Advertise on podcast: The Multifamily Wealth Podcast

Axel sits down with Steve Parry for a deal segment on a downtown Manchester, NH building that Steve bought as a 10-unit and turned into a 12-unit by converting unused ground-floor commercial space and a three-bedroom into four residential units. This episode is essential listening for any investor who wants to see how to underwrite a deal that depends on city approval to add units. It covers what the approval process actually looks like, which questions the city cared about, and how Steve structured the offer so the deal still worked if the approval never came. Join us as we dive into: Sourcing a 10-unit mixed-use downtown Manchester asset off-market as part of a 2-property package via direct mail.Identifying underutilized first-floor space: turning a 1,000 sq. ft. commercial office space (renting for just $1,000/month) and a 3-bedroom layout into three 1-bed units and one 2-bed unit.Navigating city approvals: presenting to the Manchester Planning Board and securing a variance for a 12-unit building with zero dedicated parking spaces.Building code considerations: verifying existing fire sprinkler infrastructure and managing egress requirements.Managing tenant transitions smoothly: relocating a first-floor family with a newborn into a 3-bedroom unit with off-street parking at another nearby property.Project timelines and carrying costs: managing an 8-month municipal approval and permitting process.Capitalizing the acquisition and construction using 75% LTV commercial credit union financing with an interest-only renovation loan. Connect with Steve: Connect with Steve on Linkedin Follow them on Instagram Learn more about White Barn Real Estate Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

Axel sits down with Steve Parry, a Massachusetts-based investor who has traded five of his six Boston buildings for roughly 45 units in southern New Hampshire, to talk about what pushed him out of the Boston market and what he learned buying in a new state. This episode is essential listening for any big-city investor who is priced out of their own market and wondering how to start buying a few hours away. It covers how to build a deal pipeline from scratch, what changes in underwriting when you leave a tight market, and how to protect yourself when a deal depends on getting units approved. Join us as we dive into: How Steve built his career in commercial construction and development before transitioning to full-time real estate investing.Accidental scaling in South Boston: buying and refinancing condos post-2010 to generate equity and build early momentum.Trading high-value, lower-cap Boston condos (5 properties) for a 45-unit portfolio in Southern New Hampshire via 1031 exchanges.Key operational differences between Boston and Southern New Hampshire: lower price-per-door, hands-on property management, and different tenant profiles.The power of direct-mail marketing via PropStream and CRM platforms (ReSimply) to find off-market deals from long-term owners.Identifying seller motivation: connecting with long-term owners looking to trade out of management hassle without nickel-and-diming them on minor repairs.The realities of underwriting in new markets: adjusting for vacancy rates, higher repair and maintenance expenses on older buildings, delinquency, and larger bedroom counts.Evaluating asymmetric upside: underwriting deals to hit a baseline "single" on existing operations while positioning for a "home run" through unit additions and space conversions. Connect with Steve: Connect with Steve on Linkedin Follow them on Instagram Learn more about White Barn Real Estate Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

Axel is back with Bill and Bob Murray of KB4 Property Group for a deal segment on their largest acquisition to date: a 24-unit, four-building portfolio in a small New Hampshire town, bought off-market with hard money and refinanced into more than $500K of cash out. This episode is essential listening for any investor weighing an aggressive hard money deal on a straightforward cosmetic value-add. It shows how fast, clean terms can win a deal over another buyer, and what surprises like lead abatement can do to a refinance timeline. Join us as we dive into: Sourcing a 24-unit portfolio (an 11-unit, two 5-units, and a 4-unit across neighboring towns) off-market through a trusted property manager.Beating out competing offers at the same purchase price by offering a quick 3-week close with no inspection or financing contingencies.Capitalizing a $1,600,000 purchase with hard money at 10% down and 11–12% interest rates.Executing a cosmetic renovation playbook across 16–18 units: vinyl siding overhauls, interior paint, new flooring, cabinets, and furnace replacements.Navigating unexpected state-mandated lead abatement delays when a tenant child tested positive for elevated lead levels.Refinancing with a local bank (Ledyard National Bank) at a 3.1-3.2M appraisal, returning all initial down payment capital and netting over $500,000 in tax-free cash out.The importance of "buying right" and ensuring value-add deals remain financially viable even if aggressive expansion/unit-addition plans do not materialize. Connect with Bill and Bob Murray: Connect with Bill on Linkedin Connect with Bob on Linkedin Follow them on Instagram Learn more about KB4 Property Group Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

Axel sits down with Bill and Bob Murray of KB4 Property Group, two New Hampshire investors and former medical staffing colleagues, for a rare three-person conversation on how they went from a first six-unit purchase in 2020 to roughly 200 self-managed doors, with in-house construction and management. This episode is essential listening for any investor who wants an honest look at the realities of heavy value-add investing in small New England towns. It covers creative financing without giving up equity, the tension between running a portfolio and feeding the acquisitions pipeline, and why unit count alone says very little about a portfolio. Join us as we dive into: Transitioning from W-2 medical staffing careers into full-time real estate investing and how a customer-first mindset from that world shaped how they run their properties.Skipping small 2-to-4 unit house hacks to start directly with commercial multi-family acquisitions (a 6-unit followed by a 13-unit).Navigating contractor red flags, early renovation mistakes, and learning to secure construction loans rather than self-funding capital improvements.The evolution of property management: transitioning from third-party oversight to self-managing 200 doors internally.The financial friction of internal hiring: balancing employee salaries against cash flow when scaling toward 300+ units.Raising debt from friends and family via private debt funds instead of giving up equity to syndication partners.KB4's heavy value-add buy box: identifying under-managed properties, utilizing open space, and adding units within existing building footprints.The operational realities of municipal approvals: working with zoning boards, fire chiefs, and part-time town building inspectors.Long-term growth targets: expanding beyond New England into Midwest markets with true purpose-built multi-family assets. Connect with Bill and Bob Murray: Connect with Bill on Linkedin Connect with Bob on Linkedin Follow them on Instagram Learn more about KB4 Property Group Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

Axel sits down with Ryan Weiss, principal broker of Blue Door Living, for a deal segment on the first property Ryan ever bought: a Manchester, NH triplex he house hacked at age 21 with roughly $10,000 out of pocket, and which has since grown into hundreds of thousands of dollars in equity. This episode is essential listening for any aspiring investor who wants a concrete, real-numbers example of how FHA financing, state down payment assistance, and house hacking can combine to get you into your first deal with very little cash, and how to keep pulling capital out of that same asset years later. Join us as we dive into: How Ryan structured a 1031 exchange opportunity between his employer's client and an 8-unit seller to acquire his first triplex off-market.Combining a 3.5% down FHA loan with $15,000 in forgivable down payment assistance from the New Hampshire Housing Finance Authority (NHHFA) to buy a $340,000 triplex for just $10,000 out-of-pocket.Leveraging projected rental income from the non-owner-occupied units to qualify for a mortgage on a $55,000 W-2 salary at age 21.The realities and risks of house hacking: navigating an eviction with an on-site tenant while sharing common building spaces.Eliminating personal housing expenses by generating $3,500/month in rent against a $2,850/month mortgage.Executing a 2022 cash-out refinance at an 80% LTV, capturing a $530,000 appraisal, pocketing $70,000 tax-free, and raising total monthly rents to $5,700 while barely increasing debt service.Securing a 95% LTV HELOC on an investment property through a local bank in 2025 based on a $720,000 valuation to unlock an additional $150,000 in deployable capital. Connect with Ryan Weiss: Email him through: [email protected] Connect with him on Linkedin Follow him on YouTube Learn more about Blue Door Living Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

Axel sits down with longtime friend and business partner Ryan Weiss, principal broker of Blue Door Living — the property management company they co-founded together — to unpack how Blue Door scaled from 45 units managed out of a spare bedroom to nearly 1,000 scattered-site units across six years, and the very different challenges faced at each stage of that growth. This episode is essential listening for anyone building a property management company (or managing their own portfolio at scale) who wants a season-by-season breakdown of what actually breaks as you grow, plus a rare, concrete look at how AI agents are already being deployed inside a real third-party management business. Join us as we dive into: The origin story: how Ryan and Axel met when Ryan was a leasing agent managing Axel's units at another property management company, and how an offhand "let's start a management company" conversation in 2019 led to Blue Door Living.The scattered-site scaling challenge most PM companies never solve — going from 45 units (all Axel's) to roughly 950 units and 26 employees, while staying concentrated in small, scattered multifamily buildings rather than chasing the large, single-site properties that make economies of scale easy."Season One" (50 to ~250 units): why generic business books and frameworks (like EOS) didn't apply yet, and how hiring remote team members (RTMs) let Blue Door maintain service quality without needing to hit revenue thresholds for each new US-based hire."Season Two" (250 to ~500 units): the pod-vs-departmental structure debate in property management (and why Blue Door chose departmental, with one regional exception), the hard lessons learned around hiring and firing and adopting LeadSimple."Season Three" (500 to ~1,000 units): the shift from managing employees to managing managers while implementing EOS, the ongoing challenge of processes that "break" at every new scale threshold, and why AI infrastructure is now seen as a potential solution to scaling problems that outpaced software alone.The two non-negotiables of running a management company well — nailing leasing (since vacancy is one of the largest controllable expenses and a key driver of valuation) and building a culture of obsessive attention to detail, since even small errors on owner statements or rent adjustments erode trust at scale.How Blue Door actually builds AI agents: using Claude (and Claude Code) conversationally to build a rental application screening agent that cut processing time from 3–5 days to 24 hours, a maintenance coordinator agent, and an internal agent-management dashboard. Connect with Ryan Weiss: Email him: [email protected] Connect with him on Linkedin Follow him on YouTube Learn more about Blue Door Living Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

Axel welcomes back Rob Beardsley, founder and CEO of LSCRE and a Houston-focused multifamily owner/operator with roughly $1 billion in acquisitions since 2018 — for an unfiltered check-in 18 months after their last conversation on where the Texas multifamily market actually stands, and what's changed in how LSCRE operates, underwrites, and now uses AI. This episode is essential listening for any investor or operator who wants a candid, no-spin read on the Sun Belt multifamily downturn, a fresh framework for pricing renewals into asset value, and a real-world look at how one operator is using AI to catalog and pre-screen an entire market before a deal ever hits the desk. Join us as we dive into: A candid look at market expectations versus reality since early 2025: why hitting a market "bottom" hasn't resulted in a V-shaped recovery due to ongoing supply deliveries and sustained high interest rates.The real impact of concessions on net effective rents—and why reported 3% rent drops often hide true revenue declines of 15% to 30%.Operating hyper-locally in Houston: why pockets with structural supply barriers continue to show strong pricing power and renewal rent growth.Operational strategy shifts: treating renewals as "the holy grail" and offering aggressive concessions/perks to retain existing residents rather than incurring unit turnover costs.Evaluating passive capital sentiment: dividing the investor pool between those "scarred" by 2022 top-of-market deals and newer investors taking advantage of current valuations.The rare convergence of zero-cost capital, massive supply booms, and shifting immigration dynamics that defined the 2020–2022 market cycle.Re-widening price dispersion between Class A trophy assets (down ~10% in value) versus Class C "dog" properties (down up to 50%).How LSCRE uses AI (via Claude and proprietary prop-tech tools) to automate accounting, streamline tenant screening, handle maintenance routing, and centralize back-office operations.LSCRE’s Houston-focused operational thesis: cataloging all 4,000+ properties over 22 units in Houston to target acquisitions within a 25-minute drive of existing assets.Why the "buy anything at the right price" mentality fails in modern real estate, and why operators must truly love and be obsessed with the deals they pursue. Connect with Rob Beardsley: Follow him on Instagram Connect with him on Linkedin Learn more about LSCRE Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

Axel sits down with Jeff Duchesne for a deal-segment deep dive into one of the wildest closings in the show's history — a 12-unit, 1980-built Manchester, NH property that took five years, a three-day jury trial, and a New Hampshire Supreme Court appeal to actually close. This episode is essential listening for any investor who wants to understand what happens when a seller tries to walk away from a signed PSA, what it actually looks like to litigate a real estate contract dispute to the finish line, and why the appreciation that occurred during the delay ultimately made the fight worth it many times over. Join us as we dive into: How Jeff sourced a 12-unit property (two 6-unit buildings built in 1980 with 20+ parking spaces) through a wholesaler.Why the sellers — two successful out-of-state businessmen — tried to back out of the Purchase and Sale Agreement (PSA).The five-year legal process: placing a lien on the property, enduring a high-stakes three-day jury trial, and winning an appeal in the New Hampshire Supreme Court.The strategic decision-making and settlement offers weighed the night before the jury verdict.How market appreciation between 2021 and the eventual closing date turned a good deal into a home run.How Jeff navigated the financing delay, including keeping the same lender who testified on his behalf in court.The immediate post-closing strategy: direct, transparent communication with existing tenants to adjust below-market rents while maintaining full occupancy.Connect with Jeff Duchesne: Contact: 603-819-3183 Follow him on Instagram Connect with him on Linkedin  Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

Axel sits down with longtime friend and fellow New Hampshire investor Jeff Duchesne — who, alongside his business partner, has bootstrapped a self-managed, ~198-unit portfolio concentrated almost entirely in Manchester, NH, without ever raising outside capital. This episode is essential listening for any investor curious what it actually looks like to build a serious portfolio with just two partners, zero investors, and a deliberate refusal to sell — and why staying hyper-local for a decade can become its own competitive edge. Join us as we dive into: How Jeff and his partner bought their first Manchester three-family with an FHA loan, built an extra bedroom in the parlor, and brought in roommates from Craigslist to live for free.Why they consciously chose to concentrate almost all 198 units within a 5-to-10-minute drive in Manchester, NH, rather than expanding across the state.The transition from small 3-unit rehab loans to their pivotal 8-unit deal on Bridge Street that unlocked scaled growth.Why Jeff's group has held onto their portfolio without selling, maintaining a 54% loan-to-value (LTV) across the portfolio, and using lines of credit for acquisitions instead of cash-out refis.How Jeff kept his W-2 job while building a 100+ unit portfolio and leveraged his employer's banking relationships to finance his own early deals.The reality of in-house property management: running 198 units with a lean team consisting of a couple of maintenance guys and Jeff's sister handling tenant calls.Jeff’s specific buy box: targeting Manchester properties with larger bedroom counts (2s, 3s, and 4s), off-street parking, and separate utilities.How prioritizing tenant retention and low turnover over aggressive, peak-market rent increases drives higher long-term cash flow. Connect with Jeff Duchesne: Contact: 603-819-3183 Follow him on Instagram Connect with him on Linkedin  Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

Axel sits down for the second time with Ross McArthur, Midwest multifamily operator and co-founder of Follow The Deal Investments and Thrive Property Group — for a candid update on how his portfolio grew from roughly 400 units to over 1,100 units in just three years, all while bringing property management fully in-house from 1,000+ miles away in Florida. This episode is essential listening for any investor or operator wrestling with the decision to bring management in-house versus stay with third-party, how to keep deal flow alive in a slow transaction market, and what disciplined, capital-efficient scaling actually looks like once a portfolio crosses the 1,000-unit mark. Join us as we dive into: How Ross scaled from ~400 to 1,100+ units during one of the slowest transaction markets in years — by staying consistently active with brokers and direct-to-seller outreach even on deals he didn't expect to win.Why Ross's buy box has tightened significantly since his last appearance — more rigorous inspections (including full crawl-space checks), a hard focus on roof age and its impact on insurance costs, and a new reluctance to pay up for 1960s/70s builds versus 2000s-era construction.The hub-and-spoke, fully in-house management model behind Thrive Property Group — running 1,100+ units with fewer than 10 core people, built around a single standardized set of KPIs Ross calls "the Big Five".The maintenance staffing lesson learned the hard way — why Ross split his in-house maintenance team (light fixtures, faucets, "the last 10 feet") away from painting and flooring, which are instead handled by dedicated third-party specialists — because most maintenance techs "hate doing flooring and suck at painting."The strategic trade-off between building a deal-making machine versus a management machine — how Axel and Ross compare their differing structures (third-party vs. fully in-house) and why neither approach is wrong, just a reflection of what each business is solving for at a given stage. Connect with Ross McArthur: Website: followthedeal.com Connect with him on Linkedin  Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

Axel Ragnarsson goes into a stream-of-consciousness rundown of 11 lessons, mistakes, and hot takes on multifamily investing pulled from years in the trenches as both an active buyer and operator for this solo Multi-Family Minutes episode. This episode is essential listening for any investor — new or experienced — who wants a rapid-fire gut check on where they're wasting time, misreading risk, or misunderstanding how the market actually values their deals heading into 2027 and beyond. Join us as we dive into: You're saying yes to too many things — why chasing deals, partnerships, and asset classes outside your defined market, deal size, and strategy pulls you away from where your time is actually best spent.Most investors don't know their core competency — the three pillars of real estate investing (acquisitions, financing/capital, and operations) and why picking one to truly excel at — rather than doing all three at a mediocre level — is what creates a real edge."Rents are a market decision, vacancy is an operator decision" — why chasing the market down in small rent increments is a mistake, and why getting ahead of demand by pricing to clear the market beats holding out for a number that isn't there.You're probably not taking enough risk — especially investors under 30 — and why the "worst case" of a failed deal is rarely as catastrophic as new investors imagine.You don't make real money via cash flow in C-class rentals — why C-class assets are "trading assets," not "investing assets," and how the real returns come from buying right, stabilizing, and exiting rather than long-term hold cash flow.Always know who your eventual buyer is — why elevated NOI from mid-term rentals, rent-by-the-room, or other operationally intensive strategies won't get rewarded at exit the way owners expect, since buyers underwrite to their own (usually more conventional) operating plan.Get comfortable: rates aren't dropping and rents aren't spiking anytime soon — a realistic outlook suggesting the current rate and rent environment likely persists through 2027, into 2028, and possibly 2029.If a deal intimidates you, take the partner — a personal admission that some of the biggest early-career mistakes came from over-extending on deals with complexity better handled alongside a complementary partner.Environmental, title, and government issues are the ones to fear most in DD — unlike physical or tenant problems (which you can price), vague issues like unresolved fire-department sprinkler mandates or ambiguous title exceptions need full closure before moving forward.Revenue solves almost every operating problem — since the majority of multifamily expenses are fixed regardless of occupancy, the core of asset management is filling units, avoiding delinquency, and protecting occupancy — even if that means taking a lower rent now and refinancing later.The buyer who pays more than you probably has different goals or a different cost of capital — not necessarily better information — whether that's a 1031 exchange buyer, a hobbyist doctor-investor, a nearby owner paying a premium for proximity, or an out-of-market operator buying a foothold deal. Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

Axel Ragnarsson sits down with Matt Lefebvre once again for a deep-dive follow-up episode dissecting the deal that actually launched his portfolio — a same-day, two-building purchase in Concord, NH that looked like a home run on paper and nearly took him down before it made him money. This episode is essential listening for any investor about to do their first (or next) value-add deal who wants an honest look at what happens when a "great price" deal collides with hard money debt, an insurance claim gone long, and a global pandemic — and why simplicity, not upside, should define a first deal. Join us as we dive into: How Matt bought a 2-unit and a 4-unit in Concord, NH — a mile apart, from the same seller, on the same day for a combined $365,000, sourced through a residential agent who didn't know how to value or sell a small commercial multifamily deal herself.A 90% loan-to-cost hard money loan at 12% interest-only, two points due on exit, with only a six-month term and why that short runway became the central risk in the entire deal.How things went sideways in a mid-renovation plumbing failure that flooded the first floor, triggered an insurance claim, an asbestos test, and a three-month hold where Matt couldn't touch his own building — burning through his six-month loan term and pushing him into default-rate interest at 16% plus two points.The gut-punch moment: a boiler fire in the four-unit two days before the refinance appraisal, killing any chance of refinancing above purchase price after $60,000 in renovations, forcing a sale of the building in the exact month COVID lockdowns began.Why more moving parts in an exit strategy means more chances for something to go wrong, and why a first deal should be boring — buy the building with the good roof, good systems, and straightforward turns, and save the "hairy" deals for once you have the experience (and cash reserves) to absorb the unexpected. Connect with Matt Lefebvre: Website: downtownrealtynh.com (All contact info, social media links, and team information available on the website) Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

Axel sits down with Matt Lefebvre, founder of Downtown Realty NH, active multifamily investor, and one of the most well-connected brokers operating in New Hampshire — for a wide-ranging conversation that spans his origin story, the realities of investing in tertiary markets, the current state of the New Hampshire multifamily market, and the value of local networking organizations for new and growing investors. This episode is essential listening for any investor or broker who wants an honest, on-the-ground picture of what operating in tertiary markets actually looks like, how to navigate the broker-investor identity as your business grows, and what the New Hampshire multifamily market looks like heading into the second half of 2026. Join us as we dive into: How Matt separates his investing and brokering activities by owning exclusively in one hyper-specific market (Claremont, NH) while brokering deals across the state — and why that clarity makes his client relationships cleaner.Why Claremont, NH — a 13,000-person city 30 minutes from the nearest major interstate — became Matt's target market: rents only 15% below Manchester, prices roughly half, and virtually no competition from other investors at the time.The first deal: a 40-unit downtown brick building with six retail spaces — and how that acquisition set the template for growing to 100 units in one market.The real cons of tertiary market investing: a 115% property tax increase over four years, limited vendor options, higher vacancy than statewide averages suggest, and the unpredictability of small-town code enforcement and building officials.Why fire code has become the single biggest financial risk for multifamily investors in older buildings — and how one Claremont property was required to install a sprinkler system costing roughly one-sixth of the purchase price.The financing reality of small-market investing in New England: how Matt uses Pat Brady at Brady Capital Advisors to navigate a six-bank county, and why New England is significantly better banked than markets like Florida.The current New Hampshire multifamily market: cap rates flattening or expanding slightly, Manchester's new property tax override adding to expense pressure, Massachusetts capital continuing to flow north, and why gold-standard 1970s–90s garden-style apartments are still compressing in cap rate while mid-market and mixed-use assets are expanding.The NHREIA story: how Matt started attending meetings before he had his license, became vice president, ran nine of twelve meetings in one year by default — and how that early visibility accelerated his brokerage and investing career simultaneously. Connect with Matt Lefebvre: Website: downtownrealtynh.com (All contact info, social media links, and team information available on the website) Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

In this episode, Axel sits down with Zach Hoereth — real estate investor, operator of Midwest Storage, and one of the more entertaining (and polarizing) voices on real estate Instagram — for a genuinely unfiltered conversation about what actually works in this business. He brings a uniquely blunt, been-there perspective on direct-to-seller acquisitions, the limits of AI and technology in a relationship-driven business, and why chasing unit count and AUM is one of the most overrated status games in real estate investing. This episode is essential listening for any investor who wants a no-BS look at what it actually takes to source deals, build a lean operation, and avoid the traps that sideline so many people who get into this business. Join us as we dive into: Zach's path from a college leasing hustle to buying his first $20–30K house in Indianapolis in 2018, and how that snowballed into today's business.How Zach's operation is structured: direct-to-seller mail feeding wholesaling and flipping, which funds acquisitions of small multifamily, single-family rentals, and self-storage — all without outside equity to date.Why "just buying rentals" isn't a wealth strategy — cash flow keeps you in the game, but equity and capital events are what actually move the needle.Why AI and chatbots can't fix a bad reputation or replace the human-to-human trust that wins deals, retains tenants, and keeps LPs engaged.The "70 dudes who partnered on a fourplex" problem — why unit count and AUM get wildly overrated as status symbols, and why doing a few deals solo teaches more than riding shotgun on a syndication.The three things you actually need to start doing direct-to-seller deals: a CRM, a targeted list (tools like PropStream and Reonomy), and a mail houseHow to make aggressive offers respectfully, and why "running toward the confrontation" beats avoiding it.The three Ds of distress — death, divorce, and drama — and how to quickly identify which sellers are actually motivated versus wasting your time.Why a seller's real pain point is often bigger (and weirder) than investors assume, and why being present when they decide to sell matters more than trying to convince them. Connect with Zach Hoereth: Follow him on Instagram Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

In this Multifamily Minutes episode, Axel breaks down why revenue management deserves far more attention than most multifamily operators give it. Using a simple 10-unit example, he shows how a single percentage point of recovered revenue — whether from reduced vacancy or lower delinquency — can boost net free cash flow by 5% or more, a magnified effect similar to how leverage amplifies returns.  He also shares how his own portfolio tracks collections throughout the month, why vacancy is the lever operators actually control while rent is dictated by the market, and the practical steps his team is taking — from tenant screening to new collections technology — to keep squeezing out those last few points of revenue. Join us as we dive into: Why revenue assumptions (vacancy and delinquency) vary wildly across A, B, C, and D class deals.The leverage analogy: how small revenue changes create outsized swings in net free cash flow.What happens at the extreme: a 3% revenue increase driving 15–16%+ additional cash flow.Why this effect becomes easier to see and more important at scale, across larger portfolios or buildings.How Axel's team tracks collections by day of the month (1st–5th, 5th–12th, 12th–30th) and what "normalized" collections look like for stabilized C-class buildings.The tech and process changes being used to push collections rates higher, including third-party payment plan platforms for past-due tenants. Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners