The Tony Stephan Show · Episode #007

Buying a 14 Unit Small Multifamily Apartment for $1.8M?

With Tony Stephan · May 27, 2025 · 19 min

One of Tony's coaching clients, a first time multifamily buyer, has this 14 unit under contract at $1.875 million. The team helped find it, negotiate it and put it under contract. Tony likes it because it is clean, in a good area and owned by a good operator, but there is still upside.

The property has ten one bedrooms and four two bedrooms. Historical income is about $205,000, and the leases appear to be month to month, so rents could move to market of about $1,350 and $1,450 right away. Tony adds pet fees, a $10 admin fee, a $10 common area fee, carport fees, a $25 valet trash service and a plan to bill back all utilities by 2027. That adds more than $50,000 of income, which he values at about $714,000 at a 7% cap rate.

On expenses, he wants three insurance quotes, thinks repairs at almost $1,000 a unit are high, uses the confirmed $17,500 in taxes, and plans to shop landscaping and cut marketing. He adds a 5% management fee, reserves and turnover costs. At a 7% cap rate the building is worth about $1.8 million today, close to the price, and a refinance in about two years could return about $594,000.

Watch the full episode · Watch on YouTube

Key takeaways

1. A first deal should be clean with upside: a good area, a good owner and an operational play instead of a heavy rehab.
2. Month to month leases let you move toward market rent right away. Verify them in due diligence.
3. Banks add a 5% vacancy factor to your projections even when a property is full.
4. Fees add up: admin, common area, carports and a $25 valet trash service can add thousands of dollars of NOI.
5. Shop every contract after closing. Tony saved $7,000 a year on landscaping at his 100 unit.
6. Underwrite conservatively so you beat the plan you give the bank, never miss it.

Chapters

1. 0:00 Intro
2. 2:00 The Income Analysis
3. 5:45 Fees and Utility Bill Backs
4. 8:30 Insurance and Repairs
5. 10:20 Utilities and Contract Services
6. 12:50 Cash Flow and Turnover
7. 15:10 The Refinance

FAQ

Why does Tony like this 14 unit for a first time buyer?

It is clean, in a good area and owned by a good operator, so there should not be a lot of delinquent tenants or deferred maintenance. At the same time there is upside in rents, fees and expenses. He calls it an operational play rather than a massive overhaul.

What fees does Tony add to the income?

Pet fees if there are pets, a $10 monthly admin fee, a $10 common area maintenance fee, $50 a month for carports that are not being charged, and a $25 valet trash service the client could run with a team member. He also plans to bill back all utilities by 2027.

Is the client overpaying at $1.875 million?

Tony's as is value is about $1.8 million at a 7% cap rate, so the client is paying almost exactly what it is worth today. He says that is very hard to do in today's market because supply is so low.

What does the refinance look like?

In Tony's example the client refinances in 2028 at a 70% loan to value on a $2.6 million appraisal. After paying off the old loan, about $594,000 comes back, more than the original down payment. He notes the loan to value depends on interest rates at the time.

Underwriting a 14 Unit Apartment Under Contract at $1.875M

A clean deal with upside

One of Tony's coaching clients has this 14 unit under contract. The team helped find it, negotiate it and put it under contract, and now they are evaluating it. Tony likes it for a first time multifamily buyer because it is clean. "There's upside, but it's clean. And that's what we like." He says you make money in multifamily two ways: buying right with plenty of upside, and operations.

He explains how he uses his spreadsheet. The first column is always the property's history, because that is what the bank lends on: what is the NOI today, and does it meet a 1.2 debt service coverage ratio at the price? Things he changes or needs to verify are highlighted in yellow.

Income

Historical income is about $205,000. The bank will add a 5% vacancy factor to every projection, even at full occupancy, to cover empty units, turns and bad debt. The leases appear to be month to month, which Andrea will verify. If they are, rents can go straight to market: ten one bedrooms at about $1,350 and four two bedrooms at about $1,450. Tony calls it a good bump but not a shock, which should mean fewer move outs. After that he grows rent 3% a year to stay conservative.

Then come the fees. Check for pets on the walk through and charge for them. The seller already charges late and application fees. Tony adds a $10 monthly admin fee and a $10 common area maintenance fee. The seller bills back about $7,400 of utilities, and the plan is to bill back all of them by 2027. There are carports that are not being charged; at $50 a month, people in Michigan will pay to keep their cars out of the snow. The client also suggested valet trash with a team member: $25 a month from 14 units is $4,200 of NOI. Laundry income of $600 a year looks low.

Together, income rises by more than $50,000. At a 7% cap rate, Tony calculates about $714,000 of new value.

Expenses

He wants three quotes on insurance because it looks high for 14 units. Repairs and maintenance of $12,695 is almost $1,000 a unit; he knows this owner and does not expect deferred maintenance, and he thinks about $5,000 is realistic with a good handyman. His own 16 unit runs about $2,000. The client already confirmed taxes of $17,500, and Tony reminds viewers that Michigan taxes uncap the year after a sale and then rise at most 5% a year.

Landscaping and snow cost $3,800, and he says to shop it; he saved $7,000 a year at his 100 unit that way. Marketing of $8,000 on 14 units is far too high; he budgets $3,600 and uses the MLS and Facebook Marketplace for small deals. The bank will add $250 a unit in reserves and a 5% management fee even if the client does not pay one. He also budgets $5,000 a year for turnovers, planning for half the residents to move out in the worst case.

Value and the refinance

At a 7% cap rate, the as is value is about $1.8 million. The client is paying $1.875 million. "You're almost paying exactly what it's worth today, which is very hard to do in today's market," Tony says.

On a small deal you can refinance after 12 months, but he models two years, because the longer you wait, the more stable the bank sees it. The financing is 70% loan to value at a 6.55% rate with a 25 year amortization and no interest only. In 2028, with an NOI of about $184,000, the model values the property at about $2.64 million. At a $2.6 million appraisal and 70% loan to value, the client would pay off the old loan and take out about $594,000, more than the original down payment. Cash flow in between, he says, is the cherry on top: it can be more or less depending on snow, maintenance and move outs.

Transcript

0:00 Multifamily underwriting. Let's underwrite and analyze another deal. That's what we're doing today. If you're new here, welcome back to the channel. My name is 27. Together with my wife, we own 258 units of multifamily real estate. Our mission is to help you buy your first small multifamily deal. One of my coaching clients has this deal under contract right now. So, we helped them find the deal, negotiate the deal, put the deal under contract. We're evaluating the deal. I love this deal. Tons of upside on this deal. Remember in multifamily you make your money in two ways. Number one, buying the deal right and ensuring there's plenty of value add and upside. And then number two, operations. So that's what we're going over here today. Get to share this video with you so you can learn this. Hey, two quick things. If you want this spreadsheet that I've used to buy well over 250 units of multifamily real estate cuz I've sold some, click the link in the description.

0:48 You can buy this spreadsheet for like 20some bucks. So you can use it. You can practice along with us. You can do this along with us so you learn the game. This is the best way to learn multifamily. There's no book on multifamily that is better than underwriting and evaluating deals. So, you can get that spreadsheet there if you want to learn more about the one-on-one mentorship program where we help you do all this. But then, most importantly, we help you operate the deal. So, once this deal closes, you got to prove that what you put on this spreadsheet here, you can actually go out and do because that's how you're going to be able to refinance the deal, sell the deal, get the cash flow on the deal, all that. Spreadsheets are fun. They're cool, but this is not operations. This is analysis, right? That's what we do in the mentorship program. Click the link in the description to learn more. Without any further ado, let's get into underwriting this awesome BRRRR strategy deal.

1:37 I like this deal. I like this deal a lot for you. Firsttime buyer, first- time multifamily investor. There's upside, but it's clean. And that's what we like. We like that operational play to where you're not going to deal with a whole lot of headaches, but there's upside. There's value to be added here. There's money to be made. That's what it's all about. Kind of reflecting here. So let's just take a quick look at this. So all I did, a couple things. Now my eyes hurt. A couple things that I do on these spreadsheets is I highlight in yellow things I'm changing, things I'm excited about, things we need to verify. Okay? So we're always going to underwrite in this column the historical where the property is at. This is what the bank unfortunately looks at, right?

2:23 They're going to look at what we can do and what we want to do, but they're going to look at historically where the property is performing because that's what they tend to want to lend on. What is my NOI today? Can you meet a 1.2 debt service coverage ratio at the price we're paying? But when there's really strong when there's a really strong borrower, which you are, and when there's a really strong story and there's significant upside to be shown, that is what matters. So all I did here was plug in their expenses or I'm sorry, their income. That got us to 205,000. Now, every bank is going to slap on a 5% vacancy factor. So they might not do it on the historical because they're probably saying like, "Hey, this already happened, so there already was vacancy, so they're not going to slap on an extra 5%." But in your projections, they're always going to take your income and slap on a 5% vacancy.

3:23 Vacancy could mean obviously empty units, down units when you're turning units. Also, bad debt, like just people not paying their rent, then what we call skipping, like skipping on their lease and moving out. So, even if you're 100% occupied, they're they will come in and slap on a 5% vacancy factor. So, we just have to do that. Now, I believe everyone here is month-to-month. So, we'll want to verify this and Andrea will help you with that. If they're monthtomonth, we can go right up to our market projections. So, this is like low-end market projections. Again, 14 units. So, all I do here is fill this in. There's 10 one beds, four two beds, 1350, 1450. This is our new gross rental income, which is good. It's a good bump up. It's not a huge change, which is good.

4:09 That means people shouldn't air quote shouldn't move out when there's this small of a change, but the small change is where it's significant. So, I just put it up there. Then I did, you know, it's a good area. So, 5% rent growth is maybe a little aggressive for year two. You can do 3% to be ultra conservative. I do 3% every year there on out. Right. So, I have this set that we're going to hit market rent in 2026, then we are going to just do slight increases. It could definitely be more than that. I always want to underwrite conservative conservatively because I want when I send it to the bank, I want to do better than what I told them I would do. I never want to do worse. Okay. Pet fees. So, right away, are there pets there?

4:56 Something you're going to want to do when you do your walk through because if there's pets, you want to start charging that back. Late fees, he's already charging that. So that's good. Application fees, good admin fees, we slapped this in $10 a unit per month. So I've added those in here starting in 2026. So remember, there's rent growth, but then there's also operational efficiencies, increasing fees, fee management, which every business does, every apartment owner does at Savvy. There are fees to everything you do. I can't buy a latte without having a tip, a tip automatically applied to it, right? You have to literally click no. I don't want to. So that's just the way the world is moving. Management increases fee increases and then as you'll see down here decreasing expenses is going to be a huge thing.

5:45 But we say everything's in the operations. So right now he's billing back for 7500 or I'm sorry $7,400 of utilities. Our goal for you would be by 2027 and again that is conservative to bill back all utilities. So, whatever our utility expenses are here, water and sewer, I just put it up here as a bill back. So, you will pay the utility bill, but then you will bill it back to the tenants, which is huge. Again, every owner is going to this. We're not living there using the toilet, using the sink, using the stove. They are they should pay the utilities, right? Court re court cost reimbursements. This is like you have to file an eviction. Get he got them to pay back so we just left that carport fee.

6:33 There are carports that are not being built at. So I just assumed there were six. I don't know how many there are. Something you could build and add into it too. 50 bucks a month for a carport in Michigan. That's huge. People will pay like my properties with carports, they pay extra because they want their cars covered, man. They don't want them under the or in the snow, under the sun, all that good stuff. So that's definitely some fees. Trash reimbursement. We talked about this. That would be huge if you could add that back in. I definitely think that's an opportunity. Oh, why is that 4,200 bucks? Okay, so this should only be $25. Oh, that's what this is. So, you actually told me about this. You're like, "Hey, I think I can do Valley Trash. I have a team member who would go up there and pick stuff up." So, you do Valley Trash, 25 bucks a month, 14 people.

7:24 Dude, that's $4,200 in NOI. So, this is something we'd want to confirm and see if this would work. But that would be a huge value ad. Val Valley trash laundry income looks kind of low. Maybe he's not reporting all of it, which is totally normal. So, if that's even higher, even better. I mean, 600 bucks for 14 units in a year. Looks kind of low. And then the CAM fee that we always slap on, community area maintenance. That's for you to have to take care of the living space, the community areas, if there's hallways, having to take care of all that. So that's 10 bucks a month. So now look, our gross rental income o over $50,000 more. That's huge, dude. On a deal like this on a 7% cap rate, I mean, what is that? 50,000. That's a lot.

8:10 I used a 7% cap rate here. I think maybe it'll appraise at 6 and a half, but debt is up a little bit. So I just used a 7 divided by 007. That's $714,000 in new valuation. So, I love that. And again, I think that's being pretty conservative here to our expenses. So, now this is our income. And then remember, there's that 5% vacancy factor slapped on there that they're going to do. Just is what it is. Insurance, we definitely want to get three quotes for this because this looks pretty high for 14 units. So, let's get this quoted out. Legal and collections, pretty standard. That's your evictions, whatever. Repairs and maintenance. He had $12,695. That looks high to me for 14 units, especially if you have a really good handyman because that's like routine stuff.

9:01 That's like fixing a leaky faucet, fixing a wobbly door. I mean, he's almost at a thousand a unit. To me, that seems high unless the property has deferred maintenance. But I know this owner. He's a good owner. He's a good operator. He owns a lot of property. I don't see him having deferred maintenance. So again, the money is made in the operations and running a lean efficient structure here. I think dude, realistically, five grand. I mean, man, my 16 units are repairs and maintenance like 2,000 bucks. I mean, that's like such like routine stuff. If you're if you're proactive with it, you shouldn't have a whole lot of repairs and maintenance. So, I think this is high. You already confirmed the property taxes. You said 17,500 which is great.

9:46 Remember it will uncap the year after it sells. So if this property sells in 2025, it's going to uncap in 2026 in the state of Michigan. So then that's your new total. Then after that, it's locked in at the rate of inflation with a max of 5% a year. So I always just underwrite 5% then I have 3% here. But if you want to again be ultra conservative, it goes up 5% a year. That's your worst case, which is great because then other states it can just like go up and up and up and 30% a year, you know, it's crazy. Utilities already talked about that. We're going to bill all these back, which I love. Contract services. Oh, trash and recycling. Okay, so trash and recycling, that's like them actually picking up the dumpsters and whatever. Contract services.

10:32 I think you could shop this dude. He's paying 3,800 bucks for landscape and snow. If you can get this lowered, that's just an all an ultimate again NOI booster. We saved $7,000 on our 100 unit apartment by just shopping the landscape company, you know, 7,000 bucks in reduced expenses, which increases NOI. So you want to get quotes for all of this stuff. Once you take over, you get multiple quotes for everything. Reserves. So he has zero for reserves. Any bank is going to underwrite to 250 bucks unit per year just is what it is. That's to where that should be your operational reserves, your CapEx reserves, things for a roof, things for big ticket items, a parking lot, whatever. So, they expect that every year you own it, you're going to keep all this in reserve.

11:21 So, after like 5 years is 22,000 bucks. Whether you do it or not is up to you. We just keep cash reserves. Like I don't every I would go nuts trying to like calculate this for every property I own. How much to put aside every month so we just keep cash reserves. That's what I would advise you to do. His so here's another thing. He's spending 8,000 for advertising and marketing on 14 units. That's crazy. Your worst case would be if you use apartments.com like 300 bucks a month. I hate apartments.com. They're such a ripoff. It's owned by Co-Star. It really is. Like we're going to start moving to more just like Google SEO traffic in the future with our bigger assets. Hopefully you never have to fill it. Everyone just stays there and you don't have to pay for advertising.

12:08 But I would just I mean 3,600 300 bucks a month. That also includes some commissions, right? If you have to pay that. So I think that's totally fine. But if it's full, you don't have to pay for apartments.com. And I don't pay for apartments.com on my small stuff. I just use we use the MLS and we use like Facebook Marketplace is great for small deals. Management. So, he's only charging 4,000 for management. He owns a big portfolio. So, he just probably contributes that little amount to his managers. You, my friend, are going to get slapped with a 5% management fee. So, they're going to take this gross rental income and just hit slap 5% on it. That's how the bank again will underwrite the deal. You do not you're not going to charge yourself 12,000 bucks. Maybe you will. I don't do that. I just keep the money in there. So, your actual cash flow is going to be a lot higher.

12:55 Your actual cash flow be 183,000. Wait, I'm sorry. Net cash flow 76,000, right? But they're going to just want to see a management fee on there is what it is. Administrative fees, banking fees, just keep that the same. Turnover cost. So, I put 5,000 a year. That is when you come in as a new owner, expect people to move out. It just is what it is. We always say worst case plan for half the people to move out. So that's seven people. Okay. Now, I just left it every single year to be again ultra-conservative, but you come in, people move out, you have to pay for unit turns. You might want to do some upgrades, you might have to fix some things. So, I just said very ultraconservatively. A unit turn can be anywhere from a few hundred to a few thousand.

13:44 So, I said, you know what, over four years, you might spend 20,000. Again, just an estimation. Depends on the shape of the units, depends on the tenants, all that good stuff. So, just budget for that. That's just how I do it. Very ultra conservative conservatively like that. Like, hey, every year now in year one, I might spend 10 grand. Then year two, I don't have any moveouts. I don't really have turnover costs. That's just the way I look at it. That's always a hard thing to estimate because you just don't know how many people are going to move out or not, right? So, if you plan for the worst and then get the best, that's always ideal. So, our ASIS value puts it at right around 1.8 million again at a 7% cap rate. Not bad. You're paying 1.875. That's not bad at all. You're almost paying exactly what it's worth today, which is very hard to do in today's market because there's such low supply.

14:36 We see year here's year one, right? Year two. On a small deal like this, you can go back and refinance in 12 months. That's like their minimum amount of time. But let's just say for sake of example, you take two full years. The longer you take to refinance, the more money you will get out, the more the bank will like it. They'll feel it's very stabilized and safe. The bank only cares about is this safe, is this secure, is this a good investment for us and our clients money. Clients meaning depositors, right? So, let's just say you go to refinance in 2028, right? I took this value. So, this is just my NOI divided by my cap rate, right? All the while, you're making pretty good I mean, you're making a pretty solid cash on cash return, which is freaking great.

15:27 Freaking great. I mean, the net cash flow, $214,000. You only put $562,000 down. So, not bad at all. Right now, again, cash flow can be variable, right? If you have a lot of maintenance or if there's a lot of snow that year, if you have a lot of moveouts, it could be less, you don't have any of that, could be more. So again, it's an estimation. So it's why when I always say like multifamily is not about cash flow, dude. This right here is just the cherry on top for me. I'm not like, "Oh boy, I get 64 grand this year because I know it could be more, it could be less, could be zero dollars. Doesn't I mean, if you want to upgrade everything, then you're going to pump that 64 grand right back into it. But all that matters is we get to this valuation, right? And again, I think this is ultra-conservative, right? 2.64 million. Okay.

16:14 2028. Awesome. 70%. So, they're going to do a new loan on that, right? So, let's just say you're like, "Hey, here's my NOI. Look, my boss is 126. Today's 184,000. I've done work. I've made this property better. Here you go." They go, "Hey, man. We love this. Let's get it appraised." Oh, look at that. Appraises at 2.6 million. Especially that's three years down the line. Inflation does its thing, property values go up, rents go up, everything's good, right? Okay. Hey, we'll do a 70% loan to value on this. And this all depends on interest rates. If rates are down, you might get 75%. If we're in hyperinflation again, rates are 4%. Dude, you might get 75% loan to value. If World War II happens and rates are 10%, you might only get 60% loan to value.

17:00 We don't know. So, let's assume it's kind of staying right where it is. Not much better, not much worse. This 70% is right here. You're going to pay off that old loan. Okay. So, then this So, let's I mean, you're paying this loan down for two years. So, your original loan balance was 1.312 million. I again I'm not going to do all that math and principal amortization all that because we did a 70% loan to value 6.55% interest rate which is what we told the bank we want to get 25 year amortization which is great freaking terms no interest only on a deal like this you really don't need interest only. So you're paying down this loan. So your original balance was 1.312 million.

17:47 Let's say in 2 years you only owe 1.25. You're getting 594,000 cash to close on your refinance. You will pay off this old loan. You will now have a loan balance of 1.84 million. So obviously that would change your cash flow projections and you would have to submit a new plan to them at that time showing the new debt payments and all that, but that would get you more than your original down payment plus your cash flow. It's a great deal. I love the deal. I love the upside. I like that it's clean. It's not a massive overhaul for your first project here. It's in a great area. It's owned by a good owner, so you're not gonna have a bunch of crazy delinquent tenants and all that, but there's meat on the bone that then in two years you can sell it, you can refinance it and keep it long-term.

18:33 Sky's the limit. So, let me know if you have any questions. Again, this is just a basic underwriting. Couple things we would have to confirm and tighten up as we go through the process of due diligence. You are you are tight tightening this down. You might tweak things. I'm always This is a fluid projection. I am always playing with this until the very end, right, as I get more information. So, as always, let me know if you have any questions and we'll talk soon, man. Thanks.

Topics: Underwriting, Deal Review, 10+ Units, First Deal, BRRRR

More episodes of The Tony Stephan Show

1. Episode #025: He Just Bought A 6 Unit Apartment In My Coaching Program
   With Ryan Mitchell, mentorship client and physical therapist from Clarkston, Michigan · August 13, 2026 · 12 min
   A busy physical therapist closed on his first 6 unit. His VIP coaching day: software, tenant requests, protocols and parking.
2. Episode #024: My Client Just Bought a 6 Unit Small Multifamily Apartment: Here's What I Taught Him
   With Tony Stephan · July 28, 2026 · 18 min
   Tony and Andrea share the takeover lessons from a client's coaching day: leases, discrepancies, emotions and NOI boosters.
3. Episode #023: He Just Bought A 7 Unit Apartment And Is Managing It Remotely
   With Ryan and Emily Downey, mentorship clients from Bowling Green, Kentucky · June 4, 2026 · 11 min
   The Downeys flew in from Kentucky for their coaching day: the books, CapEx vs repairs, unit turns and paying contractors.
4. Episode #022: Is This Apartment Worth $1.7M? (Multifamily Underwriting)
   With Tony Stephan · May 14, 2026 · 17 min
   A client's $1.7 million deal with an assumable agency loan below today's rates. Tony checks the assumptions line by line.
5. Episode #021: My Client Bought 7 Units As A Busy W2 Worker (Deal Review)
   With Ryan Downey, mentorship client and W2 worker from Bowling Green, Kentucky · May 12, 2026 · 28 min
   Ten months of weekends on a house flip earned Ryan $6,000. Now he is closing on his first 7 unit.
6. Episode #020: I Held An 80 Person Multifamily Mastermind In California
   With Coaching clients, award winners and speakers at the One Day Small Multifamily Mastermind · May 5, 2026 · 22 min
   Inside Tony and Andrea's biggest event yet: 80 people, the talks, and the clients on stage with their first deals.
7. Episode #019: How Much Can I Pay For This 17 Unit Apartment? (Multifamily Underwriting)
   With Tony Stephan · May 2, 2026 · 12 min
   A client couple underwrote a 17 unit offered with seller financing. Tony checks their work and explains why he would pass.
8. Episode #018: He Bought An Off Market 10 Unit Apartment After Joining My Coaching Program
   With Nick Riley, mentorship client, construction professional and sole provider · April 28, 2026 · 27 min
   Ten years of almost buying, then an off market 10 unit within about two months of joining the program.
9. Episode #017: How One Duplex Became A 10 Unit Apartment Through 1031 Exchange
   With Daniel, mentorship client and barbershop owner from Brooklyn · April 22, 2026 · 20 min
   A $525,000 duplex in New Jersey, a 1031 exchange, and an off market 10 unit in Metro Detroit with seller financing.
10. Episode #016: New Multifamily Investor Buys 19 Unit Apartment (Deal Breakdown)
    With Victoria, mentorship client, investor and tax business owner from Detroit · April 5, 2026 · 28 min
    From a $1,000 land bank house in 2017 to a 19 unit in Detroit: Victoria on cash flow, scale and pulling the trigger.
11. Episode #015: Small Multifamily BRRRR Breakdown: A 13 Unit Apartment With $500 Rent Growth
    With Walter, mentorship client, former sheriff's deputy and house flipper · March 29, 2026 · 33 min
    A 13 unit that last sold over 50 years ago, rents at $450 to $545, and a client who beat two cash offers to get it.
12. Episode #014: Teaching Our Clients How To Manage Their 10 Unit Small Multifamily Deal
    With Nick and Kaylnn Riley, mentorship clients from Arizona who just closed on a 10 unit · March 12, 2026 · 13 min
    Behind the scenes of a coaching day: the deal is closed, and now the Rileys learn where the money is actually made.
13. Episode #013: How Much Can I Pay For This 33 Unit Apartment? (Deal Breakdown)
    With Tony Stephan · February 19, 2026 · 18 min
    A client sent Tony a new construction 33 unit in Florida. He reads the offering memorandum live and decides whether to pass.
14. Episode #012: New Multifamily Investor Is Buying A 50 Unit Apartment (Deal Breakdown)
    With Tony Stephan · February 3, 2026 · 18 min
    A brand new client put an off market 50 unit under contract. Tony's checklist for deal or no deal, with the math.
15. Episode #011: Buying An Off Market 10 Unit Small Multifamily Apartment (Client Success Story)
    With Daniel, mentorship client, entrepreneur from the New York area · January 6, 2026 · 16 min
    Daniel sold one duplex and bought a 10 unit: two green houses for a red hotel, with seller financing and a 1031 exchange.
16. Episode #010: Small Multifamily With Massive Profit: $700K on 12 Units
    With Tony Stephan · November 11, 2025 · 11 min
    A client's 12 unit on the whiteboard: modest cash flow today, and about $768,000 of equity from bringing rents to market.
17. Episode #009: 24 Year Old Buys 14 Unit Multifamily Apartment (BRRRR Method)
    With Nick, mentorship client, 24 year old construction business owner · July 27, 2025 · 16 min
    He started raking asphalt at 15. At 24, Nick runs a 60 person construction company and just bought his first 14 unit.
18. Episode #008: Why He Sold 8 Single Family Rentals To Buy A 12 Unit Small Multifamily Apartment
    With Dr. Ade, physician, business owner and Stephan Group client · June 1, 2025 · 15 min
    A surgeon traded eight scattered single family rentals for a 12 plex and a duplex through one 1031 exchange.
19. Episode #006: How These New Real Estate Investors Bought 23 Multifamily Units In 1 Year
    With Hugo and Joe, coaching and Stephan Group clients from California · May 25, 2025 · 15 min
    A 12 unit in April, 11 more under contract with 5.5% seller financing a month later: Hugo and Joe are not slowing down.
20. Episode #005: I Can't Believe This Apartment Is Only $1M! Multifamily Deal Analysis
    With Tony Stephan · May 11, 2025 · 33 min
    An 18 unit collecting a fraction of its market rent: a big problem with big upside, underwritten for a coaching client.
21. Episode #004: Buying A 9 Unit Apartment With 5.5% Seller Financing
    With Keith, mentorship and Stephan Group client, roofing business owner · May 4, 2025 · 32 min
    Keith and his wife Angela skipped single family and bought a 9 unit in Clarkston with seller financing at 5.5%.
22. Episode #003: Buying A 12 Unit Apartment For $1.5M? Multifamily Deal Analysis
    With Jerome, coaching client trading single family rentals into multifamily · April 29, 2025 · 54 min
    An off market 12 unit with a very light P&L, and the creative ways Tony adds NOI beyond raising rent.
23. Episode #002: Buying A 12 Unit Apartment For $800K? Multifamily Deal Analysis
    With Shelby, coaching client, first multifamily deal search · April 16, 2025 · 57 min
    Tony underwrites a 12 unit his coaching client found on LoopNet, line by line, and shows where the value is hiding in the fees.
24. Episode #001: How This Out of State Investor Bought His First 12 Unit Multifamily Apartment
    With Hugo, mentorship and Stephan Group client, W2 worker from Los Angeles · April 13, 2025 · 27 min
    Hugo bought a Metro Detroit duplex he has never seen in person, raised the rents in year one, then traded it for a 12 unit.

Watch and listen to The Tony Stephan Show on YouTube · Spotify · Apple Podcasts · RSS feed · Instagram · Tony Stephan on LinkedIn.