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

On this episode of the Old Capital Real Estate Investing Podcast, Paul Peebles and James Eng, take a deep dive into the dramatic shift happening across the multifamily housing market—and why today's uncertainty may create tomorrow's buying opportunities. After years of rapid appreciation, easy debt, and aggressive investor competition, the apartment market is experiencing a major reset. The discussion explores how the market evolved from the steady growth years of 2015–2020 into the buying frenzy of 2021–2022, when historically low interest rates and abundant capital drove prices to unsustainable levels. Properties routinely received dozens of tours and competing offers, pushing values to record highs. Now, with higher interest rates and tighter lending standards, the landscape has changed dramatically. Multifamily values in many markets have fallen 20–30%, refinancing has become increasingly difficult, and lenders are beginning to repossess properties that can no longer support their debt structures. Many listings entering the market today are lender-controlled or distressed assets—signs that the market may be approaching a bottoming phase. The episode also compares today's environment to previous real estate downturns, including the late 1980s savings-and-loan crisis and the 2008 financial collapse. One recurring lesson remains clear: excessive leverage, overbuilding, and risky loan structures eventually lead to painful corrections. But with disruption comes opportunity. Paul & James- discuss why experienced investors are preparing for a significant wave of multifamily buying opportunities in the coming years. Rather than focusing solely on today's cash flow metrics, investors may soon have the chance to acquire quality real estate at discounted "price-per-pound" valuations. The conversation also highlights common investor mistakes during market transitions: Moving too quickly without proper due diligence Investing purely for tax benefits Waiting endlessly for the "perfect" deal and missing opportunities altogether To help investors prepare for the next cycle, the episode introduces the Old Capital Accelerator Program—a hands-on educational and networking platform designed to bridge the gap between learning about apartment investing and actually closing deals. Topics Covered: Why multifamily prices are resetting The impact of rising interest rates on apartment owners Distressed assets and lender-owned opportunities Historical real estate cycles and lessons learned Investor psychology during downturns Building a disciplined acquisition strategy Why the next buying wave may reward prepared investors About the Old Capital Accelerator Program The Accelerator Program is designed for serious multifamily investors looking to transition from education into execution. Participants will experience: Interactive cohort-based learning Real property tours and deal analysis Weekly Zoom sessions with experienced operators Discussions on acquisitions, asset management, capital raising, and dispositions Access to seasoned GPs, LPs, and Old Capital professionals Practical underwriting experience and live deal feedback The program is intended for accredited investors and experienced professionals who are financially prepared to actively pursue apartment investments. Final Takeaway This episode is ultimately about preparation. Market dislocation often creates extraordinary buying opportunities—but only for investors who are educated, disciplined, and ready to act when the timing is right. The next multifamily cycle may already be forming. The question is: will you be ready when the opportunities arrive?

5/14/26 • 33:50

Veteran multifamily operator Dusty Wolf joins the Old Capital Real Estate Investing Podcast for a deep dive into the realities of apartment ownership, property management, and surviving multiple real estate cycles in Texas. With nearly five decades in the business and leadership over thousands of apartment units across Texas, Dusty shares firsthand lessons from some of the most challenging periods in commercial real estate history — including the oil crisis, the Savings & Loan collapse, the Great Financial Crisis, and today's multifamily slowdown. Dusty explains how every downturn forced owners and operators to adapt, become more professional, and focus on operational discipline. From the devastating impact of the 1986 tax reform changes to mass foreclosures and the creation of the RTC, this episode provides historical perspective that today's investors desperately need. The conversation also explores current apartment market challenges facing Texas owners, including declining occupancies in B & C class properties, demographic shifts, labor disruptions, rising operating costs, and the growing pressure on syndicators managing large investor groups. Dusty discusses why many operators underestimate the importance of staffing, vendor relationships, and resident retention — and why cutting corners during difficult times can permanently damage an asset. Key themes throughout the episode include: • Why professional property management matters more during downturns • Lessons learned from 40+ years of real estate cycles • The evolution of apartment syndication and investor expectations • Operational mistakes owners make during market stress • Why resident retention and customer service are critical in Texas multifamily • How patience and long-term thinking separate survivors from forced sellers • Why many experienced operators remain optimistic about 2026 and 2027 Dusty also shares candid advice for apartment investors navigating today's market: multifamily investing is not a "get rich quick" business. Success requires patience, strong operations, adequate capital, and a willingness to let experienced professionals manage the day-to-day execution. To contact Dusty Wolf: dwolf@centrapartners.com Ready to unlock the potential of multifamily syndications? Learn how Michael Becker's proven real estate syndication strategies can help you grow wealth and build long-term financial success. Visit SPIADVISORY.COM to start your journey today.

5/13/26 • 47:23

Closing the loan is just the beginning. In this episode of the Old Capital Podcast, we dive into the hidden world of Agency asset management—where property condition, communication, and execution determine whether you stay in good standing…or get flagged. Learn how to avoid slipping to a "4," navigate new Fannie and Freddie requirements, and position yourself for your next deal—not your last. Key Takeaways: Agency Loan Basics- Agency loans are typically non-recourse, with the property and cash flow as primary collateral. Importance of Property Maintenance- Maintaining the asset protects the lender collateral. Deferred maintenance can lead to operational issues and lender intervention. Asset Management Process- Post-closing oversight shifts to asset management. Heavy communication expected- especially in year one. Annual inspections standard, with increased scrutiny if issues arise. Property Rating System- Scale from 1 (new) to 5 (uninhabitable) A "2" is the target' a "4" triggers serious oversight and additional capital requirements. Falling to a "4" can result in "A-Check" status, limiting future borrowing ability. New tracking systems flag repeat property issues. Final Takeaway: Agency lenders are paying closer attention than ever. The investors who succeed are the ones who stay proactive—maintaining their properties, communicating early, and treating asset management as a critical part of the investment, not an afterthought. Ready to unlock the potential of multifamily syndications? Learn how Michael Becker's proven real estate syndication strategies can help you grow wealth and build long-term financial success. Visit SPIADVISORY.COM to start your journey today.

4/22/26 • 40:08

Raising equity used to be the easy part—today, it's the biggest hurdle. Veteran real estate securities attorney Eugene Trowbridge unpacks the legal landmines, capital challenges, and shifting dynamics in apartment syndication. From SEC rules to struggling deals and cautious investors, this conversation connects the dots on why deals aren't penciling—and what smart operators must do to survive and win in today's market. Key Takeaways: The New Reality of Raising Equity 1) Equity has gone from abundant to scarce almost overnight 2) Many investors are either fully deployed or sitting on the sidelines waiting for clarity 3) Larger deals ($10M+) increasing require multiple GPs and creative capital stacks Legal Structure Matters More Than Ever 1) Understanding Regulation D (506B vs 506C) is critical. 506B: Relationship-based, no advertising, limited sophisticated investors 506C: Allows advertising but requires strict accreditation verification. Market Stress is Exposing Weak Deals: Rising interest rates + bridge debt + depleted reserves = distressed assets. The Hidden Risk in Capital Raising: Not all "capital raisers" are operating legally. Transaction-based compensation without property licensing can trigger SEC enforcement. Final Thought: Today's market is separating professionals from pretenders. Capital is harder, deals are riskier, and the legal framework matters more than ever. The operators who understand both the financial AND regulatory side of the business will be the ones still standing when the market turns. To contact Gene Trowbridge: gene@tnllp.com Ready to unlock the potential of multifamily syndications? Learn how Michael Becker's proven real estate syndication strategies can help you grow wealth and build long-term financial success. Visit SPIADVISORY.COM to start your journey today.

4/21/26 • 41:16

Artificial Intelligence is beginning to enter commercial real estate—but we're still in the very early stages. Investors and lenders are just starting to explore how AI might help analyze deals, process enormous amounts of data, and evaluate risk more efficiently. In this special VideoCast of the Old Capital Podcast, we take a look at the infancy of AI in real estate underwriting and talk with two professionals who are already using it in the field. What can it do today—and where might it take the industry in the future? You must watch this Videocast. Videocast: https://vimeo.com/1173641080?share=copy&fl=sv&fe=ci To contact Tony Lin: lin.tony@gmail.com Join the March 27th Old Capital Bus Tour: OldCapitalPodcast.com Ready to unlock the potential of multifamily syndications? Learn how Michael Becker's proven real estate syndication strategies can help you grow wealth and build long-term financial success. Visit SPIADVISORY.COM to start your journey today.

3/20/26 • 47:46

Bryan Amos from Omni Group joins the Old Capital Real Estate Investing Podcast to discuss the growing importance of physical due diligence in multifamily investing. Apartment investing can sometimes feel like buying a melting ice cube—it must be properly maintained to retain value. For the past 15 years, the standard strategy was simple: buy a value-add property, invest in renovations, and raise rents. But today, with property values declining and transactions slowing, many apartments are not being updated or maintained, creating serious challenges for buyers. Bryan shares insights from his experience as an engineer and commercial general contractor, explaining how thorough inspections and accurate property condition assessments help investors: • Identify deferred maintenance • Accurately estimate capital expenditures • Avoid costly surprises Join the March 27th Old Capital Bus Tour: OldCapitalPodcast.com Contact Bryan Amos: bryanamos@theomnigroup.com Ready to unlock the potential of multifamily syndications? Learn how Michael Becker's proven real estate syndication strategies can help you grow wealth and build long-term financial success. Visit SPIADVISORY.COM to start your journey today.

3/11/26 • 41:16

The 2026 National Multifamily Conference was completed last week. The purpose of this meeting is to connect with over 10,000 apartment developers, investors, finance professionals, and investment sales brokers to discuss trends and the investment outlook for apartments in 2026. It kicks off the apartment buying/selling season nationwide. A consistent theme emerged throughout the conference…perhaps we have hit the bottom on values, as many sellers have capitulated and decided to sell or throw the towel in. This creates an opportunity for apartment buyers to take advantage of the now lower rates and lower prices. The one concern is rental growth…it is expected to grow in the future…but not immediately, not until we burn through the increased apartment inventory. Listen to this update to the market between Michael Becker, James Eng and Paul Peebles To join the March Old Capital Bus Tour: OldCapitalPodcast.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!

2/1/26 • 35:34

Michael Becker of SPI Advisory discusses the state of the Texas multifamily market as 2025 comes to a close. Michael explores key trends, including rent growth challenges, operational hurdles, and the impact of immigration policies on workforce housing. Also, Michael shares insights on SPI's recent acquisitions, financing strategies, and the importance of certainty with deal execution. Looking ahead to 2026, he predicts market recovery, with rent growth and value stabilization driven by reduced supply and Texas' strong economic growth. Listeners can also learn about the upcoming Old Capital Bus Tour and how to connect with SPI Advisory for investment opportunities. To join the January 16th Old Capital Bus Tour: OldCapitalPodcast.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!

12/28/25 • 29:08

In this episode of the Old Capital Podcast, the team discusses key multifamily market trends that shaped 2025, including increased foreclosures, loan modifications, and tighter equity conditions. They explain why Class A properties and agency financing through Fannie Mae and Freddie Mac are dominating transactions, while Class B and C assets face growing challenges from leasing concessions and capital constraints. The conversation also emphasizes the importance of strong operators, proper capitalization, and preparing for longer 5–7 year hold periods. Plus, learn about the upcoming Old Capital Bus Tour in Dallas and how investors can get registered. To join the January 16th Old Capital Bus Tour: OldCapitalPodcast.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!

12/20/25 • 26:22

When it comes to building your personal wealth, that couldn't be more true. But here's the real problem: taxes. You could be spending months out of every year just working to pay the IRS. So how can you legally reduce your tax bill? That's where today's guests come in — Amanda Han and Matt MacFarland. They're real estate investors and tax strategists who specialize in helping people keep more of what they earn. Most CPAs are great at filling out forms and filing returns, but they're not necessarily proactive about tax planning. Amanda and Matt explain why you need a tax specialist — someone who understands how to use real estate and smart planning to legally lower your taxes. In this episode, they'll share practical ideas, real-world examples, and strategies you can use to start saving on taxes right now. To contact: http://KeystoneCPA.com or IG Amanda_Han_CPA 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 http://SPIADVISORY.COM today and start your journey toward smarter investing!

11/11/25 • 32:35

Eric Hardy, a former Silicon Valley professional turned successful multifamily real estate investor, shares his inspiring journey from selling semiconductors to building a thriving real estate portfolio. (Even in this crazy market) He discusses how he transitioned from passive investing to active ownership, emphasizing the importance of taking a measured approach, starting small, and focusing on cash flow and tax advantages. He shares insights into his partnership with JC Castillo and their success in new construction projects and workforce housing. To connect with Eric Hardy: eric@multifamgroup.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!

10/26/25 • 39:41

In this episode of the Old Capital Real Estate Investing Podcast, Paul Peebles and Michael Becker dive into the evolving Central Texas real estate market with guest Matt Michelson, Executive Managing Director at Newmark. They discuss the growth along the I-35 corridor, the challenges posed by apartment oversupply in Austin and San Antonio, and the opportunities for investors in emerging submarkets like Kyle, New Braunfels, and Seguin. Despite current market softness, the trio highlights why now is a great time to invest in multifamily properties, emphasizing the long-term potential for value growth and rental demand in the region. To contact Matt Michelson: matt.michelson@nmrk.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!

10/18/25 • 40:23

In this episode, Paul Peebles and James Eng recap the 9th Annual Old Capital Real Estate Investing Conference, highlighting key moments like market insights, engaging panels, networking opportunities, and a keynote from NBA legend Jason Kidd. With over 350 attendees, the event featured unique venues, discussions on multifamily trends, and innovative activities like the "Deal or No Deal" game. The conference emphasized the importance of building relationships, with a pre-conference happy hour and opportunities to connect with industry leaders. Attendees left with renewed passion for the business. Tune in for a behind-the-scenes look at one of the largest apartment investing conferences in the U.S. and a preview of what's to come next year! 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!

10/15/25 • 33:22

Netflix recently covered Jerry Jones's acquisition of the Dallas Cowboys and their rise to become the world's most valuable sports franchise. Jones didn't buy a team that was immediately winning. With patience and the money to build a better product- (better players) he transformed the Cowboys into becoming Super Bowl Champions within a few years. He was a value-added buyer. Just as Jones invested time and resources to turn the Cowboys into champions, Becker applies a similar strategy in real estate by patiently improving older properties to maximize their future value. 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!

8/29/25 • 26:44

Four Asian Trailblazing investors share their journey into commercial real estate, their recent acquisition of an 82-unit Class A property in Richardson, Texas, and the unique challenges and triumphs they've faced as women in a traditionally male-dominated industry. Team Roles and Superpowers: - Lila Kaplan: Capital raising + acquisitions, leveraging a Wall Street background. - Anita Wong: Operations + capital raising, balancing motherhood and multifamily. - Linchi Chong: Asset management and on-the-ground operations, bringing restaurant management experience and Spanish fluency to the table. – Ashley Cao: Lender of choice, making sure the right loan is in place and the official team cheerleader. From navigating pregnancy while managing properties to closing million-dollar acquisitions, these women are proving that you don't have to choose between family and financial freedom. "We're doing this not only for ourselves but for the rest of our family as well." – Lila Kaplan To contact Ashley Cao: ACao@oldcapitallending.com To contact Linchi Chong: LinchiChong1@gmail.com To contact Lila Kaplan: Lila@silverbackequitypartners.com To contact Anita Wong: Anita@giverisecapital.com To contact Tony Lin at Linfinity: Tony@linkmultifamily.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!

8/16/25 • 45:04

n this eye-opening episode, we dive deep into a rarely discussed yet critical issue in commercial real estate: conflicts of interest when investment sales brokers push buyers toward in-house mortgage brokers. What may seem like a convenient "one-stop shop" can, in reality, disadvantage the buyer — sometimes significantly. Using a poker analogy, we paint a vivid picture: what if the seller and broker knew your hand? That's essentially what happens when the sales and financing sides are too cozy — split loyalties, hidden fees, and lost leverage for buyers. This episode is a masterclass in buyer awareness. Paul Peebles doesn't just point out the problems—he offers real-world strategies to protect yourself. His comparison to poker isn't just clever, it's chillingly accurate. In commercial real estate, where millions are at stake, understanding who's really on your team can make or break a deal. Conflicts of Interest Are Real Many investment sales brokers recommend their own firm's mortgage team. This can result in referral fees and biased advice that puts the buyer at a disadvantage. Ask the Hard Questions Transparency is key. Buyers should directly ask brokers: • "Are you getting paid to refer me?" • "Do you have any financial stake in this lender relationship?" Use an Independent Team Securing the best deal often requires working with independent mortgage brokers, attorneys, and advisors who have your interests—not the seller's—at heart. Think Long Term Your relationship with your lender doesn't end at closing. Choose partners who will support you throughout the life of the loan—not just get the deal done. Know the Law (and the Loopholes) While these referral practices are illegal in residential real estate under RESPA, there's no such restriction in commercial deals. That makes buyer vigilance even more important. One standout message: Don't be afraid to stand your ground. Most brokers will respect your decision to bring your own financing team—if they don't, that's a red flag in itself. 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!

8/7/25 • 23:00

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!

8/5/25 • 30:28

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!

6/30/25 • 42:23

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!

6/23/25 • 32:33

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!

5/15/25 • 39:07

"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!

5/13/25 • 50:41

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!

4/15/25 • 46:08

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!

4/14/25 • 73:06

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!

3/29/25 • 34:19

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!

3/28/25 • 45:02

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!

3/16/25 • 33:57

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!  

3/12/25 • 41:50

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!

3/8/25 • 30:34

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!

3/5/25 • 41:00

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.

2/12/25 • 41:14