EPS 318 – Takeaways from NMHC's Annual Meeting in Las Vegas and Navigating 2025.
Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles
Release Date: 01/31/2025
EPS 344 - “Texas Multifamily Cycles, Professional Property Management & Surviving Market Downturns”
Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles
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...
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EPS 343 - “Don’t Get on the ‘Bad Boy List’: Inside Agency Loan Compliance”
Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles
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...
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EPS 342 - “Equity Dried Up. Deals Are Cracking. Now What?”
Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles
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...
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EPS 341 - "AI Meets Real Estate: Transforming Underwriting and Investment Decisions"
Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles
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: To contact Tony...
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EPS 340 - Are Today’s “Humpty Dumpty” B & C Apartment Deals Falling Apart? Can You Put Them Back Together?
Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles
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...
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EPS 339 - Conference Takeaways from NMHC Annual Meeting in Las Vegas. Listen Up!
Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles
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...
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ASK MIKE MONDAY: “What did we learn in 2025, that will help us in 2026 multifamily investing?”
Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles
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...
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EPS 338 - "From 2025 to 2026: Capital Markets, Multifamily Trends, and Expert Predictions"
Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles
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...
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EPS 337 - Have you ever heard the saying, “It’s not what you make — it’s what you keep?”
Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles
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...
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EPS 336 - "How a Silicon Valley Exec Built a Thriving Multifamily Real Estate Empire – Learn His Secrets to Success!"
Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles
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: Are you ready...
info_outlineDid 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 improving. The sentiment among brokers is more optimistic than among operators.
3. Class A and C Properties: Class A properties are in high demand, while Class C properties are currently out of favor. There is limited availability of properties on the market, and the bid-ask spread remains wide.
4. Interest Rates and Financing: Interest rates are expected to stay higher, but there is some expectation of rate cuts in the future. Banks are starting to open up to lending again after a period of tightening.
5. Distressed Properties: There is some distress in the market, particularly among properties financed with bridge loans. However, the overall percentage of distressed properties is relatively small.
6. Dallas-Fort Worth Market: The Dallas-Fort Worth market is highly favored, with strong fundamentals and high demand.
7. Future Outlook: Michael & James believe that the market will improve, with rent growth expected to return and supply issues easing. They suggest that now might be a good time to consider buying multifamily properties. New apartment supply is coming down rapidly and rental growth is coming back after 138 consecutive weeks of year-over-year decline.
8. Events and Networking: The Old Capital Bus Tour is on March 28th and a virtual Old Capital speaker series on February 5th are upcoming events for networking and learning more about the multifamily market. RSVP to OldCapitalPodcast.com
Overall, the discussion highlights cautious optimism in the multifamily housing market, with a focus on strategic buying and navigating current challenges.
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.