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

In this episode of our Coaching and Counseling podcast, we dive into the murky waters of apartment investment sales with the help of ChatGPT and over 30 years of real-world experience in apartment financing and ownership. We asked ChatGPT to help uncover the truth behind common rumors about how apartment sales brokers treat buyers. Are brokers really overinflating property values? Do they hide conflicts of interest? Misrepresent operating expenses? Gatekeep quality opportunities? Together with insights from AI and our seasoned team, we break down the top 10 shady tactics sometimes used in the industry—and give you the real story behind each one. Whether you're a first-time buyer or a seasoned investor, this episode will help you approach apartment deals with sharper eyes and better questions. 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!

Michael Ware, with Institutional Property Advisors in Dallas, shares critical information in making smart apartment investing decisions. Michael believes that Dallas-Fort Worth (DFW) remains a top-performing multifamily market due to strong population and job growth. DFW multifamily trade volume has rebounded from $5 billion in 2023 to an expected $8–10 billion in 2024, to even higher in 2025 thus signaling recovery. Institutional capital is re-entering the market, focusing on Class A properties. Some of the challenges he saw were operational headwinds including oversupply, elevated concessions, and difficulties raising equity for deals over $10 million and workforce housing facing higher delinquency rates and vacancy issues, compounded by tenant-friendly eviction policies. Today, opportunities for institutional buyers are with Class A properties in prime locations, while B and C properties are offering better yields for private investors. Rent growth is expected to accelerate in 2025–2026 due to undersupply and affordability challenges in single-family housing. He offered advice to buyers: Smaller operators should focus on organization, transparency, and demonstrating financial readiness to compete with larger institutions, and well-located 1980s workforce housing offers strong potential for yield and long-term growth. To contact Michael Ware at IPA: mware@ipausa.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!

John Griggs shares his journey from practicing law to building Presidium, a company that has developed and managed over 20,000 apartment units. John transitioned from law to real estate in 2003, starting with small apartment buildings in Phoenix. He co-founded Presidium in 2005, expanding into Texas and other states, focusing on value-add and development projects. John comments on 1) Multifamily values have dropped 20-40%, presenting buying opportunities below replacement costs, 2) Equity investors are demanding higher returns, making underwriting more challenging, and 3) Development projects face hurdles like local politics, affordability requirements, and rising costs. John shares a couple of important lessons learned during this last cycle. To contact John Griggs: PresidiumRE.com and DeloacheCapital.com Don’t forget Tres Colline Vineyards: trescolline.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!

Paul Peebles and James Eng dive deep into the shifting landscape of multifamily real estate investing. From Old Capital’s educational bus tours across DFW submarkets to critical updates on distressed assets and stricter underwriting from Fannie Mae and Freddie Mac, this conversation is packed with insight for both seasoned operators and aspiring investors. Learn why fewer deals are closing, how lenders are adjusting, and what steps you can take now to build credibility, raise capital, and find success in today’s competitive market. Don’t miss key tips on navigating loan options, attending the Old Capital Conference, and why due diligence has never been more important. 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!

"The Immigrant Hustle: How This Couple Turned Setbacks into a Multifamily Fortune.” Vivek and Asha Kangralkar, originally from small villages in India, moved to the U.S. in 2010 with their two young daughters in search of a better future. After Vivek lost his job in 2012, they were left with just $1,500 in savings—but refused to give up. They launched a granite and marble import business, followed by Avacraft, a cookware brand that gained national attention, including features on Good Morning America and Forbes. In 2018, they pivoted to multifamily real estate, turning around underperforming properties and generating strong returns. Today, they own hundreds of units and use a hybrid management model to drive operational excellence. Committed to giving back, they support educational initiatives and advocate for housing reform, all while helping others achieve financial freedom through real estate investing. To contact Vivek & Asha Kangralkar: vivek@starcorecapital.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!

Ryan Heddleston's journey from small-scale real estate investments in Pittsburgh to managing large-scale multifamily properties in Texas is a great example of how strategic partnerships and expertise can lead to substantial growth. His decision to partner with experienced operators allowed him to scale quickly, which paid off—he acquired over 6,000 units across 34 properties, worth more than $500 million in total capitalization. However, even seasoned investors like Ryan can encounter challenges, and one key issue he identified was the high property tax rates in Texas, which can significantly impact profitability. To address this, Ryan and Clayton Sievers co-founded Valorum Tax Advisors. By combining their deep understanding of the local tax landscape with their expertise in multifamily properties, Valorum specializes in helping operators reduce property tax burdens. Their services focus on fighting unfair property tax assessments and providing accurate tax estimates, crucial for both current property owners and those looking to make acquisitions. To contact Ryan and Clayton: valoremtx.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!

Before becoming “DATA NERD IN CHARGE” at Yardi Matrix, Jeff Adler was Chief Property Operations Officer for AIMCO and managed a platform of over 160,000 units. At the Old Capital Speaker Series, James Eng with Old Capital dives into the current economic landscape, covering the U.S. growth forecast for 2025, persistent inflation, and a tight labor market. They also discuss the multifamily housing market that is showing mixed performance, with rising rents in some areas and slower construction due to higher costs. Jeff explores geopolitical shifts like reindustrialization, trade policies, and how these factors influence real estate and investment strategies. And then finally discussing the impact of emerging technologies on property management and opportunities in secondary markets. 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!

Greg Willett is Chief Economist for Leaselock. Greg has been an apartment data analyst and real estate observer for over 30 years. He discusses apartment investing trends and opportunities. Greg Willett expressed concerns about the economy, noting vulnerabilities in consumer confidence and rising credit card debt, which may affect renter demand for apartments. He discussed the current leasing season, noting normal demand and occupancy increases, with some rent growth in Dallas and Austin. Willett highlights challenges in new class A deliveries and solid performance in middle-tier to bottom-end products. He shared that Houston is performing well due to less new supply and strong employment growth. Austin faces challenges due to high construction rates and a slowdown in tech job growth. San Antonio is impacted by Austin's struggles. Yes. There has been a slow start to transactions in 2025, but activity is expected to pick up. The ten-year treasury yield stabilization may help. He also shared that developers face challenges with construction costs and labor shortages. Garden suburban projects are more viable than mid-rise or high-rise constructions. To contact Greg Willett: leaselock.com Leaselock offers deposit replacement products to help renters with affordability challenges and mitigate risk for landlords. 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!

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!

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!

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!

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!

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!

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.

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.

1. 2024 Performance: Michael was disappointed with the acquisition activity due to fluctuating interest rates and low transaction volumes. 2. Market Conditions: The fundamentals were soft in 2024 with flat to down rents, especially in Central Texas. Occupancy stabilized at around 93% portfolio-wide by January 2025. Michael anticipates a recovery in 2025, particularly in the second quarter when the supply of new properties is expected to decrease significantly. 3. Example Deal: Michael described a deal in Dallas involving a late 90s property bought for around $170,000 per door, with plans to invest about $10,000 per unit for renovations. The property is well-located with low rents compared to competitors and has a value-add opportunity. 4. National Multifamily Housing Council (NMHC) Conference: The conference is a major event for multifamily real estate professionals, focusing on deal-making rather than education. It is beneficial for networking and meeting potential equity partners, though it may be overwhelming for newcomers. 5. Market Outlook: Michael expects higher occupancies and rent growth in 2025 as the supply of new properties decreases. He also notes that the current environment is challenging but sees a generational buying opportunity in multifamily real estate. 6. Advice for New Investors: New investors should start as limited partners to gain experience and recommends participating in educational events like bus tours to understand the market better. Overall, the discussion highlights the challenges and opportunities in the Texas real estate market, the importance of strategic networking, and the potential for recovery and growth in the coming years. 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. If you enjoyed this discussion; Please leave us a 5-STAR RATING on iTunes.

Have you ever heard the saying, “Slow and steady wins the race?” For Cory and Candice Muldrow, this timeless principle is the foundation of their success in apartment investing. The Muldrows began their journey in 2017 with the purchase of an 18-unit multifamily building, all while juggling full-time W2 careers. With a keen eye for value, they rehabilitated and repositioned this older asset, transforming it from a CLASS C- to a thriving CLASS B+ property. But they didn’t stop there. In 2019, they took a bold step forward, acquiring a 102-unit apartment building that was in need of a fresh vision and new management. Through hard work and determination, the Muldrows not only revitalized this property but also made the leap to become full-time apartment investors. Since then, they’ve acquired hundreds of units, impacting the lives of both their tenants and investors. Their story proves that with the right mindset and strategy, transitioning from a W2 job to full-time real estate investing is not just a dream – it’s a reality. Does apartment investing call to you? Are you ready to explore how you, too, can break free from the 9-to-5 grind and build lasting wealth in real estate? The Muldrows are living proof that it’s possible, and they’re here to show you how it can be done.

You’re familiar with B & C workforce housing, right? Many investors focus on that. But have you ever wondered what’s next in apartment investing? What’s the next level? It’s the high-end market— These institutional buyers typically target high-value, well-located, and professionally managed apartment properties, often with luxury amenities or newer construction. They have significant capital and prefer large, stable investments with long-term growth potential. These properties attract institutional buyers—REITs, pension and insurance funds, foreign national funds, and high-net-worth investors. We chat with the institutional sales advisors with IPA in Dallas. To contact Michael Ware: mware@ipausa.com To contact Drew Kile: dkile@ipausa.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

Get real-time insights from Mr. X, who manages over 35,000 apartment units across the Southwest! He leads a large third-party property management firm specializing in A, B, and C properties. Mr. X shares key trends impacting the industry, including the widespread use of concessions in the B and C segments, rising bad debt, and the growing challenges in rent collection. He also highlights the increasing issue of tenant fraud, with scams like fake employment records, pay stubs, and IDs, leading to approved tenants who never pay and ultimately face eviction. A must-know for anyone in apartment investing! Curious About How Multifamily Syndications Work? Visit SPIADVISORY.COM to Learn More About Michael Becker's Real Estate Syndication Business.

Jeremy Thomason and Stephen Quisenberry have acquired several apartment buildings in Texas and Georgia. In their discussion, they share their strategies for purchasing properties, emphasizing smaller deals in less competitive markets. They also detailed the challenges encountered during the acquisition of a 64-unit property, particularly with Freddie Mac, the lender, and the hurdles they overcame to successfully close the deal. Additionally, Jeremy and Stephen highlighted the significance of education, networking, and cultivating strong partnerships in the multifamily industry. To contact Stephen Quesinberry: stephen@convolocapital.com To contact Jeremy Thomason: jeremy@convolocapital.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.