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

Nico Salgado
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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. 5H AGO

    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

  2. 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

  3. 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

  4. 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

  5. MAR 24

    Episode 294. Multifamily Isn't Crashing. It's Resetting—and That's Where the Money Is

    Everyone keeps asking the same question right now… is multifamily crashing? I don't see it that way. What we're actually seeing is a reset. Rates jumped faster than they have in decades. Debt got expensive. Supply hit the market all at once. And now a lot of operators are feeling real pressure. That doesn't mean the game is over. It means the game changed. In this episode, I break down what's actually happening in today's market, why deals don't pencil the way they used to, and where the real opportunities are starting to show up. We talk about: Why rising rates are crushing refinance assumptions The supply surge and what it's doing to vacancy Bridge loan failures and why some operators are stuck Where deals are actually trading today How to think about buying in this environment And where to find real data instead of guessing I also touch on something most people aren't talking about… how global events and energy prices could impact real estate moving forward. This is not a hype episode. It's a real look at what's happening on the ground right now and how I'm thinking about it as an active operator. If you're serious about buying apartment buildings, this is the part of the cycle that matters. Because reading about deals doesn't make you an investor. Buying buildings does.

    12 min

  6. MAR 16

    Episode 293. Why Multifamily Deals Don't Pencil Anymore (And Why That's a Huge Opportunity)

    Multifamily deals don't pencil the way they used to. If you've been underwriting properties lately and wondering what changed, you're not alone. In this episode, Nico Salgado breaks down why multifamily deals that worked just a few years ago are falling apart today. Interest rates have jumped, lenders have tightened their standards, operating expenses have surged, and CapEx requirements are forcing investors to rethink their underwriting models. But this shift isn't necessarily bad news. In fact, it may be creating one of the best buying opportunities since the Great Financial Crisis. Nico explains how lenders are underwriting deals today, why leverage has dropped across the board, how rising expenses are impacting returns, and why serious operators are adjusting their assumptions instead of sitting on the sidelines. If you're actively analyzing deals or trying to understand where the multifamily market is headed, this episode will help you see what's really happening behind the numbers. Because deals may not pencil the way they used to… but disciplined investors know how to adapt. And those who understand the shift may be positioned to capitalize on the next cycle. Reading about deals doesn't make you an investor. Buying buildings does.

    14 min

  7. MAR 9

    Episode 292. The Best Buying Opportunity Since 2009

    Is today the best buying opportunity since the Great Financial Crisis? After more than a decade of rising prices and easy money, the multifamily market has shifted. Prices are down, capital is tight, and lending has become more conservative. For many investors, that uncertainty has pushed them to the sidelines. But for disciplined operators, this is exactly when real opportunities appear. In this episode, Nico breaks down why the current multifamily cycle may present the best buying window since 2009. He explains how the rapid rise in interest rates reshaped the market, why deals must cash flow under today's conditions, and the two major obstacles investors face right now: raising capital and securing debt. If you can solve those two problems and stay patient, the next five years could be extremely rewarding. This episode also dives into the mindset required to invest during a downturn and why many of the best investors build their portfolios during difficult market cycles. If you want help navigating today's market and learning how to analyze, acquire, and operate multifamily deals, check out Nico's Multifamily Machine program. https://stan.store/buybuildings

    12 min

  8. MAR 2

    Episode 291. Sling LOIs: How to Make Offers in a Buyer's Market

    In this episode, I break down exactly how to make offers on apartment buildings using a Letter of Intent. What an LOI actually is. When to use one. When to skip it and go straight to a Purchase and Sale Agreement. How I structure mine. What terms matter. How earnest money works today versus 2021. And why this market gives buyers more leverage than we've seen in years. If you're serious about buying multifamily, you need to understand how to make clean, confident offers without overcommitting too early. We also talk about underwriting, why you should not be making offers if you don't know your numbers, and how to protect yourself with due diligence timelines, extensions, and financing contingencies. This is a practical episode. Tactical. No theory. If you've been waiting for the "right time" to buy, this might be it. Now go sling some LOIs.

    14 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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