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Small Axe Podcast: Multifamily Real Estate | Buy Buildings, Build Empires

Small Axe Podcast: Multifamily Real Estate | Buy Buildings, Build Empires

Written by: Nico Salgado
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The Small Axe Podcast is your go-to show for mastering multifamily real estate investing. Hosted by Nico Salgado, this podcast breaks down everything you need to know about buying apartment buildings—from acquisitions and financing to asset management and dispositions. Nico shares real lessons from the trenches as an active investor and operator. Each week, you'll learn how to build wealth through multifamily real estate, create generational freedom for your family, and take action on buying your first (or next) apartment building. Discover strategies for joint ventures, partnerships, and syndications—so you can confidently invest, scale, and live life on your terms. If you're ready to buy buildings and build empires, this podcast will give you the tools, mindset, and confidence to get started. Economics Leadership Management & Leadership Personal Finance
Episodes
  • Episode 293. Why Multifamily Deals Don't Pencil Anymore (And Why That's a Huge Opportunity)
    Mar 16 2026
    Multifamily deals don't pencil the way they used to. If you've been underwriting properties lately and wondering what changed, you're not alone. In this episode, Nico Salgado breaks down why multifamily deals that worked just a few years ago are falling apart today. Interest rates have jumped, lenders have tightened their standards, operating expenses have surged, and CapEx requirements are forcing investors to rethink their underwriting models. But this shift isn't necessarily bad news. In fact, it may be creating one of the best buying opportunities since the Great Financial Crisis. Nico explains how lenders are underwriting deals today, why leverage has dropped across the board, how rising expenses are impacting returns, and why serious operators are adjusting their assumptions instead of sitting on the sidelines. If you're actively analyzing deals or trying to understand where the multifamily market is headed, this episode will help you see what's really happening behind the numbers. Because deals may not pencil the way they used to… but disciplined investors know how to adapt. And those who understand the shift may be positioned to capitalize on the next cycle. Reading about deals doesn't make you an investor. Buying buildings does.
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    14 mins
  • Episode 292. The Best Buying Opportunity Since 2009
    Mar 9 2026

    Is today the best buying opportunity since the Great Financial Crisis?

    After more than a decade of rising prices and easy money, the multifamily market has shifted. Prices are down, capital is tight, and lending has become more conservative. For many investors, that uncertainty has pushed them to the sidelines.

    But for disciplined operators, this is exactly when real opportunities appear.

    In this episode, Nico breaks down why the current multifamily cycle may present the best buying window since 2009. He explains how the rapid rise in interest rates reshaped the market, why deals must cash flow under today's conditions, and the two major obstacles investors face right now: raising capital and securing debt.

    If you can solve those two problems and stay patient, the next five years could be extremely rewarding.

    This episode also dives into the mindset required to invest during a downturn and why many of the best investors build their portfolios during difficult market cycles.

    If you want help navigating today's market and learning how to analyze, acquire, and operate multifamily deals, check out Nico's Multifamily Machine program.

    https://stan.store/buybuildings

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    12 mins
  • Episode 291. Sling LOIs: How to Make Offers in a Buyer's Market
    Mar 2 2026

    In this episode, I break down exactly how to make offers on apartment buildings using a Letter of Intent.

    What an LOI actually is.
    When to use one.
    When to skip it and go straight to a Purchase and Sale Agreement.
    How I structure mine.
    What terms matter.
    How earnest money works today versus 2021.
    And why this market gives buyers more leverage than we've seen in years.

    If you're serious about buying multifamily, you need to understand how to make clean, confident offers without overcommitting too early.

    We also talk about underwriting, why you should not be making offers if you don't know your numbers, and how to protect yourself with due diligence timelines, extensions, and financing contingencies.

    This is a practical episode. Tactical. No theory.

    If you've been waiting for the "right time" to buy, this might be it.

    Now go sling some LOIs.

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    14 mins
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