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

    8H AGO

    #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 Brady Capital 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
  2. #331: Discussing The Current State Of The Debt Market (Especially Local Banks) and How To Be A Great Borrower with Pat Brady

    MAY 19

    #331: Discussing The Current State Of The Debt Market (Especially Local Banks) and How To Be A Great Borrower with Pat Brady

    In this episode, Axel sits down with Pat Brady — founder of Brady Capital Advisors — for a sharp conversation on the current New England debt market, what makes a great borrower, and where smart capital is flowing in 2026. He brings a uniquely data-rich perspective on where bank spreads are heading, how rent control is reshaping Massachusetts, and why New Hampshire remains the region's most compelling multifamily market. This episode is essential listening for any New England multifamily investor who wants a clear-eyed view of the lending environment and where to focus capital right now. Join us as we dive into: Pat's path from internship at The Claremont Companies to Arbor Commercial Mortgage to boutique brokerage to founding Brady Capital AdvisorsThe value proposition of a mortgage broker for both mom-and-pop operators and sophisticated institutional sponsors — and why it's different for eachWhy lenders perform better when a mortgage broker is involved; more incentive to compete, more willingness to problem-solve, and better negotiating leverage for the borrowerThe 2026 rate reset wave: borrowers locked in at low-3% fixed rates in 2021 are now facing balloon payments and refinances and what the current market looks like for themWhat separates a great borrower from a difficult one: transparency, clean books, and emotional stabilityHow Pat's team is using Claude to eliminate data entry and free up originators to focus on revenue-generating work with strict guardrails around proprietary borrower dataThe Massachusetts rent control breakdown: 60% of investors pencils down, 20% waiting for a smoking deal, 20% calling it a generational opportunityWhy New Hampshire is everyone's market right now and how capital migrating out of Mass is creating ripple effects across the region Connect with Pat: Connect with him on Linkedin Follow Brady Capital on Instagram Learn more about Brady Capital Advisors Listen to the Previous Episodes with Pat: Ep231 - Dissecting Current Debt Environment, Working w/ Local/Regional Banks, and How To Be A Great Borrower 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

    49 min
  3. #330: How To Determine If You Should Re-Trade a Deal and If So... HOW You Should Do So

    MAY 12

    #330: How To Determine If You Should Re-Trade a Deal and If So... HOW You Should Do So

    In this solo episode, Axel dives into one of the most misunderstood and emotionally charged moments in any real estate transaction — the re-trade. He breaks down exactly what re-trading is, when it makes sense to do it, when it doesn't, and how to actually communicate a concession request in a way that protects both the deal and your long-term reputation in the market. He also shares real examples from Aligned's own deal history — including times they deliberately chose not to re-trade in order to protect relationships that eventually produced multiple future deals. This episode is essential listening for any active buyer working through due diligence who wants a clear, practical framework for making one of the trickiest calls in real estate — and making it the right way. Join us as we dive into: A clear definition of what re-trading is and the most common triggering events: physical due diligence findings, financial due diligence discrepancies, environmental issues, and rate movement during financingWhy the decision to re-trade is always a tradeoff between the financial cost of a finding and the reputational capital you spend by making the requestHow the calculus changes when you're buying with investor capital versus your own — and why being a fiduciary shifts the decision frameworkThe decision flowchart: is the finding terminal to the deal, or does it just have a quantifiable cost?Why environmental findings and major unpermitted work are among the few things that can actually kill a deal — and why even those are sometimes better handled by walking away than re-tradingThe real cost of re-trading small items — crappy water heaters, minor CapEx — on a million-dollar deal, and why protecting the relationship is often worth more than the creditThe philosophy behind absorbing manageable risk to maintain goodwill: "just because you extracted max value on that deal, if it prevents your ability to do the second — you probably lost"How to communicate a re-trade request: lead with data not emotion, use objective third-party findings and contractor quotes, and frame it as a partnership solution not an adversarial demandWhy giving sellers multiple options — price reduction, seller credit, pre-closing work, creative solutions — goes a long way in keeping the deal collaborativeThe importance of timing: why raising concerns early in the DD process is far better than waiting until the 11th hour, and how to set soft expectations before making the formal request 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

    23 min
  4. #329: Why Your First Deal Doesn’t Need to Be a Home Run with Justin Dragone

    MAY 8

    #329: Why Your First Deal Doesn’t Need to Be a Home Run with Justin Dragone

    In this deal segment episode, Axel sits back down with Justin Dragone — Acquisitions Manager at Aligned Real Estate Partners — to break down Justin's very first personal real estate deal: a 3-unit property on the west side of Manchester, New Hampshire that he sourced via cold call, closed at a $50,000 discount to market, and recently refinanced to pull out equity and roll into his next deal. This episode is a must-listen for any newer investor who's overthinking their first deal — and needs a real-world example of what a solid, sensible, non-flashy first deal actually looks like. Join us as we dive into: How Justin bought the property for $500,000 — roughly $50,000 below what it would have fetched listed with a broker in late 2023Why Justin used conventional local bank financing at 75% LTV — and why that was the right call for a first dealHow all three units turned over within the first couple of months post-closing — and why having a solid management company made that a manageable situationThe unexpected CapEx items that came up: knob-and-tube wiring in the basement, an aging oil tank that needed replacement, and the lesson that units always cost more to turn than they lookWhy Justin hired a property manager from day one on a three-unit — and the philosophy behind valuing his time as an acquirer over saving a management feeWhy the refinance process was far simpler than expected — especially with a local bank that already knew the propertyWhy young investors shouldn't assume age is a barrier to getting a commercial loan — and why local banks underwrite the deal first, not the borrowerConnect 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

    12 min

  5. MAY 5

    #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
  6. #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
  7. #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
  8. #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
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5
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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
    330
  • Rating
    Explicit
  • Copyright
    © 2026 The Multifamily Wealth Podcast
  • Show Website
    The Multifamily Wealth Podcast

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