The Multifamily Wealth Podcast

Hosted by Axel Ragnarsson

BusinessInterviews guests

Website RSS feed

Episodes

334

Latest episode

Jun 2026

Language

About the show

Axel Ragnarsson speaks with successful real estate investors and dissects how they started, built, and scaled their businesses. In each episode, listeners can expect tactical and actionable information to help grow their business and real estate portfolio.

Listen to episodes

60 recent

June 16, 202614 min

#337: Underwriting Multifamily Real Estate Boils Down To Evaluating TWO Numbers... Revisiting the Fundamentals Of Multifamily Investing

In this solo back-to-basics episode, Axel steps away from the AI and current events conversations that have dominated recent episodes to refocus on the real estate underwriting process. He breaks down the entire game of value creation in real estate into one simple equation, using clear numeric examples that any investor can apply regardless of asset class or market.Axel walks through the three-step framework for quality real estate investing: finding an undervalued deal, assessing whether continued investment can generate a meaningful spread over your all-in cost, and financing the deal in a way that matches the business plan. This episode is essential listening for any investor — new or experienced — who wants a clear, simplified gut-check framework for evaluating whether a deal actually creates value, independent of rent growth projections or cap rate compression assumptions.Join us as we dive into:Why understanding the current market cap rate for your specific asset class and submarket is the non-negotiable starting point for any underwriting exercise.How to interpret that 9% yield on cost depending on whether the market cap rate is 9% (no value created) or 7% (significant value created).Why Axel and his team target an 8.5%+ yield on cost in a 7% cap environment — a 150 basis point spread — across Southern New Hampshire and the Greater Boston periphery.Why the same 150 basis point spread creates more value in a lower cap rate market than a wider spread does in a higher cap rate market.Why a deal with a 12% yield on cost in a 10% cap market actually creates less value than a deal with a 6.5% yield on cost in a 5% cap market, despite the spread looking similar.How to gut-check a multi-year cash flow model: calculate your yield on cost at stabilization and compare it against the market cap rate at that point in the hold period.Why a thin or non-existent spread between yield on cost and market cap rate signals that your returns are dependent on rent growth or cap rate compression — both riskier bets than underwriting a real spread on day one.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 InstagramConnect with him on LinkedinSubscribe to our YouTube channelLearn more about Aligned Real Estate Partners

June 12, 202613 min

#336: Putting Together a Complex 300-Unit, 40B Multifamily Development Deal on Cape Cod with Pat Carino

In this deal segment episode with Pat Carino we break down one of the most unique deals featured on the podcast to date: a 300-unit, five-building ground-up development on Cape Cod, Massachusetts, acquired through the state's 40B affordable housing program on a 20+ acre site.Pat walks through how the deal first surfaced through a social media message, how it came back to market through a broker four months later, and how NRP Group ultimately won the deal in a competitive process. The conversation covers the mechanics of 40B entitlements, why the Cape Cod market is more compelling than it looks on paper, how the town's own incentives aligned perfectly with the project's approval, and how the team is navigating the Massachusetts rent control uncertainty heading into November.This episode is essential listening for any investor curious about how institutional ground-up development deals actually work — from 40B entitlements to construction type to exit planning — and what the Massachusetts legislative landscape means for multifamily development in 2025 and beyond.Join us as we dive into:A clear explanation of Massachusetts 40B: what it is, how it works, why towns strategically support "friendly 40B" projects, and how crossing the 10% affordable housing threshold removes the tool from future developersWhy wood-frame, surface-parking construction is Pat's preferred method — and how construction type, affordability requirements, and tax environment are the four key variables in any development site evaluationHow NRP prices development deals: per approved/entitled unit — and why that structure protects both buyer and seller when final unit counts are still in fluxHow the capital stack works at NRP: traditional bank construction debt combined with institutional equity from pension funds and family officesWhy Cape Cod is a stronger demand market than it appears: a large workforce commutes onto the Cape daily with almost no rental housing options — and this project fills that gapPat's honest assessment of Massachusetts rent control: how NRP has stress-tested their underwriting against worst-case scenarios, and why a 10-year new construction exemption is at least partially reassuringState-level tailwinds: a proposed sales tax exemption on building materials and a fast-track provision for the MEPA environmental review process for qualifying projectsSign up for the DealNav CRM HEREConnect with Pat Carino:Follow him on Twitter/XConnect with him on LinkedinLearn more about DealNavAre 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 InstagramConnect with him on LinkedinSubscribe to our YouTube channelLearn more about Aligned Real Estate Partners

June 9, 202639 min

#335: Working on Institutional Multifamily Development Deals, Building an Acquisitions Process, and Fun Deal Stories with Pat Carino

Axel sits down with Pat Carino — a multifamily developer, acquisitions professional at NRP Group, and co-founder of DealNav — for a wide-ranging conversation that spans institutional development, deal sourcing at the highest level, and the origin story of a software tool that Aligned Real Estate Partners actually uses in their own business.Pat breaks down the three-bucket deal sourcing framework he uses at the institutional level — brokers, referral network (architects, engineers, attorneys), and true off-market sourcing. The second half of the conversation dives into DealNav — what it is, why Pat built it, and why a purpose-built deal tracking CRM with a map beats bloated all-in-one platforms for acquisitions-focused operators. This episode is essential listening for any investor who wants to understand how deal sourcing is done at the institutional level — and how the same principles apply whether you're buying a 10-unit or a 300-unit ground-up development.Join us as we dive into:The three-phase development contract lifecycle: due diligence, entitlement approvals (6 months to 1+ year), and closing — and how it differs from a traditional value-add acquisitionThe three-bucket deal sourcing framework: broker deals, referral network (architects, engineers, land use attorneys, economic development offices), and true off-market direct-to-ownerThe story of a vacant 30,000 sq ft retail building: a two-year follow-up campaign, tracking down the decision-maker through her daughter's Instagram DM, and closing the deal after years of patient persistenceWhy having a CRM with clean notes, timestamped follow-up reminders, and a linked map is the only way to manage a multi-year, multi-contact off-market pipeline at scaleThe origin story of DealNav: from colored pins on a Jersey City poster board to an Excel/Google My Maps hybrid to a purpose-built SaaS product — and why 15 demos of competing CRMs came up shortThe three boxes DealNav was built to check: simplicity (prospecting only, no bloat), a map-first interface, and single-user affordable pricingHow DealNav became a deal source for Pat's institutional acquisitions work — and why building a real estate community and a real estate software company often leads to the same peopleWhat makes a good development site: rent comps that justify new construction, favorable taxes (or abatements), manageable affordability requirements, and the right construction typeSign up for the DealNav CRM HEREConnect with Pat Carino:Follow him on Twitter/XConnect with him on LinkedinLearn more about DealNavAre 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 InstagramConnect with him on LinkedinSubscribe to our YouTube channelLearn more about Aligned Real Estate Partners

June 2, 202619 min

#334: The Importance Of Context When Seeking Advice + Key Focuses for 25/40/55 Year Old Investors

In this solo episode, Axel tackles one of the most overlooked — and potentially damaging — mistakes new real estate investors make: seeking advice from the wrong people. Not wrong because they're unsuccessful, but wrong because they're in a completely different season of life, operating in a different market, or simply too many steps ahead to give advice that's actually actionable for where you are right now.This episode is essential listening for any investor at any stage of their career who wants to think more clearly about where to source advice, who to model their decisions after, and how to find mentors who are actually in a position to give contextually useful guidance.Join us as we dive into:Why seeking advice from someone 10 steps ahead of you is often more harmful than helpful — and why contextual relevance matters more than raw experienceThe three investor archetypes: the 25-year-old (aggressive risk, bridge debt, self-managing, hairy deals), the 40-year-old (moderate risk, stabilized debt, B-class assets, capital preservation), and the 55-year-old (winding down, passive income, protecting net worth)Why the 55-year-old's advice to "avoid risk, buy in great areas, don't partner" is not wrong — it's just wrong for a 25-year-old trying to scale fastHow Axel at 31 can already feel himself shifting from aggressive growth to capital preservation — and why that shift happens naturally as your season of life evolvesWhy market context matters just as much as experience level: an Ohio investor buying at $80K/door and a Boston investor buying at $300–$400K/door are playing fundamentally different gamesWhy lifestyle design matters when choosing who to learn from — and why Axel doesn't want advice from someone running a 5,000-unit operation with a 15-person team if that's not the business he wants to buildWhere Axel currently seeks advice: investors controlling 1,000 units, raising $10–$20M/year, transitioning from small-to-mid deals to 50–100+ unit acquisitionsAre 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 InstagramConnect with him on LinkedinSubscribe to our YouTube channelLearn more about Aligned Real Estate Partners

May 29, 202614 min

#333: Buying a 20-Unit Deal Using His License To Reduce Cash Out Of Pocket and Discovering The Seller Lied About Leased Rents with Phil MacArthur

In this deal segment episode, Axel sits back down with Phil MacArthur to break down one of Phil's most recent acquisitions: a 20-unit portfolio deal across four buildings in New Hampshire, picked up on the MLS after months of sitting on cash from prior refinances. The conversation gets into the real nuances of buying from long-term mom-and-pop owners: the informal nature of their leases, the difficulty of getting estoppels, and why small-deal variance is just part of the game when you're playing in the 5 to 30 unit space. Phil and Axel also share a candid back-and-forth on tenant retention — and why tenants know the rental market far better than most landlords give them credit for.This episode is essential listening for any investor buying smaller multifamily deals direct from mom-and-pop owners — and who wants a clear-eyed picture of what the due diligence process actually looks like when the seller isn't exactly playing by the book.Join us as we dive into:How Phil found this 20-unit, four-building deal on the MLS after sitting on cash from four prior refinances for six months.Why the appraiser — from a large Boston institution — applied a 5% loss-to-lease penalty on four vacant units and capped the bank's lending at $3M (65–70% LTV)How Phil bridged the $300,000 financing gap with a short-term hard money lender to get the deal closedThe business plan: light CapEx on roofs and exterior, and bumping rents from an in-place average of $1,600 toward a market rate of ~$1,950 — already achieved on newly leased unitsWhy almost none of the existing tenants left — and why that was better than expected given the previous owner's warningsWhy tenants know the rental market better than investors give them credit for — and why that works in your favor when your rents are modestly below marketThe exit plan: refinance out the hard money, stabilize the rent roll, and target a cash-out refi within 12–24 months to recover 75%+ of invested capitalConnect with Phil:Connect with him on LinkedinFollow Windrift Real Estate on InstagramLearn more about Windrift Real Estate, LLCListen to the Previous Episode with Phil: Ep119 - Living in an Expensive Market and Investing out of State + Quickly Building a Personally Owned Portfolio of 70+ Units via Spotify or AppleAre 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 InstagramConnect with him on LinkedinSubscribe to our YouTube channelLearn more about Aligned Real Estate Partners

May 26, 202638 min

#332: Bootstrapping a 100+ Unit Portfolio In Small (Tertiary) Markets and Lessons Learned Along The Way with Phil MacArthur

Axel once again sits down with Phil MacArthur — a Boston-based real estate broker and multifamily investor who has quietly bootstrapped a 125-unit portfolio across some of the most remote, tertiary markets in New Hampshire. Phil's story is a refreshingly honest account of what it actually looks like to build a portfolio the hard way: no outside capital, no institutional backing, just hustle, grinding commissions from Boston condo sales, and reinvesting every dollar back into the next deal.He also shares the management chaos he experienced, contractor war stories, and the key hires that finally allowed him to step back and operate at scale.This episode is essential listening for any investor who wants a real, unfiltered look at what bootstrapping a 100+ unit portfolio actually costs you — in time, stress, and opportunity — and what you'd do differently if you were starting over today.Join us as we dive into:Why Lake Sunapee and Farmington, NH — not Manchester or the Seacoast — were Phil's first markets, and how affordability and personal connection drove the decisionThe reality of self-managing 25+ units across remote New Hampshire while running a full-time brokerage in Boston — and why Phil calls it one of his biggest regretsHow Phil found his generalist property manager through his own tenant network, and why she became the "cork in the bow of the boat" for his portfolioWhy Phil recommends new investors finance renovations rather than self-fund them — and how selling Boston condos to fund New Hampshire renos slowed his growthThe hyperlocal bank strategy: why Phil targeted lenders that already held the existing debt on properties he was buying — and how that unlocked financing others couldn't getWhy New Hampshire has been largely insulated from the distress hitting other markets — flat expenses, stable insurance, and strong meds-and-eds demand drivers from BostonPhil's current buy box: Class B buildings purchased below replacement cost, separate utilities, light cosmetic value add — and why he's deliberately stepping back from heavy renovation workThe 90% tenant retention rate Phil has achieved — and why rapid maintenance response is the single biggest driver of whether a tenant stays or leavesConnect with Phil:Connect with him on LinkedinFollow Windrift Real Estate on InstagramLearn more about Windrift Real Estate, LLCListen to the Previous Episode with Phil:Ep119 - Living in an Expensive Market and Investing out of State + Quickly Building a Personally Owned Portfolio of 70+ Units via Spotify or AppleAre 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 InstagramConnect with him on LinkedinSubscribe to our YouTube channelLearn more about Aligned Real Estate Partners

May 19, 202649 min

#331: Discussing The Current State Of The Debt Market (Especially Local Banks) and How To Be A Great Borrower with Pat Brady

In this episode, Axel sits down with Pat Brady — founder of Brady Capital Advisors — for a sharp conversation on the current New England debt market, what makes a great borrower, and where smart capital is flowing in 2026.He brings a uniquely data-rich perspective on where bank spreads are heading, how rent control is reshaping Massachusetts, and why New Hampshire remains the region's most compelling multifamily market.This episode is essential listening for any New England multifamily investor who wants a clear-eyed view of the lending environment and where to focus capital right now.Join us as we dive into:Pat's path from internship at The Claremont Companies to Arbor Commercial Mortgage to boutique brokerage to founding Brady Capital AdvisorsThe value proposition of a mortgage broker for both mom-and-pop operators and sophisticated institutional sponsors — and why it's different for eachWhy lenders perform better when a mortgage broker is involved; more incentive to compete, more willingness to problem-solve, and better negotiating leverage for the borrowerThe 2026 rate reset wave: borrowers locked in at low-3% fixed rates in 2021 are now facing balloon payments and refinances and what the current market looks like for themWhat separates a great borrower from a difficult one: transparency, clean books, and emotional stabilityHow Pat's team is using Claude to eliminate data entry and free up originators to focus on revenue-generating work with strict guardrails around proprietary borrower dataThe Massachusetts rent control breakdown: 60% of investors pencils down, 20% waiting for a smoking deal, 20% calling it a generational opportunityWhy New Hampshire is everyone's market right now and how capital migrating out of Mass is creating ripple effects across the regionConnect with Pat:Connect with him on LinkedinFollow Brady Capital on InstagramLearn more about Brady Capital AdvisorsListen to the Previous Episodes with Pat:Ep231 - Dissecting Current Debt Environment, Working w/ Local/Regional Banks, and How To Be A Great BorrowerAre 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 InstagramConnect with him on LinkedinSubscribe to our YouTube channelLearn more about Aligned Real Estate Partners

May 12, 202623 min

#330: How To Determine If You Should Re-Trade a Deal and If So... HOW You Should Do So

In this solo episode, Axel dives into one of the most misunderstood and emotionally charged moments in any real estate transaction — the re-trade. He breaks down exactly what re-trading is, when it makes sense to do it, when it doesn't, and how to actually communicate a concession request in a way that protects both the deal and your long-term reputation in the market.He also shares real examples from Aligned's own deal history — including times they deliberately chose not to re-trade in order to protect relationships that eventually produced multiple future deals.This episode is essential listening for any active buyer working through due diligence who wants a clear, practical framework for making one of the trickiest calls in real estate — and making it the right way.Join us as we dive into:A clear definition of what re-trading is and the most common triggering events: physical due diligence findings, financial due diligence discrepancies, environmental issues, and rate movement during financingWhy the decision to re-trade is always a tradeoff between the financial cost of a finding and the reputational capital you spend by making the requestHow the calculus changes when you're buying with investor capital versus your own — and why being a fiduciary shifts the decision frameworkThe decision flowchart: is the finding terminal to the deal, or does it just have a quantifiable cost?Why environmental findings and major unpermitted work are among the few things that can actually kill a deal — and why even those are sometimes better handled by walking away than re-tradingThe real cost of re-trading small items — crappy water heaters, minor CapEx — on a million-dollar deal, and why protecting the relationship is often worth more than the creditThe philosophy behind absorbing manageable risk to maintain goodwill: "just because you extracted max value on that deal, if it prevents your ability to do the second — you probably lost"How to communicate a re-trade request: lead with data not emotion, use objective third-party findings and contractor quotes, and frame it as a partnership solution not an adversarial demandWhy giving sellers multiple options — price reduction, seller credit, pre-closing work, creative solutions — goes a long way in keeping the deal collaborativeThe importance of timing: why raising concerns early in the DD process is far better than waiting until the 11th hour, and how to set soft expectations before making the formal requestAre 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 InstagramConnect with him on LinkedinSubscribe to our YouTube channelLearn more about Aligned Real Estate Partners

May 8, 202611 min

#329: Why Your First Deal Doesn’t Need to Be a Home Run with Justin Dragone

In this deal segment episode, Axel sits back down with Justin Dragone — Acquisitions Manager at Aligned Real Estate Partners — to break down Justin's very first personal real estate deal: a 3-unit property on the west side of Manchester, New Hampshire that he sourced via cold call, closed at a $50,000 discount to market, and recently refinanced to pull out equity and roll into his next deal.This episode is a must-listen for any newer investor who's overthinking their first deal — and needs a real-world example of what a solid, sensible, non-flashy first deal actually looks like.Join us as we dive into:How Justin bought the property for $500,000 — roughly $50,000 below what it would have fetched listed with a broker in late 2023Why Justin used conventional local bank financing at 75% LTV — and why that was the right call for a first dealHow all three units turned over within the first couple of months post-closing — and why having a solid management company made that a manageable situationThe unexpected CapEx items that came up: knob-and-tube wiring in the basement, an aging oil tank that needed replacement, and the lesson that units always cost more to turn than they lookWhy Justin hired a property manager from day one on a three-unit — and the philosophy behind valuing his time as an acquirer over saving a management feeWhy the refinance process was far simpler than expected — especially with a local bank that already knew the propertyWhy young investors shouldn't assume age is a barrier to getting a commercial loan — and why local banks underwrite the deal first, not the borrowerConnect with Justin Dragone:Follow him on InstagramEmail him through: acquisitions@alignedrep.comAre 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 InstagramConnect with him on LinkedinSubscribe to our YouTube channelLearn more about Aligned Real Estate Partners

May 5, 202645 min

#328: Digging Into Our Acquisitions Process + How We’re Finding DTS Deals with our Acquisitions Manager, Justin Dragone

In another in-person episode, Axel sits down with Justin Dragone — Acquisitions Manager at Aligned Real Estate Partners — for a deep, behind-the-curtain look at how Aligned actually finds deals. Justin brings a unique perspective on the operator side and spending the last three years building and running Aligned's direct-to-seller acquisitions engine.The conversation covers the full acquisition process from first touch to signed contract. Justin and Axel also share their honest take on how the direct-to-seller landscape is evolving in 2026 — more competition, harder to reach people, and why hyper-local credibility is the last remaining moat.This episode is essential listening for any investor who wants to build a real deal-finding machine — not just send some mail and hope — and understand what professional, high-volume, direct-to-seller acquisitions actually looks like day to day.Join us as we dive into:Justin's journey from putting out open house signs as a high schooler to running acquisitions for a multifamily investment firmThe five-point outreach sequence Aligned uses to reach every seller: cold call, voicemail, text, email, and direct mailWhy Aligned sends direct mail quarterly and calls back every two to three months — and why more frequent contact often backfiresWhy Aligned skips asking sellers for expense schedules — and why you should know your market well enough not to need themHow Justin presents offers over the phone, always tries to get a counter, and sends a real purchase and sale agreement the same dayThe seller motivation signals Justin listens for on every call: willingness to talk, volunteering information, age and retirement plans, and dissolving partnershipsHow to educate an over-priced seller using inarguable, factual data — not opinions — to bridge the gap between their expectations and market realityThe 72-unit Barrington deal that took five years of follow-up from first mail piece to signed contract — and why that timeline is normal for large dealsHow Aligned stays omnipresent with sellers through a monthly acquisitions newsletter sent to every broker, seller, lender, and vendor in their marketWhy the direct-to-seller landscape is getting harder — more competition, lower answer rates, more spam — and why hyper-local credibility is the last remaining edgeConnect with Justin Dragone:Follow him on InstagramEmail him through: acquisitions@alignedrep.comAre 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 InstagramConnect with him on LinkedinSubscribe to our YouTube channelLearn more about Aligned Real Estate Partners