Apogee Wealth Podcast: Wealth, Business & Life By Design

Jonathan Nichols
  • 5.0 (12)
  • Investing
  • Updated Weekly

Apogee Wealth Podcast: Wealth, Business & Life By Design is a show for professionals and investors who want a clearer, more intentional approach to building wealth through multifamily real estate syndication. The podcast focuses on how multifamily investing actually works, from understanding deal structures and underwriting to capital raising, asset management, and long term strategy. Conversations are grounded in real world experience and designed to help listeners better evaluate multifamily opportunities, understand risk, and think like experienced operators rather than chasing surface level returns. Whether you are actively investing in multifamily real estate, exploring syndications, or looking to deepen your understanding of how successful multifamily investors build and manage portfolios, the Apogee Wealth Podcast delivers practical insights, thoughtful discussions, and education you can apply with confidence. This is wealth, business, and life by design.

  1. 4d ago

    How to Find the Right Investor Avatar for Your Multifamily Deals with Adriana Barrero and Paula Sabrsula

    What should you look for in a multifamily sponsor before trusting them with your money? In this episode, I sit down with Adriana Barrero and Paula Sabrsula of Elán Equity. Adriana is the co-founder of Elán Equity, a real estate investment firm that helps pilots, physicians, and busy professionals build wealth through passive real estate investing, with over 28 years of experience in real estate. Paula has over 13 years of experience in real estate investment and management, has been the principal in many real estate investment companies, and has been involved in over $50 million of real estate investments. We get into how they found each other as partners, why they chose pilots and doctors as the people they serve, and what they are doing differently to protect their investors after a rough few years in the market. We also talk about why they are still bullish on multifamily and what they would tell anyone just getting started.   Timestamp 00:00 Intro 00:57 Paula’s journey from pharmacy to real estate investing 02:40 Adriana’s journey from marketing in Asia to multifamily 04:34 How to choose the right business partner in multifamily 09:49 Why Elán Equity focuses on pilots as their investor avatar 13:52 How to attract doctors, pharmacists, and busy professionals as investors 17:01 Why they are still bullish on multifamily real estate 20:09 Why they focus on raising capital and educating investors 27:09 Why they hire an outside underwriter to stress test every deal 32:17 Advice for anyone starting out in real estate investing 34:58 How to connect with Elán Equity   What We Cover How Adriana and Paula transitioned from single family into multifamily investing What to look for when choosing a business partner Why picking a specific investor avatar makes raising capital easier How investors who got burned can think about syndications differently Why they see real estate as a hard asset worth owning right now Why they hire an outside underwriter to double check every deal Why educating investors comes before taking their money   Key Takeaways Choose partners for honesty and shared values, and build in checks and balances from the start The best test of a partner is how they act when things get difficult, not during the honeymoon phase A clear investor avatar with a clear pain point, like high income taxes, makes your outreach far more focused Many investors who got burned since 2022 had a problem with the debt on the deal, not with the syndication structure itself An outside underwriter can stress test rent growth, exit cap rates, and capex, and sometimes the right answer is to walk away Educate your investors before taking their money, and put your own money in every deal Hire a coach and use discernment when choosing who to learn from   Connect with Adriana Barrero and Paula Sabrsula Website: https://elanequity.com Invest with Elán Equity: https://www.elanequity.com/invest   Hit follow or subscribe wherever you’re listening, and I’ll see you in the next episode!   Connect With Me🌍 Website: https://www.apogeemfc.com/ 📸 Instagram: https://instagram.com/multifamilyengineer 💼 LinkedIn: https://www.linkedin.com/in/jonathan-nichols45/ ✉️ Subscribe to my newsletter: https://www.apogeemfc.com/contact

    How to Find the Right Investor Avatar for Your Multifamily Deals with Adriana Barrero and Paula Sabrsula

  2. Oct 14

    Why the Next 12 Months Could Be the Best Time to Buy Real Estate with Nick DiLeone

    What can a conservative approach to multifamily investing teach you about surviving a changing market? In this episode, I sit down with Nick DiLeone, Managing Partner and founder of Leone Real Estate Partners, a Dallas-based firm focused on value-add and core-plus multifamily, RV parks, and warehouse and industrial investments. With over 20 years of commercial real estate experience, including senior asset management roles at Nuveen Real Estate and Berkeley Partners, Nick has closed 14 GP deals and now stewards over $100 million in assets under management. We talk about how his institutional background shapes the way he buys, why a loan assumption helped him get ahead of rising rates, why he diversified into RV parks and triple net, and where the multifamily market really stands today.   Timestamp 00:00 Intro01:00 Nick DeLeon's journey into real estate03:22 Why conservative investing shaped Nick's strategy04:03 Creating value through asset management in Waco04:41 The risks of floating rate bridge debt05:24 The Waco deal and navigating rising interest rates06:53 Knowing when to sell and lock in returns08:28 Why Nick invests across multiple asset classes12:10 What effective asset management really looks like15:55 In-house vs. third-party property management18:14 How Nick sees today's multifamily market25:53 Building relationships through real estate networking   What We Cover Nick’s path from finance and IT into institutional real estate and eventually his own syndication business Why a conservative background shaped his approach to leverage and deal selection The Waco deal and what true value add looked like in practice Why loan assumptions became a smarter play than floating rate bridge debt How and why Nick diversified into RV parks and triple net alongside multifamily How Nick approaches asset management and works with third party property managers What is actually happening in the multifamily market right now and why deals keep falling apart Nick’s DFW meetup and current investment offering   Key Takeaways A conservative underwriting background, even sixty five percent leverage, can set the tone for how you evaluate every deal going forward True value add often just means fixing the basics an owner never did, protesting taxes, bidding out insurance, and pushing rents The Fed telling you rates are going up is a warning worth listening to, even if you do not know exactly how high they will go Committing in advance to punch out once you hit investor return targets removes emotion from the exit decision Diversifying into other asset classes can make sense when your core market becomes overpriced, but only with the right specialized partner Treating a third party property manager like a partner instead of a vendor leads to better communication and better outcomes Real estate has effectively been in a recession for multifamily for three years, and prices are only now starting to truly reset   Connect with Nick DiLeone LinkedIn: https://www.linkedin.com/in/nicholasdileone Email: nick@leonarepartners.com Instagram: @nickleonepartners   Hit follow or subscribe wherever you’re listening, and I’ll see you in the next episode!   Connect With Me🌍 Website: https://www.apogeemfc.com/ 📸 Instagram: https://instagram.com/multifamilyengineer 💼 LinkedIn: https://www.linkedin.com/in/jonathan-nichols45/ ✉️ Subscribe to my newsletter: https://www.apogeemfc.com/contact

    Why the Next 12 Months Could Be the Best Time to Buy Real Estate with Nick DiLeone

  3. Oct 7

    What the Fed's Rate Hike Actually Means for Multifamily Investors

    The Fed just raised interest rates for the first time in 1,148 days. What does that actually mean for multifamily investors? In this episode, I break down what the Fed’s latest rate hike means for multifamily real estate and why investors should be paying attention to more than just the Fed funds rate. I explain the difference between the Fed funds rate, SOFR, and the 10 year Treasury, and why the 10 year Treasury is especially important when it comes to commercial real estate debt. I also break down how higher interest rates have affected multifamily valuations, why buildings that traded at aggressive prices in 2021 and 2022 are now selling at significant discounts, and the relationship between interest rates and cap rates. We look at why cap rates can lag changes in interest rates and how rent growth, financing costs, and investor expectations all influence property values.   Timestamp 00:00 Intro, the Fed's first rate hike in over three years 02:16 The Fed funds rate explained 02:51 What is SOFR? 03:29 How the 10 year Treasury works 04:29 Why Treasuries matter to commercial real estate 09:25 Why floating rate debt created distress 12:47 How cap rates affect property values 14:40 Why cap rates and interest rates aren't directly correlated, and where that falls apart 16:10 The impact of rent growth on cap rates 17:38 What experts are saying about rates and the market 20:08 Where interest rates could go next 23:25 How Apogee Capital is underwriting deals in today's rate environment 26:37 The one idea to take away from all of this   What I Cover What actually happened when the Fed raised rates for the first time in over three years The difference between the Fed funds rate, SOFR, and the 10 year treasury How interest rates affect multifamily debt and property values Why low interest rates drove multifamily valuations higher How floating rate debt contributed to today's distress The relationship between interest rates and cap rates Why cap rates lag changes in interest rates How rent growth affects property valuations Why today's market may create opportunities for disciplined buyers How Apogee Capital underwrites multifamily deals in a higher rate environment Why positive leverage and conservative assumptions are critical   Key Takeaways The Fed only directly controls the Fed funds rate, the 10-year Treasury is set by the bond market based on inflation expectations and risk Floating rate bridge loans are priced off SOFR, which moves in near lockstep with the Fed funds rate Cap rates and interest rates are not directly correlated, but they are tied together through cost of capital, a lag effect, and rent growth expectations A property can lose 40 percent or more of its value when cap rates rise even if nothing about the actual asset changes The best buying opportunities in real estate history often happen during high rate periods because that's when competition disappears   Resources Join my Multifamily Advisory Conference: https://www.eventbrite.com/e/multifamily-advisory-conference-tickets-1998949811697 Mentorship Program1:1 coaching for active multifamily investors.https://apogeemfc.mykajabi.com/mentorship Mastermind ProgramFor serious multifamily investors building their skills, network, and relationships.https://apogeemfc.mykajabi.com/mastermind   Hit follow or subscribe wherever you’re listening, and I’ll see you in the next episode!   Connect With Me🌍 Website: https://www.apogeemfc.com/📸 Instagram: https://instagram.com/multifamilyengineer💼 LinkedIn: https://www.linkedin.com/in/jonathan-nichols45/✉️ Subscribe to my newsletter: https://www.apogeemfc.com/contact

    What the Fed's Rate Hike Actually Means for Multifamily Investors

  4. Sep 30

    How to Go From Saving Money to Building Income-Producing Assets with Annette Hemmert

    What would you be willing to change in your life to take real control of your financial future? In this episode, I sit down with Annette Hemmert, founder of Covenant Capital. Annette graduated from Texas Tech University with a degree in Biology and has worked as a pharmaceutical rep for 12 years. She started investing in real estate in 2022 because she wanted more control over her portfolio and knew she needed to create passive income streams. Since then, she and her husband have partnered as general partners on four multifamily deals. We talk about the moment that pushed Annette to stop studying real estate and start doing it, and what she and her husband were willing to give up to free up capital for their first deals. Annette shares how she found multifamily, why she thinks of apartments as a business instead of just an investment, and what she wishes she had known before choosing her first mentor. We also get into raising capital when you have never asked anyone for six figures before.   Timestamp 00:00 Intro 03:03 From pharmaceutical sales to pursuing financial freedom 05:31 The breaking point that pushed Annette to take control of her finances 06:57 Mindset shifts for building wealth beyond saving and investing in the stock market 10:42 Why Annette sold her home and moved into an apartment to invest in multifamily 18:11 How Annette found multifamily real estate investing 20:49 Why Texas is a strong market for multifamily investors 22:19 Getting started as a multifamily GP and choosing the right mentor 25:07 How to raise capital for your first multifamily deal 29:12 Why investing in real estate education pays off 30:56 Advice for new multifamily investors   What We Cover Annette's journey from pharmaceutical sales to multifamily general partner Why a traditional saving and 401k mindset can keep you in accumulation mode Why she and her husband sold their home to free up equity for investing How to think about apartments as a business you can track and improve How to choose a mentor and what to watch for in a mastermind How to raise capital and shift your mindset when asking for six figures Why Texas remains a strong market for multifamily investors   Key Takeaways Be careful who your teachers are, look for someone who has done what you want to do and is fully transparent Fixed rate debt held long term protects you when interest rates move Raising capital is a mindset shift, going from investing six figures to asking others to invest with you Every big move is disruptive, so expect discomfort and plan for it A short season of discipline while you learn will serve you for the rest of your investing journey   Connect with Annette Hemmert Website: https://covenantcapitaltx.com LinkedIn: https://www.linkedin.com/in/annette-hemmert-8a342198 Instagram: @annette_hemmert   Hit follow or subscribe wherever you’re listening, and I’ll see you in the next episode!   Connect With Me🌍 Website: https://www.apogeemfc.com/ 📸 Instagram: https://instagram.com/multifamilyengineer 💼 LinkedIn: https://www.linkedin.com/in/jonathan-nichols45/ ✉️ Subscribe to my newsletter: https://www.apogeemfc.com/contact

    How to Go From Saving Money to Building Income-Producing Assets with Annette Hemmert

  5. Sep 24

    How to Find Off-Market Multifamily Deals in a Competitive Market

    In my recent podcast guesting on the Best Ever CRE Show, I sat down with Matt to talk through how Apogee Capital actually finds deals in today's market. We got into why knowing what makes a good deal is the real starting point, long before you ever pick up the phone with a broker, and why chasing deals in DFW pushed Apogee to become experts in tertiary markets like Tulsa, Oklahoma City, and College Station instead. I broke down why broker relationships are the backbone of Apogee's deal flow, how to earn a broker's trust when you're brand new, and why simply doing what you say you're going to do is still one of the most underrated advantages in this business. I also walked through the story behind Parkside Apartments in Lubbock, a deal that got away from us at first before falling back into our lap, and how that deal fit into a broader shift toward true value-add opportunities. We closed out talking about where Apogee is headed next, why I feel like now is actually a great time to be buying, and the origin behind the Apogee name itself.   Timestamps 00:00 Intro and Jonathan's background in real estate02:11 How engineering shaped Jonathan's approach to investing06:45 How the market shifted from 2021 to today07:25 Why Apogee expanded into tertiary markets like Tulsa and Oklahoma City09:00 Why deals have to work with agency debt above 85% occupancy10:33 Why Apogee sources deals strictly through broker relationships12:04 How to get brokers to take you seriously when you are a beginner14:19 Why integrity and consistency matter more than any pitch17:04 The story behind the Parkside Apartments deal in Lubbock40:58 Why Apogee is focusing on Dallas Fort Worth and Oklahoma City going forward43:38 The origin story behind the Apogee name   What We Cover Why knowing what a good deal looks like matters more than finding deal flow How Apogee shifted into tertiary markets when DFW became too competitive Why broker relationships remain the most reliable way to source multifamily deals How to build trust with brokers as a newer investor The story behind the Parkside Apartments deal in Lubbock and how it came together Why now may be a strong time to buy despite a tougher lending environment Where Apogee Capital is focusing next and the story behind the company name   Key Takeaways You have to be able to identify a good deal before finding deal flow actually matters If a deal does not work with agency debt above 85 percent occupancy today, growing into it is not a realistic plan anymore Broker relationships are built on simple integrity, doing what you say you are going to do consistently over time Partnering as a co-GP with an experienced sponsor is one of the most realistic ways to jump from small deals to much larger ones Even technically on-market deals can behave like off-market opportunities when you get an early look before they officially list A buyer falling through on earnest money can open the door for a backup buyer who is ready to move quickly Apogee is now focused specifically on Dallas Fort Worth and Oklahoma City to build depth in fewer markets   Hit follow or subscribe wherever you're listening, and I'll see you in the next episode!   Connect With Me🌍 Website: https://www.apogeemfc.com/📸 Instagram: https://instagram.com/multifamilyengineer💼 LinkedIn: https://www.linkedin.com/in/jonathan-nichols45/✉️ Subscribe to my newsletter: https://www.apogeemfc.com/contact

    How to Find Off-Market Multifamily Deals in a Competitive Market

  6. Sep 16

    Getting Started as a General Partner in Multifamily Syndication

    What does it actually take to become a general partner in multifamily? In this episode, I break down why real estate has been one of the most powerful wealth building tools for generations, covering cash flow, principal paydown, appreciation, and the tax advantages that make it so effective. I also explain how forced appreciation works in commercial real estate, how net operating income and cap rate determine a property's value, and why syndication exists as a way to buy properties far larger than any one investor could on their own. I walk through the general partner and limited partner structure, how GP fees and the promote actually work, and the three key roles that make up every multifamily syndication: the deal finder, the capital raiser, and the asset manager. I also share practical advice on how to start raising capital from your own network, how to think about the investor funnel, and why referrals end up being one of the most effective ways to grow.   Timestamp 00:00 Intro 00:33 Why real estate has been such a powerful wealth-building tool 02:43 How forced appreciation works in commercial real estate 05:02 How net operating income and cap rate determine property value 08:51 What syndication is and why it exists 10:01 General partners vs limited partners 11:02 How GP fees and the promote actually work 14:20 The three key roles in every multifamily syndication 18:25 How to start raising capital from your own network 20:51 Understanding the investor funnel and why referrals matter most 35:52 Details on our first-ever in-person conference in Arlington   What We Cover Why real estate has been one of the most effective wealth-building tools for generations How forced appreciation and NOI directly drive the value of a commercial property Why syndication exists and how general partners and limited partners work together How GP fees and the promote structure actually work on a deal The three key roles inside every multifamily syndication and how to find your fit How to start raising capital from your own network and think through the investor funnel   Key Takeaways Real estate lets you use the bank's money to buy an appreciating, income producing asset and keep the upside Forced appreciation means increasing a property's NOI directly increases its value, unlike residential real estate valued on comps Syndication exists because most investors don't have the capital to buy large commercial deals on their own Very few people wear all three GP hats well, most people naturally lean toward acquisitions, capital raising, or asset management Your first investors will almost always come from people you already know, not cold outreach Understanding where someone is in the investor funnel, from awareness to trust to investment, helps you know how to approach them Referrals are one of the most effective ways to grow your investor base over time   Resources Join my Multifamily Advisory Conference on Oct 9: https://www.eventbrite.com/e/multifamily-advisory-conference-tickets-1998949811697?aff=oddtdtcreator   Hit follow or subscribe wherever you’re listening, and I’ll see you in the next episode!   Connect With Me🌍 Website: https://www.apogeemfc.com/📸 Instagram: https://instagram.com/multifamilyengineer💼 LinkedIn: https://www.linkedin.com/in/jonathan-nichols45/✉️ Subscribe to my newsletter: https://www.apogeemfc.com/contact

    Getting Started as a General Partner in Multifamily Syndication

  7. Sep 9

    The 3 Skills You Need to Succeed as a Multifamily General Partner

    What actually goes into running a multifamily syndication business from start to finish? In this solo episode, I break down the three pillars of multifamily syndication: acquisitions, capital raising, and asset management. A lot of new investors think this business is just about finding a deal and closing it, but that is really just the starting line. I walk through how we source deals through broker relationships instead of cold calling, what separates a good deal from a bad one once you get past the basics of underwriting, and why the last 10% of analyzing a deal is where the real money is made. I also cover the three levels of raising capital, from buying with your own funds to joint ventures to full syndication, and why building your investor pipeline has to start long before you ever have a deal to offer. Finally, I get into asset management, the most overlooked pillar of this business, and why understanding the incentive gap between you and your property manager can make or break your returns. If you are serious about becoming a general partner in multifamily, this episode lays out exactly what the job actually requires.   Timestamp 00:00 Intro 01:25 The three pillars of multifamily investing 02:35 Why broker relationships are the best way to source deals 06:38 What separates a good deal from a bad one once you know the basics 09:47 Key assumptions that go into underwriting a multifamily deal 11:24 The three levels of raising capital for a deal 14:52 Why capital raising starts with relationships not a website 16:54 Why asset management is the most overlooked pillar of this business 18:23 The incentive gap between you and your property manager 20:04 What asset management actually looks like week to week   What I Cover The three pillars of multifamily syndication How to source multifamily deals through broker relationships What it actually takes to know if a deal is good beyond basic underwriting The three levels of raising capital from self-funding to full syndication Why building your investor pipeline has to start well before you have a deal Why asset management is the most overlooked but most critical part of this business How to effectively oversee a property management company   Key Takeaways Strong broker relationships can create access to better acquisition opportunities Capital raising requires building relationships well before a deal is available A strong investor pipeline is more important than having a large social media presence Asset management is hands-on and critical to executing the business plan Your property manager handles day-to-day operations, but the GP still has to provide oversight and accountability Resources Join my Multifamily Advisory Conference on Oct 9: https://www.eventbrite.com/e/multifamily-advisory-conference-tickets-1998949811697?aff=oddtdtcreator Connect With Me🌍 Website: https://www.apogeemfc.com/📸 Instagram: https://instagram.com/multifamilyengineer💼 LinkedIn: https://www.linkedin.com/in/jonathan-nichols45/✉️ Subscribe to my newsletter: https://www.apogeemfc.com/contact

    The 3 Skills You Need to Succeed as a Multifamily General Partner

  8. Sep 2

    How to Build a Winning Real Estate Portfolio with Perry Zheng

    What actually determines whether a real estate deal succeeds or fails? In this episode, I sit down with Perry Zheng, founder and CEO of Cash Flow Portal, a YC-backed all-in-one technology platform for commercial real estate. Before building Cash Flow Portal, Perry was an engineering manager at Lyft for 5.5 years and worked as a software engineer at Twitter and Amazon. He is also a lead sponsor on over 1,020 apartment units, having raised more than $25 million for real estate projects and generated over 30% annualized returns for investors. You'll learn how Perry built his real estate portfolio from seven single family rentals into a 172 unit, $4.2 million first syndication, and what it actually took to make that jump. Perry breaks down what he believes really drives success in this business, why he thinks about the next few years differently than most operators, and what separates GPs who recover from a bad cycle from those who don't. He also shares what Cash Flow Portal is building to help general partners stay disciplined and survive after they close a deal, from tracking actuals against underwriting to avoiding costly year end accounting scrambles.   Timestamp 00:00 Intro 00:41 Who is Perry Zheng and how he got his start in real estate 04:41 From buying single-family rentals to raising $4.2 million on his first syndication 09:15 How Cash Flow Portal started and what problem it actually solves 15:30 Why macro timing may matter more than operational skill in real estate 23:01 Why buying during the downturn could define the next five years for GPs 27:14 Why real estate returns may just track inflation over the long run 30:12 What Cash Flow Portal is building to help GPs survive and stay disciplined post raise 36:04 Perry's advice for entrepreneurs pushing through a hard season   What We Cover Perry's journey from immigrating to the US to raising $4.2 million on his first syndication How Cash Flow Portal started as a cap table tool and grew into a full operations platform Why timing may matter more than skill when it comes to real estate returns Why now could be one of the best windows to buy multifamily in years What tools GPs need to stay disciplined and survive after closing a deal Perry's advice for any entrepreneur working through a difficult season   Key Takeaways Macro timing may matter more than operational skill; many investors who did well in past cycles underestimate how much timing played a role Over a 30-year period, some markets have only tracked inflation, which means timing your entry and exit is critical Surviving and staying disciplined matters operationally more right now than trying to thrive Reconciling your books throughout the year instead of scrambling in January saves GPs real money on accounting costs The next few years could be one of the best buying windows in real estate for GPs who are still in the game Protecting your internal motivation through hard seasons is what separates people who make it through obstacles from those who quit   Connect with Perry Zheng  Website: https://www.cashflowportal.com LinkedIn: https://www.linkedin.com/in/perryzheng/   Hit follow or subscribe wherever you’re listening, and I’ll see you in the next episode! Connect With Me🌍 Website: https://www.apogeemfc.com/📸 Instagram: https://instagram.com/multifamilyengineer💼 LinkedIn: https://www.linkedin.com/in/jonathan-nichols45/✉️ Subscribe to my newsletter: https://www.apogeemfc.com/contact

    How to Build a Winning Real Estate Portfolio with Perry Zheng
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Apogee Wealth Podcast: Wealth, Business & Life By Design is a show for professionals and investors who want a clearer, more intentional approach to building wealth through multifamily real estate syndication. The podcast focuses on how multifamily investing actually works, from understanding deal structures and underwriting to capital raising, asset management, and long term strategy. Conversations are grounded in real world experience and designed to help listeners better evaluate multifamily opportunities, understand risk, and think like experienced operators rather than chasing surface level returns. Whether you are actively investing in multifamily real estate, exploring syndications, or looking to deepen your understanding of how successful multifamily investors build and manage portfolios, the Apogee Wealth Podcast delivers practical insights, thoughtful discussions, and education you can apply with confidence. This is wealth, business, and life by design.

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