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

What if the biggest apartment investment opportunity of the next decade is being created RIGHT NOW…because developers have STOPPED building? After three years of record apartment deliveries, falling rents, and aggressive concessions, the multifamily development market may finally be approaching a major turning point. On this episode of the Old Capital Real Estate Investing Podcast, we welcome Matt Enzler with Trammell Crow Residential (TCR), one of the nation's leading multifamily developers, to explain why today's construction slowdown could set the stage for significant rent growth between 2027 and 2030.  Matt takes us behind the scenes of apartment development, from finding the per...

Nearly 300 apartment investors gathered in Dallas for the 10th Annual Old Capital Conference—but this year felt very different.  With a "Survivor" theme, the conversation focused on what multifamily investors have endured: higher interest rates, rising insurance and taxes, expanding cap rates, difficult equity raises, and property values that in some cases have fallen back toward 2016 pricing.  But after several painful years, could the market finally be creating one of the most interesting buying opportunities in a decade?  In this episode, we break down what we heard from experienced operators, lenders, GPs, and investors about distressed properties, lender foreclosures, repair escro...

Zach Fugman didn't start his career in real estate—he started in the oil fields, moving from job to job before discovering multifamily investing in 2014. His first apartment investment was a 50-unit property in Slidell, Louisiana, purchased for $2 million, where he raised $700,000 from friends and began learning the business firsthand. From that first deal, Zach steadily scaled his portfolio to more than 4,000 units and over $200 million in assets, investing across multiple states and learning some expensive lessons along the way. Zach shares why building the right team, finding experienced partners, and surrounding yourself with knowledgeable lenders, property managers, and op...

Mark Allen of Colliers- Dallas joins the Old Capital Real Estate Investing Podcast to explain how distressed properties, forced sales, and lender-owned assets are reshaping the multifamily market. According to Mark, nearly 60% of apartment sales during the first half of 2026 involved properties built before 1990—evidence that workforce housing has moved to the center of the market.   "I look at this as really the resolution phase of the market, so we're starting to resolve a lot of this distress," Mark explains. High-net-worth investors now represent many of the buyers pursuing these opportunistic acquisitions, replacing some of the traditional syndication groups that pre...

Vivek and Asha, founders of Starcore Capital, are successful entrepreneurs and multifamily operators in the Dallas-Fort Worth area. Their story began when they immigrated to the United States in 2010 with two young children, determined to build a better future for their family.

Their journey was not without challenges. After Vivek unexpectedly lost his job, they quickly realized they wanted greater control over their financial future. That setback became the catalyst for entrepreneurship.

They first entered the business world by starting a granite import company, learning many lessons through trial and error. They later launched a...

In this episode of Ask Mike Mondays, Paul and Michael discuss improving apartment fundamentals, lender-driven sales, distressed opportunities, and why today's reset in values could create an attractive buying window.
They also introduce the Old Capital Accelerator Program and Michael shares three simple rules he's learned from decades of multifamily investing.
Old Capital Accelerator Program
Paul introduces the Old Capital Accelerator, a hands-on multifamily education program designed to help investors move from learning about apartments to evaluating and pursuing real opportunities.
Participants work with actual deals, learn underwriting and financing, understand due diligence and operations, and...

Why Join the Old Capital Multifamily Accelerator?
                    
Most aspiring apartment investors don't fail because they lack information—they fail because they don't know how to turn that information into their first acquisition.
The Old Capital Multifamily Accelerator Program is designed to bridge that gap.

Learn by Working on Real Deals

Forget hypothetical case studies. You'll underwrite current apartment opportunities, analyze actual financials, and participate in the same decision-making process experienced investors use before submitting a Letter of Intent (LOI).

Learn Directly from Experienced Operators

Gain access to seasoned apartment own...

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...

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 op...

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 le...

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+...

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...

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 co...

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 i...

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.
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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...

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 ta...

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: [email protected]

Are you ready to unlock the potential of...

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.
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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...

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...

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. Fr...

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 poin...

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 st...

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...

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...

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...

"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. To...

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 Ad...

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...

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...

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...

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...

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.
...

Some landlords of Class B and C apartments were not concerned with tenants' immigration status, and many rented to undocumented individuals over the last few years. Today, stricter immigration policies have notably impacted occupancy rates in workforce housing, especially in areas with a high concentration of older apartment buildings.

Are you ready to unlock the potential of Multifamily Syndications? Discover how Michael Becker's proven real estate syndication business can open doors to financial growth and long-term success. Visit SPIADVISORY.COM today and start your journey toward smarter investing!

Whether you're a seasoned investor or just dipping your toes into the world of small apartment buildings, Chris Pearson and Nick Fluellen are here to give you the inside scoop on the latest trends, market shifts, and all things commercial real estate.

Key Points:
Upcoming Events:
Old Capital's bus tour at the end of March.
Virtual Speaker series with Jeff Adler of YardiMatrix in April.
Conference in Dallas on October 8th and 9th. Save the Date!
Old Capital Connection: New App for your phone!
A community for accredited investors focused on...

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 challe...

Did you go? If not…these were the themes, of the 3-day event, between apartment operators, investors, investment sales brokers and lenders. This nationwide conference had optimism in multifamily for the long term…but continued challenges (higher interest rates, higher cap rates, and the lack of distressed assets coming to the market) for the shorter term.
1. NMHC Meeting Overview: The meeting was held at the Aria Hotel in Las Vegas, attended by around 10-12,000 people from various sectors of the multifamily industry.
2. Market Sentiment: Despite challenges, there is optimism about the fundamentals of apartment ownership and investing impr...

1. 2024 Performance: Michael was disappointed with the acquisition activity due to fluctuating interest rates and low transaction volumes.

2. Market Conditions: The fundamentals were soft in 2024 with flat to down rents, especially in Central Texas. Occupancy stabilized at around 93% portfolio-wide by January 2025. Michael anticipates a recovery in 2025, particularly in the second quarter when the supply of new properties is expected to decrease significantly.

3. Example Deal: Michael described a deal in Dallas involving a late 90s property bought for around $170,000 per door, with plans to invest about $10,000 per unit for renovations. The property is well-located with low rents...

Have you ever heard the saying, "Slow and steady wins the race?" For Corey and Candice Muldrow, this timeless principle is the foundation of their success in apartment investing. The Muldrows began their journey in 2017 with the purchase of an 18-unit multifamily building, all while juggling full-time W2 careers. With a keen eye for value, they rehabilitated and repositioned this older asset, transforming it from a CLASS C- to a thriving CLASS B+ property.

But they didn't stop there. In 2019, they took a bold step forward, acquiring a 102-unit apartment building that was in need of a...