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

Nico Salgado
  • 5.0 (88)
  • Investing
  • Updated Weekly

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. 4d ago

    Episode 305. 5 Things I Got Completely Wrong About Multifamily

    When I first got started in multifamily investing, I thought I had a pretty good understanding of how the business worked. I was listening to podcasts, reading books, attending networking events, analyzing deals, and trying to learn as much as possible. Like many new investors, I had a lot of assumptions about what it would take to succeed. Some of those assumptions were right. A lot of them were wrong. In this episode, I share five things I got completely wrong about multifamily investing and the lessons I've learned after buying, operating, and selling 194 units and continuing to own and manage a growing portfolio today. We discuss: Why bigger isn't always better Why cash flow doesn't solve every problem The realities of partnerships Why raising capital never gets as easy as people think Why buying the deal is only the beginning Whether you're looking for your first multifamily property or already own rental real estate, these lessons come from real-world experience, mistakes, successes, and everything in between. If you're currently underwriting deals, talking to brokers, raising capital, or trying to grow your portfolio, I think you'll find something valuable in this conversation. Interested in learning more about multifamily investing? Get access to my resources, trainings, and community at: stan.store/buybuildings If you enjoyed this episode, please leave a rating, write a review, and share it with someone who could benefit from it. Remember, it only takes a small axe to build a lasting empire. 🪓🏢

    16 min

  2. Jun 1

    Episode 304. If I Lost Everything, Here's Exactly How I'd Rebuild in Multifamily Real Estate

    What if you lost everything tomorrow? No portfolio. No apartment buildings. No broker relationships. No track record. Just your knowledge, your work ethic, and a desire to build wealth through multifamily real estate. In this episode, I walk through the exact roadmap I would follow if I had to start over from scratch in today's market. Not during the low interest rate boom. Not when every deal seemed to work. Right now. I break down the difference between being a Limited Partner (LP) and a General Partner (GP), why most aspiring investors skip important steps, and how I would strategically build experience, relationships, and momentum over the next four years. Inside this episode, you'll learn: • The first decision every new investor must make: LP or GP • Why investing passively can be one of the smartest ways to learn the business • How to choose and study a market the right way • The importance of brokers, lenders, property managers, and strategic partnerships • Why co-sponsoring or JV'ing on a deal can accelerate your growth • What most people don't understand about the responsibilities of a GP • How refinancing and recycled capital can help create long term momentum • The "Conveyor Belt Theory" and how one deal can eventually lead to the next Too many people spend years consuming content without taking action. Others jump into deals before they're ready. The goal is to find the balance between education and execution. If you're serious about multifamily real estate and want a realistic roadmap from beginner to apartment owner, this episode is for you. Remember: You don't need to know everything to get started. You just need to keep moving forward. It only takes a Small Axe to build a lasting empire. 🎙️ Connect with Nico: Small Axe Communities 📚 Free Multifamily Resources: Download the Multifamily Credibility Kit and explore training opportunities through my Stan Store -  Https://Stan.store/buybuildings #MultifamilyRealEstate #ApartmentInvesting #PassiveIncome #RealEstateInvesting #LimitedPartner #GeneralPartner #FinancialFreedom #SmallAxeCommunities #BuyBuildingsBuildEmpires #CommercialRealEstate

    15 min

  3. May 25

    Episode 303: Refis, Rising Rates, and a 44 Unit Nobody Wants to Buy

    What does multifamily investing actually look like in today's market? In this episode, I pull back the curtain on what's happening inside my own portfolio right now. I'm dealing with a refinance on a 6-unit property after a planned sale fell apart. Rates moved almost immediately, changing the economics of the deal. At the same time, we're working through a refinance on our 13-unit portfolio while trying to position a 44-unit property for sale in a market where buyers seem hesitant to pull the trigger. I also share conversations I've had with other operators who are feeling the pressure from rising expenses, tighter lending, slower transaction volume, and challenging market conditions. But here's the thing... The same environment that's creating stress for operators may also be creating one of the best buying opportunities we've seen in years. In this episode we discuss: • Refinancing multifamily properties in today's lending environment • How quickly interest rates can impact a deal • Why multifamily transaction volume remains slow • What operators are experiencing behind the scenes • The reality of cash flow, distributions, and investor expectations • Why difficult markets often create the best opportunities • How I'm thinking about acquisitions moving forward If you're actively investing, looking to get started, or simply trying to understand what's really happening in multifamily real estate right now, this episode is for you. Remember: It only takes a small axe to build a lasting empire. #multifamilyinvesting #commercialrealestate #realestateinvesting #apartments #cashflow #multifamily #passiveincome #realestatepodcast #smallaxecommunities #buybuildingsbuildempires

    13 min

  4. May 18

    Episode 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

  5. 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

  6. 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

  7. 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

  8. 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
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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.

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