The Multifamily Wealth Podcast

Axel Ragnarsson
  • 5.0 (309)
  • Investing
  • Updated Semiweekly

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.

  1. #339: The Difference Between Average and Best-In-Class Brokers, How Buyers Can Stand Out To Brokers, and State Of The Market Update for NH/MA Real Estate Investors with Will Peck

    Jun 30

    #339: The Difference Between Average and Best-In-Class Brokers, How Buyers Can Stand Out To Brokers, and State Of The Market Update for NH/MA Real Estate Investors with Will Peck

    In another in-person episode, Axel sits down with Will Peck — multifamily broker at Horvath & Tremblay and one of the most active apartment building brokers in New Hampshire — for a wide-ranging conversation on the current state of the New Hampshire multifamily market, what it actually takes to build a successful brokerage career from scratch, and what separates the buyers and sellers that brokers love working with from the ones that make deals fall apart. Will has been focused exclusively on New Hampshire multifamily since graduating college in 2018, building his book of business from cold calls and grand list research to becoming one of the go-to brokers in the state.  This episode is essential listening for any investor buying or selling in New Hampshire — or any investor who wants to understand how to build a productive, long-term relationship with a commercial real estate broker. Join us as we dive into: The distinction between being a transactional broker and being a true advisor — and why Will regularly tells clients not to sellWhy New Hampshire continues to attract capital migrating from Massachusetts — and why Will sees demand growing even further over the next 12 monthsWhat makes a great seller: transparency from day one, accurate financials, and open communication throughout the transaction — because in today's market with only 2–3 strong buyers at the table, you can't afford to waste a bulletCreative deal solutions: the escrow agreement Will structured for a student housing deal with unleased units — how leaving money in escrow gave the buyer and lender comfort to close without delayWhat makes a great buyer: do what you say you're going to do, give specific and timely feedback, and share your underwriting assumptions so the broker can actually serve youWhy telling a broker "I'm looking for 8 caps" means almost nothing — and what you should be saying insteadThe two-way intel relationship: how sharing renovation costs and achieved rents with your broker builds the kind of market knowledge that eventually comes back to help you price, lease, and sell your own deals Connect with Will Peck: Reach out to him on Linkedin Cell: 207-712-6402 Office: 603-218-1857 Email: wpeck@htapartments.com Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

    53 min
  2. #338: The ONE AI Use Case In Your Business You Need To Focus On... Highly Tactical Episode

    Jun 23

    #338: The ONE AI Use Case In Your Business You Need To Focus On... Highly Tactical Episode

    In this solo episode, Axel gets highly tactical on the one thing every real estate investor should be doing right now to get the most out of AI — regardless of which tools they use, how big their portfolio is, or how tech-savvy they are. The answer isn't a new app or a prompt hack. It's building context: the foundational informational backend of your business that allows AI tools like Claude to actually understand your company, your portfolio, and your goals well enough to do meaningful work on your behalf. Axel opens up his own Notion workspace and walks through exactly what Aligned Real Estate Partners has built — from company information and brand voice to portfolio dashboards, transaction coordination, and vendor contacts. He also shares specific real-world use cases: auto-completing loan applications, running weekly email analyses to identify new automation opportunities, and having Claude keep the Notion database updated on its own. This episode is essential listening for any investor or operator who wants to build a real estate business that scales with AI — not one that uses AI as a party trick. Join us as we dive into: Why Axel recommends Notion as the informational backbone of your real estate business — and why it integrates cleanly with Claude, Google Drive, Gmail, and other tools.The new employee analogy: why giving AI context is exactly like training a new hire, and why most people skip this step entirely.A walkthrough of Aligned's Notion workspace: company information, brand voice, mission and values, organizational chart, glossary, lessons learned, software tools, and business history.Why uploading monthly property management statements to Notion creates a living dashboard that Claude can analyze and reference at any time.How Claude is integrated with Axel's Gmail, calendar, Notion, and Beehiiv — and what becomes possible once those connections are live.The 21-day email analysis scheduled task: how Axel uses Claude Cowork to identify workflows that can be automated or removed from his plate entirely.The rent comp use case: how Claude now automatically runs a rent comp search and drafts a renewal offer whenever a lease renewal email appears in the inbox.The weekly vendor discovery task: Claude scans the last seven days of email, flags new contacts worth adding to Notion, and updates the database with one click. Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

    18 min
  3. #337: Underwriting Multifamily Real Estate Boils Down To Evaluating TWO Numbers... Revisiting the Fundamentals Of Multifamily Investing

    Jun 16

    #337: Underwriting Multifamily Real Estate Boils Down To Evaluating TWO Numbers... Revisiting the Fundamentals Of Multifamily Investing

    In this solo back-to-basics episode, Axel steps away from the AI and current events conversations that have dominated recent episodes to refocus on the real estate underwriting process. He breaks down the entire game of value creation in real estate into one simple equation, using clear numeric examples that any investor can apply regardless of asset class or market. Axel walks through the three-step framework for quality real estate investing: finding an undervalued deal, assessing whether continued investment can generate a meaningful spread over your all-in cost, and financing the deal in a way that matches the business plan.  This episode is essential listening for any investor — new or experienced — who wants a clear, simplified gut-check framework for evaluating whether a deal actually creates value, independent of rent growth projections or cap rate compression assumptions. Join us as we dive into: Why understanding the current market cap rate for your specific asset class and submarket is the non-negotiable starting point for any underwriting exercise.How to interpret that 9% yield on cost depending on whether the market cap rate is 9% (no value created) or 7% (significant value created).Why Axel and his team target an 8.5%+ yield on cost in a 7% cap environment — a 150 basis point spread — across Southern New Hampshire and the Greater Boston periphery.Why the same 150 basis point spread creates more value in a lower cap rate market than a wider spread does in a higher cap rate market.Why a deal with a 12% yield on cost in a 10% cap market actually creates less value than a deal with a 6.5% yield on cost in a 5% cap market, despite the spread looking similar.How to gut-check a multi-year cash flow model: calculate your yield on cost at stabilization and compare it against the market cap rate at that point in the hold period.Why a thin or non-existent spread between yield on cost and market cap rate signals that your returns are dependent on rent growth or cap rate compression — both riskier bets than underwriting a real spread on day one. Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

    15 min
  4. #336: Putting Together a Complex 300-Unit, 40B Multifamily Development Deal on Cape Cod with Pat Carino

    Jun 12

    #336: Putting Together a Complex 300-Unit, 40B Multifamily Development Deal on Cape Cod with Pat Carino

    In this deal segment episode with Pat Carino we break down one of the most unique deals featured on the podcast to date: a 300-unit, five-building ground-up development on Cape Cod, Massachusetts, acquired through the state's 40B affordable housing program on a 20+ acre site. Pat walks through how the deal first surfaced through a social media message, how it came back to market through a broker four months later, and how NRP Group ultimately won the deal in a competitive process. The conversation covers the mechanics of 40B entitlements, why the Cape Cod market is more compelling than it looks on paper, how the town's own incentives aligned perfectly with the project's approval, and how the team is navigating the Massachusetts rent control uncertainty heading into November. This episode is essential listening for any investor curious about how institutional ground-up development deals actually work — from 40B entitlements to construction type to exit planning — and what the Massachusetts legislative landscape means for multifamily development in 2025 and beyond. Join us as we dive into: A clear explanation of Massachusetts 40B: what it is, how it works, why towns strategically support "friendly 40B" projects, and how crossing the 10% affordable housing threshold removes the tool from future developersWhy wood-frame, surface-parking construction is Pat's preferred method — and how construction type, affordability requirements, and tax environment are the four key variables in any development site evaluationHow NRP prices development deals: per approved/entitled unit — and why that structure protects both buyer and seller when final unit counts are still in fluxHow the capital stack works at NRP: traditional bank construction debt combined with institutional equity from pension funds and family officesWhy Cape Cod is a stronger demand market than it appears: a large workforce commutes onto the Cape daily with almost no rental housing options — and this project fills that gapPat's honest assessment of Massachusetts rent control: how NRP has stress-tested their underwriting against worst-case scenarios, and why a 10-year new construction exemption is at least partially reassuringState-level tailwinds: a proposed sales tax exemption on building materials and a fast-track provision for the MEPA environmental review process for qualifying projects Sign up for the DealNav CRM HERE Connect with Pat Carino: Follow him on Twitter/X Connect with him on Linkedin Learn more about DealNav Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

    13 min
  5. #335: Working on Institutional Multifamily Development Deals, Building an Acquisitions Process, and Fun Deal Stories with Pat Carino

    Jun 9

    #335: Working on Institutional Multifamily Development Deals, Building an Acquisitions Process, and Fun Deal Stories with Pat Carino

    Axel sits down with Pat Carino — a multifamily developer, acquisitions professional at NRP Group, and co-founder of DealNav — for a wide-ranging conversation that spans institutional development, deal sourcing at the highest level, and the origin story of a software tool that Aligned Real Estate Partners actually uses in their own business. Pat breaks down the three-bucket deal sourcing framework he uses at the institutional level — brokers, referral network (architects, engineers, attorneys), and true off-market sourcing.  The second half of the conversation dives into DealNav — what it is, why Pat built it, and why a purpose-built deal tracking CRM with a map beats bloated all-in-one platforms for acquisitions-focused operators. This episode is essential listening for any investor who wants to understand how deal sourcing is done at the institutional level — and how the same principles apply whether you're buying a 10-unit or a 300-unit ground-up development. Join us as we dive into: The three-phase development contract lifecycle: due diligence, entitlement approvals (6 months to 1+ year), and closing — and how it differs from a traditional value-add acquisitionThe three-bucket deal sourcing framework: broker deals, referral network (architects, engineers, land use attorneys, economic development offices), and true off-market direct-to-ownerThe story of a vacant 30,000 sq ft retail building: a two-year follow-up campaign, tracking down the decision-maker through her daughter's Instagram DM, and closing the deal after years of patient persistenceWhy having a CRM with clean notes, timestamped follow-up reminders, and a linked map is the only way to manage a multi-year, multi-contact off-market pipeline at scaleThe origin story of DealNav: from colored pins on a Jersey City poster board to an Excel/Google My Maps hybrid to a purpose-built SaaS product — and why 15 demos of competing CRMs came up shortThe three boxes DealNav was built to check: simplicity (prospecting only, no bloat), a map-first interface, and single-user affordable pricingHow DealNav became a deal source for Pat's institutional acquisitions work — and why building a real estate community and a real estate software company often leads to the same peopleWhat makes a good development site: rent comps that justify new construction, favorable taxes (or abatements), manageable affordability requirements, and the right construction typeSign up for the DealNav CRM HERE Connect with Pat Carino: Follow him on Twitter/X Connect with him on Linkedin Learn more about DealNav Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

    40 min
  6. #334: The Importance Of Context When Seeking Advice + Key Focuses for 25/40/55 Year Old Investors

    Jun 2

    #334: The Importance Of Context When Seeking Advice + Key Focuses for 25/40/55 Year Old Investors

    In this solo episode, Axel tackles one of the most overlooked — and potentially damaging — mistakes new real estate investors make: seeking advice from the wrong people. Not wrong because they're unsuccessful, but wrong because they're in a completely different season of life, operating in a different market, or simply too many steps ahead to give advice that's actually actionable for where you are right now. This episode is essential listening for any investor at any stage of their career who wants to think more clearly about where to source advice, who to model their decisions after, and how to find mentors who are actually in a position to give contextually useful guidance. Join us as we dive into: Why seeking advice from someone 10 steps ahead of you is often more harmful than helpful — and why contextual relevance matters more than raw experienceThe three investor archetypes: the 25-year-old (aggressive risk, bridge debt, self-managing, hairy deals), the 40-year-old (moderate risk, stabilized debt, B-class assets, capital preservation), and the 55-year-old (winding down, passive income, protecting net worth)Why the 55-year-old's advice to "avoid risk, buy in great areas, don't partner" is not wrong — it's just wrong for a 25-year-old trying to scale fastHow Axel at 31 can already feel himself shifting from aggressive growth to capital preservation — and why that shift happens naturally as your season of life evolvesWhy market context matters just as much as experience level: an Ohio investor buying at $80K/door and a Boston investor buying at $300–$400K/door are playing fundamentally different gamesWhy lifestyle design matters when choosing who to learn from — and why Axel doesn't want advice from someone running a 5,000-unit operation with a 15-person team if that's not the business he wants to buildWhere Axel currently seeks advice: investors controlling 1,000 units, raising $10–$20M/year, transitioning from small-to-mid deals to 50–100+ unit acquisitions Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

    19 min
  7. #333: Buying a 20-Unit Deal Using His License To Reduce Cash Out Of Pocket and Discovering The Seller Lied About Leased Rents with Phil MacArthur

    May 29

    #333: Buying a 20-Unit Deal Using His License To Reduce Cash Out Of Pocket and Discovering The Seller Lied About Leased Rents with Phil MacArthur

    In this deal segment episode, Axel sits back down with Phil MacArthur to break down one of Phil's most recent acquisitions: a 20-unit portfolio deal across four buildings in New Hampshire, picked up on the MLS after months of sitting on cash from prior refinances.  The conversation gets into the real nuances of buying from long-term mom-and-pop owners: the informal nature of their leases, the difficulty of getting estoppels, and why small-deal variance is just part of the game when you're playing in the 5 to 30 unit space. Phil and Axel also share a candid back-and-forth on tenant retention — and why tenants know the rental market far better than most landlords give them credit for. This episode is essential listening for any investor buying smaller multifamily deals direct from mom-and-pop owners — and who wants a clear-eyed picture of what the due diligence process actually looks like when the seller isn't exactly playing by the book. Join us as we dive into: How Phil found this 20-unit, four-building deal on the MLS after sitting on cash from four prior refinances for six months.Why the appraiser — from a large Boston institution — applied a 5% loss-to-lease penalty on four vacant units and capped the bank's lending at $3M (65–70% LTV)How Phil bridged the $300,000 financing gap with a short-term hard money lender to get the deal closedThe business plan: light CapEx on roofs and exterior, and bumping rents from an in-place average of $1,600 toward a market rate of ~$1,950 — already achieved on newly leased unitsWhy almost none of the existing tenants left — and why that was better than expected given the previous owner's warningsWhy tenants know the rental market better than investors give them credit for — and why that works in your favor when your rents are modestly below marketThe exit plan: refinance out the hard money, stabilize the rent roll, and target a cash-out refi within 12–24 months to recover 75%+ of invested capitalConnect with Phil: Connect with him on Linkedin Follow Windrift Real Estate on Instagram Learn more about Windrift Real Estate, LLC Listen to the Previous Episode with Phil: Ep119 - Living in an Expensive Market and Investing out of State + Quickly Building a Personally Owned Portfolio of 70+ Units via Spotify or Apple Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

    14 min
  8. #332: Bootstrapping a 100+ Unit Portfolio In Small (Tertiary) Markets and Lessons Learned Along The Way with Phil MacArthur

    May 26

    #332: Bootstrapping a 100+ Unit Portfolio In Small (Tertiary) Markets and Lessons Learned Along The Way with Phil MacArthur

    Axel once again sits down with Phil MacArthur — a Boston-based real estate broker and multifamily investor who has quietly bootstrapped a 125-unit portfolio across some of the most remote, tertiary markets in New Hampshire. Phil's story is a refreshingly honest account of what it actually looks like to build a portfolio the hard way: no outside capital, no institutional backing, just hustle, grinding commissions from Boston condo sales, and reinvesting every dollar back into the next deal. He also shares the management chaos he experienced, contractor war stories, and the key hires that finally allowed him to step back and operate at scale. This episode is essential listening for any investor who wants a real, unfiltered look at what bootstrapping a 100+ unit portfolio actually costs you — in time, stress, and opportunity — and what you'd do differently if you were starting over today. Join us as we dive into: Why Lake Sunapee and Farmington, NH — not Manchester or the Seacoast — were Phil's first markets, and how affordability and personal connection drove the decisionThe reality of self-managing 25+ units across remote New Hampshire while running a full-time brokerage in Boston — and why Phil calls it one of his biggest regretsHow Phil found his generalist property manager through his own tenant network, and why she became the "cork in the bow of the boat" for his portfolioWhy Phil recommends new investors finance renovations rather than self-fund them — and how selling Boston condos to fund New Hampshire renos slowed his growthThe hyperlocal bank strategy: why Phil targeted lenders that already held the existing debt on properties he was buying — and how that unlocked financing others couldn't getWhy New Hampshire has been largely insulated from the distress hitting other markets — flat expenses, stable insurance, and strong meds-and-eds demand drivers from BostonPhil's current buy box: Class B buildings purchased below replacement cost, separate utilities, light cosmetic value add — and why he's deliberately stepping back from heavy renovation workThe 90% tenant retention rate Phil has achieved — and why rapid maintenance response is the single biggest driver of whether a tenant stays or leaves Connect with Phil: Connect with him on Linkedin Follow Windrift Real Estate on Instagram Learn more about Windrift Real Estate, LLC Listen to the Previous Episode with Phil: Ep119 - Living in an Expensive Market and Investing out of State + Quickly Building a Personally Owned Portfolio of 70+ Units via Spotify or Apple Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

    39 min
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5
out of 5
309 Ratings

About

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.

Information

  • Creator
    Axel Ragnarsson
  • Years Active
    2020 - 2026
  • Episodes
    337
  • Rating
    Explicit
  • Copyright
    © 2026 The Multifamily Wealth Podcast
  • Show Website
    The Multifamily Wealth Podcast

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