EPS 352 - “What if the biggest opportunity to make money in Dallas-Fort Worth apartments is being created by the very distress that's crushing investors today?”

Michael Ware, with Institutional Property Advisors in North Texas, has been selling apartments for over two decades and shares his insight. The Dallas-Fort Worth apartment market has been through a brutal correction, but could the next great buying opportunity be right in front of us? After years of oversupply, rising interest rates, falling property values, and distressed apartment deals, investors are beginning to see signs of a major market turnaround. With nearly 44,000 new apartment units delivered in 2024 and thousands more coming online, DFW landlords have struggled with flat rents, higher vacancies, and aggressive concessions. But here's where the story gets interesting: new apartment construction is slowing dramatically, setting the stage for a potential supply cliff in 2028 that could drive stronger occupancy, higher rents, and rising property values. Meanwhile, institutional investors, private equity firms, and well-capitalized buyers are actively pursuing apartments in desirable DFW locations where future development is increasingly difficult. We also discuss why some apartment owners are selling at substantial losses while others are walking away with profits, and what separates successful transactions from deals that fall apart. With billions of dollars of investment capital targeting North Texas, is the biggest challenge finding buyers—or convincing sellers to accept today's market values?
To contact Michael Ware: mware@ipausa.com

STOP TALKING ABOUT BUYING APARTMENTS. LEARN HOW TO ACTUALLY BUY ONE.

The next great apartment investment opportunity won't wait for you to figure everything out on your own. Join the Old Capital Multifamily Accelerator, an intensive four-week, hands-on program designed to help you go from analyzing apartment deals to confidently submitting your first offer.

Learn directly from experienced apartment owners, brokers, lenders, property managers, and attorneys who have successfully navigated the acquisition process. You'll work through real apartment opportunities, learn how to underwrite deals, structure financing, raise investor equity, conduct due diligence, and prepare a competitive offer.

No fluff. No endless seminars. Just real deals, experienced professionals, and the practical knowledge you need to take action.

REAL DEALS. REAL EXPERTS. REAL-WORLD EXPERIENCE.

Stop sitting on the sidelines. Your journey from investor to apartment owner starts here.

Learn more and apply to the Old Capital Multifamily Accelerator:
OldCapitalAccelerator.com

EPS 351 - “Nobody Wants to Build Apartments…And That's the Opportunity!”

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 perfect piece of land to navigating zoning approvals, construction challenges, and institutional equity requirements.  Did you know that developers can spend $500,000 to $1 million just getting a property entitled, without any guarantee they'll ever be allowed to build? Matt explains why institutional investors are demanding 6.5% to 7% yields on cost, why higher interest rates continue to kill potential deals, and why many developers are sitting on the sidelines. But here's the interesting twist: Construction costs have reportedly dropped 15% to 20% in certain markets, potentially creating a major competitive advantage for experienced developers willing to move forward today. We also discuss why many inexperienced developers may never return, how luxury apartment amenities are changing, and why the shortage of new construction could eventually shift pricing power back to apartment owners. The big question: When everyone else has stopped building apartments, is that exactly when the smartest developers should be getting started?

Learn alongside experienced apartment owners, brokers, property managers, attorneys, and other industry professionals as we walk through the entire acquisition process—from finding and underwriting deals to financing, due diligence, raising equity, and submitting an offer. This isn't about theory. It's about learning how apartment deals actually get done in today's market. Real Deals. Real Experts. Real-World Experience.

Learn more and apply to the Old Capital Multifamily Accelerator:
OldCapitalAccelerator.com

EPS 350 - Multifamily’s Lost Decade: Survive the Storm, Seize the Opportunity

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 escrows, and why even Fannie Mae borrowers are beginning to feel pressure.  Michael shares his success story on purchasing a large apartment property that was roughly 50% occupancy to 95% through disciplined management, capital improvements, competitive pricing, and relentless execution.   Michael also discusses why raising equity takes longer today, why GPs are talking with investors before putting deals under contract, and why a big social-media following is no substitute for knowing how to operate an apartment property.

We share lessons from the Old Capital Accelerator Program, where aspiring investors move beyond spreadsheets and into real-world underwriting, property tours, deal analysis, and conversations with experienced GPs.

Keynote speaker and 9/11 survivor Darren Kinder brought the conference theme full circle with a powerful message about resilience, community, and what surviving adversity can teach us.

The multifamily storm has taken out plenty of investors—but for those still standing, educated, disciplined, and prepared to act, this window in time may look very different from the last four years.

Learn alongside experienced apartment owners, brokers, property managers, attorneys, and other industry professionals as we walk through the entire acquisition process—from finding and underwriting deals to financing, due diligence, raising equity, and submitting an offer. This isn't about theory. It's about learning how apartment deals actually get done in today's market. Real Deals. Real Experts. Real-World Experience.

Learn more and apply to the Old Capital Multifamily Accelerator:
OldCapitalAccelerator.com

EPS 349 - Zach Fugman: Oil fields → first LP investment → first 50-unit deal → 4,000+ units. Can you do this?

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 operators can dramatically shorten the learning curve. He also explains his evolution from using third-party property management to building an in-house management company overseeing thousands of units. Zach discusses how raising capital changes as you grow—from asking friends to invest in your first deal to eventually raising millions of dollars from a much larger investor network. For aspiring apartment investors, his advice is simple: consider starting as an LP, get educated, build relationships, attend events, and learn from experienced operators before trying to do everything yourself. Most importantly, Zach’s story demonstrates that multifamily success rarely happens overnight—it comes from years of learning, networking, adapting, building the right team, and consistently taking the next step.

To contact Zach Fugman: Zach@A-Strategy.com

Learn alongside experienced apartment owners, brokers, property managers, attorneys, and other industry professionals as we walk through the entire acquisition process—from finding and underwriting deals to financing, due diligence, raising equity, and submitting an offer. This isn't about theory. It's about learning how apartment deals actually get done in today's market. Real Deals. Real Experts. Real-World Experience.

Learn more and apply to the Old Capital Multifamily Accelerator:
OldCapitalAccelerator.com

EPS 348 - The Multifamily Market Is Entering Its “Resolution Phase”- Mark Allen Colliers- Dallas

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 previously dominated bid sheets. For sellers, Mark says the most important consideration is no longer necessarily the highest offer: “Surety of close is key in today’s market. Not price—surety of close.”

Mark also describes two extraordinary transactions in which sellers are willing to pay buyers to assume loans and avoid agency foreclosures—something he has never witnessed during his career. Although today’s market remains challenging, he believes some properties are trading at values that could eventually produce exceptional returns as demand and rent growth recover. “At some point, they’re going to look great,” Mark says, predicting that certain properties could eventually trade for twice their current purchase prices.  “If you felt like you missed the opportunity 10 years ago, we’re back—same pricing, same opportunity.”

His advice to sellers is to carefully investigate each buyer’s transaction history and personally contact their references. His advice to buyers is equally direct: “Location is key,” and investors entering difficult submarkets should have sufficient capital to withstand a potentially extended recovery. In today’s market, Mark believes being overcapitalized is far wiser than being undercapitalized.

Paul also shares how the Old Capital Accelerator provides hands-on education, property tours, and practical experience for investors who want to grow into multifamily ownership.

Learn alongside experienced apartment owners, brokers, property managers, attorneys, and other industry professionals as we walk through the entire acquisition process—from finding and underwriting deals to financing, due diligence, raising equity, and submitting an offer. This isn't about theory. It's about learning how apartment deals actually get done in today's market. Real Deals. Real Experts. Real-World Experience.

Learn more and apply to the Old Capital Multifamily Accelerator:
OldCapitalAccelerator.com

EPS 347 - From Immigrants to Entrepreneurs to Multifamily Owners: Vivek & Asha’s American Dream

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 successful cookware brand, where their focus on customer service, operational efficiency, and building strong systems helped drive the company's growth.

That entrepreneurial experience eventually led them to multifamily real estate. They began as passive investors, using education and mentorship to better understand the business before making the transition to acquiring and operating apartment communities themselves.

Today, Vivek and Asha bring an operator's mindset to multifamily investing—emphasizing strong systems, disciplined underwriting, teamwork, and data-driven decision-making. They believe the current DFW market cycle is creating compelling opportunities as distressed properties and motivated sellers begin to emerge.

Now, through Starcore Capital, they are taking the next step by launching a multifamily investment fund focused on opportunities throughout DFW. Their goal is to combine their entrepreneurial experience, operational expertise, and disciplined investment approach to identify and improve well-located multifamily assets.

The Old Capital Multifamily Accelerator is built for investors who are ready to move beyond podcasts, books, and seminars—and start evaluating real multifamily opportunities.

To contact- Vivek & Asha: vivek@starcorecapital.com

Learn alongside experienced apartment owners, brokers, property managers, attorneys, and other industry professionals as we walk through the entire acquisition process—from finding and underwriting deals to financing, due diligence, raising equity, and submitting an offer. This isn't about theory. It's about learning how apartment deals actually get done in today's market. Real Deals. Real Experts. Real-World Experience.

Learn more and apply to the Old Capital Multifamily Accelerator:
OldCapitalAccelerator.com

ASK MIKE MONDAY: "Is Multifamily Finally Turning the Corner?"

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 gain access to experienced owners and industry professionals. The focus is real-world education and experience—not promoting a particular sponsor or investment.
Learn more: oldcapitalaccelerator.com

What's Happening in Multifamily?
The market remains unpredictable. Many sellers still have yesterday's pricing expectations, while buyers are underwriting based on today's higher interest rates, expenses, and required returns.

Meanwhile, lenders are increasingly influencing which properties come to market—sometimes pushing over-leveraged borrowers toward a sale or foreclosure. Some properties are now trading near values last seen years ago, creating what Michael describes as a potential "lost decade" in apartment values for certain owners.

Are Fundamentals Improving?
Despite negative headlines, Michael is seeing encouraging signs across SPI Advisory's portfolio:
• DFW properties are now 90%+ occupied
• Portfolio-wide occupancy is approximately 95%
• Apartment absorption remains strong across DFW, Austin, and San Antonio
• New construction is slowing
• Concessions could decline as excess supply is absorbed
The key point: apartment values have fallen significantly, but renter demand remains strong.

Is This a Buying Opportunity?
Investor sentiment remains cautious, but fundamentals are beginning to stabilize.
Today's buyers may benefit from lower valuations, less competition, improving occupancy, slowing new supply, available debt capital, and significant tax benefits. Equity remains difficult to raise, which could create an advantage for experienced investors with capital and the ability to execute. Michael believes today's risk-adjusted opportunities—particularly in workforce housing—may be among the most attractive in years.

Michael Becker's 3 Rules of Multifamily Investing
Rule #1: Don't buy in the hood.
A cheap property isn't necessarily a good investment.
Rule #2: The business isn't always fair.
Track record, credibility, and relationships matter.
Rule #3: Don't be a jerk. 
Multifamily is a relationship business. Your reputation follows you—and compounds over time.

Key Takeaway
The multifamily market isn't suddenly easy again. Distressed properties can be complicated, equity remains challenging, and buyers and sellers still don't always agree on value. But values have reset, occupancy is improving, new supply is slowing, and debt capital is available. For disciplined investors, this could create one of the more interesting acquisition windows we've seen in years.

Old Capital Accelerator: oldcapitalaccelerator.com
SPI Advisory: spiadvisory.com