What if chasing certainty in real estate deals is the exact mistake holding you back? In this episode of the Stella Top Seller Podcast, host Stella Shalamova sits down with Mike Preshman, President of BA Capital LLC, who transitioned from software architecture to owning and managing over 200 multifamily units. Mike shares how analytical thinking, downside protection, and probabilistic decision-making keep commercial investors in the game. About Stella Shalamova: Stella Shalamova is the host of Stella Top Seller and an award-winning New York real estate professional with 20+ years of industry experience. On this episode, she unpacks the disciplined commercial strategies behind scaling holdable apartment communities. 🎙 In this episode, you'll learn: ✔️ How to apply poker probabilistic thinking to commercial acquisitions ✔️ Why asymmetric risk and downside protection beat chasing speculative upside ✔️ How to move a 32-unit property from an 8 cap to 10+ cap with disciplined renovations ✔️ Why holdable assets with stable cash flow create true financial freedom Key questions answered in this episode: Q: How do you protect against downside risk in commercial properties? A: Focus on conservative underwriting, keep renovation budgets tight, and maintain cash reserves so the property remains resilient through rate fluctuations. Q: What is a holdable asset? A: A property with stable tenants, predictable operating costs, and minimal daily management friction that allows investors to scale without burnout. 🎧 HOSTED BY: Stella Shalamova | Stella Top Seller 👤 GUEST: Mike Preshman – President, BA Capital LLC Mike Preshman is a full-time multifamily real estate investor and the President of BNP Capital LLC based in Massachusetts. Drawing on a professional background in software architecture, he transitioned from managing vacation rentals to scaling a portfolio of over 200 multifamily units. He specializes in streamlining property management using lean team structures and efficient workflows. ⏳ Timestamps: 00:00 Introduction & Welcoming Mike Preshman 01:00 Commercial Academy in Florida 02:21 Leaving Software for Real Estate 03:43 From House Hacking to Cash Flow 06:10 Jumping to Commercial: Asymmetric Risk 07:10 Cash Flow & Holding Through Cycles 08:33 Protecting Downside: Sleeping at Night 09:10 Deconstructing Multifaceted Risk 10:07 Managing 200+ Apartment Units 11:40 Scaling Beyond Operations 15:05 1031 Exchanges & Cost Segregation 16:47 Case Study: 32 Units in New Hampshire 21:04 Property Management Systems 24:14 Deal Sourcing: Local vs Distant 27:05 Rules of Thumb: The 1.5% Rule 30:57 Protecting Downside & Cash Flow 32:41 House Hacking for New Investors 34:08 Poker Math & Probabilistic Thinking 35:10 Closing Thoughts & Connect with Mike 👉🏻 CONNECT WITH MIKE PRESHMAN: • Website: http://www/bnpliving.com • LinkedIn: https://www.linkedin.com/in/mike-preshman-4347a31/ 👉🏻 FOLLOW STELLA SHALAMOVA: • Website: https://www.compass.com/agents/stella-shalamova/ • Instagram: https://www.instagram.com/stellashalamova/ • Facebook: https://www.facebook.com/stellashalamovarealtor/ • LinkedIn: https://www.linkedin.com/in/stella-shalamova/ 🔑 KEYWORDS & SEO TOPICS:Stella Shalamova, Stella Top Seller, New York real estate podcast, NY realtor, luxury real estate New York, commercial real estate New York, Top Agent Magazine, real estate strategy podcast, NYC real estate agent, elite realtor, real estate investing NY, top producer New York, luxury agent podcast, commercial deals podcast, NYC investment properties, multifamily investing, BA Capital, Mike Preshman, asymmetric risk, holdable assets, probabilistic underwriting #StellaTopSeller #MikePreshman #CommercialRealEstate #MultifamilyInvesting #RealEstateInvesting Follow and rate the podcast on Spotify to stay updated on new episodes! 💎 Produced by Icons of Real Estate