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Two weeks into his investment banking job, every analyst around him had a "dentist appointment." That's when Alex Blackwood decided to build something of his own.   Alex is the founder of Mogul, a platform where people buy shares of individual single family rentals. One house at a time.   Mogul now owns about 165 homes across roughly 18 markets. Some are long term rentals. Some are short term rentals. Some are Pad Split homes. In Broken Bow, Oklahoma, it's all short term rentals.   Alex shares why "when you buy off Zillow, you're already 3 days too late," and how local partners bring deals to them instead. He also takes on the big question from the apartment crowd: aren't 165 separate houses riskier than one building?   Plus, how AI cut their time per deal from 18 hours down to 2.   Key topics Leaving investment banking for real estate Why Alex prefers single family rentals Finding deals through inventory partners, not Zillow Houses vs apartment buildings on risk and debt Managing homes in many markets with local partners Using AI to cut deal time from 18 hours to 2 How fractional ownership on Mogul works   About Alex Blackwood Alex Blackwood is the founder of Mogul. He came from investment banking and is a licensed realtor. Mogul lets investors buy shares in individual single family rentals across the US.   Links Connect with Alex: https://www.mogul.com Prefer to watch on YouTube? https://www.youtube.com/@propertyprofitsrealestate Want to be a guest on the show? https://www.daveinterviewsyou.com

She didn't think she'd find one investor. Then she made a Dream 100 list. Dr. Nkem Ezeamama is an ER doctor and the founder of Pheenyx Capital. She owns about 800 apartment units, totaling about $153 million in assets, in Georgia, the Carolinas and Tennessee. She tells Dave Dubeau how she went from passive investor to owner operator, why her investors trusted her before they trusted the deal, and how a simple message to her contacts started her investor base. She also explains why doctors are tired of being pitched, and why she wants to reach them in residency. Key topics • Why an ER doctor wanted more than one income stream • Not wanting to be the 3 a.m. landlord • Learning to underwrite 3 deals a day • Starting at the market peak • The Dream 100 list and her first message • Turning a no into maybe not now • Why doctors need education, not another pitch About Dr. Nkem Ezeamama Dr. Nkem Ezeamama is an emergency medicine physician and the founder of Pheenyx Capital, based in Nashville. Pheenyx Capital helps physicians and professionals build wealth through multifamily apartment investing. Links Connect with Nkem: https://phcinvest.com Prefer to watch on YouTube? https://www.youtube.com/@propertyprofitsrealestate Want to be a guest on the show? https://www.daveinterviewsyou.com

XSITE Capital stopped buying apartments for over 2 years. Then it all changed. Tenny Tolofari is a cofounder and head of acquisitions at XSITE Capital. Since 2019, the company has done $276 million in deals, mostly value add apartments in the Southeast. Tenny tells Dave Dubeau why every seller in the market right now is motivated, and how one very hard $49.1 million deal made them a better company. He also explains how partners earn a seat at the table, and how the 3 founders met over the Cashflow board game. Key topics • Why XSITE Capital paused buying from 2022 to 2025 • Why it's a buyer's market right now • The hardest deal they've done and what it fixed • Raising capital from busy professionals • What a seat at the table means for partners • How the founders met • Building a community around awareness About Tenny Tolofari Tenny Tolofari is a cofounder, head of acquisitions and chief growth officer at XSITE Capital, based in Charlotte, North Carolina. He has an engineering and cybersecurity background and left his full time job in 2024. Links Connect with Tenny: https://xsitecapital.com (or find Tenny Tolofari on LinkedIn) Prefer to watch on YouTube? https://www.youtube.com/@propertyprofitsrealestate Want to be a guest on the show? https://www.daveinterviewsyou.com

Her partners gave her a $54 million project, but not their $10 million fund.   So Bethany Finch started her own.   Bethany has 30 years in real estate. She started with $250, learned to flip with private money, and now works across build to rent communities, corporate rentals, value add multifamily and a customizable fund.   She tells Dave Dubeau why so many retirees are sitting on rentals their kids don't want. She also explains why most of her investors are men, even though she built Empower Her Capital with women in mind.   Her big message: stop chasing a retirement number. Ask what an extra $10,000 a month would solve.   Key topics Starting a real estate business with $250 Paying private lenders double what the bank pays Why your kids may not want your rentals, and what owner financing can do The $54 million project vs the $10 million fund Why many women feel investing is risky or fake Fail faster: a 2 a.m. scare over $30,000 and the coaching call that followed Monthly cash flow vs a $1.4 million savings target   About Bethany Finch Bethany Finch is the founder of Empower Her Capital. Based in Washington State, she has 30 years of real estate experience across single family flips, multifamily, build to rent, corporate rentals and a customizable fund.   Links Connect with Bethany: https://empcfund.com Prefer to watch on YouTube? https://www.youtube.com/@propertyprofitsrealestate Want to be a guest on the show? https://www.daveinterviewsyou.com

How many units can you fit on a property? Brian Koons says that used to be the main question. Now he asks a different one: What creates a good rental product in a good neighborhood? Expanded Description Brian Koons works in the San Diego ADU market, where high property prices make cash flow difficult without getting creative. His focus is often on distressed single family homes and small multifamily properties where more units can be added. Brian explains why he likes projects that end with four units. In his experience, that gives him a useful balance between density, parking, yard space, privacy, and easier lending compared with projects that move into the five unit and commercial lending space. He also shares why distressed properties give him more flexibility. A project might be renovated and sold, sold with permits, completed and sold, or completed and held as a rental. Brian also talks about how his thinking has changed over time. Instead of trying to squeeze as many units as possible onto a lot, he now pays close attention to livability and often prefers larger two and three bedroom ADUs. Key Topics and Takeaways Why distressed one to four unit properties can offer several exit options Why Brian sees four total units as a useful sweet spot The importance of parking, privacy, yard space, and neighborhood character Why Brian now prefers larger two and three bedroom ADUs in many projects Why current cash flow is only one part of his long term investment thesis How Brian uses different architects and contractors for different project types Guest Information Brian Koons is a San Diego developer and development manager. He spent eight years in the Marine Corps before moving into development. He later ran development for a company with 580 projects before starting his own business. Today, he manages projects for himself, investors, and property owners who want help building ADUs.

A tax lien purchase does not always lead to a property. For Jim Tannehill, that is part of the model. Jim and his team may evaluate hundreds of properties before an annual tax sale. They narrow those properties down, set maximum bids, purchase tax liens, and then wait through the redemption period. If the owner pays the taxes and required costs, Jim gets his principal back along with interest. If the lien is not redeemed and the legal process is completed correctly, his team may eventually acquire the deed. Jim explains that the tax sale is only one piece of the puzzle. Once a property is acquired, his team still has to decide whether selling it, renovating and selling it, or holding it as a rental makes the most sense. Jim also shares why discipline matters. His team stays inside specific buying parameters instead of chasing every cheap property that appears at the auction. Key topics and takeaways: Why Jim sees tax sales as an acquisition strategy rather than the entire business Why his team may drive by 500 to 1,000 properties before an auction How roughly 220 possible bids can turn into around 100 winning liens Why only about one third of those liens may become deeds today How redeemed liens return principal plus interest Why renovation money is included in the original capital budget The mistake that led Jim to buy a garage instead of the house he thought he was bidding on Why parcel numbers and county GIS information matter How Jim decides whether to sell, renovate and sell, or hold a property Guest Information: Jim Tannehill is a real estate investor who has spent roughly a decade building a portfolio of income producing properties. His company self manages a portfolio in the 200 property range, with a focus on duplexes and single family homes.

A shelter is not always the final stop before someone gets permanent housing. Felicia Edelman says many people need a middle ground first. Felicia and her husband have operated transitional shared housing in South Los Angeles since January 2010. Their residents include men coming from jails, prisons, treatment centers, hospitals, shelters, the streets, and other agencies. Felicia explains how the model works financially and operationally. Their typical duplex has five bedrooms on each side, with shared rooms and 20 to 30 men across the property. Residents generally pay between $600 and $800 per month. Utilities are included, and Felicia says they do not require an application fee, security deposit, credit check, or background check. She also explains why onsite management matters. Many of their house managers were once residents themselves and have personal experience with jail or prison. Felicia says this helps new residents feel understood and gives each house people who can set the tone and help de escalate problems. Key topics and takeaways: Why Felicia calls transitional housing the middle ground between shelters and permanent housing How shared rooms make the housing more affordable for residents Why a typical SOS Housing duplex may house 20 to 30 men How former residents become onsite house managers Why Felicia believes community inside the house is important How residents sometimes shop and cook together Why the typical stay is about three to six months How the shared living model can also work on a smaller scale Guest information: Felicia Edelman is a shared housing expert with SOS Housing. She and her husband opened their first transitional housing location in January 2010.

Iron Ridge Capital went more than three years without buying a property because the deals did not make sense. That choice was not always popular with investors who wanted another opportunity. But Erik Nordstrom and Erik Strom had already lived through a major real estate correction. They knew what it felt like when a deal became stressful and financing became difficult. In this conversation, Erik and Erik explain how Iron Ridge approached the recent multifamily market. They talk about underwriting higher rates, building their property management operation, watching property data every morning, and protecting relationships with investors that have taken as long as 15 to 20 years to build. They also explain why the current market feels different. Iron Ridge historically bought about one or two deals each year. The team now sees enough opportunity that they are looking at buying roughly three to five deals a year while the window remains open. Key topics and takeaways: Why Iron Ridge stopped buying from January 2022 until May 2025 How experience from the 2008 and 2009 financial crisis shaped their decisions Why property operations matter as much as buying the right deal Why the leadership team reviews property data every morning Why they believe future general partners should first learn with their own money How Iron Ridge protects long term relationships with roughly 140 investors Why the team sees the next 24 months as an important buying period Guest information: Erik Nordstrom and Erik Strom are part of Iron Ridge Capital. The company focuses on multifamily investing, syndication, and property management in the Dallas Fort Worth area. Iron Ridge manages about 2,200 multifamily units and owns about 660 units.

Jason Williams built his underwriting system so a user could import a rent roll and T12, push a button, and have about 90 percent of the work completed. Then the Excel model became so complex that sharing it with other people created a new problem. Jason explains how that frustration led him to create a web based underwriting app that uses AI to read an OM, rent roll, and T12 and fill in much of the information automatically. The conversation also goes inside Jason’s own real estate portfolio. He talks openly about being the lead sponsor on two multifamily properties, including one that is doing very well and another that is taking most of his attention. Dave and Jason also dig into a new manufactured home community Jason is developing near Waco, Texas. The 18 acre project is planned for about 100 homes, but a zoning issue and a pre annexation agreement delayed construction and forced Jason and his partners into negotiations with the city. Key topics and takeaways: Why Jason is currently focused on improving an existing multifamily property instead of buying more The zoning issue affecting his planned 100 home manufactured home community How his chemical engineering background shaped the way he builds underwriting systems How he learned multifamily underwriting after entering apartment syndication in 2017 Why his Excel model eventually became difficult for clients to use How his new web app uses AI to process an OM, rent roll, and T12 Why Ironclad Underwriting Mastery grew from people asking Jason for help Guest information: Jason L. Williams, Ph.D. has been involved in real estate for more than 20 years. He entered multifamily investing in 2017 after meeting his mentor, Joe Fairless. Jason is involved in multifamily properties, single family homes, smaller residential multifamily properties, and the development of a manufactured home community in Central Texas. He also hosts the Ironclad Underwriting Podcast with his business partner Frank Patalano. Website: ironcladunderwriting.com Resources mentioned: Ironclad Underwriting Podcast Ironclad Underwriting newsletter Free underwriting resources Ironclad underwriting web app Call to action: Visit ironcladunderwriting.com to find Jason’s resources, podcast, and newsletter. Jason said his newsletter is sent twice a month, on the first and the fifteenth. You can also sign up through the site to become a beta tester for his underwriting web app. At the time of the conversation, the app was in open beta and free to use.

Chris Wise is not looking for the largest apartment buildings in the market. He is focused on a smaller Class C multifamily range that he believes often sits between large institutions and smaller local owners. Expanded Description Chris and his team focus mainly on 20 to 60 unit Class C properties in Louisville and other Midwest markets. Part of the opportunity comes from problems other buyers may not want to handle. Chris talks about deferred maintenance, inaccurate property information, older building systems, and properties that may have been poorly managed. Instead of building the plan around rent increases alone, Chris says his team puts major attention on expenses. That includes property management, maintenance, utilities, billing, and replacing problem components before they become larger failures. He also walks through a Louisville property that was about 60 percent occupied when they bought it. After repairs, inspections, lease work, and renovations, the property reached about 95 percent occupancy in roughly three months. Key Topics and Takeaways Why Chris focuses on Class C properties with about 20 to 60 units The gray area between larger institutions and smaller operators Why deferred maintenance can create both problems and opportunity Why property records and billing information need to be verified Using expense control as a major part of the value add plan Working with HUD, veterans programs, and other housing organizations A Louisville property that moved from about 60 percent to 95 percent occupancy Why Chris thinks about the exit before buying How structure and calendar control help him manage six companies and family life Guest Information Chris Wise is a real estate investor and lawyer based in Louisville, Kentucky. His real estate focus is Class C value add multifamily, mainly in the 20 to 60 unit range. His team looks in Louisville and across parts of the Midwest, including Kansas City. Chris said he is interested in connecting with: Institutions Retail investors Registered investment advisors Family offices

Building a tiny home community can look simple until you start digging into the land. Dedria Kolb learned that firsthand while developing Poplar Creek Tiny Home Village in Rutherford County, North Carolina. The 10 acre property once operated as a mobile home park, which gave her existing infrastructure to work with during phase one. That first phase opened with 10 lots in July 2024. By December, every lot had been leased through word of mouth and grassroots marketing. Phase two was another story. Dedria had to work with raw land, grading, new infrastructure, and an engineered septic system. The expansion added 20 lots, bringing the planned community to 30 lots in total. Dedria also explains why Poplar Creek uses long term lot leases. Residents bring their own tiny homes, as long as the homes have the appropriate certifications and can be insured. Average lot rent is about $700 per month. Key topics and takeaways: What counts as a tiny home and why there is no single definition Why Poplar Creek is zoned as an RV park How phase one reached full occupancy within months Why phase two was much harder and more expensive How long term lot leases work at Poplar Creek Why Dedria chose common spaces including pavilions, fire pits, gardens, and a dog park The zoning and building code challenges facing tiny home communities Why residents, not the developer, ultimately create the community Guest information: Dedria Kolb is a small scale developer focused on tiny home communities and other smaller footprint housing concepts. She developed Poplar Creek Tiny Home Village in Rutherford County, North Carolina. Dedria also has a coaching program for women interested in development. She teaches topics including finding land, engineering deals, and tiny home development.

A vacant fourplex in Kitchener had four old garage bays in the basement. Ara Palladian saw something different: space for two more units. Ara brings a construction and structural background to multifamily investing. In this conversation, he walks through the Kitchener project and explains how his team is converting those garage spaces into two two bedroom walkout units. The work includes replacing large drop steel beams with flush beams, removing and insulating the concrete slab, and creating more usable headroom. Ara also shares the numbers behind the project. The property was purchased for about $1.25 million. He expects to be all in for about $1.7 million, with what he describes as a conservative appraisal of about $2 million. Ara and Dave also discuss why Ara prefers purpose built multifamily, why he wants more properties with 15 units or more, and why paying the right professionals can sometimes save far more than choosing the cheapest labor. Key topics: Turning a fourplex into a six unit property Using structural and construction knowledge to uncover value Replacing drop beams to improve basement space Ara’s plan to refinance through CMHC Recycling capital into future investments Why Ara prefers purpose built multifamily Moving toward properties with 15 units or more How shorter renovation timelines can reduce holding costs Guest information: Ara Palladian is a real estate investor and licensed realtor with a background in construction and structural engineering. He focuses on value add multifamily projects in Cambridge, Kitchener, Waterloo, and Guelph. Instagram: @PalladianConstruction Email: [email protected] Call to action: Investors interested in buying multifamily properties or discussing potential capital partnerships can contact Ara by email or send him a message through @PalladianConstruction on Instagram.

Getting your boots dirty is about more than walking a property. For Tony Lopes, it also means digging into the financials, knowing your partners, and making sure a deal works before you buy. Tony is the founder of Dirty Boots Capital and has just over 400 units across his own multifamily holdings and deals where he participates as a GP or LP. His main areas of focus are New Hampshire and Florida. Tony shares why he is watching rising interest rates differently from some investors. Higher rates can put pressure on property values, which may create buying opportunities. But his rule remains simple: the deal needs to cash flow from day one. He also talks about starting local. Instead of waiting for the perfect property, investors can use this time to learn their market, build spreadsheets, attend local real estate investment groups, and form relationships with the people they may need before a deal appears. Key Topics and Takeaways What the Dirty Boots Capital name means Why Tony physically walks roofs, basements, and properties Why financial statements deserve the same level of diligence as the physical property Tony's focus on New Hampshire and Florida Looking for opportunities with distressed operators and local banks Why Tony wants deals to cash flow from day one Why investors do not always need to start with large properties How local investment groups can help build a real estate team Why Tony likes attorneys, CPAs, and contractors who also understand real estate firsthand Guest Information Tony Lopes is the founder of Dirty Boots Capital. He has nearly 30 years of experience in real estate and focuses heavily on multifamily investing and property management. Website: dirtybootscapital.com Email: [email protected] Tony also discussed his book, Freedom at Risk: How to Protect Your Personal and Financial Freedoms. Call to Action Tony offered listeners a free copy of his book. Email [email protected].

Getting institutional capital is not just about knowing the right people. Jon Siegel says investors need something they can “hang their hat on.” Jon and his partners at Railfield came into multifamily with institutional lending backgrounds. They started Railfield in 2013 and went straight into institutional capital rather than raising money from friends and family. Their early access to $50 million from a pension fund looked like a major head start. But after buying their first properties, they discovered that getting the next institutional investor was far from automatic. Jon explains why a real track record matters. Institutional investors may dig into where returns actually came from. One investor even examined Railfield’s past deals to separate value created through NOI growth from value created through cap rate compression. He also shares why operators need a clear niche, business plan, or other reason to stand apart from the many other multifamily firms looking for capital. Key topics and takeaways: Why Railfield calls itself a small institutional firm How a lending background influenced its conservative approach to leverage Why getting $50 million early did not make future capital easy to raise What institutional investors may examine in an operator’s track record Why operators need a clear hook when approaching capital partners Why the first institutional relationship can be the hardest Why Jon believes operators need to stay in the market during slower periods Guest information: Jon Siegel is a partner at Railfield, a multifamily investment firm based in Bethesda, Maryland. Railfield focuses on workforce housing and has about 4,500 units across roughly 15 or 16 properties. Jon said Railfield primarily works with institutional and family office capital. Email: [email protected] Website: railfieldrealty.com LinkedIn: Search for Jon Siegel, spelled S I E G E L Call to action: Jon said Railfield is always looking for two things: deals and money. He is interested in meeting people who want to invest capital and people who may have leads on potential deals that fit Railfield. Listeners can contact Jon by email, find him on LinkedIn, or send a message through the Railfield website.

A senior housing deal can look good financially while the local market is already sending warning signs. Jerry Vinci works on both sides of that challenge. Through Nordon, he helps investors look beyond traditional underwriting to understand whether an operator can sustain or grow occupancy in its local market. Through CCR Growth, he helps senior living operators examine the systems that take a family from first contact through move in. Jerry shares one example where a community's Google rating had fallen from about 4.9 to 3.7 over eight months. Its search visibility had also dropped. Those public signals pointed to problems with residents and families and a possible future occupancy decline. The investment group ultimately repriced the deal by roughly $2 million to $3 million. Jerry also explains why getting leads is only part of the occupancy picture. His team looks at how quickly a real salesperson contacts a family, how leads move toward a move in, what different lead sources cost, and how resident length of stay can affect future occupancy needs. Key topics and takeaways: Why senior housing performance is highly local How reputation and search visibility can provide early warning signals A deal that was repriced by roughly $2 million to $3 million Why speed to human contact matters after a lead comes in How resident length of stay can help operators think ahead about occupancy Why the service inside a senior housing building is a major part of the product Guest information: Jerry Vinci runs two firms in the senior housing industry. Nordon focuses on the investment side and helps evaluate market facing signals connected to operator performance. CCR Growth helps operators improve marketing, sales, and operational systems tied to occupancy. Jerry also hosts From Leads to Leases, a podcast focused on senior living marketing, sales, services, and industry challenges. Connect with Jerry: Nordon Advisory https://nordonadvisory.com Call to action: If you are part of an investment group or an operator in senior housing, or you are looking to enter the space and want more information than traditional underwriting or appraisal provides, Jerry invites you to learn more through Nordon Advisory.