The Multifamily Wealth Podcast

Axel Ragnarsson
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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. 1D AGO

    #328: Digging Into Our Acquisitions Process + How We’re Finding DTS Deals with our Acquisitions Manager, Justin Dragone

    In another in-person episode, Axel sits down with Justin Dragone — Acquisitions Manager at Aligned Real Estate Partners — for a deep, behind-the-curtain look at how Aligned actually finds deals. Justin brings a unique perspective on the operator side and spending the last three years building and running Aligned's direct-to-seller acquisitions engine. The conversation covers the full acquisition process from first touch to signed contract. Justin and Axel also share their honest take on how the direct-to-seller landscape is evolving in 2026 — more competition, harder to reach people, and why hyper-local credibility is the last remaining moat. This episode is essential listening for any investor who wants to build a real deal-finding machine — not just send some mail and hope — and understand what professional, high-volume, direct-to-seller acquisitions actually looks like day to day. Join us as we dive into: Justin's journey from putting out open house signs as a high schooler to running acquisitions for a multifamily investment firmThe five-point outreach sequence Aligned uses to reach every seller: cold call, voicemail, text, email, and direct mailWhy Aligned sends direct mail quarterly and calls back every two to three months — and why more frequent contact often backfiresWhy Aligned skips asking sellers for expense schedules — and why you should know your market well enough not to need themHow Justin presents offers over the phone, always tries to get a counter, and sends a real purchase and sale agreement the same dayThe seller motivation signals Justin listens for on every call: willingness to talk, volunteering information, age and retirement plans, and dissolving partnershipsHow to educate an over-priced seller using inarguable, factual data — not opinions — to bridge the gap between their expectations and market realityThe 72-unit Barrington deal that took five years of follow-up from first mail piece to signed contract — and why that timeline is normal for large dealsHow Aligned stays omnipresent with sellers through a monthly acquisitions newsletter sent to every broker, seller, lender, and vendor in their marketWhy the direct-to-seller landscape is getting harder — more competition, lower answer rates, more spam — and why hyper-local credibility is the last remaining edge Connect with Justin Dragone: Follow him on Instagram Email him through: acquisitions@alignedrep.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

    46 min
  2. #327: Sharing 4 Tactical Tips For Multifamily Investors Who Are Renovating a Value-Add Deal

    APR 28

    #327: Sharing 4 Tactical Tips For Multifamily Investors Who Are Renovating a Value-Add Deal

    In this quick solo episode, Axel shares tactical renovation tips for value-add multifamily investors — the kind of on-the-ground, practical guidance that comes from years of buying, renovating, and operating older New England apartment buildings. Whether you're tackling your first value-add deal or refining your renovation playbook on your tenth, these tips are designed to help you maximize rent, reduce vacancy, and build a product that tenants actually want to stay in. Axel covers everything from how to test your market with an over-renovated first unit, to why you should be secretly shopping new construction buildings every quarter, to why a $500 power wash can make a building look like it just got a $20,000 facelift. This episode is ideal for any investor actively executing or planning a value-add renovation — especially those working with older, smaller multifamily assets in supply-constrained markets. Join us as we dive into: Why you should over-renovate one of your early vacant units to test the market before locking in your renovation scope for the whole buildingHow spending an extra $2,000–$3,000 on nicer finishes in that first unit can reveal whether a $75/month rent premium is achievable — and justify upgrading every unit that followsWhy modeling your finishes after what new institutional ground-up developments are doing is the smartest design shortcut available to small operatorsHow to secret-shop new construction buildings quarterly to stay ahead of design trends without hiring an interior designerThe concept of "function keeps folks longer" — and the low-cost upgrades that make a unit meaningfully more livable for tenants day-to-daySpecific functional upgrades: extra kitchen cabinets, bump-out countertops, storage vanities over pedestal sinks, medicine cabinets, closet shelving, and towel hooksWhy investing in bright, inviting common areas and exteriors pays bigger dividends than adding the same dollars to individual unit budgetsThe underrated impact of LED motion-activated lights, light paint colors, and natural light in common hallways on prospective tenant perception 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
  3. #326: Buying 9 Units at Below-Market Value, Selling An Adjacent Lot, and Creating $400k in Value Within 10 Months with Ryan Corcoran

    APR 24

    #326: Buying 9 Units at Below-Market Value, Selling An Adjacent Lot, and Creating $400k in Value Within 10 Months with Ryan Corcoran

    Axel sits down with Ryan Corcoran of Specialized Property Group for a new segment on the show. Ryan walks through a property he picked up for $1.325 million through an off-market agent relationship, with a simple business plan of renovating vacant units, pushing rents, and refinancing to hold long-term.  What unfolded was a masterclass in staying opportunistic: an adjacent lot that the seller dismissed as worthless was taken through the zoning board, permitted for a three-unit development, and sold off for $250,000 — turning an already solid deal into an exceptional one.  The episode doesn't just celebrate the wins. Ryan is candid about what went sideways — vacant units that sat for six months, the tension between maximizing rent rolls for a refinance versus filling units quickly, and a costly prepayment penalty that caught the team off guard when they pivoted from a hold to a sale. These are the kinds of real-world friction points that rarely make it into a highlight reel, and they're exactly what makes this episode worth listening to. Join us as we dive into: The adjacent lot play that nobody valued: how Ryan took an "unbuildable" lot through the zoning board, secured multiple variances, and sold it for $250,000 — a return entirely outside the original underwritingWhy three units sat vacant for six months despite a strong location near UMass Medical Center — and the hard lesson about rent-setting strategy when your goal is a refinance versus long-term holdThe sell vs. hold decision: why a $1.6M basis with a $2M exit made more sense than grinding for $20–30K per year in cash flow — and what that says about capital recycling and return on equityThe prepayment penalty trap: how a conventional commercial loan locked the team into a six-figure exit cost they hadn't fully accounted for — and how to negotiate 1-1-1 or step-down structures upfrontWhy having a licensed real estate agent as a partner (or spouse) is one of the biggest structural advantages in a transactional investing business — and how Ryan's team saved six figures in commissions last year aloneThe value creation hiding in oversized lots: why dedicating resources to subdivision and entitlement work on large parcels is one of the highest-leverage moves available to active investors today Connect with Ryan: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Specialized Property Group 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
  4. #325: An Intensive Deep Dive into Sourcing Multifamily Deals Direct-To-Seller With An Investor Buying 60+ Deals/Year with Ryan Corcoran

    APR 21

    #325: An Intensive Deep Dive into Sourcing Multifamily Deals Direct-To-Seller With An Investor Buying 60+ Deals/Year with Ryan Corcoran

    In this episode, Axel sits down once again with Ryan Corcoran of Specialized Property Group — a New England investor doing 60 to 80 deals per year across Massachusetts, Rhode Island, and New Hampshire through a relentless focus on direct-to-seller marketing. Ryan started out building a multifamily portfolio the traditional way, but pivoted to a high-volume transactional model when rates rose in 2022 — and hasn't looked back since. The conversation is one of the most tactical deep dives into off-market deal sourcing the podcast has ever featured. Ryan breaks down exactly how he builds motivated seller lists from public court records, why handwritten white letters outperform polished postcards, and how his team uses a CRM to automate follow-up for years at a time.  This is a must-listen for any investor who wants to go direct to seller, build a sustainable deal-finding machine, and understand what it actually takes to operate at volume in today's market. Join us as we dive into: The evolution of SPG from a buy-and-hold multifamily portfolio to a 60–80 deal per year transactional operationThe three pillars of real estate investing — acquisitions, financing, and operations; and why finding the deal is the engine that drives everything elseWhy triggering-event lists (evictions, probate, divorce) require fewer touches than generic absentee owner lists — and how to find sellers who are already ready to moveThe anatomy of a winning direct mail piece: white letters, handwritten envelopes, first-name personalization, and a local, approachable toneHow to think about the Massachusetts market: why central Mass and New Hampshire behave similarly, while Greater Boston is a completely different ball gameRyan's honest take on multifamily in the current rate environment and why he's not advocating buy-and-hold at today's prices unless the deal is exceptionalWhy flipping and wholesaling at current rates may generate more wealth faster than traditional BRRRR strategiesPrevious Episodes: Ep239 - Direct-to-seller marketing for multifamily deals.. Ep159 - Using direct mail to buy hundreds of units.. Connect with Ryan: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Specialized Property Group 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

    45 min
  5. #324: Returning 100% of Investor Capital Within 14 Months On A 23-Unit Portfolio Deal + Lessons Learned Along The Way with Sean LeBlanc

    APR 17

    #324: Returning 100% of Investor Capital Within 14 Months On A 23-Unit Portfolio Deal + Lessons Learned Along The Way with Sean LeBlanc

    In this debut episode of the podcast's new deal breakdown segment, Axel sits down with Sean LeBlanc of Mammoth Properties to dissect one of the most compelling deals they've done together — a 23-unit, three-property portfolio in New Hampshire that returned nearly all investor capital within 14 months, while still leaving two cash-flowing buildings on the books with solid long-term debt. Sean walks through the full lifecycle of the deal: how it was sourced off-market through a residential agent, how the joint venture was structured, the rough value-add conditions they inherited, what went better than expected (rents in Manchester), what went worse (the Farmington property), and how the decision to sell one building early unlocked a home run outcome for all investors involved. This episode is a masterclass in deal flexibility, portfolio loan structuring, and why scattered-site portfolios remain one of the last great opportunities to buy at a real discount in today's market. Join us as we dive into: How a 23-unit, three-property portfolio in New Hampshire was sourced entirely off-market through a residential agent relationshipHow Axel and Sean structured a simple joint venture to take down a deal that was at the ceiling of Sean's deal size at the timeThe value-add playbook: tackle vacant units first, assess inherited tenants for reliability, renovate quickly, and phase in rent increasesHow the Manchester properties outperformed projected rents — underwriting 3-beds at $1,800, achieving $2,100 on fully renovated downtown unitsThe decision to sell the Farmington property after one year: sale price of $1,210,000, net proceeds of $505,337 — nearly recovering the full $555,000 of invested equityHow a subsequent refinance of the remaining two Manchester buildings generated an additional $242,000 in proceeds, bringing total cash returned to $748,000 on $555,000 investedWhy partial release language in a portfolio loan is the single most important thing to negotiate before you closeWhy scattered-site portfolios remain one of the best places to find below-market deals — and why the big institutional buyers largely ignore themConnect with Sean LeBlanc: Follow him on Instagram Learn more about Mammoth Properties 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
  6. #323: How Operational Excellence Unlocks More Deals, Buying From Unsophisticated Owners, and The First LIVE Podcast with Sean LeBlanc

    APR 14

    #323: How Operational Excellence Unlocks More Deals, Buying From Unsophisticated Owners, and The First LIVE Podcast with Sean LeBlanc

    In this episode, Axel records the first-ever live, in-studio episode of the Multifamily Wealth Podcast alongside good friend and fellow Southern New Hampshire investor Sean LeBlanc of Mammoth Properties. Sean runs a vertically integrated operation managing 262 units and roughly $60M in assets — and brings a uniquely hands-on, operator-first perspective to every aspect of buying and running multifamily real estate. The conversation covers Sean's journey from mortgage broker to full-time operator, the philosophical and practical differences between operator-first investors and spreadsheet-first investors, and how building a world-class in-house management team creates a genuine competitive edge when pursuing deals. Sean and Axel also get into the tactical mechanics of executing a value-add business plan — from what happens on day one post-close to how to sequence exterior improvements, rent increases, and tenant communication to maximize results. This episode is essential listening for operators who want to understand how in-house management creates acquisition advantages, and for investors at any stage who want a real, unfiltered look at what building a sustainable multifamily business actually requires. Join us as we dive into: How Sean built Mammoth Properties by selling his best-performing asset, parking $250K into an operating account, and hiring top-down from day oneThe "grow or die" phase every serious operator goes through early on — and why some risk-taking early in your career is necessaryThe operator-first vs. spreadsheet-first investor divide — and why Sean views every acquisition through a management lensWhy hiring a high-level COO (Troy) before hiring anyone else unlocked the foundation for long-term portfolio growthHow vertical integration — owning cleaning contracts, maintenance, and renovations under Mammoth — creates certainty in underwriting that third-party operators simply can't matchThe sequencing strategy for value-add takeovers: big exterior improvements first, phased rent increases over the first six months, and targeting bad-apple tenants earlyWhy common area renovations early in a heavy value-add can backfire — and what to focus on insteadThe role of goodwill and reputation in long-term vacancy performance — and why spending money that doesn't pencil on paper often pays off in the P&LCurrent challenges: market paranoia, the political climate around rent control, and the difficulty of making clean acquisition decisions as a more established operatorWhy New Hampshire remains one of the most compelling multifamily markets in New England — and what the Massachusetts rent control vote in November could signal Connect with Sean LeBlanc: Follow him on Instagram Learn more about Mammoth Properties Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

    38 min
  7. #322: What "5% Vacancy" Actually Means In Terms of Renewal Rates + Time To Turn Units... Most Investors Never Do This Analysis!

    MAR 31

    #322: What "5% Vacancy" Actually Means In Terms of Renewal Rates + Time To Turn Units... Most Investors Never Do This Analysis!

    In this solo episode, Axel breaks down one of the most overlooked calculations in multifamily underwriting — what your vacancy rate assumption actually means in practice. Most investors pick a flat vacancy figure (4%, 5%, 6%) without ever connecting it back to the two operational metrics that actually drive it: renewal rate and time to turn and re-lease a unit. Axel walks through a series of clear, back-of-the-napkin scenarios using a 10-unit building as a baseline, showing exactly how different combinations of renewal rates (40%, 50%, 60%) and turn timelines (3, 4, and 5 weeks) translate into specific annual vacancy figures. The math is accessible, the takeaways are immediately actionable, and the framework applies whether you're buying your first duplex or managing a 100-unit portfolio. This episode is essential listening for any investor who underwrites deals, manages their own properties, or works with a property manager — and wants to hold their operations to a higher, more data-driven standard. Join us as we dive into: Why most multifamily investors use a vacancy assumption without understanding what operationally drives itThe two key variables that determine your actual annual vacancy: renewal rate and time to turn and re-leaseA breakdown of three renewal rate scenarios (60%, 50%, 40%) at a fixed 4-week turn time — and what each translates to in annual occupancyA breakdown of three turn-time scenarios (3, 4, and 5 weeks) at a fixed 50% renewal rate — and how each shifts your occupancy figureWhy that 4% gap between best and worst case is the difference that makes or breaks a dealHow to arrive at the classic 5% vacancy assumption — and what it tells you about your operationsWhy controlling revenue through renewals and fast lease-up is 80–85% of successful asset management in multifamilyHow unit type (larger bedroom count vs. studios and 1-beds) influences average renewal rates and should inform your underwriting assumptions 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

    12 min
  8. #321: How To Tactically Maximize Renewals, Adopting AI in a PM Business, and 2026 PM Trends with Peter Lohmann

    MAR 24

    #321: How To Tactically Maximize Renewals, Adopting AI in a PM Business, and 2026 PM Trends with Peter Lohmann

    In this episode, Axel welcomes back Peter Lohmann of RL Property Management for his third appearance on the podcast for another tactical episode. Peter actively operates a 750-unit property management company out of Columbus, Ohio, and brings a systems-thinker's perspective (rooted in his background as an electrical engineer) to everything from lease renewals to AI adoption. Peter and Axel’s discussion dive into maximizing renewal rates, why the move-in experience is the single greatest predictor of whether a tenant renews, and how to think about offering flexible lease terms to optimize your leasing cycle. From there, the conversation shifts to artificial intelligence — not the hype, but the practical framework for deciding where AI actually belongs in your business. Peter shares a live example of using AI agents to generate property management leads by monitoring competitor listings in real time. Peter also shares three PM industry trends he's watching closely for the rest of 2026, including how AI search is replacing Google for property manager discovery — and why that should be on every PM business owner's radar now. This episode is essential listening for property managers, asset managers, and multifamily investors who want actionable frameworks for renewals, AI adoption, and staying ahead of where the industry is heading. Join us as we dive into: Peter's background as an electrical engineer turned property management company founder and how RL Property Management grew to 750 unitsThe Theory of Constraints framework — and why identifying your one bottleneck is more valuable than chasing every shiny AI toolRL Property Management's shift from a departmental org structure to a pod-hybrid model — and the early results from giving owners a single point of contactWhy renewal decisions are largely made within the first 72 hours of move-in, and how the "No Meld 90" philosophy drives renewal ratesThe role of hotel-clean standards, functional units, and seamless move-in experiences in long-term tenant retentionHow offering staggered and multi-year lease terms can optimize your leasing calendar and reduce winter vacancy exposureHow Peter is using AI agents (OpenClaw) to monitor competitor listings, identify stale rentals, and auto-build a prospecting list with owner contact infoThree 2026 PM trends: AI search replacing Google for PM discovery, the rise of community-based learning (like Crane), and what the 2026 PM Trends Report is revealing about how rental owners are finding property managersConnect with Peter Lohmann: • Crane – Private PM Owner Community → Join a private network of property management owners and operators: https://joincrane.co/ • Free Weekly Newsletter → Property management insights, strategies, and industry updates direct to your inbox: https://peter.beehiiv.com/subscribe • RL Property Management → Learn more about Peter’s company and services in Columbus, Ohio: https://rlpmg.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

    48 min
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5
out of 5
307 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
    326
  • Rating
    Explicit
  • Copyright
    © 2026 The Multifamily Wealth Podcast
  • Show Website
    The Multifamily Wealth Podcast

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