Small Axe Podcast: Multifamily Real Estate | Buy Buildings, Build Empires

Nico Salgado
  • 5.0 (88)
  • Investing
  • Weekly

The Small Axe Podcast is your go-to show for mastering multifamily real estate investing. Hosted by Nico Salgado, this podcast breaks down everything you need to know about buying apartment buildings—from acquisitions and financing to asset management and dispositions. Nico shares real lessons from the trenches as an active investor and operator. Each week, you'll learn how to build wealth through multifamily real estate, create generational freedom for your family, and take action on buying your first (or next) apartment building. Discover strategies for joint ventures, partnerships, and syndications—so you can confidently invest, scale, and live life on your terms. If you're ready to buy buildings and build empires, this podcast will give you the tools, mindset, and confidence to get started.

  1. 3d ago

    Episode 326: My Next 20 Units: What I'd Do Differently After the Hard Lessons

    Owning apartment buildings changes how you look at buying the next one. Especially when vacancies pile up, repairs drain the account, and you're responsible for figuring out what happens next. After going full cycle on 194 units and still owning about 90 today, I've learned some expensive lessons. In this episode, I share how those lessons are changing what I'll accept on my next 20-unit purchase. We get into: Buying for today's cash flow instead of projected rent increases. Protecting reserves when several things go wrong at once. The true cost of vacancy beyond the missing rent. Setting clear expectations with property managers and partners. Planning an exit that doesn't depend on appreciation or lower interest rates. I still want to buy more apartment buildings. But my next purchase needs to put me in a stronger financial position—and I'm willing to wait for a deal that does that. Whether you're buying your first building or your fifth, these are questions to ask before your money is committed. Find tools and resources for your multifamily investing journey at stan.store/BuyBuildings. Keep swinging that small axe.

  2. Oct 26

    Episode 325: Seller Financing Doesn't Fix a Bad Deal

    I want to buy another apartment building without raising money from investors. Seller financing could help me do that—but getting a seller to hold the note is only the beginning. In this episode, I share what I'm trying to negotiate, why I'm willing to consider a higher purchase price for better terms, and where that tradeoff can get dangerous. My own seller-financed 16-unit has been one of our best deals, but that doesn't mean every seller-financed opportunity makes sense. We get into: Negotiating a smaller down payment without killing the cash flow. How purchase price, interest rate, and loan terms work together. Keeping enough reserves for repairs, vacancies, and surprises. Planning for the balloon payment before you buy. Deciding whether you're building wealth or just buying yourself more work. Getting into a deal is one thing. Living with it for the next five or ten years is another. The goal is to own something that actually improves your financial position. Ready to get started in multifamily real estate? Find tools and resources at stan.store/BuyBuildings. Keep swinging that small axe.

  3. Oct 19

    Episode 324: What Should You Offer? Analyze a Multifamily Deal in 30 Seconds

    What should you offer on a multifamily property? Before spending hours underwriting, you need to know whether you're even in range. In this episode, I walk through my free Small Axe First Swing deal analyzer and show you how I use it to get a starting offer price in under 30 seconds once I have the basic inputs. We look at two properties using current rents, a target cap rate, and an estimated repair budget. Then we adjust the financing to see how the down payment, interest rate, and loan structure affect cash flow and the money needed to close. You still need to understand your market, choose realistic assumptions, and do deeper underwriting before moving forward. But this first look can help you decide which deals deserve more time and which ones to pass on. Sometimes that quick calculation is all you need to start a conversation with a broker. Download the free Small Axe First Swing deal analyzer: https://stan.store/buybuildings If this episode helps you, leave a rating or review and share it with someone looking for their next multifamily deal.

  4. Oct 12

    Episode 323: You Found a Great Deal. But Can You Actually Close?

    Finding a great multifamily deal is hard. Getting the money together to actually close it? That's a whole other challenge. In this episode, I get honest about my capital raises, including the ones that fell short and one that completely fell apart. I've heard "find the deal and the money will come" a million times. That has not been my experience. We talk about why investor interest doesn't always turn into wired funds, what to do when you're short on capital, and the questions you need to ask before putting a property under contract. Bringing in another partner, asking for more time, or changing financing might help. But does the deal still make sense after those changes? Sometimes you have to give yourself permission to walk away. If you're looking at deals right now, this episode will help you think through how you're actually going to get them closed. Download my free Small Axe First Swing deal analyzer at stan.store/buybuildings. Thanks for listening. Leave a rating or review and share this episode with someone working toward their next deal.

  5. Oct 5

    Episode 322. When Real Estate Deals Go Sideways: Refinancing, Losses, and Staying in the Game

    What happens when your refinance gets delayed, your lender drops the ball, and selling means taking a loss? In this episode of the Small Axe Podcast, I share what's happening inside my own real estate portfolio—the wins, the mistakes, and the tough decisions I'm working through right now. I break down a lender error that left us facing a higher interest rate, the pressure of approaching loan maturities, and why we're considering selling our 44-unit portfolio at a loss. I also share the lessons from a fix and flip that went sideways and why protecting investor capital drives every decision. We cover: How higher rates affect refinance proceeds and monthly cash flow. Why a fixed-rate commercial loan can still create problems when it resets. The difficult choice between selling at a loss and holding through uncertainty. Lessons from overpaying and dealing with contractor delays. Why vetting your partners and building a strong network matter. Real estate investing comes with setbacks. This is an honest look at what it takes to work through them, take responsibility, and stay in the game. Want to learn how to buy and analyze multifamily properties? Get my Buy Buildings, Build Empires™ course and Multifamily Deal Blade bundle for $497, backed by a money-back guarantee: https://stan.store/buybuildings If this episode helped you, subscribe, leave a rating and review, and share it with someone who could use it.

  6. Sep 28

    Episode 321: Find Your Tribe. Build Your Team. Do More Deals.

    Episode 321: Find Your Tribe. Build Your Team. Do More Deals. Multifamily real estate is a team sport. In this episode, I'm recording from Jacksonville after spending the weekend with the Make It Happen Mastermind, and I'm leaving re-energized. The past few months have been challenging. Refinances, difficult deals, properties that won't sell, partnership issues, and a tough market can make you feel like you're the only one struggling. You're not. Being around other investors and operators reminded me that everyone goes through difficult seasons. The people who keep moving forward are the ones who stay connected, keep learning, add value to others, and build strong teams. In this episode, we talk about why networking matters, why you need to find your tribe, how to figure out where you add value to a team, and why relationships can be just as important as finding the deal itself. You do not have to do this alone. Find your people. Build your team. Stay in the game. Learn more about multifamily investing at Stan.store/buybuildings.

  7. Sep 21

    Episode 320: Should You Ever Sell a Property at a Loss?

    Nobody likes losing money in real estate. But if you invest long enough, eventually a deal may not go according to plan. Markets change. Interest rates rise. Insurance and taxes increase. Cap rates shift. Loans come due. And sometimes the property you thought would be a great investment simply isn't performing the way you expected. In Episode 320 of the Small Axe Podcast, Nico gets personal about challenges he's facing in his own portfolio and asks an uncomfortable question: When does it make sense to sell a property at a loss? Instead of holding onto an investment simply because you want your money back, Nico discusses opportunity cost, upcoming CapEx, debt maturities, cash flow, reserves, and one question that can completely change how you look at a struggling investment: If I didn't already own this property, would I buy it today? Sometimes the right move is to hold. Sometimes it's to refinance. And sometimes taking the loss and moving forward may put you, your partners, and your investors in a stronger position. Protect your portfolio, not your ego. 🏢 Ready to learn how to buy and analyze multifamily real estate? Check out Nico's Buy Buildings, Build Empires™ course and other multifamily resources: Buy Buildings, Build Empires™

  8. Sep 14

    Episode 319. There Is No Perfect Time to Buy Real Estate

    Are you waiting for the "perfect" time to buy real estate? The perfect market. The perfect interest rate. The perfect deal. The perfect moment. Here's the problem: it doesn't exist. In this episode of the Small Axe Podcast, Nico breaks down why successful real estate investors stay involved regardless of where we are in the market. That means analyzing deals, making offers, talking to brokers, building relationships, and being ready when the right opportunity finally shows up. Nico also gets into an important question every investor should ask: Are you really prepared to be an active owner/operator? Being a GP requires time, energy, consistency, and a long-term commitment. If that isn't the right fit for your life, investing as an LP may be a better way to participate in real estate. There are plenty of ways to get into the game—from single-family and small multifamily to joint ventures, syndications, and passive investing. The key is understanding your resources, your goals, and the role that actually fits you. Stop waiting for perfect conditions. Get involved, stay consistent, and be ready when your opportunity comes. Ready to take the next step in multifamily real estate? Check out Nico's courses, tools, and resources at the Buy Buildings, Build Empires™ Stan Store: stan.store/buybuildings

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About

The Small Axe Podcast is your go-to show for mastering multifamily real estate investing. Hosted by Nico Salgado, this podcast breaks down everything you need to know about buying apartment buildings—from acquisitions and financing to asset management and dispositions. Nico shares real lessons from the trenches as an active investor and operator. Each week, you'll learn how to build wealth through multifamily real estate, create generational freedom for your family, and take action on buying your first (or next) apartment building. Discover strategies for joint ventures, partnerships, and syndications—so you can confidently invest, scale, and live life on your terms. If you're ready to buy buildings and build empires, this podcast will give you the tools, mindset, and confidence to get started.

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