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What should you offer on a multifamily property? Before spending hours underwriting, you need to know whether you're even in range. In this episode, I walk through my free Small Axe First Swing deal analyzer and show you how I use it to get a starting offer price in under 30 seconds once I have the basic inputs. We look at two properties using current rents, a target cap rate, and an estimated repair budget. Then we adjust the financing to see how the down payment, interest rate, and loan structure affect cash flow and the money needed to close. You still need to understand your market, choose realistic assumptions, and do deeper underwriting before moving forward. But this first look can help you decide which deals deserve more time and which ones to pass on. Sometimes that quick calculation is all you need to start a conversation with a broker. Download the free Small Axe First Swing deal analyzer: https://stan.store/buybuildings If this episode helps you, leave a rating or review and share it with someone looking for their next multifamily deal.

Introducing EZRA FRECH: "I Was Put on This Earth to Change the Way We See Disability" from On Purpose with Jay Shetty. Follow the show: On Purpose with Jay Shetty Ezra Frech shares the mindset, discipline, and determination that have shaped his career and led him to win two Paralympic gold medals. From turning heartbreak in Tokyo into motivation to using visualization and meditation to perform under pressure, Ezra reveals how he prepares for the biggest moments of his career. He also opens up about competing on Dancing With the Stars, breaking down misconceptions about disability, and founding Angel City Sports to make adaptive sports more accessible to the next generation. Instagram Teen Accounts: Built-in protections for teens. Learn More. At https://chase.com/sapphirereserve JAY'S DAILY WISDOM DELIVERED STRAIGHT TO YOUR INBOX Join 900,000+ readers discovering how small daily shifts create big life change with my free newsletter. Subscribe here: https://news.jayshetty.me/subscribe Check out our Apple subscription to unlock bonus content of On Purpose! https://lnk.to/JayShettyPodcast What We Discuss: 00:00 Introduction 01:20 "Pressure Doesn't Exist" 02:51 The Day Ezra Was Born 06:24 The 15-Hour Surgery At Age 3 11:15 The Kindergarten Letter 13:29 Learning To Handle The Stares 16:21 Overcoming Stigma And Bullying 23:18 Falling In Love With Sports 27:00 Changing Culture & Looking Ahead to LA 2028 31:09 Mentorship From Pau Gasol 33:56 A Message From Novak Djokovic 36:53 How Do You Define Confidence? 40:43 The Moment That Inspired His Paralympic Dream 44:35 Making Team USA At 14 48:41 How Running Blades Actually Work 52:09 Tokyo Heartbreak & "The Man In The Arena" 58:53 Visualizing Paris Gold Every Morning 01:04:50 Protecting His Good Leg 01:11:33 Winning Double Gold & The 20-Minute Rule 01:17:00 Meditation Under Pressure 01:20:34 A Lifelong Dream to Compete on Dancing With the Stars 01:24:14 Inside the Dancing With the Stars Family 01:27:19 Learning To Dance On A Blade 01:30:12 Pressure Is A Privilege 01:32:10 Making Adaptive Sports Mainstream 01:37:10 Ezra On Final 5 Episode Resources Instagram | https://www.instagram.com/ezrafrech/ TikTok | https://www.tiktok.com/@ezrafrech Facebook | https://www.facebook.com/teamezra05/ Learn more about your ad choices. Visit podcastchoices.com/adchoices DISCLAIMER: Please note, this is an independent podcast episode not affiliated with, endorsed by, or produced in conjunction with the host podcast feed or any of its media entities. The views and opinions expressed in this episode are solely those of the creators and guests. For any concerns, please reach out to [email protected].

Finding a great multifamily deal is hard. Getting the money together to actually close it? That's a whole other challenge. In this episode, I get honest about my capital raises, including the ones that fell short and one that completely fell apart. I've heard "find the deal and the money will come" a million times. That has not been my experience. We talk about why investor interest doesn't always turn into wired funds, what to do when you're short on capital, and the questions you need to ask before putting a property under contract. Bringing in another partner, asking for more time, or changing financing might help. But does the deal still make sense after those changes? Sometimes you have to give yourself permission to walk away. If you're looking at deals right now, this episode will help you think through how you're actually going to get them closed. Download my free Small Axe First Swing deal analyzer at stan.store/buybuildings. Thanks for listening. Leave a rating or review and share this episode with someone working toward their next deal.

What happens when your refinance gets delayed, your lender drops the ball, and selling means taking a loss? In this episode of the Small Axe Podcast, I share what's happening inside my own real estate portfolio—the wins, the mistakes, and the tough decisions I'm working through right now. I break down a lender error that left us facing a higher interest rate, the pressure of approaching loan maturities, and why we're considering selling our 44-unit portfolio at a loss. I also share the lessons from a fix and flip that went sideways and why protecting investor capital drives every decision. We cover: How higher rates affect refinance proceeds and monthly cash flow. Why a fixed-rate commercial loan can still create problems when it resets. The difficult choice between selling at a loss and holding through uncertainty. Lessons from overpaying and dealing with contractor delays. Why vetting your partners and building a strong network matter. Real estate investing comes with setbacks. This is an honest look at what it takes to work through them, take responsibility, and stay in the game. Want to learn how to buy and analyze multifamily properties? Get my Buy Buildings, Build Empires™ course and Multifamily Deal Blade bundle for $497, backed by a money-back guarantee: https://stan.store/buybuildings If this episode helped you, subscribe, leave a rating and review, and share it with someone who could use it.

Episode 321: Find Your Tribe. Build Your Team. Do More Deals. Multifamily real estate is a team sport. In this episode, I'm recording from Jacksonville after spending the weekend with the Make It Happen Mastermind, and I'm leaving re-energized. The past few months have been challenging. Refinances, difficult deals, properties that won't sell, partnership issues, and a tough market can make you feel like you're the only one struggling. You're not. Being around other investors and operators reminded me that everyone goes through difficult seasons. The people who keep moving forward are the ones who stay connected, keep learning, add value to others, and build strong teams. In this episode, we talk about why networking matters, why you need to find your tribe, how to figure out where you add value to a team, and why relationships can be just as important as finding the deal itself. You do not have to do this alone. Find your people. Build your team. Stay in the game. Learn more about multifamily investing at Stan.store/buybuildings.

Nobody likes losing money in real estate. But if you invest long enough, eventually a deal may not go according to plan. Markets change. Interest rates rise. Insurance and taxes increase. Cap rates shift. Loans come due. And sometimes the property you thought would be a great investment simply isn't performing the way you expected. In Episode 320 of the Small Axe Podcast, Nico gets personal about challenges he's facing in his own portfolio and asks an uncomfortable question: When does it make sense to sell a property at a loss? Instead of holding onto an investment simply because you want your money back, Nico discusses opportunity cost, upcoming CapEx, debt maturities, cash flow, reserves, and one question that can completely change how you look at a struggling investment: If I didn't already own this property, would I buy it today? Sometimes the right move is to hold. Sometimes it's to refinance. And sometimes taking the loss and moving forward may put you, your partners, and your investors in a stronger position. Protect your portfolio, not your ego. 🏢 Ready to learn how to buy and analyze multifamily real estate? Check out Nico's Buy Buildings, Build Empires™ course and other multifamily resources: Buy Buildings, Build Empires™

Are you waiting for the "perfect" time to buy real estate? The perfect market. The perfect interest rate. The perfect deal. The perfect moment. Here's the problem: it doesn't exist. In this episode of the Small Axe Podcast, Nico breaks down why successful real estate investors stay involved regardless of where we are in the market. That means analyzing deals, making offers, talking to brokers, building relationships, and being ready when the right opportunity finally shows up. Nico also gets into an important question every investor should ask: Are you really prepared to be an active owner/operator? Being a GP requires time, energy, consistency, and a long-term commitment. If that isn't the right fit for your life, investing as an LP may be a better way to participate in real estate. There are plenty of ways to get into the game—from single-family and small multifamily to joint ventures, syndications, and passive investing. The key is understanding your resources, your goals, and the role that actually fits you. Stop waiting for perfect conditions. Get involved, stay consistent, and be ready when your opportunity comes. Ready to take the next step in multifamily real estate? Check out Nico's courses, tools, and resources at the Buy Buildings, Build Empires™ Stan Store: stan.store/buybuildings

Your first real estate deal doesn't need to make you rich. It just needs to get you in the game. In Episode 318 of The Small Axe Podcast, Nico Salgado breaks down why so many aspiring investors get stuck waiting for the "perfect" first deal—and why that mindset can keep you on the sidelines for years. Your first property might be a duplex you house hack, a small multifamily deal with a few partners, a creatively financed property, or even a deal where you partner with a more experienced operator. The goal isn't necessarily to hit a home run. It's to start building experience, relationships, credibility, and a track record. Nico also discusses creative ways to get into your first deal, the importance of structuring partnerships correctly, and why creative financing should never become reckless financing. You can read books, listen to podcasts, take courses, and underwrite hundreds of properties—but eventually, you have to own something to truly understand this business. Your first deal may not change your life. But it might put you on the path to the deal that does.

What happens when a real estate deal refuses to follow the business plan? In this episode, I break down the full story of our six-unit Baker Street property in Plant City, Florida. We bought it with a straightforward plan: improve the property, sell it quickly, and generate a strong return for our partners. We were three days away from closing the sale when a car crashed into the building. From there, everything changed. The sale fell apart, the market shifted, our original financing was approaching maturity, and eventually we had to abandon the original exit strategy entirely and pursue a cash-out refinance. I walk through what went right, what went wrong, the decisions I still question, and how we ultimately refinanced the property, returned some capital to our partners, built up our reserves, and bought ourselves time. Because real estate investing isn't about having a business plan that works perfectly. It's about being able to adapt when it doesn't. Sometimes surviving long enough to reach the next opportunity is a win.

For the past few years, multifamily investors have been hearing the same prediction: distress is coming, sellers will be forced to sell, prices will collapse, and incredible buying opportunities will finally appear. But where are all those deals? In this episode of the Small Axe Podcast, Nico Salgado looks at what's actually happening in the multifamily market in 2026 and tackles a question a lot of investors are asking: Is it finally time to buy multifamily—or should you keep waiting? Transaction volume remains low. Cap rates have expanded significantly from their 2022 lows. Some owners are facing difficult refinances and upcoming loan maturities. At the same time, there is still a tremendous amount of capital waiting on the sidelines. The massive multifamily crash many investors predicted hasn't arrived. But that doesn't mean opportunities aren't beginning to emerge. Nico explains why distress doesn't always mean foreclosure. Sometimes it's a tired owner, a partnership that wants out, a loan coming due, a property with deferred maintenance, or a seller who has finally become willing to negotiate. He also breaks down exactly how he would approach the market if he had $100,000 today and was trying to buy his first multifamily property. In this episode: Why the predicted wave of multifamily distress hasn't materialized What higher cap rates mean for apartment valuations Why lower prices don't automatically mean better deals Where smaller investors may actually find distressed opportunities How upcoming loan maturities could create motivated sellers Why waiting for lower interest rates could backfire How Nico would invest $100,000 in multifamily today Why today's market gives smaller buyers more negotiating power How to underwrite deals without relying on aggressive rent growth Why cash reserves matter more than maximizing leverage The warning signs that would make Nico walk away from a deal Why you don't need to perfectly time the bottom to build long-term wealth The goal isn't to buy just because prices have fallen. It's to find a good building at a basis that makes sense, finance it with debt you can comfortably service, keep enough cash in reserve to survive the unexpected, and create value through better operations. You don't need thousands of distressed apartment buildings to hit the market. You only need one great opportunity. Start underwriting. Build relationships. Talk to brokers and lenders. Make offers. Learn your market. And when the right opportunity shows up, be ready to move. Keep swinging that axe.

In this episode of the Small Axe Podcast, Nico Salgado breaks down what today's slowing rent growth actually means for multifamily investors—and why it doesn't mean the opportunity is gone. For years, multifamily investors benefited from rapidly rising rents. You could renovate units, push rents, and rely on a strong market to help drive NOI and property values. Today, that environment has changed. Rent growth has slowed considerably, new apartment supply is still being absorbed, and renters have more choices. For small operators, that means the old playbook needs to change. Nico shares what he's seeing in his own portfolio and the practical adjustments investors should be making right now—from pricing vacant units and understanding your true competition to retaining good tenants, reducing turnover, and holding property managers accountable. He also explains why investors looking to buy today should stress-test their underwriting, question aggressive rent-growth assumptions, and make sure a deal can survive even if rents don't increase for the next few years. The opportunity in multifamily isn't gone. But the investors who win the next cycle may not be the ones who buy the most buildings—they'll be the ones who operate them the best. In this episode: Why multifamily rent growth has slowed How new apartment supply affects smaller properties Why vacancy can cost far more than lowering rent How to evaluate your true rental competition Why retaining good tenants matters more than ever How to stress-test a multifamily deal before buying Why you shouldn't rely on rent growth to make a deal work How better operations can drive NOI in a flat-rent environment Why small operators may actually have an advantage in today's market The market has changed. The question is whether your strategy has changed with it. Keep swinging that axe.

In today's multifamily world, finding a great deal isn't enough. Social media celebrates acquisitions. Closing photos. Big announcements. The next apartment building. But what happens after the closing table? That's where real wealth is created. In this episode, I break down the seven skills that have become far more valuable than simply finding another deal. After years of buying, operating, refinancing, and selling apartment buildings, I've realized that successful investors aren't just great at acquisitions—they're exceptional operators. We discuss: • Why communication is one of the most underrated skills in real estate • How leadership shows up when things don't go according to plan • Why asset management—not acquisitions—is where fortunes are built • The truth about raising capital and earning investor trust • Negotiation strategies that can save you thousands of dollars • How to make confident decisions with incomplete information • Why staying calm under pressure may be your greatest competitive advantage If you're serious about building long-term wealth through multifamily real estate, this episode will challenge the way you think about success. Because finding deals gets you into the game... Operating them well is what keeps you there. 📚 Ready to take the next step? Visit https://stan.store/BuyBuildings for my free resources, the Buy Buildings, Build Empires™ course, the DealBlade™ Multifamily Analyzer, coaching opportunities, and everything you need to confidently invest in multifamily real estate. If you enjoyed this episode, please subscribe, leave a review, and share it with another investor. Your support helps the show reach more people who are building their own real estate empires—one small axe at a time.

In this episode of the Small Axe Podcast, we're diving into one of the most important skills every multifamily investor needs to master: underwriting. Whether you're analyzing your first apartment deal or your hundredth, underwriting is the foundation of making smart investment decisions. But here's the catch—it's both incredibly important and inherently imperfect. A pro forma is only a projection, so the goal isn't perfection. The goal is making the best decisions possible with the information you have. In this episode, I walk you through my underwriting process from start to finish, including: How to create a buy box that saves you time What to look for in a rent roll, T-12, and offering memorandum How I build a realistic pro forma Why taxes and insurance can make or break a deal How financing impacts your underwriting Where to find reliable market data and expense benchmarks Why conservative exit assumptions matter When it's time to make an offer—and when it's time to move on If you want to become a better multifamily investor, this episode will help you analyze deals with more confidence and avoid some of the costly mistakes that trip up new investors. If you're interested in learning more, check out my Buy Buildings, Build Empires course and the Multifamily Deal Blade underwriting tool at: https://stan.store/buybuildings Remember, it only takes a small axe to build a lasting empire.

Most real estate investors are constantly chasing the next acquisition. I get it. I love buying apartment buildings too. But in today's market, the biggest opportunity may not be finding another deal—it may be creating more value from the properties you already own. In this episode, I share why my focus has shifted from acquisitions to operations, and why small improvements in collections, expenses, renewals, renovations, and property management can have a much bigger impact on your wealth than closing another transaction. We discuss: • Why buying another property isn't always the highest-return investment • How small operational improvements compound into meaningful NOI growth • Why today's market is separating great operators from everyone else • The importance of maximizing your current portfolio before expanding • A simple question every investor should ask before chasing their next deal Markets change. Interest rates change. Cap rates expand and contract. Great operators adapt. If you want to build long-term wealth in multifamily real estate, this episode will help you rethink where your next dollar—and your next hour—should be invested.

Episode 311: Investors vs. Operators: The Market Is Separating the Two For years, almost anyone could look like a great multifamily investor. Low interest rates, rising rents, and rapid appreciation covered up a lot of mistakes. That market is gone. In this episode, I share why I believe today's environment isn't separating good investors from bad investors—it's separating investors from true operators. I discuss the realities of owning apartment buildings in today's market, including higher insurance costs, rising expenses, refinancing challenges, liquidity concerns, and why operating well has become far more important than simply finding a good deal. I also give a candid update on my own portfolio, including: The latest on two active refinances Why our potential sale of a 28-unit property is likely falling apart Our decision to exit a struggling fix-and-flip The operational changes we're making to protect our investments Most importantly, I explain why buying an apartment building is just an event—but operating one is a career. If you're serious about building long-term wealth through multifamily real estate, this is an episode you won't want to miss. Topics Covered: Why today's market rewards operators Lessons from the current multifamily cycle Refinancing challenges in 2026 Property management and operational strategy Protecting reserves and managing risk Why discipline creates opportunity during difficult markets If you enjoyed this episode, please subscribe, leave a review, and share it with someone who wants to become a better real estate investor. Remember... it only takes a small axe to build a lasting empire.