifamily Syndications work? Please visit SPIADVISORY.COM to understand more about Michael Becker’s Real Estate Syndication business.

EPS 318 – Takeaways from NMHC's Annual Meeting in Las Vegas and Navigating 2025.

Did you go? If not…these were the themes, of the 3-day event, between apartment operators, investors, investment sales brokers and lenders. This nationwide conference had optimism in multifamily for the long term…but continued challenges (higher interest rates, higher cap rates, and the lack of distressed assets coming to the market) for the shorter term.
1. NMHC Meeting Overview: The meeting was held at the Aria Hotel in Las Vegas, attended by around 10-12,000 people from various sectors of the multifamily industry.
2. Market Sentiment: Despite challenges, there is optimism about the fundamentals of apartment ownership and investing improving. The sentiment among brokers is more optimistic than among operators.
3. Class A and C Properties: Class A properties are in high demand, while Class C properties are currently out of favor. There is limited availability of properties on the market, and the bid-ask spread remains wide.
4. Interest Rates and Financing: Interest rates are expected to stay higher, but there is some expectation of rate cuts in the future. Banks are starting to open up to lending again after a period of tightening.
5. Distressed Properties: There is some distress in the market, particularly among properties financed with bridge loans. However, the overall percentage of distressed properties is relatively small.
6. Dallas-Fort Worth Market: The Dallas-Fort Worth market is highly favored, with strong fundamentals and high demand.
7. Future Outlook: Michael & James believe that the market will improve, with rent growth expected to return and supply issues easing. They suggest that now might be a good time to consider buying multifamily properties. New apartment supply is coming down rapidly and rental growth is coming back after 138 consecutive weeks of year-over-year decline.
8. Events and Networking: The Old Capital Bus Tour is on March 28th and a virtual Old Capital speaker series on February 5th are upcoming events for networking and learning more about the multifamily market. RSVP to OldCapitalPodcast.com
Overall, the discussion highlights cautious optimism in the multifamily housing market, with a focus on strategic buying and navigating current challenges.

Are you interested in learning more about how Multifamily Syndications work? Please visit SPIADVISORY.COM to understand more about Michael Becker’s Real Estate Syndication business.