The Multifamily Hour Podcast

Hosted by Axel Ragnarsson

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344

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Sep 2026

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About the show

The Multifamily Hour (formerly The Multifamily Wealth Podcast) features Axel Ragnarsson in conversation with successful real estate investors, breaking down how they're navigating today's evolving multifamily market to start, build, and scale their businesses. Each episode delivers tactical, current, and actionable insights to help listeners grow their business and real estate portfolio.

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September 8, 202629 min

#348: Sharing 11 Random Thoughts, Lessons, and Takes on Multifamily Real Estate Investing

Axel Ragnarsson goes into a stream-of-consciousness rundown of 11 lessons, mistakes, and hot takes on multifamily investing pulled from years in the trenches as both an active buyer and operator for this solo Multi-Family Minutes episode. This episode is essential listening for any investor — new or experienced — who wants a rapid-fire gut check on where they're wasting time, misreading risk, or misunderstanding how the market actually values their deals heading into 2027 and beyond. Join us as we dive into: You're saying yes to too many things — why chasing deals, partnerships, and asset classes outside your defined market, deal size, and strategy pulls you away from where your time is actually best spent. Most investors don't know their core competency — the three pillars of real estate investing (acquisitions, financing/capital, and operations) and why picking one to truly excel at — rather than doing all three at a mediocre level — is what creates a real edge. "Rents are a market decision, vacancy is an operator decision" — why chasing the market down in small rent increments is a mistake, and why getting ahead of demand by pricing to clear the market beats holding out for a number that isn't there. You're probably not taking enough risk — especially investors under 30 — and why the "worst case" of a failed deal is rarely as catastrophic as new investors imagine. You don't make real money via cash flow in C-class rentals — why C-class assets are "trading assets," not "investing assets," and how the real returns come from buying right, stabilizing, and exiting rather than long-term hold cash flow. Always know who your eventual buyer is — why elevated NOI from mid-term rentals, rent-by-the-room, or other operationally intensive strategies won't get rewarded at exit the way owners expect, since buyers underwrite to their own (usually more conventional) operating plan. Get comfortable: rates aren't dropping and rents aren't spiking anytime soon — a realistic outlook suggesting the current rate and rent environment likely persists through 2027, into 2028, and possibly 2029. If a deal intimidates you, take the partner — a personal admission that some of the biggest early-career mistakes came from over-extending on deals with complexity better handled alongside a complementary partner. Environmental, title, and government issues are the ones to fear most in DD — unlike physical or tenant problems (which you can price), vague issues like unresolved fire-department sprinkler mandates or ambiguous title exceptions need full closure before moving forward. Revenue solves almost every operating problem — since the majority of multifamily expenses are fixed regardless of occupancy, the core of asset management is filling units, avoiding delinquency, and protecting occupancy — even if that means taking a lower rent now and refinancing later. The buyer who pays more than you probably has different goals or a different cost of capital — not necessarily better information — whether that's a 1031 exchange buyer, a hobbyist doctor-investor, a nearby owner paying a premium for proximity, or an out-of-market operator buying a foothold deal. Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

September 4, 202618 min

#347: The First Deal That Made $150K (And Nearly Broke Me First) with Matt Lefebvre

Axel Ragnarsson sits down with Matt Lefebvre once again for a deep-dive follow-up episode dissecting the deal that actually launched his portfolio — a same-day, two-building purchase in Concord, NH that looked like a home run on paper and nearly took him down before it made him money. This episode is essential listening for any investor about to do their first (or next) value-add deal who wants an honest look at what happens when a "great price" deal collides with hard money debt, an insurance claim gone long, and a global pandemic — and why simplicity, not upside, should define a first deal. Join us as we dive into: How Matt bought a 2-unit and a 4-unit in Concord, NH — a mile apart, from the same seller, on the same day for a combined $365,000, sourced through a residential agent who didn't know how to value or sell a small commercial multifamily deal herself. A 90% loan-to-cost hard money loan at 12% interest-only, two points due on exit, with only a six-month term and why that short runway became the central risk in the entire deal. How things went sideways in a mid-renovation plumbing failure that flooded the first floor, triggered an insurance claim, an asbestos test, and a three-month hold where Matt couldn't touch his own building — burning through his six-month loan term and pushing him into default-rate interest at 16% plus two points. The gut-punch moment: a boiler fire in the four-unit two days before the refinance appraisal, killing any chance of refinancing above purchase price after $60,000 in renovations, forcing a sale of the building in the exact month COVID lockdowns began. Why more moving parts in an exit strategy means more chances for something to go wrong, and why a first deal should be boring — buy the building with the good roof, good systems, and straightforward turns, and save the "hairy" deals for once you have the experience (and cash reserves) to absorb the unexpected. Connect with Matt Lefebvre: Website: downtownrealtynh.com (All contact info, social media links, and team information available on the website) Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

September 1, 202647 min

#346: Jumping Into RE After High School, Becoming a Top Broker, and Investing In Tertiary Markets with Matt Lefebvre

Axel sits down with Matt Lefebvre, founder of Downtown Realty NH, active multifamily investor, and one of the most well-connected brokers operating in New Hampshire — for a wide-ranging conversation that spans his origin story, the realities of investing in tertiary markets, the current state of the New Hampshire multifamily market, and the value of local networking organizations for new and growing investors. This episode is essential listening for any investor or broker who wants an honest, on-the-ground picture of what operating in tertiary markets actually looks like, how to navigate the broker-investor identity as your business grows, and what the New Hampshire multifamily market looks like heading into the second half of 2026. Join us as we dive into: How Matt separates his investing and brokering activities by owning exclusively in one hyper-specific market (Claremont, NH) while brokering deals across the state — and why that clarity makes his client relationships cleaner. Why Claremont, NH — a 13,000-person city 30 minutes from the nearest major interstate — became Matt's target market: rents only 15% below Manchester, prices roughly half, and virtually no competition from other investors at the time. The first deal: a 40-unit downtown brick building with six retail spaces — and how that acquisition set the template for growing to 100 units in one market. The real cons of tertiary market investing: a 115% property tax increase over four years, limited vendor options, higher vacancy than statewide averages suggest, and the unpredictability of small-town code enforcement and building officials. Why fire code has become the single biggest financial risk for multifamily investors in older buildings — and how one Claremont property was required to install a sprinkler system costing roughly one-sixth of the purchase price. The financing reality of small-market investing in New England: how Matt uses Pat Brady at Brady Capital Advisors to navigate a six-bank county, and why New England is significantly better banked than markets like Florida. The current New Hampshire multifamily market: cap rates flattening or expanding slightly, Manchester's new property tax override adding to expense pressure, Massachusetts capital continuing to flow north, and why gold-standard 1970s–90s garden-style apartments are still compressing in cap rate while mid-market and mixed-use assets are expanding. The NHREIA story: how Matt started attending meetings before he had his license, became vice president, ran nine of twelve meetings in one year by default — and how that early visibility accelerated his brokerage and investing career simultaneously. Connect with Matt Lefebvre: Website: downtownrealtynh.com (All contact info, social media links, and team information available on the website) Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

August 25, 202655 min

#345: A BS-Free Conversation With Zach Hoereth About Direct-To-Seller Fundamentals, Why Unit Count Is Irrelevant, and The Limits of AI

In this episode, Axel sits down with Zach Hoereth — real estate investor, operator of Midwest Storage, and one of the more entertaining (and polarizing) voices on real estate Instagram — for a genuinely unfiltered conversation about what actually works in this business. He brings a uniquely blunt, been-there perspective on direct-to-seller acquisitions, the limits of AI and technology in a relationship-driven business, and why chasing unit count and AUM is one of the most overrated status games in real estate investing. This episode is essential listening for any investor who wants a no-BS look at what it actually takes to source deals, build a lean operation, and avoid the traps that sideline so many people who get into this business. Join us as we dive into: Zach's path from a college leasing hustle to buying his first $20–30K house in Indianapolis in 2018, and how that snowballed into today's business. How Zach's operation is structured: direct-to-seller mail feeding wholesaling and flipping, which funds acquisitions of small multifamily, single-family rentals, and self-storage — all without outside equity to date. Why "just buying rentals" isn't a wealth strategy — cash flow keeps you in the game, but equity and capital events are what actually move the needle. Why AI and chatbots can't fix a bad reputation or replace the human-to-human trust that wins deals, retains tenants, and keeps LPs engaged. The "70 dudes who partnered on a fourplex" problem — why unit count and AUM get wildly overrated as status symbols, and why doing a few deals solo teaches more than riding shotgun on a syndication. The three things you actually need to start doing direct-to-seller deals: a CRM, a targeted list (tools like PropStream and Reonomy), and a mail house How to make aggressive offers respectfully, and why "running toward the confrontation" beats avoiding it. The three Ds of distress — death, divorce, and drama — and how to quickly identify which sellers are actually motivated versus wasting your time. Why a seller's real pain point is often bigger (and weirder) than investors assume, and why being present when they decide to sell matters more than trying to convince them. Connect with Zach Hoereth: Follow him on Instagram Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

August 18, 202619 min

#344: Why Managing REVENUE Is So Critical In Multifamily Operations… How A 1% Increase in Revenue Increases Cash Flow by 5X

In this Multifamily Minutes episode, Axel breaks down why revenue management deserves far more attention than most multifamily operators give it. Using a simple 10-unit example, he shows how a single percentage point of recovered revenue — whether from reduced vacancy or lower delinquency — can boost net free cash flow by 5% or more, a magnified effect similar to how leverage amplifies returns. He also shares how his own portfolio tracks collections throughout the month, why vacancy is the lever operators actually control while rent is dictated by the market, and the practical steps his team is taking — from tenant screening to new collections technology — to keep squeezing out those last few points of revenue. Join us as we dive into: Why revenue assumptions (vacancy and delinquency) vary wildly across A, B, C, and D class deals. The leverage analogy: how small revenue changes create outsized swings in net free cash flow. What happens at the extreme: a 3% revenue increase driving 15–16%+ additional cash flow. Why this effect becomes easier to see and more important at scale, across larger portfolios or buildings. How Axel's team tracks collections by day of the month (1st–5th, 5th–12th, 12th–30th) and what "normalized" collections look like for stabilized C-class buildings. The tech and process changes being used to push collections rates higher, including third-party payment plan platforms for past-due tenants. Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

August 4, 202616 min

#343: Becoming Desensitized To $$ As You Grow Your Portfolio Is Important… Until It’s Not

In this Multifamily Minute episode, Axel gets introspective on a concept he's been wrestling with personally: the psychological relationship investors have with money as their portfolio grows — and why the skill that helps you scale can quietly become the thing that costs you the most. Using poker as a framework, Axel maps the psychological arc of the growing investor — from the early-stage necessity of emotional detachment, to the mid-stage risk of becoming too numb, to the mature-stage discipline of swinging the pendulum back and reassigning real dollar value to every line item in the business. This episode is essential listening for any investor who has started delegating, doing more deals, and moving faster — and who wants an honest gut-check on whether their relationship with spending in the business has quietly drifted in the wrong direction. Join us as we dive into: The Hawaii vacation story: a routine electrical bid that came in $1,500 high nearly got approved on autopilot — and what that moment revealed about how Axel thinks about money in the business today. Why developing emotional detachment from dollar variance is a necessary skill for any investor growing from 5 to 15 to 50 units — and how holding onto stress about every water heater replacement prevents delegation and scale. The poker analogy: why elite poker players must strip emotion from their decision-making at the table, and why the same psychology applies to real estate investors managing day-to-day swings. Why detachment needs to apply to the upswings too — staying disciplined when a cash-out refi returns more than expected, or a deal comes in under budget. How the pendulum swings too far: as businesses grow, faster decision-making and more line items on more P&Ls make it easy to approve lump sum quotes without analyzing what's inside them. The Silicon Valley startup parallel: when you have a war chest and are running with urgency, individual cost line items stop feeling material — the same dynamic happens in real estate as portfolios scale. Why this episode speaks most directly to investors with 15–50+ units who are actively running a business, managing teams, and moving fast across multiple deals simultaneously. Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

July 28, 20268 min

#342: While New Supply Is Dropping… It Isn’t Coming To Save Your Rent Projections (and Bail Out Your Bad Deals)

In this Multifamily Minute episode, Axel pushes back on one of the most commonly repeated narratives in multifamily investing right now: that falling housing starts will automatically trigger rent growth and bail out investors who bought or underwrote aggressively. It's a thesis Axel hears constantly — across Sun Belt, Southwest, Texas, and increasingly even in lower-supply Northeast markets — and he thinks it dangerously oversimplifies what's actually driving rent dynamics in 2026. This episode is essential listening for any investor currently underwriting new deals with rent growth assumptions, or holding existing deals while waiting for supply to thin out and rents to rebound — and who needs a clear-eyed reality check on whether that thesis actually holds up. Join us as we dive into: Why "supply is falling so rents will rebound" is the most widely parroted — and most dangerously incomplete — thesis in multifamily investing right now. Why the Northeast was hit hardest on housing starts (down 25%+ year over year for the April '25 to April '26 comparison period) — and why the Midwest was the only region to see a bump. The monetary policy variable: the US grew its money supply by roughly 30% in two years post-COVID, and that injection — not structural demand changes — drove the majority of 2020–2022 rent growth. The population variable: for the first time in US history, the US recorded a net population decline in 2025 — driven by a hard pause on immigration, declining birth rates, and net deportations. The AI variable: a fourth factor nobody can yet quantify — AI-related disruptions to the job market — that could further dampen wage growth and renter demand. Why solving for supply while holding monetary policy, population, and economic variables constant is an incomplete and potentially misleading framework for underwriting rent growth. The practical implication: challenge the assumption before you underwrite moderate-to-aggressive rent growth, and model a scenario in which rents remain flat even as supply falls. Why this matters for existing deal holders in Sun Belt, Southwest, and Texas markets who are waiting for legacy supply to be absorbed before making hold/refi/sell decisions. Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

July 21, 202619 min

#341: Discussing The “K-Shaped Economy” and How This Impacts The Deals Investors Should Be Pursuing

In the first official Multifamily Minute episode of the newly rebranded Multifamily Hour, Axel introduces a macro economic concept that he believes every active real estate investor should be factoring into their deal-making right now: the K-shaped economy. Rather than leaving it as an abstract economic talking point, Axel translates it directly into a tactical framework for choosing deal types, building renovation scopes, and pricing rental units in today's market. This episode is essential listening for any investor currently executing or planning a value-add business plan who wants a clear, economically grounded framework for how to position their product, scope their renovations, and price their units in the current environment. Join us as we dive into: What a K-shaped economy is, real-world k-shaped examples across consumer sectors. Why businesses and investors "serving the middle" are getting squeezed — and why the same dynamic is hitting multifamily operators who are trying to push C-class product into B-class rent territory. The tactical implication for C-class deals: compete on price, do functional renovations only (life safety, curb appeal, cleanliness), and price below market to drive volume and minimize vacancy. A real example from Aligned's own portfolio: why the team moved away from $20K renovation scopes targeting $1,575–$1,600 rents and toward $15K functional scopes priced at $1,475 — with far more applications and faster lease-up as a result. The A-class play: why investors buying in truly A-class locations should go all-out on renovations — quartz countertops, tiled bathrooms, in-unit washer/dryer, smart locks, package lockers, built-in storage — because the A-class tenant is not price-sensitive and rewards a premium product with premium rent and strong renewal behavior. The short-term rental parallel: why Airbnbs that succeed are either ultra-premium (every amenity, right on the water, top-of-market pricing) or ultra-budget (high occupancy, low price) — and why the middle is where operators go to lose money. Where B-class investors fit: lean into what the B product can offer, pull C-class residents up with modest amenities and competitive pricing, and avoid over-improving a building that A-class residents won't want to live in regardless. Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

July 14, 20267 min

#340: The Multifamily Wealth Podcast is now The Multifamily Hour! Why I Decided To Rebrand The Show After 6 Years and 340 Episodes

After six years, 340 episodes, and over 500,000 downloads, Axel announces the rebrand of the Multifamily Wealth Podcast to its new name: The Multifamily Hour. In this short solo episode, he explains the reasoning behind the change, what listeners can expect going forward, and why this evolution reflects where his business — and his focus — actually is today. The rebrand isn't a pivot in content. It's an alignment of the show's identity with the business Axel is actually building. This episode is a must-listen for any long-time listener of the show who wants context on the change — and for any new listener who wants to understand what this podcast is, who it's for, and where it's going. Join us as we dive into: Why Axel decided to rebrand after six years, 340 episodes, and 500,000+ downloads — and why it wasn't an easy decision. The origin story of the Multifamily Wealth Podcast: launched in May 2020 during COVID as a side project when deal-making had ground to a halt. How Aligned Real Estate Partners continued to grow throughout — and why the core investment business is now the primary focus. Blue Door Living, Axel's New Hampshire property management company: now at 900 units under management, with ~70% third-party clients. Why The Multifamily Hour is a more accurate description of what the show actually is. What's not changing: same guests, same topics, same tactical content — all legacy episodes remain on the feed. Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners

June 30, 202652 min

#339: The Difference Between Average and Best-In-Class Brokers, How Buyers Can Stand Out To Brokers, and State Of The Market Update for NH/MA Real Estate Investors with Will Peck

In another in-person episode, Axel sits down with Will Peck — multifamily broker at Horvath & Tremblay and one of the most active apartment building brokers in New Hampshire — for a wide-ranging conversation on the current state of the New Hampshire multifamily market, what it actually takes to build a successful brokerage career from scratch, and what separates the buyers and sellers that brokers love working with from the ones that make deals fall apart. Will has been focused exclusively on New Hampshire multifamily since graduating college in 2018, building his book of business from cold calls and grand list research to becoming one of the go-to brokers in the state. This episode is essential listening for any investor buying or selling in New Hampshire — or any investor who wants to understand how to build a productive, long-term relationship with a commercial real estate broker. Join us as we dive into: The distinction between being a transactional broker and being a true advisor — and why Will regularly tells clients not to sell Why New Hampshire continues to attract capital migrating from Massachusetts — and why Will sees demand growing even further over the next 12 months What makes a great seller: transparency from day one, accurate financials, and open communication throughout the transaction — because in today's market with only 2–3 strong buyers at the table, you can't afford to waste a bullet Creative deal solutions: the escrow agreement Will structured for a student housing deal with unleased units — how leaving money in escrow gave the buyer and lender comfort to close without delay What makes a great buyer: do what you say you're going to do, give specific and timely feedback, and share your underwriting assumptions so the broker can actually serve you Why telling a broker "I'm looking for 8 caps" means almost nothing — and what you should be saying instead The two-way intel relationship: how sharing renovation costs and achieved rents with your broker builds the kind of market knowledge that eventually comes back to help you price, lease, and sell your own deals Connect with Will Peck: Reach out to him on Linkedin Cell: 207-712-6402 Office: 603-218-1857 Email: wpeck@htapartments.com Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities. Connect with Axel: Follow him on Instagram Connect with him on Linkedin Subscribe to our YouTube channel Learn more about Aligned Real Estate Partners