Multifamily Insights

Each week, John Casmon speaks with real estate pros and marketing specialists to provide useful tips for multifamily investing. Listen and learn insights for market research, finding deals, attracting capital, and growing your portfolio.

Multifamily Insights is a business podcast hosted by John Casmon, with 810 episodes on record and a Required Pod Score of 80. PitchCentric scores this show on Booking Probability, Listen Score, and live audience signals refreshed every 24 hours.

John Casmon hosts Multifamily Insights, a business show with 810 episodes published.

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  Multifamily Insights

  Why Property Appreciation May Actually Be Hurting Your Returns with Richard McGirr, Ep. 804

  Aug 11, 202642 min

  Richard McGirr is the co-founder of Property Llama and Property Llama Capital, an income focused fund of funds sponsor that helps accredited investors turn underperforming real estate equity into passively managed, cash flowing investments. He also hosts Unlimited Capital on the Best Ever CRE network, where he covers capital raising, fund operations, and the business of building investment platforms. A lifelong entrepreneur, Richard started his first company in college and later spent eight years in China building a software engineering services firm to more than 85 employees. Wanting assets that worked for him instead of headcount, he moved into single family rentals and eventually partnered with Chris Lopez to launch Property Llama. Today his firm invests exclusively in debt funds, using a fund of funds structure to convert idle equity into contractual monthly income. Richard McGirr joins John to explain why so many long-term single family landlords are sitting on millions in equity while earning almost nothing in cash flow. Using data from roughly 6,000 rentals inside the Property Llama platform, where the average return is negative 1% cash on cash, Richard breaks down how a decade of appreciation and debt paydown quietly eroded return on equity. From there, the conversation turns to debt funds. Richard explains how hard money lending to flippers works, why six month loan terms and LTV cushions change the risk profile, and where the real danger sits. He also walks through the fund of funds structure behind Property Llama Capital, the fee discount he negotiated by committing scale, and the operational audit he runs on any lender before placing a dollar with them. Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here . Key Takeaways Re-underwrite your rentals at today's values, not your purchase price Track return on equity, not just cash flow, as debt gets paid down Debt funds pay contractual cash flow from day one, backed by an LTV cushion Shorter loan terms shrink the window for things to go wrong Fraud, not default, is the risk that wipes out lenders Diversify across a loan pool instead of funding one deal at a time Topics From Software Founder to Real Estate Investor Built a software engineering services firm in China to over 85 employees Left a headcount driven business in search of cash flowing assets Partnered with Chris Lopez by adding value to an already established operator Why the Average Single Family Rental Returns Negative 1% Roughly 6,000 rentals in the Property Llama system average negative 1% cash on cash Rents are flat or falling while insurance, vacancy, and CapEx climb Richard's own Colorado Springs rent fell about 30% after a supply wave The Return on Equity Problem The education industry teaches investors how to buy, not how to reassess what they own A property bought at a 7 cap can become a 3.5 cap when values outpace rents 80% LTV becomes 20% LTV, and returns slide from the high teens into single digits The Equity Rich, Income Poor Landlord Typical client holds 3 to 8 rentals with several million in equity near retirement Most target $10,000 to $20,000 a month and sit closer to $3,000 Cash out refinances no longer close the gap at current rates Debt Funds 101 A pool of performing loans secured by title on real property Hard money lenders fund flippers who need high LTV and five day closings Fully loaded returns run 15% to 18% including origination Why Hard Money Risk Is Structurally Lower Six month terms limit what can go wrong versus a ten year horizon A 25% LTV cushion rarely erodes inside six months Single family homes are the easiest real estate asset to liquidate Fund Investing vs. Lending on Your Own Private lending demands underwriting, fast closings, draw management, and workouts A single Denver flip loan can require $1.3 million of capital $100,000 into a fund buys a slice of 50 loans instead of one Lending Is a Real Operating Business Lenders run origination, marketing, servicing, and accounting departments On a 50 loan book, roughly 8% pays off every month and must be replaced Richard's largest lender partner employs 40 people Building the Fund of Funds Model Property Llama Capital launched asset light and headcount light by design Raising capital for another sponsor's deal without a license is a serious violation Committing $5 million earned a 30% fee discount, split evenly with LPs How Richard Audits a Lender Request written credit box, servicing, and draw processes Sample 20% of the loan tape and match a document to every step Verify title at the county and confirm payoff wires in the bank account Announcement: Learn about our Apartment Investing Mastermind here . Round of Insights Failure that set Richard up for success: Launching his first fund with his partner Chris after an earlier partnership ended, assuming they could raise what they had raised before. The raise collapsed and the business nearly folded. Bringing in consultant Lauren Brychell of Equity Elevated exposed how large the sales and marketing gap actually was. Digital or mobile resource: Claude Code. Book recommendation: $100M Offers, $100M Leads, and $100M Money Models by Alex Hormozi. Daily habit: Working from home, which he considers a genuine performance advantage. #1 insight for investing in debt funds: Fraud is the number one risk, whether committed by the borrower or against the lender. It is catchable with proper due diligence, and it is the scenario that wipes you out. Most other bad outcomes cost you 10% to 20%, not everything. Favorite place to grab a bite in Denver, CO: Torchy's Tacos. Next Steps Learn more about Property Llama Capital here: capital.propertyllama.com Connect with Richard McGirr on LinkedIn Listen to Unlimited Capital every Monday on the Best Ever CRE network Run your portfolio through Property Llama and re-underwrite at today's values Calculate return on equity across every property you own, not just cash on cash Compare your current monthly income against the goal you actually set Audit any debt fund's written processes, loan tape, and title records before investing Thank you for joining us for another great episode! If you're enjoying the show, please LEAVE A RATING OR REVIEW , and be sure to hit that subscribe button so you don't miss an episode.

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  Multifamily Insights

  Don't Quit Your Day Job for Real Estate with John McNellis, Ep. 803

  Aug 4, 202632 min

  John McNellis is a veteran real estate developer and founding partner of McNellis Partners, where he has spent more than four decades developing over 100 properties across Northern California, primarily supermarket anchored shopping centers. He started as a journalism major, went to law school, and practiced litigation for less than a year before shifting into real estate law, where he learned to structure large transactions and met the people who would fund his first deals. John built his first shopping center in 1983 alongside an older developer client and has worked with the same two partners, Beth Walter and Mike Powers, ever since. He is the author of Making It in Real Estate: Thriving as a Developer, now in its third edition, and writes a monthly column for the San Francisco Business Times and The Registry. ​​In this episode, John McNellis walks through 43 years of development, starting with a duplex he bought at 24 and ending with a firm that uses no outside capital at all. He explains how a law career gave him a shortcut into large deals, why he stopped raising money after his financial partners walked away during the early 1990s recession, and what he learned from losing a Sacramento shopping center in foreclosure. He also makes an argument most real estate podcasts avoid: keep your day job, because the failure rate in development is high and the cash flow takes years to arrive. Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here . Key Takeaways Learn large deal mechanics on someone else's payroll before risking your own capital Partner for the skills you lack, and accept that good partnerships can still end Weigh the control you surrender before accepting outside capital Owning 100% of a small deal can beat owning 1% of a large one Do not overpay, over leverage, or over develop Topics From Journalism to Law to Development Practiced litigation for less than a year before moving to real estate law Legal work exposed him to eight figure deals, entity structures, and capital contacts Early Deals That Funded the Career Bought a duplex at 24 for $25,000 with roughly $1,500 down Traded up to a fourplex and turned $1,500 into $90,000 in about two years The First Shopping Center Partnered with a developer client who had construction expertise but could not sell John raised $1 million in equity at $25,000 per investor and handled the legal work Built in 1983, still owned today, mortgage paid off and renovated twice Why That Partnership Worked, and Why It Ended The partnership ran 5 or 6 years, until neither needed the other Beth Walter and Mike Powers joined in 1983 and remain his partners 43 years later The Developer as Conductor John says he still knows nothing about construction after 80 odd buildings Development requires an orchestra of partners, consultants, and contractors The Capital Ladder and Its Ceiling Friends and family money is a booster rocket, useful until you run out of friends Institutional capital costs more and carries total control over timing and exits What Non-Recourse Actually Means Deregulation of savings and loans pushed money into commercial real estate in the 1980s Financial partners walked away mid-project during the early 1990s recession Non-recourse protects you from them and protects them from you Moving to Their Own Capital Only John chose owning 100% of a small deal over a minority stake in a large one The firm buys junk, fixes it, sells it as antiques, and funds the next deal Why He Tells Developers to Keep Their Day Job Development can take three to six years before a property cash flows John practiced law through his first ten years of investing He cites a failure rate above 60% for development firms in their first decade Announcement: Learn about our Apartment Investing Mastermind here . Round of Insights Failure that set John up for success: A Sacramento shopping center bought with his first partner. They overpaid, overleveraged with a savings and loan that funded 103% of the purchase price, and tried to over develop the site. The deal ended in foreclosure about ten years later and taught him not to overpay, over leverage, or over develop. Digital or mobile resource: Google Earth . Book recommendation: The Elements of Style by Strunk and White. Daily habit: Getting out of bed before 7 a.m. and getting to the office. #1 insight for making it in real estate: Persistence first, risk evaluation second. Real money requires real risk, but too much risk ends the business and none of it leaves you consulting. Favorite restaurant in Palo Alto, CA: Evvia . Next Steps Reach out to John via email: john@mcnellis.com Connect with John McNellis on LinkedIn , where he reposts his monthly columns Read Making It in Real Estate: Thriving as a Developer , available on Amazon and Barnes & Noble Follow his columns in the San Francisco Business Times and The Registry Audit whether your current capital structure gives you the control you need Pressure test purchase price, leverage, and development scope before you commit Identify the operating partners you need instead of trying to cover every role Thank you for joining us for another great episode! If you're enjoying the show, please LEAVE A RATING OR REVIEW , and be sure to hit that subscribe button so you don't miss an episode.

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  Multifamily Insights

  The Real Estate Opportunity Most Investors Are Missing With David Bacon, Ep. 801

  Jul 14, 202635 min

  David Bacon has a background in digital marketing, investor acquisition, and growth strategy, with a focus on alternative investments and expanding access to real estate backed opportunities. At Worthy Wealth , he focuses on investor education and connecting everyday investors to income generating real estate strategies, including senior living and other demographic driven sectors. In this episode, John talks with David Bacon about how Worthy Wealth is democratizing real estate investing through $10 senior living shares and housing bonds. David explains how pooling small investments into a diversified portfolio spreads risk, why the company charges no fees, and how its value add strategy of buying and modernizing functionally obsolete senior living facilities meets the surging demand created by an aging population. Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here . Key Takeaways Open your capital raise to many small investors instead of relying on a few large checks Spread risk across a portfolio of assets rather than concentrating it in a single deal Understand how a deal is structured and who gets paid first before you invest Follow demographic demand, like the aging population, to find supply gaps in the market Modernize functionally obsolete properties to create inventory faster than new construction Topics Democratizing Real Estate Investing The 2012 Jobs Act opened investments once reserved for accredited investors to retail investors Worthy Wealth offers senior living shares and housing bonds at $10 each, with a $100 minimum first purchase for senior living Why Volume Beats Big Checks David would rather have a thousand investors at $10 each than one investor at $10,000 Recurring investments, automation, and round ups on everyday purchases add up to meaningful funds The Portfolio Approach to Risk Traditional real estate investments localize risk in a single asset Worthy Wealth pools investor money into a portfolio, so one problem property does not affect the rest Who the Typical Investor Is Millennials seeking financial independence are the sweet spot, while Gen Z investors are getting started early through mobile apps The model also serves gig workers without traditional retirement plans and higher end investors who see the supply and demand imbalance in senior housing Returns, Fees, and Deal Structure Worthy Wealth charges no fees and makes its money on the back end of each investment Investors earn a 5 to 7% quarterly dividend during a two to five year hold, plus 60% of sale profits, targeting a 15% annualized return The senior living product is a Reg D offering, while the housing bonds are a Reg A Tier 2 offering Understanding How Deals Are Structured John breaks down Reg A and Reg D offerings and the limitations each places on raising capital He urges investors to understand the capital stack and who gets paid first before committing to any deal The Silver Tsunami in Senior Housing More than 11,000 baby boomers turn 65 every day, and the 80 plus population will double in the next 20 years Occupancy at senior living facilities sits at 90% and has grown for 19 straight quarters Why Supply Cannot Keep Up The nation needs $1 trillion in senior living construction over the next decade, yet new construction is at a two decade low Banks charge 50 to 100% higher interest rates on horizontal work like utilities and dirt work, creating a financing bottleneck The Value Add Play in Senior Living 40% of existing facilities were built before the smartphone and are functionally obsolete Worthy Wealth buys these facilities at a discount, modernizes them, hands them to professional management, and sells them for appreciative income 📢 Announcement: Learn about our Apartment Investing Mastermind here . Round of Insights Failure that set David up for success: Starting his career as a poor manager with a lead from behind attitude. He learned that his success rests on the people he manages, and today he leads by understanding what motivates others and building intentional cooperation. Digital or mobile resource: AI tools. He believes learning to use AI strategically is critical, and that AI will never take the job of someone who knows how to manage it. Book recommendation: Then Everything Changed by Jeff Greenfield. Daily habit: Working out a few times a week to manage stress and stay physically, mentally, and emotionally balanced. #1 insight for investing with purpose: Align your investments with your values. Alternative investments let you know exactly where your money is going, so you can earn an attractive return while benefiting others. Favorite restaurant near Atlanta, GA: Stone House Tap . Next Steps Learn more about Worthy Wealth here: worthywealth.com Evaluate whether alternative investments fit your goals, time frame, and risk tolerance Understand how each deal is structured, including the offering type and who gets paid first Compare single asset investments against portfolio based approaches for spreading risk Study the supply and demand imbalance in senior housing and other demographic driven sectors Look for investments that align with both your financial goals and your values Thank you for joining us for another great episode! If you're enjoying the show, please LEAVE A RATING OR REVIEW , and be sure to hit that subscribe button so you don't miss an episode.

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  Multifamily Insights

  Episode 800: How Our First Guest Scaled to the Top of His Market with Tryfon Christoforou

  Jul 7, 202649 min

  Episode 800 brings the show full circle. Tryfon Christoforou was the very first guest on this podcast, back when it was still Target Market Insights and his brokerage was little more than himself, his partner, and one other agent. Today 3CRE runs 42 agents and brokers, and Tryfon returns to break down how he reads the Cincinnati market, how investors can identify strong markets and submarkets anywhere, and how to build and scale a team that performs in any economy. Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here . Key Takeaways Diversify across asset types so a soft class does not stall your business Let national retailers do the market research, then follow where they build Invest in landlord-friendly states with employment spread across many companies Underwrite conservatively, because cheap debt no longer hides mistakes Hire people who add value, then stay humble enough to let them lead Topics Returning to the Show and Building 3CRE Tryfon co-founded the partnership with Mike Costantini 14 years ago and went fully independent a decade ago The firm now spans multifamily, retail, office, industrial, business brokering, asset management, residential, and capital markets The team has grown to 42 agents and brokers Why Cincinnati Still Offers Value Prices have doubled or tripled in 14 years but remain well below coastal and Sun Belt markets Newer product rents at roughly $1.50 to $2 per square foot, versus $3 to $4 in cities like Austin and Nashville A white-collar base including Procter & Gamble, GE Aviation, Fifth Third, and Great American supports steady housing demand Submarkets Worth Watching The Norwood and Montgomery Road corridor stays his top pick, with development running from Hyde Park to Oakley to Pleasant Ridge Eastern suburbs such as Loveland, Milford, and Clermont County are drawing new development, partly behind a new Purina plant National retailers like Wawa opening in Silverton signal where growth is heading Reading Any Market From a Distance Track population and household income trends, since falling demographics eventually pull prices down Favor landlord-friendly states with faster, cleaner eviction processes Prefer economies supported by many employers rather than one or two A Harder Market for Operators and Brokers Cheap COVID-era debt let weak underwriting still cash flow, and that cushion is gone Larger multifamily is slow to trade while 10 to 20 unit deals are moving quickly Lenders have turned risk-averse, and some banks have paused commercial lending entirely Why Diversification Wins Specialists in each asset type let the firm follow demand as trends shift New development increasingly blends multifamily with retail and office to spread risk Investors are treating real estate like a diversified portfolio rather than a single bet 📢 Announcement: Learn about our Apartment Investing Mastermind here . Round of Insights Failure that set Tryfon up for success: Growing just to grow. Early on he added agents to hit a headcount rather than for production, which taught him to hire deliberately and build culture instead of chasing numbers. Digital or mobile resource: RetailSphere . Book recommendation: Start with No by Jim Camp. Daily habit: The gym five to six times a week, phone on Do Not Disturb, for both physical and mental focus. #1 insight for scaling a brokerage or business: Surround yourself with people who add value, then stay humble enough to let them lead. Favorite restaurant in Cincinnati, OH: E+O Kitchen . Next Steps Learn more about 3CRE for commercial and 3CRE Homes for residential Reach Tryfon by email at tryf@3cre.com or directly by phone at (513) 745-9333 Review whether your portfolio is too concentrated in a single asset class Follow national retailers to spot where growth and development are heading Underwrite conservatively and account for debt service, CapEx, and today's rates Prioritize landlord-friendly markets with diversified employment Thank you for joining us for another great episode! If you're enjoying the show, please LEAVE A RATING OR REVIEW , and be sure to hit that subscribe button so you don't miss an episode.

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  Multifamily Insights

  This Simple Mistake Cost One Business Owner $800,000 with Bobby Casey, Ep. 799

  Jun 30, 202643 min

  Bobby Casey is an international tax strategist and lifelong entrepreneur. He is the founder of Business Anywhere and a managing partner of Global Wealth Protection, helping entrepreneurs legally reduce taxes, protect assets, and run borderless businesses. Raised in an entrepreneurial family, Bobby started his first company at 19 and went on to build and sell several businesses, including a restaurant, a real estate company, and an installation company that served Fortune 500 clients. After hiring a specialist to handle his own asset protection and company structuring, he became fascinated with the work and turned it into Global Wealth Protection. Business Anywhere grew out of that consulting practice as a platform to automate company formation, compliance, and renewals. Today Bobby works with entrepreneurs and investors around the world, many of them location independent, and lives across multiple countries himself. Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here . Key Takeaways Never register your own LLC; a commercial registered agent keeps your name and home address out of public record Build asset protection in layers, starting with privacy, then legal structures like LLCs, trusts, and foundations Match your spend on planning to the assets at risk, because going cheap upfront can cost far more later Use AI and online research to prepare, then validate every decision with a qualified professional Diversify your income streams so no single client or channel can sink the business Topics From Corporate Installs to Working Only With Entrepreneurs Bobby started his first company at 19 and later sold a restaurant, a real estate business, and an installation company Tired of serving large corporate clients, he chose to work exclusively with entrepreneurs How Business Anywhere Was Born After automating company renewals for his consulting clients, he spun the software into a separate platform Business Anywhere handles formation, registered agents, compliance, banking, and payment processing online Roughly half of its clients are non US persons, from a NJ plumber to a Canadian investor with US property living in Mexico The Case Against DIY LLCs Filing your own LLC forces your name and home address into public record for anyone to find A missed service of process notice can get your LLC revoked Two Florida Lawsuits, Two Outcomes A client shielded by a registered agent ignored a frivolous class action and it disappeared A client who filed his own LLC was served personally and settled for around $800,000 Asset Protection as Layers Bobby compares protection to a castle's moat, walls, and drawbridge More assets demand more layers, from privacy to trusts and foundations The Real Mistake Is Being Cheap AI tools and forums give narrow answers because they lack the full context of your situation A strong CPA or advisor often returns far more than the fee they charge Think of Protection Like Insurance You pay for structure hoping you never need it The cost is trivial against a multimillion dollar judgment 📢 Announcement: Learn about our Apartment Investing Mastermind here . Round of Insights Failure that set Bobby up for success: Losing Walmart, nearly half his installation company's revenue, through a same day contract termination two days after Christmas in 2001. It taught him to diversify income across businesses, lead channels, and asset classes. Digital or mobile resource: Ahrefs . Book recommendations: Atlas Shrugged by Ayn Rand, Atomic Habits by James Clear, and Dungeon Crawler Carl by Matt Dinniman. Daily habit: Going to the gym every day. #1 insight for building a business you can operate from anywhere: Develop a skill within your wheelhouse, adapt it to be location independent, and protect your mental focus against distraction. Favorite places to eat: Lido in Riga, Latvia, and a historic family run pizzeria in Naples, Italy. Next Steps Learn more about Business Anywhere here: businessanywhere.io Explore coaching and tax planning at Global Wealth Protection: globalwealthprotection.com Check whether any of your LLCs expose your name or home address in public record Replace any self filed registrations with a commercial registered agent Build your asset protection in layers, starting with privacy Take any AI or forum research to a qualified professional before acting Thank you for joining us for another great episode! If you're enjoying the show, please LEAVE A RATING OR REVIEW , and be sure to hit that subscribe button so you don't miss an episode.

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