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

Nico Salgado
  • 5.0 (87)
  • INVESTING
  • UPDATED BIWEEKLY

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

    302. Stop Waiting to Feel Ready

    A lot of people want to get into multifamily real estate. Very few ever actually take action. In this episode, I talk about my own journey from growing up without money, becoming a teacher, working side hustles for years, and slowly building my way into multifamily apartment investing. My mom was on Section 8 for much of my childhood. My dad was a waiter. Nobody around me was talking about apartment buildings, financial freedom, ownership, or investing. I had to completely rebuild my mindset over time while learning how to operate in an entirely different world. I share how I went from teaching, waiting tables, teaching surf lessons, building cutting boards in my garage, and struggling financially… to eventually owning and operating multifamily properties. But more importantly, I talk about the real thing that stops most people: Fear. Fear of sounding inexperienced. Fear of rejection. Fear of brokers not responding. Fear of asking dumb questions. Fear of making mistakes. Fear of looking unqualified. And the truth is… most new investors never even send offers. In this episode we talk about: • Why confidence usually comes after action, not before • Why consistency matters more than talent • How repetition builds skill and confidence over time • Why you need to get into real conversations with brokers and operators • The importance of underwriting reps and market exposure • Why most investors stay stuck in "learning mode" too long • How taking imperfect action changed my life This episode is for anyone who feels overwhelmed, intimidated, behind, or unsure of where to start in multifamily real estate. You do not need to feel fully ready to begin. You just need to move. If you want help learning how to underwrite deals, analyze properties, talk to brokers, and get involved in multifamily real estate, check out my Multifamily Machine cohort and free resources here: stan.store/buybuildings If this episode helped you, share it with someone who needs the push to finally start taking action. #multifamily #realestateinvesting #mindset #financialfreedom #apartmentinvesting

    13 min

  2. MAY 11

    Episode 301. Most Multifamily Deals Still Don't Work Right Now

    In this episode, I talk about why most multifamily deals still do not work today even after prices have dropped from the peak market of 2021 and 2022. A lot of people hear that prices are down and assume everything suddenly became a good deal again. But debt is more expensive, insurance has exploded, taxes are rising, payroll and maintenance costs are up, and many sellers are still trying to sell based on unrealistic projections from years ago. I break down why I eliminate deals quickly, what I look for when underwriting, and why I would rather buy a conservative deal with fixed debt than gamble on appreciation or refinancing assumptions I cannot control. I also talk about: • Why floating debt crushed so many operators • Why occupancy and collections are becoming more difficult • How taxes and insurance can destroy a deal after closing • Why cash flow matters more than hype right now • The difference between underwriting for reality versus underwriting for hope • Why survival and durability matter more than flashy projections This episode is for anyone trying to understand what is really happening in today's multifamily market and how experienced operators are adjusting their approach. If you want to learn how to properly analyze and underwrite multifamily deals, check out my Multifamily Machine cohort and free resources here: stan.store/buybuildings If you enjoyed the episode, share it with somebody who is trying to learn multifamily real estate the right way. #multifamily #realestateinvesting #apartmentinvesting #cashflow #underwriting #smallaxe #multifamilyinvesting

    10 min

  3. MAY 4

    Episode 300. 300 Episodes Later — What This Business Has Taught Me

    Episode 300 means a lot to me—not because of the number itself, but because of what it represents. Nearly six years of recording every week, continuing forward even when life was busy, stressful, or uncertain. In this episode, I take a step back and share what that consistency has taught me, not just about podcasting, but about multifamily investing and building something over time. I talk through how my expectations at the beginning didn't match reality, how my understanding of deals and risk has evolved, and how experience has shaped the way I make decisions today. I also get into the importance of relationships, the challenges of operations, and why patience plays such a big role in this business. This isn't a highlight reel. It's a reflection on what it really looks like to stay committed over a long period of time, continue learning, and improve as you go. If you're in this space, or thinking about getting into it, this episode will give you a clearer picture of what the path can look like over time.

    17 min

  4. APR 27

    Episode 299. Why Most People Quit Before Their First Deal

    Most people don't quit multifamily because they're not capable. They quit because what they thought this would be… and what it actually is… are two very different things. In this episode, I walk through what really happens when you start trying to get your first deal. The early excitement, the confusion when deals don't make sense, the silence from brokers, and the long stretch where it feels like you're putting in effort without seeing results. I also break down what it actually takes to stay in it long enough to get that first deal done. The patience, the repetition, the uncertainty, and the reality that even when you do get a deal, it doesn't look the way most people expect. This is not meant to convince you to do this. It's meant to give you a clear picture so you can decide if this path is right for you before you invest a lot of time and energy. If you're serious about getting into multifamily, or you're already in it and feeling stuck, this will help you reset your expectations and understand what's ahead.

    10 min

  5. APR 20

    Episode 298. You're Not 'Waiting'… You're Not in the Game (Why You'll Never See the Best Deals)"

    "I'm just waiting for the right deal." Sounds smart. Sounds disciplined. But most of the time? It's not patience… it's avoidance. In this episode, I break down what's really happening when you say you're "waiting" and why that mindset is keeping you out of the game completely. Because the truth is… You're not missing deals you pass on. You're missing the ones you never even see. The off-market opportunities. The broker relationships. The deals that get tied up before they ever hit your inbox. If you're not in the mix, you don't even know they exist. And that's the real problem. In this episode, we cover: Why "waiting" is actually costing you deals How brokers really decide who gets opportunities first The massive gap between looking at deals and being in the game Why underwriting reps matter more than you think How to stay top of mind with brokers (without wasting their time) What it actually takes to close a deal in today's market Why most deals fall apart before the finish line If you've been sitting on the sidelines, analyzing deals here and there, and wondering why nothing is happening… This is your wake-up call. Because this game rewards people in motion. Not people waiting. If you're ready to get in the game: 👉 https://stan.store/buybuildings The next Multifamily Machine cohort is opening soon. Let's go.

    12 min

  6. APR 13

    Episode 297. Your First Multifamily Deal Won't Cash Flow (And That's Why You're Still Broke)

    Everyone wants their first multifamily deal to spit out cash flow from day one. That's the dream they've been sold. Buy the deal. Collect rent. Quit your job. But in today's market? That's not how this game works. In this episode, I break down the truth most people don't want to hear: Your first deal probably isn't going to cash flow the way you expect… and that doesn't mean it's a bad deal. I'm talking about what's actually happening right now in the market: higher debt, rising expenses, flat rents, and why deals feel "tight" or don't pencil at all. More importantly, I'll show you how to shift your mindset so you can stop sitting on the sidelines and start playing the long game. Because the real risk isn't buying a deal that only does 2–3%… It's never getting in the game at all. In this episode, we cover: Why most deals don't cash flow in today's market The biggest mistake new investors make when underwriting How to think about cash flow vs long-term wealth What a "good deal" actually looks like right now Why making aggressive offers is not only okay… it's necessary How to build experience, credibility, and momentum in a tough market If you've been analyzing deals, getting frustrated, and wondering why nothing works… This is the episode you need to hear. If you're ready to stop overthinking and start taking action, check out my resources here: 👉 https://stan.store/buybuildings The next Multifamily Machine cohort is opening soon. Let's get you in the game.

    15 min

  7. APR 6

    Episode 296. Raising Capital for Multifamily in Today's Market (It's Not Easy)

    In this episode, I talk about what it's actually like to raise capital for multifamily deals in today's market. It's not easy. I'm currently operating 90 units and actively working on deals, and I can tell you firsthand—raising money right now is very different than it was a few years ago. Investors are more cautious. Conversations are slower. Some people aren't investing at all. I break down: Why capital raising has become more difficult What investors have seen over the past few years How deals that looked strong didn't always perform Why transparency and honesty matter more than ever What it takes to still get deals done in this environment I also share my own experience navigating this—dealing with operational pressure, bridge loans, and real decisions while still trying to move forward. This isn't about hype or perfect deals. This is about what it actually looks like right now. If you're trying to raise capital, invest in multifamily, or understand the current market, this episode will give you a clear perspective. Stay in the game. Keep getting better.

    11 min

  8. MAR 30

    Episode 295. Operating Multifamily in Today's Market (What It Really Looks Like)

    In this episode, I break down what it actually looks like to operate multifamily real estate in today's market. I'm currently operating 90 units, and I'll walk you through what's happening on the ground right now—vacancies, lowering rents, competing for tenants, and navigating bridge loan pressure in a much tighter lending environment. This isn't theory. This is real-time decision making. We talk about: Why rent growth has flattened and what that means for operators What to do when units sit vacant longer than expected How we're adjusting pricing and strategy to maintain occupancy The reality of operating with bridge debt in today's market Why this environment is forcing operators to get better Deals have always been hard to pencil—but today there's less margin for error. If you're underwriting deals, actively operating, or trying to break into multifamily, this episode will give you a clear picture of what's actually happening right now. This is an operator's market—and this is what it looks like.

    15 min
See All (100)

5
out of 5
87 Ratings

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.

Information