EPS 330 - From Oversupply to Opportunity: DFW’s Apartment Market Strikes Back! The Institutional Outlook with Michael Ware.
Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles
Release Date: 06/30/2025
EPS 350 - Multifamily’s Lost Decade: Survive the Storm, Seize the Opportunity
Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles
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...
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EPS 349 - Zach Fugman: Oil fields → first LP investment → first 50-unit deal → 4,000+ units. Can you do this?
Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles
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...
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EPS 348 - The Multifamily Market Is Entering Its “Resolution Phase”- Mark Allen Colliers- Dallas
Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles
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...
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EPS 347 - From Immigrants to Entrepreneurs to Multifamily Owners: Vivek & Asha’s American Dream
Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles
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...
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ASK MIKE MONDAY: "Is Multifamily Finally Turning the Corner?"
Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles
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....
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EPS 346 - Let’s do this together: Old Capital Accelerator Program
Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles
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...
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EPS 345 - “The Next Multifamily Buying Wave? Preparing for Opportunity in a Changing Market”
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...
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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...
info_outlineMichael 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: [email protected]
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!