The LSCRE Podcast interviews institutional investors to learn more about their strategies, sponsor and investment criteria, due diligence process, and asset management practices. New episodes every Monday at 9am EST.
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Rob Beardsley Podcasts
Axel Ragnarsson speaks with successful real estate investors and dissects how they started, built, and scaled their businesses. In each episode, listeners can expect tactical and actionable information to help grow their business and real estate portfolio.
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Weekly interviews, where we bring you successful real estate investors, traders, hedge fund managers, business coaches, portfolio managers from all over the world.
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Multiple Perspectives helps you unlock the potential of fractional real estate investing and alternative assets to enhance your financial strategy. With expert guests from the worlds of commercial real estate (CRE), self-directed investing, and personal finance, this podcast dives into how private-market assets can diversify your portfolio, generate passive income, and provide stability beyond traditional investments - empowering you to take control of your financial future.
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#312: Vetting Partners, Importance of Transparency, and Diving Into The Pros and Cons of Preferred Equity with Steeve Breton
45:34
45:34
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45:34In this episode, Axel sits down with Steeve Breton, Founder of Velocity Capital Partners, to break down what long-term multifamily investors need to understand about partner selection, transparency with investors, and the growing role of preferred equity and structured capital in today’s market. Steeve shares his journey from buying small duplexes …
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How Conservative Leverage Creates Better Cash Flow for Investors
43:03
43:03
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43:03Higher leverage makes deals look better on paper, but often weakens cash flow and increases risk. In this episode of the LSCRE Podcast, Craig McGrouther and I break down why we structure deals with lower leverage for better cash flow and risk management. We discuss targeting lower loan-to-value, using full-term interest-only debt, and maintaining s…
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#311: Sharing 8 Predictions + Trends for 2026 That Multifamily Investors Need To Be Aware Of
22:37
22:37
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22:37In this final episode of 2025, Axel shares eight forward-looking predictions and trends that multifamily investors need to be aware of as we head into 2026. Moving beyond the generic predictions found in major publications, Axel focuses on the data-driven reality of the 2026 market. This isn't about following optimistic forecasts; it’s about mappin…
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#310: Growing From a Duplex to 900+ Units and Bringing Management In-House (And The Challenges of Doing So) with Lee Yoder
48:01
48:01
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48:01Axel sits down once again with Lee Yoder, founder of Threefold Real Estate Investing, to unpack the full journey of scaling from a single duplex to 900+ multifamily units and the hard lessons learned along the way. Lee walks through how he gradually built his portfolio, why he ultimately decided to bring property management in-house, and the unexpe…
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Why Integrity Is the Only Moat Left in Real Estate
37:40
37:40
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37:40In this episode of the LSCRE Podcast, Craig McGrouther sits down with Andrew Davis, Partner at Fully Funded, to discuss why integrity has become the most valuable advantage in real estate investing. Andrew shares insights from raising hundreds of millions in capital, building investor trust at scale, and partnering with best-in-class operators. He …
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#309: Optimizing Lease Terms, Actionable Budgeting, The True Cost of Turnover, and Becoming A Better Asset Manager with Stacey Hampton
52:05
52:05
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52:05Axel welcomes back Stacey Hampton, founder of Asset NOI Consulting, for a highly tactical conversation focused on improving multifamily operations in today’s challenging environment. Stacey breaks down how asset managers can move beyond surface-level KPIs and start focusing on the metrics that actually drive performance. She explains how to turn an…
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How Market Cycles Force Better Capital Decisions
40:18
40:18
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40:18In this episode of the LSCRE Podcast, Craig McGrouther and I break down how market cycles influence smarter capital decisions. We explore why patience, long-term holds, and strategic underwriting leads to better outcomes than chasing hot deals. Learn how understanding cycles, managing closing costs, and avoiding short-term flips can reduce risk and…
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In this episode of the LSCRE Podcast, Craig McGrouther sits down with Michael Guthrie, who grew his ATM business to over 8,000 machines across the United States before exiting in 2023. He explains how he scaled the business one machine at a time, expanded through affiliates, and created a model that allowed him to generate income while remaining ha…
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#308: The Tactical Guide For Sponsors Looking To Raise Their First $1M, $5M, and $10M in Investor Capital
15:51
15:51
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15:51In this solo episode, we share an extremely tactical, milestone-based roadmap for sponsors who want to raise their first $1M, $5M, and eventually $10M+ in investor capital. Axel explains why each stage requires a completely different set of activities, why brute-force outreach is the only reliable way to raise your first seven figures, and how inbo…
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The Smart Operator’s Guide to Cutting Expenses
1:08:13
1:08:13
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1:08:13In this episode of the Live LSCRE Podcast, Craig McGrouther and I break down how to maximize value and reduce expenses in multifamily properties. We dive into contract services, maintenance strategies, and key line items in the P&L that can make or break your NOI. Learn how strategic expense management, property tax exemptions, and smart operationa…
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Why Smart Investors Shift Toward Debt in Tight Markets
40:17
40:17
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40:17In this episode of the LSCRE Podcast, Craig McGrouther sits down with Mathew Owens from OCG Properties to explore how the smartest investors approach risk, opportunity, and cash flow. They discuss how alternative strategies like real estate-backed loans and unique financing structures create consistent returns, and why understanding the numbers is …
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#307: An Insanely Tactical Deep Dive Into How Multifamily Investors Can Leverage AI To Grow Their Businesses with Jake Heller
42:48
42:48
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42:48Axel sits down with Jake Heller, co-founder of the AI for CRE Collective, for one of the most tactical and implementation-focused conversations ever released on the Multifamily Wealth Podcast. This is a killer episode in how multifamily investors can begin adopting AI today to streamline underwriting, automate repetitive tasks, speed up market rese…
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Breaking Down the Wildest Finance Topics of 2025
32:58
32:58
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32:58In this episode of the LSCRE Podcast, Craig McGrouther and I break down the most surprising finance trends shaping 2025, covering everything from capital flows to unexpected movements in the debt markets. We talk through why these trends are emerging now, how they are influencing investor behavior, and what they reveal about the next phase of the r…
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The Alternative Real Estate Play You’re Not Hearing About
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40:24
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40:24In this episode of the LSCRE Podcast, Craig McGrouther sits down with Alex Zahn from Sunrise Capital Investors to unpack the alternative real estate strategies investors aren’t hearing about. They dive into unique opportunities in mobile home communities and parking structures, exploring how cash flow, long-term land value, and smart management cre…
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#306: Sharing Tactical Tips for Multifamily Investors Who Want To Make More Creative Offers When Pursuing Deals
20:07
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20:07In this tactical episode, Axel shares specific, actionable strategies multifamily buyers can use to structure more creative and compelling offers, especially in today’s buyer-leaning market. He breaks down how to think beyond “price and timelines” and instead use deal structure, seller collaboration, lender creativity, and strategic concessions to …
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The Portable Mortgage Idea Could Change Housing Forever
47:51
47:51
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47:51In this episode of the LSCRE Podcast, Craig McGrouther and I unpack the latest market update and what it tells us about today’s multifamily landscape. We explore shifting transaction volumes, rising prices, and how debt origination, not just sales activity, is shaping investor decisions. The discussion highlights what data points truly matter for e…
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The Hidden Goldmine in Affordable Housing
43:37
43:37
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43:37In this episode of the LSCRE Podcast, Craig McGrouther sits down with Jack Martin to uncover the hidden goldmine in mobile home parks and affordable housing. They explore the factors driving opportunity in this sector, from rising demand and shifting demographics to innovative strategies that unlock value for investors. Jack shares his perspective …
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#305: Bringing Back Our Very First Guest... Bootstrapping a PM Company and Leveraging Professional REI Experience with Chris Grenzig
52:49
52:49
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52:49In Episode, Axel welcomes back the very first guest ever featured on the Multifamily Wealth Podcast — Chris Grenzig, founder of JAG Capital and JAG Property Management. Chris shares his story of bootstrapping a property management company from scratch, why he intentionally started small, and how he built out systems, and a service model that actual…
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Why the Next Wave of Opportunity Comes from Overreaction, Not Optimism
44:16
44:16
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44:16In this episode of the LSCRE Podcast, Craig McGrouther and I break down how the best real estate deals are actually found - not by chasing hype, but by understanding when the market overreacts. We discuss why disciplined investors position themselves to act when others pull back, and how reading sentiment shifts can uncover opportunities that most …
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In this episode of the LSCRE Podcast, Craig McGrouther sits down with Ray Hightower to discuss why entrepreneurs are betting on Arizona. They explore the factors driving Arizona’s growth, from population inflows and business migration to a thriving innovation ecosystem that continues to attract investors and operators. Ray shares his perspective on…
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#304: Sharing 5 Extremely Actionable (and Valuable) Leasing Tips for Multifamily Operators Looking To Maximize NOI
15:29
15:29
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15:29Axel shares five practical leasing strategies that every multifamily operator can implement to reduce vacancy, maximize rent roll, and ultimately increase NOI. These are simple, high-impact tactics that work whether you self-manage, run an in-house property management team, or work with a third-party manager. Axel also breaks down how to use stagge…
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Market Analysis The Truth Behind Rent Growth
1:01:15
1:01:15
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1:01:15In this episode of the LSCRE Podcast, Craig McGrouther and I unpack the real story behind rent growth in today’s market. We break down how new supply, wage trends, and inflation are influencing multifamily performance, and why headline rent growth figures don’t always reflect what’s happening on the ground. I share insights on how investors can sep…
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How One Simple Debt Decision Can Wipe Out Investor Returns
56:47
56:47
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56:47In this episode of the LSCRE Podcast, Craig McGrouther and Sam Morris uncover how one simple debt decision can completely wipe out investor returns. They discuss how leverage, loan structure, and interest rate exposure can quickly turn a profitable deal into a loss – and what disciplined operators do differently to protect downside risk. Craig and …
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#303: Discussing The Fundamentals Of Excellent Asset Management and De-Commoditizing Yourself as a GP with John Makarewicz
52:48
52:48
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52:48In this episode, Axel Ragnarsson is joined by John Makarewicz, President and Head of Operations at Faris Capital Partners, to discuss how sponsors can stand out in a crowded multifamily space and the systems that drive excellent asset management. John shares his journey from scaling one of the largest residential brokerages in the Southeast to buil…
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How to Win Today's Market Without Over-Leveraging
42:33
42:33
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42:33In this episode of the LSCRE Podcast, Craig McGrouther and I dive into how investors can stay competitive and build sustainable portfolios in today’s market environment. We discuss why many investors are being forced to rethink their capital structures, how to protect returns without taking on excessive leverage, and the principles of disciplined u…
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The Secret to Longevity as a Fund Manager With Sam Silverman
26:22
26:22
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26:22In this episode, Craig McGrouther sits down with Sam Silverman to discuss the critical challenge facing fund managers today in building sustainable revenue while waiting years for equity deals to pay out. Sam introduces KUDO Capital's private credit fund, which targets 16% annual returns through business funding investments that fully amortize in 4…
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Unlocking Tax-Efficient Wealth in Real Estate
37:19
37:19
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37:19In this episode of Multiple Perspectives, host David Lofgren sits down with Thomas Castelli, CPA, real estate investor, podcast host, and Partner at Hall CPA Group, to unpack the powerful intersection of tax strategy and passive real estate investing. From leveraging depreciation and cost segregation studies to the smart allocation of investments a…
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#302: The Importance of "Leading With Your CapEx" and Why You Should Over-Renovate Units Early In A Hold Period
13:57
13:57
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13:57In this solo episode, Axel breaks down one of the most overlooked aspects of multifamily ownership—the timing of your CapEx spending. Many investors wait until systems fail before addressing roofs, heating, or parking lots, but Axel explains why this “defer and react” approach can actually hurt you long-term. He shares why leading with your CapEx, …
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In this episode of the LSCRE Podcast, Craig McGrouther and I tackle whether alpha is dead in multifamily real estate. I explain how institutionalization has compressed returns across the board, but opportunities still exist through vertical integration, market expertise, and innovative strategies. We break down what true vertical integration actual…
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How Short-Term Thinking Destroys Real Estate Markets
51:13
51:13
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51:13In this episode, Craig McGrouther sits down with Joe Downs, CEO of Belrose Group, who shares his journey from financial advisor to bar owner to self-storage operator. After multiple career reinventions, Joe discovered that 80% of self-storage facilities are owned by mom & pop operators – creating a massive opportunity for professional operators who…
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#301: Salvaging a Bad First Deal with Investor Capital, Building Incredible Investor Relationships, and Numerous Great Deal Stories with Levi Allen and Joe Rinderknecht
53:33
53:33
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53:33In this episode, Axel sits down with Levi Allen and Joe Rinderknecht, co-founders of Cowboy Capital, to talk about their journey from a tough first deal to becoming trusted operators with a growing investor base. They share how they salvaged a challenging early project that nearly sank their business, what they learned about managing investor relat…
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The Truth About Building Wealth in Real Estate with Gino Barbaro
55:05
55:05
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55:05In this episode, Craig McGrouther sits down with Gino Barbaro of Jake and Gino, who shares his 20-year journey from running a restaurant to owning 1,800+ multifamily units. After spending 18 months finding their first 25-unit deal for $675K (now worth $2.5M), Gino explains how he worked full-time while building his portfolio – dedicating 15-20 hour…
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From Paper Routes to Billions In Real Estate Deals: Lessons from Todd J. Drowlette
46:57
46:57
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46:57In this episode of Multiple Perspectives, host David Lofgren sits down with Todd J. Drowlette, Host of A&E’s The Real Estate Commission, which premiered October 12, Managing Director of Titan Commercial Realty Group, to explore the mindset and strategies behind his rise from a paper route entrepreneur to a multi-million-dollar broker. Todd reveals …
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#300: Reflecting On 300 Episodes! How Our Business Has Grown, Changes in How I Think About Investing, Business, and More!
34:02
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34:02In this special milestone episode, Axel Ragnarsson celebrates 300 episodes of The Multifamily Wealth Podcast by reflecting on how his business—and his mindset—has evolved since the show began in 2020. From launching with 42 units and no investors to managing over 500 units and $18M in equity today, Axel walks through the journey of growth, lessons …
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In this episode, Craig McGrouther sits down with Casey Stratton, who shares his journey from corporate layoffs during the GFC to building a real estate portfolio using the 1% rule – buying duplexes for $100K that rented for $1K/month. Now focused on Eastern Washington's Tri-Cities (one of the top 20 fastest-growing MSAs), Casey discusses how they'r…
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Why Small & Mid-Size Multifamily Still Works in 2025
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47:03In this episode, Craig Mcgrouther sits down with Axel Ragnarsson of Aligned Real Estate Partners, who's carved out a unique niche buying 5-20 unit properties direct from sellers in Southern New Hampshire. Since 2016, Axel has built a 525-unit portfolio by maintaining long-term follow-up with sellers, often nurturing relationships for 12-18 months b…
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#299: Building a Small Portfolio of Multis and Divesting To Focus on Capital Raising + Combining Bitcoin/Real Estate Into One Offering with Harrison Riley
56:09
56:09
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56:09Harrison Riley’s journey into real estate is anything but traditional. After building a small multifamily portfolio, he realized he didn’t enjoy the property management grind and decided to shift his focus toward raising capital and building partnerships. In this episode, Harrison shares the lessons he learned from painful contractor mistakes, why …
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In this post-LSC Summit episode recorded in NYC, Craig McGrouther and I reflect on another successful investor event and dive deep into current market opportunities. We share behind-the-scenes insight on why our summit is designed to break even, the power of curated in-person networking, and the culture of accessibility that sets our events apart. …
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Rethinking Value-Add: Smarter Multifamily Investing with Rob Beardsley
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38:09In this episode of Multiple Perspectives, hosts David Lofgren sits down with Rob Beardsley, founder of Lone Star Capital, to explore the evolving landscape of multifamily real estate investing. From building a 5,000-unit portfolio in Texas to navigating market cycles, Rob reveals why traditional value-add strategies can be overrated and how conserv…
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He Lost Everything in 2008… What He Did Next Will Shock You
42:16
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42:16In this episode, Craig McGrouther sits down with Andrew McNair, founder of SWAN Capital, who shares his remarkable journey from saving $62K working at McDonald's and Denny's as a teenager to losing it all in the stock market at 19. After reading Rich Dad Poor Dad at 14, Andrew worked for free at a wealth management firm while maintaining jobs, even…
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#298: Vetting (and Partnering With) Sponsors, Raising Capital For 20+ Deals, and Transitioning From Single Family To Multifamily with Igor Shaltanov
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45:59
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45:59From professional water polo in Russia to raising capital for over 20 multifamily deals in the U.S., Igor Shaltanov’s story is all about resilience, discipline, and smart investing. In this episode, Igor shares how he went from renting out his mom’s spare apartment in Moscow to building a U.S. real estate business, starting with single-family homes…
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In this episode of the LSCRE podcast, Craig McGrouther, Sam Morris, and I tackle the "hackneyed" concept of value-add investing and why it's been reduced to a one-trick pony of kitchen renovations. We explain how value-add became overused to the point of losing meaning, with sponsors pitching newer construction as "value-add opportunities". We expl…
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Blind Pools, Credit Risk and the Three P’s of Real Estate Investing
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52:01In this episode, Craig McGrouther sits down with Marcin Drozdz of M1 Capital, who shares his 20-year journey from buying his first property at 19 to raising $300M for Ken McElroy during the 2008 crisis. Marcin reveals how he bought medical amd dental plazas for 20-30 cents on the dollar during the GFC, targeting insurance-backed tenants that remain…
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What Sponsors Don’t Want You to Know About Underwriting
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32:05
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32:05In this episode, Craig McGrouther and I dive deep into the nuances of "above the line" and "below the line" expenses in multifamily underwriting. We explain how the "line" is Net Operating Income (NOI), with operating expenses like payroll and insurance sitting above, while CapEx and debt service fall below. I reveal the art behind these classifica…
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#297: The 5 Real Estate "Hills" I'm Willing To Die On.... Some Spicy Takes!
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16:03
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16:03We all hear “conventional wisdom” in real estate—but sometimes, following it blindly can cost you big. In this solo episode, I share the five controversial real estate takes (or “hills I’m willing to die on”) that I feel strongest about. Some of these might challenge how you started your investing career. But if you’re a new or growing investor, th…
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Family Offices & Multifamily: Where the Smart Money Goes
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37:52In this episode, Craig McGrouther sits down with Bernard Pierson, co-founder of EHP Capital, who's been LP investing since 2012 and now focuses on value-add multifamily in Kansas City. Bernard reveals a counterintuitive insight from his 50+ LP investments: deals projecting 15-17% IRRs often outperformed those advertising 30%+ returns. He shares how…
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Why Mindset Beats Analysis in Long-Term Investing: Insights from Brian Feroldi
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45:23In this episode of Multiple Perspectives, host David Lofgren sits down with investor and educator Brian Feroldi to unpack the psychology behind successful investing. From his early mistakes in day trading to building long-term conviction, Brian shares how mastering mindset matters more than market analysis. Listeners will learn why financial founda…
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#296: Building a 3,000 Unit Portfolio, Selecting Markets, and The Power of Narrow Focus with Jason Yarusi
42:37
42:37
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42:37In this episode, Axel sits down with Jason Yarusi—real estate investor, entrepreneur, and operator of a 3,000+ unit multifamily portfolio. Jason shares his journey from running bars and restaurants in New York City to building a thriving multifamily business in the Southeast. He talks about the lessons learned from his early days in construction, h…
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The Tax Secrets Wealthy Real Estate Investors Use (And You Don’t)
27:58
27:58
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27:58In this episode, Craig McGrouther and I tackle two of the most frequently asked questions from investors: bonus depreciation and 1031 exchanges. With 100% bonus depreciation returning, they explain why this doesn't automatically mean 1:1 depreciation for investors, breaking down how leverage, CapEx, and land allocation affect your actual depreciati…
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#295: The 5 Attributes Of A Holy Grail Multifamily Deal... When We See These, We Aggressively Pursue!
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15:41What makes a multifamily deal truly irresistible? For us, it comes down to five specific attributes that signal, this is one we want to buy. In this solo episode, I break down the five “holy grail” characteristics we look for in deals—and why these features dramatically increase the odds of success. If you’re a value-add investor, you’ll likely be …
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