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

Hosted by Nico Salgado

Investing Education

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100

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Aug 2026

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About the show

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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August 17, 2026Episode 31523 min

Episode 315. The Rent Growth Era Is Over - Here's How Multifamily Investors Win Now

In this episode of the Small Axe Podcast, Nico Salgado breaks down what today's slowing rent growth actually means for multifamily investors—and why it doesn't mean the opportunity is gone. For years, multifamily investors benefited from rapidly rising rents. You could renovate units, push rents, and rely on a strong market to help drive NOI and property values. Today, that environment has changed. Rent growth has slowed considerably, new apartment supply is still being absorbed, and renters have more choices. For small operators, that means the old playbook needs to change. Nico shares what he's seeing in his own portfolio and the practical adjustments investors should be making right now—from pricing vacant units and understanding your true competition to retaining good tenants, reducing turnover, and holding property managers accountable. He also explains why investors looking to buy today should stress-test their underwriting, question aggressive rent-growth assumptions, and make sure a deal can survive even if rents don't increase for the next few years. The opportunity in multifamily isn't gone. But the investors who win the next cycle may not be the ones who buy the most buildings—they'll be the ones who operate them the best. In this episode: Why multifamily rent growth has slowed How new apartment supply affects smaller properties Why vacancy can cost far more than lowering rent How to evaluate your true rental competition Why retaining good tenants matters more than ever How to stress-test a multifamily deal before buying Why you shouldn't rely on rent growth to make a deal work How better operations can drive NOI in a flat-rent environment Why small operators may actually have an advantage in today's market The market has changed. The question is whether your strategy has changed with it. Keep swinging that axe.

August 10, 2026Episode 31418 min

Episode 314. The Skills That Matter More Than Finding Deals

In today's multifamily world, finding a great deal isn't enough. Social media celebrates acquisitions. Closing photos. Big announcements. The next apartment building. But what happens after the closing table? That's where real wealth is created. In this episode, I break down the seven skills that have become far more valuable than simply finding another deal. After years of buying, operating, refinancing, and selling apartment buildings, I've realized that successful investors aren't just great at acquisitions—they're exceptional operators. We discuss: • Why communication is one of the most underrated skills in real estate • How leadership shows up when things don't go according to plan • Why asset management—not acquisitions—is where fortunes are built • The truth about raising capital and earning investor trust • Negotiation strategies that can save you thousands of dollars • How to make confident decisions with incomplete information • Why staying calm under pressure may be your greatest competitive advantage If you're serious about building long-term wealth through multifamily real estate, this episode will challenge the way you think about success. Because finding deals gets you into the game... Operating them well is what keeps you there. 📚 Ready to take the next step? Visit https://stan.store/BuyBuildings for my free resources, the Buy Buildings, Build Empires™ course, the DealBlade™ Multifamily Analyzer , coaching opportunities, and everything you need to confidently invest in multifamily real estate. If you enjoyed this episode, please subscribe, leave a review, and share it with another investor. Your support helps the show reach more people who are building their own real estate empires—one small axe at a time.

August 3, 2026Episode 31316 min

Episode 313. How I Underwrite Apartment Deals (Step by Step)

In this episode of the Small Axe Podcast , we're diving into one of the most important skills every multifamily investor needs to master: underwriting . Whether you're analyzing your first apartment deal or your hundredth, underwriting is the foundation of making smart investment decisions. But here's the catch—it's both incredibly important and inherently imperfect. A pro forma is only a projection, so the goal isn't perfection. The goal is making the best decisions possible with the information you have. In this episode, I walk you through my underwriting process from start to finish, including: How to create a buy box that saves you time What to look for in a rent roll, T-12, and offering memorandum How I build a realistic pro forma Why taxes and insurance can make or break a deal How financing impacts your underwriting Where to find reliable market data and expense benchmarks Why conservative exit assumptions matter When it's time to make an offer—and when it's time to move on If you want to become a better multifamily investor, this episode will help you analyze deals with more confidence and avoid some of the costly mistakes that trip up new investors. If you're interested in learning more, check out my Buy Buildings, Build Empires course and the Multifamily Deal Blade underwriting tool at: https://stan.store/buybuildings Remember, it only takes a small axe to build a lasting empire.

July 27, 2026Episode 3128 min

Episode 312: Your Best Deal Might Be the One You Already Own

Most real estate investors are constantly chasing the next acquisition. I get it. I love buying apartment buildings too. But in today's market, the biggest opportunity may not be finding another deal—it may be creating more value from the properties you already own. In this episode, I share why my focus has shifted from acquisitions to operations, and why small improvements in collections, expenses, renewals, renovations, and property management can have a much bigger impact on your wealth than closing another transaction. We discuss: • Why buying another property isn't always the highest-return investment • How small operational improvements compound into meaningful NOI growth • Why today's market is separating great operators from everyone else • The importance of maximizing your current portfolio before expanding • A simple question every investor should ask before chasing their next deal Markets change. Interest rates change. Cap rates expand and contract. Great operators adapt. If you want to build long-term wealth in multifamily real estate, this episode will help you rethink where your next dollar—and your next hour—should be invested.

July 20, 2026Episode 31112 min

Episode 311: Investors vs. Operators: The Market Is Separating the Two

Episode 311: Investors vs. Operators: The Market Is Separating the Two For years, almost anyone could look like a great multifamily investor. Low interest rates, rising rents, and rapid appreciation covered up a lot of mistakes. That market is gone. In this episode, I share why I believe today's environment isn't separating good investors from bad investors—it's separating investors from true operators. I discuss the realities of owning apartment buildings in today's market, including higher insurance costs, rising expenses, refinancing challenges, liquidity concerns, and why operating well has become far more important than simply finding a good deal. I also give a candid update on my own portfolio, including: The latest on two active refinances Why our potential sale of a 28-unit property is likely falling apart Our decision to exit a struggling fix-and-flip The operational changes we're making to protect our investments Most importantly, I explain why buying an apartment building is just an event—but operating one is a career. If you're serious about building long-term wealth through multifamily real estate, this is an episode you won't want to miss. Topics Covered: Why today's market rewards operators Lessons from the current multifamily cycle Refinancing challenges in 2026 Property management and operational strategy Protecting reserves and managing risk Why discipline creates opportunity during difficult markets If you enjoyed this episode, please subscribe, leave a review, and share it with someone who wants to become a better real estate investor. Remember... it only takes a small axe to build a lasting empire.

July 13, 2026Episode 31012 min

Episode 310: The Hidden Cost of Success

Success always comes with a price. The question is... what are you willing to pay? In this episode, I share the hidden cost of building a life and business that most people only see from the outside. We often celebrate the wins, but we rarely talk about the tradeoffs—the time, energy, responsibility, missed opportunities, difficult decisions, and constant problem-solving that come with pursuing meaningful goals. I talk about balancing teaching, multifamily real estate, podcasting, waiting tables, surf instruction, family, and everything else that fills my days. Along the way, I reflect on how every "yes" we say is also a "no" to something else, why success doesn't eliminate problems—it upgrades them—and why I'd rather pay with effort than live with regret. Whether you're building a business, investing in real estate, or simply chasing a bigger vision for your life, I hope this episode reminds you that the price of success isn't something to fear. It's something to choose intentionally. Topics include: • The hidden tradeoffs behind success • Why every "yes" is also a "no" • How success changes your problems instead of eliminating them • Balancing real estate, teaching, entrepreneurship, and family • The responsibility that comes with growing a business • Why comfort and growth rarely exist at the same time • Choosing effort over regret

July 6, 2026Episode 30923 min

Episode 309: What My "Summer Vacation" Actually Looks Like

In this episode, I'm pulling back the curtain on what my "summer vacation" actually looks like. Most people assume life slows down when school ends. For me, it's the exact opposite. I share what it's like balancing teaching, waiting tables, surf instruction, family life, and running a growing multifamily real estate portfolio. We dive into the challenges of a struggling fix-and-flip, two complex refinances, a potential apartment sale, and the constant problem-solving that comes with investing at this level. Along the way, I also share a story from a recent camping trip with my daughter that reminded me how important it is to stay calm when things don't go according to plan. If you've ever wondered what happens behind the scenes of building a real estate business—or if you're in the middle of your own season of challenges—this episode is for you. Topics include: • Why my "summer break" is anything but a vacation • The reality of managing multiple real estate projects at once • Lessons from a fix-and-flip that isn't going as planned • The challenges of refinancing commercial properties in today's lending environment • Deciding whether to sell or hold apartment buildings • Staying focused when business and personal life collide • Why problem-solving may be the most valuable skill an entrepreneur can develop

June 29, 2026Episode 30816 min

Episode 308: Success Leaves a Mess

Success doesn't usually show up after everything is organized. It usually shows up while life still feels messy. In this episode, I talk about a lesson that has become more obvious to me with every year of investing, business ownership, and entrepreneurship: success leaves a mess. We often look at successful people and assume they have everything figured out. Perfect systems. Perfect partnerships. Perfect businesses. Perfect lives. The reality is usually the opposite. Behind every successful investor, entrepreneur, or business owner is a constant stream of challenges, uncertainty, mistakes, difficult decisions, and controlled chaos. I share stories from my own journey, including apartment investing, partnerships, capital raising, starting this podcast, losing money on early deals, and balancing multiple careers while raising a family. We discuss: • Why waiting for perfect conditions is a mistake • The messy reality of real estate investing • Partnerships, setbacks, and uncertainty • Lessons from losing money on early deals • Why confidence comes after action, not before • How successful people operate through chaos • The difference between planning and progress If you've been waiting for the perfect time to start investing, launch a business, pursue a goal, or make a change in your life, this episode is for you. Stop waiting for certainty. Take the next step. Success often shows up right in the middle of the mess. Remember: It only takes a Small Axe to build a lasting empire. 🪓🏢

June 22, 2026Episode 30713 min

Episode 307. Why Most People Should Probably Be LPS

Most people look at multifamily real estate and see the benefits: Cash flow. Equity growth. Tax advantages. Financial freedom. What they don't see is everything happening behind the scenes. In this episode, I pull back the curtain on what it's really like to be a general partner operating apartment buildings. I'm currently navigating multiple refinances, property sales, partner negotiations, CapEx issues, lender requirements, insurance concerns, taxes, and acquisition opportunities—all while working multiple jobs and trying to be present for my family. This isn't meant to scare anyone away from real estate investing. It's meant to help you understand the difference between being an active operator and being a passive investor. We discuss: • The reality of being a GP • Why many investors may be better suited as LPs • Managing partner relationships and investor expectations • Refinancing challenges in today's market • CapEx surprises and operational headaches • The emotional and mental demands of ownership • How to decide which role is right for you If you've ever wondered what apartment ownership actually looks like behind the social media posts and success stories, this episode is for you. Connect with me: https://Stan.store/Buybuildings Remember: It only takes a Small Axe to build a lasting empire. 🪓🏢

June 15, 2026Episode 30610 min

Episode 306. Why Most Investors Quit Before They Get Good

One thing I've noticed over the years is that most investors don't fail because they're incapable. They fail because they quit too soon. They look at a handful of deals, make a few offers, get ignored by brokers, face some rejection, and decide that real estate doesn't work. But that's not how any skill works. Nobody picks up a guitar and becomes a musician overnight. Nobody paddles into their first wave and looks like a surfer. Nobody walks into a boxing gym and knows how to fight. And nobody becomes a great real estate investor after underwriting three deals. In this episode, I talk about the importance of staying in the game long enough to develop the skills, confidence, and experience needed to succeed. We discuss: Why analyzing hundreds of deals is not a waste of time The importance of repetition and pattern recognition Getting ignored by brokers and rejected offers The "ugly middle" where most investors give up Lessons from teaching, surfing, boxing, and multifamily investing Why consistency beats talent over the long run Whether you're still searching for your first deal or feeling frustrated with your progress, this episode is a reminder that success often comes to those who simply refuse to quit. The investors who eventually succeed aren't always the smartest, richest, or most connected. They're the ones who stick around long enough to get good. 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. 🪓🏢