EPS 342 - “Equity Dried Up. Deals Are Cracking. Now What?”

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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 the sidelines waiting for clarity 3) Larger deals ($10M+) increasing require multiple GPs and creative capital stacks
Legal Structure Matters More Than Ever 1) Understanding Regulation D (506B vs 506C) is critical. 506B: Relationship-based, no advertising, limited sophisticated investors 506C: Allows advertising but requires strict accreditation verification.
Market Stress is Exposing Weak Deals: Rising interest rates + bridge debt + depleted reserves = distressed assets.
The Hidden Risk in Capital Raising: Not all “capital raisers” are operating legally. Transaction-based compensation without property licensing can trigger SEC enforcement.
Final Thought:
Today’s market is separating professionals from pretenders. Capital is harder, deals are riskier, and the legal framework matters more than ever. The operators who understand both the financial AND regulatory side of the business will be the ones still standing when the market turns.
To contact Gene Trowbridge: gene@tnllp.com

Ready to unlock the potential of multifamily syndications? Learn how Michael Becker’s proven real estate syndication strategies can help you grow wealth and build long-term financial success. Visit SPIADVISORY.COM to start your journey today.

EPS 341 - "AI Meets Real Estate: Transforming Underwriting and Investment Decisions"

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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: https://vimeo.com/1173641080?share=copy&fl=sv&fe=ci
To contact Tony Lin: lin.tony@gmail.com

Join the March 27th Old Capital Bus Tour: OldCapitalPodcast.com
Ready to unlock the potential of multifamily syndications? Learn how Michael Becker’s proven real estate syndication strategies can help you grow wealth and build long-term financial success. Visit SPIADVISORY.COM to start your journey today.

EPS 340 - Are Today’s “Humpty Dumpty” B & C Apartment Deals Falling Apart? Can You Put Them Back Together?

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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 experience as an engineer and commercial general contractor, explaining how thorough inspections and accurate property condition assessments help investors:
• Identify deferred maintenance
• Accurately estimate capital expenditures
• Avoid costly surprises

Join the March 27th Old Capital Bus Tour: OldCapitalPodcast.com
Contact Bryan Amos: bryanamos@theomnigroup.com
Ready to unlock the potential of multifamily syndications? Learn how Michael Becker’s proven real estate syndication strategies can help you grow wealth and build long-term financial success. Visit SPIADVISORY.COM to start your journey today.

EPS 339 - Conference Takeaways from NMHC Annual Meeting in Las Vegas. Listen Up!

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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 rates and lower prices. The one concern is rental growth…it is expected to grow in the future…but not immediately, not until we burn through the increased apartment inventory. Listen to this update to the market between Michael Becker, James Eng and Paul Peebles

To join the March Old Capital Bus Tour: OldCapitalPodcast.com

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 long-term success. Visit SPIADVISORY.COM today and start your journey toward smarter investing!

ASK MIKE MONDAY: “What did we learn in 2025, that will help us in 2026 multifamily investing?”

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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 Capital Bus Tour and how to connect with SPI Advisory for investment opportunities.
To join the January 16th Old Capital Bus Tour: OldCapitalPodcast.com

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 long-term success. Visit SPIADVISORY.COM today and start your journey toward smarter investing!

EPS 338 - "From 2025 to 2026: Capital Markets, Multifamily Trends, and Expert Predictions"

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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 Capital Bus Tour in Dallas and how investors can get registered.
To join the January 16th Old Capital Bus Tour: OldCapitalPodcast.com

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 long-term success. Visit SPIADVISORY.COM today and start your journey toward smarter investing!

EPS 337 - Have you ever heard the saying, “It’s not what you make — it’s what you keep?”

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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 specialist — someone who understands how to use real estate and smart planning to legally lower your taxes. In this episode, they’ll share practical ideas, real-world examples, and strategies you can use to start saving on taxes right now.
To contact: http://KeystoneCPA.com or IG Amanda_Han_CPA

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 long-term success. Visit http://SPIADVISORY.COM today and start your journey toward smarter investing!