Moments Worth Jumping To

Jump to the 50 best moments from The Tony Stephan Show: first deals, rent growth and refinances from Tony Stephan's clients.

A $150K duplex vs a $1.2M one (7:07 in Episode #001: How This Out of State Investor Bought His First 12 Unit Multifamily Apartment)
Why Hugo invests in Michigan from Los Angeles: his first duplex cost around $150,000, while a duplex in LA runs about $1.2 million.
$200 a unit, $443,000 of value (15:52 in Episode #001: How This Out of State Investor Bought His First 12 Unit Multifamily Apartment)
Tony runs the numbers on Hugo's 12 unit: about $200 more per unit per month, divided by the cap rate, is roughly $443,000 of new value.
Fees the owner never charged (21:20 in Episode #002: Buying A 12 Unit Apartment For $800K? Multifamily Deal Analysis)
Pet fees, admin fees and utility bill backs: Tony finds about $15,500 of new NOI without upgrading a single unit.
Never buy at today's value (54:47 in Episode #002: Buying A 12 Unit Apartment For $800K? Multifamily Deal Analysis)
The 12 unit underwrites below the asking price today. Tony shows why the year three value is the number that matters.
A $250 barn, a million dollar office (16:22 in Episode #003: Buying A 12 Unit Apartment For $1.5M? Multifamily Deal Analysis)
Creative income: an empty barn rented for $250 a month on a 7 unit, and unused offices at Tony's 42 unit that add about $60,000 a year.
$450K down, $371K back (40:17 in Episode #003: Buying A 12 Unit Apartment For $1.5M? Multifamily Deal Analysis)
Tony sketches the cash out refinance two years in, and how little money would be left in the deal.
$200 a unit is $360,000 (11:16 in Episode #004: Buying A 9 Unit Apartment With 5.5% Seller Financing)
Rents run $650 to $975 against a market of $1,100 and up. Tony runs $200 a unit at a 6% cap rate.
The renewal sign in the lobby (19:49 in Episode #004: Buying A 9 Unit Apartment With 5.5% Seller Financing)
At market rent you make your money keeping residents. Andrea's sign shows tenants what moving would really cost them.
What you collect, not what you're owed (6:57 in Episode #005: I Can't Believe This Apartment Is Only $1M! Multifamily Deal Analysis)
The building could earn about $270,000 a year at low end market rent. The seller collected about $105,000, and that is what the bank counts.
Take the renewal (23:40 in Episode #005: I Can't Believe This Apartment Is Only $1M! Multifamily Deal Analysis)
Tony's math on chasing $70 more a month: a unit turn, two months of vacancy and marketing cost far more than a small renewal increase.
A HELOC and a sold truck (4:52 in Episode #006: How These New Real Estate Investors Bought 23 Multifamily Units In 1 Year)
Hugo on the sacrifices: two to three years below his means, no car payments, a HELOC on his house and selling his truck to pay off debt.
Focus on the terms, not the price (10:10 in Episode #006: How These New Real Estate Investors Bought 23 Multifamily Units In 1 Year)
Tony on the trade off in seller financing: you may pay the seller's price, but you get terms no bank will give you.
$50 carports and $25 valet trash (6:33 in Episode #007: Buying a 14 Unit Small Multifamily Apartment for $1.8M?)
Uncharged carports and a valet trash service run by a team member: small fees that add thousands of dollars of NOI.
$594,000 back at the refinance (17:47 in Episode #007: Buying a 14 Unit Small Multifamily Apartment for $1.8M?)
Two years in, at a $2.6 million appraisal and 70% loan to value, the cash out would exceed the original down payment.
One unit empty, still cash flowing (5:42 in Episode #008: Why He Sold 8 Single Family Rentals To Buy A 12 Unit Small Multifamily Apartment)
A unit at his 12 plex sat empty for months, and the deal still paid the mortgage, utilities and maintenance. A single family house could not.
The duplex calls more than the 12 unit (10:23 in Episode #008: Why He Sold 8 Single Family Rentals To Buy A 12 Unit Small Multifamily Apartment)
Why residents in a bigger building rarely text the owner at 3 a.m., and why a duplex tenant does.
Raking asphalt at 15 (1:15 in Episode #009: 24 Year Old Buys 14 Unit Multifamily Apartment (BRRRR Method))
How a family business job taught Nick to work smarter, and grew into a company with more than 60 employees.
$10 of valet trash, $28,000 of value (8:33 in Episode #009: 24 Year Old Buys 14 Unit Multifamily Apartment (BRRRR Method))
Tony shows how one small amenity on 14 units adds about $28,000 of value at a 6% cap rate.
$57,600 of NOI, $768,000 of equity (7:56 in Episode #010: Small Multifamily With Massive Profit: $700K on 12 Units)
$400 more per unit on 12 units, divided by a 7.5% cap rate: the big payday Tony wants clients to focus on.
We are not flippers (8:27 in Episode #010: Small Multifamily With Massive Profit: $700K on 12 Units)
Tony's light value add approach: long held properties with low rents, improved through management instead of $20,000 a unit rehabs.
The trapped equity exercise (2:22 in Episode #011: Buying An Off Market 10 Unit Small Multifamily Apartment (Client Success Story))
Holding the duplex ten more years would earn less than selling it today. That exercise led to the 1031 exchange.
A business or a job? (12:59 in Episode #011: Buying An Off Market 10 Unit Small Multifamily Apartment (Client Success Story))
Why high earners should not build another job for themselves, and how to manage a property remotely with a local team.
The million dollar rule (3:16 in Episode #012: New Multifamily Investor Is Buying A 50 Unit Apartment (Deal Breakdown))
On a deal this size, Tony says it has to be able to make at least a million dollars, or the juice is not worth the squeeze.
10% more from other income (13:18 in Episode #012: New Multifamily Investor Is Buying A 50 Unit Apartment (Deal Breakdown))
Late fees, pet fees, admin and common area fees and utility bill backs can add up to 10% of gross rent.
Off market for a reason (2:00 in Episode #013: How Much Can I Pay For This 33 Unit Apartment? (Deal Breakdown))
Why organized on market listings from national brokers can be easier than the off market deals everyone asks for.
Why Tony passes (11:29 in Episode #013: How Much Can I Pay For This 33 Unit Apartment? (Deal Breakdown))
About $848,000 of upside against $1.3 million down. His rule is at least a million dollars of equity growth.
"We're a sales company" (6:00 in Episode #014: Teaching Our Clients How To Manage Their 10 Unit Small Multifamily Deal)
Andrea's view of management: you are selling residents to move in, to pay, to stay and to renew.
New photos, full that week (8:24 in Episode #014: Teaching Our Clients How To Manage Their 10 Unit Small Multifamily Deal)
A 12 unit in a great area sat empty on a listing site. Changing only the photos filled it.
$450 rents, $1,000 leases (5:23 in Episode #015: Small Multifamily BRRRR Breakdown: A 13 Unit Apartment With $500 Rent Growth)
Residents who lived there a decade paid $450 to $545. Walter just signed two new leases at over $1,000 plus bill backs.
"It cost me money to own it" (18:20 in Episode #015: Small Multifamily BRRRR Breakdown: A 13 Unit Apartment With $500 Rent Growth)
Bridge financing and a negative debt service coverage ratio on day one: the part of value add deals nobody shows.
A $1,000 house (0:33 in Episode #016: New Multifamily Investor Buys 19 Unit Apartment (Deal Breakdown))
Victoria's first property in 2017 was a land bank house for $1,000. She says it is worth about $98,000 today.
24 hours to decide (19:59 in Episode #016: New Multifamily Investor Buys 19 Unit Apartment (Deal Breakdown))
Victoria's biggest lesson from business and real estate: do not overthink it. She gives herself a day, then yes or no.
A 1031 and a proposal in Greece (7:27 in Episode #017: How One Duplex Became A 10 Unit Apartment Through 1031 Exchange)
The 45 day clock felt nerve racking. Lining up replacements during due diligence turned it into more like 90 days.
Two units to ten (8:38 in Episode #017: How One Duplex Became A 10 Unit Apartment Through 1031 Exchange)
Same work, five times more. With one vacancy he was still covering the property, which a duplex could not do.
Ten years of chickening out (1:20 in Episode #018: He Bought An Off Market 10 Unit Apartment After Joining My Coaching Program)
Nick looked at properties for years and backed out every time, afraid of what happens if a tenant does not pay.
Security comes from within (6:26 in Episode #018: He Bought An Off Market 10 Unit Apartment After Joining My Coaching Program)
Tony on why no job, employer or apartment building gives you security: it comes from knowing you will figure it out.
Expenses that shouldn't be there (8:26 in Episode #019: How Much Can I Pay For This 17 Unit Apartment? (Multifamily Underwriting))
A one time repair booked as maintenance cost the seller about $67,000 of value at their cap rate. Why operators matter.
Who offers seller financing? (9:49 in Episode #019: How Much Can I Pay For This 17 Unit Apartment? (Multifamily Underwriting))
Tony's warning: a seller may offer financing because the property is not financeable. "This is not a no money down game."
$200K asked, $150K settled (5:08 in Episode #020: I Held An 80 Person Multifamily Mastermind In California)
How Tony negotiates a roof credit: real quotes and a full report, then knowing what is reasonable to accept.
Asset manager vs property manager (19:18 in Episode #020: I Held An 80 Person Multifamily Mastermind In California)
Andrea on the lesson she wishes she learned sooner: keep the P&Ls current, work delinquency daily and document everything.
$12,000 for ten months of work (1:49 in Episode #021: My Client Bought 7 Units As A Busy W2 Worker (Deal Review))
Ryan's single family rehab: a new bathroom, a new bedroom, every Saturday for months, and $6,000 each for him and his partner.
The barn that became $100,000 (8:14 in Episode #021: My Client Bought 7 Units As A Busy W2 Worker (Deal Review))
On Tony's first 7 unit, an empty barn now rents for $500 a month. At a 6% cap rate that is about $100,000 of value.
What an assumable loan is (0:42 in Episode #022: Is This Apartment Worth $1.7M? (Multifamily Underwriting))
Agency loans can be assumed, which here means a rate near 4.96%. The trade off: a bigger down payment and lower leverage.
Build a leasing team (10:37 in Episode #022: Is This Apartment Worth $1.7M? (Multifamily Underwriting))
How out of state owners staff a property: a part time manager, a part time maintenance person and hungry young leasing agents.
Your tax return is your NOI (4:14 in Episode #023: He Just Bought A 7 Unit Apartment And Is Managing It Remotely)
Write everything off and the bank sees no profit. Until the refinance, the property has to look as profitable as it really is.
You can't scale chaos (9:52 in Episode #023: He Just Bought A 7 Unit Apartment And Is Managing It Remotely)
Why contractors get paid on set dates by ACH or check, with a checklist, photos and video before any payment.
The first 30 days (0:42 in Episode #024: My Client Just Bought a 6 Unit Small Multifamily Apartment: Here's What I Taught Him)
Leases transfer with the sale: learn the old lease, get everyone into your software and make sure rent is paid on time.
This is not HGTV (13:21 in Episode #024: My Client Just Bought a 6 Unit Small Multifamily Apartment: Here's What I Taught Him)
Their 56 unit created millions in equity without changing a single countertop. Value comes from NOI.
Let time do its thing (2:05 in Episode #025: He Just Bought A 6 Unit Apartment In My Coaching Program)
On Tony's first 7 unit, rents went from $750 to $1,100, then $1,250, and now about $1,350. In a good area, time works for owners.
The ceiling fan question (5:37 in Episode #025: He Just Bought A 6 Unit Apartment In My Coaching Program)
A tenant bought a fan and wants it installed. Why Andrea says to be careful: break a protocol for one, and you break it for all.

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