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