The Tony Stephan Show · Episode #009
24 Year Old Buys 14 Unit Multifamily Apartment (BRRRR Method)
Nick started in construction at 15, raking asphalt in his family's business. He launched his own company, first doing residential work and then restoration for utility companies, and it now has a little over 60 employees. He learned the idea of turning earned income into assets from well known authors, but he says what he was missing were the exact steps, which is why he joined Tony's mentorship.
At 24 he bought his first multifamily property, a 14 unit in Oakland County, Michigan, found on LoopNet, for more than a million dollars. He had owned a duplex years earlier, but it did not help him qualify for a commercial loan. He picked this deal for its size and location rather than a cheaper price.
Average rent is about $1,100, and Nick puts the potential around $1,500. Tony uses a conservative $300 more per unit, which is about $50,000 a year of new NOI, and shows how even a $10 valet trash fee adds about $28,000 of value at a 6% cap rate. Nick will manage the property himself with software and a small team, and he plans to stack larger deals from here.
Watch the full episode · Watch on YouTube
Key takeaways
- Buildings under five units are valued on comparable sales. A 14 unit is valued on its profit, like a business.
- Start where you can, but make the jump to commercial multifamily as soon as you can qualify.
- Buy the biggest deal you can in the best area. Nick chose location over a cheaper price.
- Small amenities matter: $10 a month of valet trash on 14 units is about $28,000 of value at a 6% cap rate.
- Get rent comps from a broker who knows the market. Online listings do not show concessions or vacancy.
- Mentorship buys speed. Nick expects to hit milestones faster than Tony did by skipping the small deals.
Guest: Nick
Nick started working in construction at 15 in his family's business and later founded his own company, which does restoration work for utility companies and has a little over 60 employees. At 24 he bought his first multifamily property, a 14 unit in Oakland County, Michigan, with Tony Stephan's mentorship and the Stephan Group.
Chapters
- 0:00 Intro
- 0:32 Nick's Story
- 1:58 Entrepreneurship Is Professional Problem Solving
- 2:28 Investing When You're Young
- 3:58 Skipping the Small Stuff
- 5:35 Residential vs Multifamily
- 7:29 What Nick Likes About the Deal
- 8:05 Creative Ways to Increase NOI
- 11:25 Combating Nervousness
- 11:52 The Stacking Method
- 12:27 The Power of Mentorship
- 13:11 Marketing Is Key
- 14:35 Outro
FAQ
Why did Nick skip single family and small multifamily?
He owned a duplex years earlier and says it did not help him when he applied for commercial financing. He and Tony agree that one to four unit properties are valued on comparable sales, so you cannot force the value up, while a 14 unit is valued on the income it produces.
What is the rent upside on Nick's 14 unit?
Average rent is about $1,100, and Nick says it should be about $1,500 based on Andrea's rent analysis. Tony uses a conservative $300 per unit: $4,200 a month, or about $50,000 a year of new NOI, which is a large value increase at a 6% cap rate.
What creative income is Nick planning?
Valet trash, parking, pets, storage and premium Wi-Fi. Tony uses valet trash as an example: $10 a month across 14 units is $1,680 a year, which is about $28,000 of added value at a 6% cap rate.
What is the stacking method?
Nick's plan to use each deal to buy a bigger one: from 14 units to something like 28 or 40, then 80. Tony explains that a refinance returns equity tax free, while Nick keeps running his construction business and reinvests.
24 Year Old Buys a 14 Unit Apartment With the BRRRR Method
From asphalt to apartments
Tony opens with a comparison. At 24, he had just graduated as a registered dietitian and his big goal was to make six figures. Nick, at 24, runs a construction company and just bought a multifamily property worth more than a million dollars.
Nick started in construction at 15, raking asphalt in a family business. It was hard on his body, and he learned early that he needed to work smarter. He launched his own company, first doing residential work and then pivoting to restoration for utility companies: after they install gas or electric lines, his crews restore the concrete and asphalt. The company now has a little over 60 employees and is moving toward state and municipal jobs. "You really have to solve real problems better and faster to grow," he says. Tony calls entrepreneurship professional problem solving.
Knowing it versus doing it
Nick learned the basic idea from well known authors: earn income, turn it into assets, and let the assets fund your lifestyle. What he did not get from them was how to execute, such as forcing appreciation and doing a refinance. That is what he found in Tony's mentorship. Tony adds that a mentor can be a book, a video or someone in person, and that successful people invest heavily in self education.
Skipping the small stuff
Nick did own a duplex first. He bought it with cash, sold it on seller financing and was out of it more than four years before this deal. When he applied for commercial financing, it did not help. His advice is to start wherever you can, but if you can qualify for a commercial loan, go for it.
Tony explains why. One to four unit properties are valued on what the neighbors sold for. A 14 unit is valued on its profit, the same way Nick's construction company is. "If your 14 unit makes more money than my 14 unit, your 14 unit is more valuable," Tony says. He says that if he could be 24 again, he would skip the houses and duplexes and go straight to a deal like this.
Why this deal
Nick found the property on LoopNet. It is in Oakland County, Michigan, and he chose it for size and location. Other deals made sense for the BRRRR strategy, but he wanted a great location close enough to be hands on. Tony notes that it is not a cheap deal, but there is value to create.
Tony calls Nick one of the better underwriters in the coaching group and asks about creative income. Nick lists parking, pets, premium Wi-Fi, storage and valet trash. At $10 a month for valet trash across 14 units, that is $1,680 a year, and at a 6% cap rate about $28,000 of value. "No one wants to throw out their own trash," Tony says.
The bigger lever is rent. Average rent is about $1,100, and Andrea's analysis suggests about $1,500. Tony warns against relying on listing sites, which do not show concessions or vacancy. To be conservative he uses $300 more per unit: $4,200 a month, or about $50,000 a year of new NOI.
Managing it and what comes next
Nick is not nervous about management. Requests will come through the software, and he will allocate a few people to handle things like valet trash. Tony connected him with one of his favorite lenders.
His plan is the stacking method: from 14 units to something like 28 or 40, then 80. Tony points out that he bought his first house in 2021 and that Nick will move faster by skipping the small deals. "You pay for speed," he says about mentorship.
Nick's advice to young people who want to start a business or invest: if it is not risky, it is not rewarding. Push outside your comfort zone, do not get discouraged when you get knocked down, and market yourself. Tony agrees: it is not the best product that wins, it is the best known product.
Transcript
0:00 In this video, we're talking about how my client, who's 24 years old, bought his first multifamily apartment, 14 units for the BRRRR strategy. He bought it, right? We're teaching him how to rehab and fix it up. He's renting it out, and then he's going to do a cash out refinance, get all of his money out of the deal, and repeat the process. I'm bringing him here today to teach you how you can do the same. I believe every single family should own one small apartment deal because it will truly change your life. Giving you a real life example here today to teach you how to get in the game. Let's get into the episode. Nick, appreciate you being here, brother. You as well, dude. Appreciate you, man. 24 years. Yeah, you're a young guy, man. Successful entrepreneur. Just bought your first small multifamily deal. Really, I'm so excited to do this cuz I want to inspire people, man.
0:45 When I was 24 years old, bro, I just graduated college as a registered dietitian. So, it's like a 5-year degree. I was 23. I just was working at Lifetime Fitness. All I wanted to do when I was 24 years old was make six figures. That was like my ultimate goal. I'm like, make six figures in a year. You're 24 years old. You're buying a over a million dollar multifamily property. You run a successful construction business. We get a lot of younger people who watch this, want to buy their first deal, want to start a business, want to be successful. Tell us about you, your background, your story. What got you into real estate? I started in construction at 15, raking asphalt. We were doing saw cutting, right? We were a family business. And you know, I quickly learned that I needed to work smarter, not harder. So, I launched Prime Construction. You know, initially we were just doing residential work for the first year. Second year we quickly pivoted into restoration, hard surface restoration for utility companies.
1:36 They put gas, electric in, we come behind them, put concrete, asphalt. So then that slowly scaled and now we have a little bit over 60 employees working with us right now and steadily moving in towards you know more state municipal jobs. But it all kind of taught me that you really have to solve real problems better and faster to grow. Yeah, dude. Something my wife and I talk about all the time is entrepreneurship is just professional problem solving. I always say if you can come from a business background and then get into real estate, real estate is just problem solving, but it's not as complicated. You started breaking asphalt at 15. That sounds difficult. Oh man. Yeah. Is that is that like a hard day's work there? It's hard on your body. I knew I had to figure out a way to work smarter instead of harder. Well, good for you, man, for learning things and now pivoting and starting a business, not just resting on your laurels there, building a now new business with multifamily.
2:28 So, you just invested in a great apartment. What gave you that mindset to invest? Was it like maybe seeing your dad work really hard, but the time for money thing? And how do young people 20s and 30s think that way? That delayed gratification? I feel like, you know, I've definitely clearly watched all the big guys and how they were doing it. Robert Kiasaki, Grant Cardone, Ken McElroy, they lay it out clearly. They let us know how to do it, right? You got to start with earned income, take the earned income, invest it into assets, and then let your assets fund your lifestyle. But what they don't do is they don't go into specifically kind of exactly what to do, how to execute it. You know, that was the game changer with you with everything you're doing is you can give us the exact steps on how to actually execute, right? A lot of people say with the force equity, forcing appreciation, doing a refinance or simply just the bur strategy.
3:18 So watching and getting an idea of how to do it. The game changer was specifically the steps how to do it. They won't show you. So it's so parallel to like my life too. I started with those same mentors. See guys, a mentor doesn't have to be someone physically like this. It can be books. They can be YouTube. I view Steve Jobs as a mentor. He's dead. You know what I mean? But I read the book. I listen to those same people too. And I think every successful person has that same level of like there's a high investment in self-education before you ever bought this deal. It sounds like you were investing in yourself. Firm believer and you're only as good as your teacher, right? I was looking for someone who's done it. You came along. Everyone watching should definitely take a good deal of intuition from your playbook. It's what needs to happen. No, I appreciate that. Let's talk about the real estate now. So, okay, you built your construction business. You're doing great. 60 employees. Why specifically did you skip, which I'm super excited for.
4:06 You skipped all the small stuff. You profited from my mistake. I don't regret buying the houses and the duplexes and the 4 unit. But knowing what I know now, if I could go back and be 24 again, I would skip step one and two and go buy a 14 unit. Your next deal is going to be 40 units. Why did you skip the small stuff? Why go right to 14 unit? Were you nervous? Were you like, "Oh, this might be big." Were you confident? If you're confident, how can they be confident to do that? Confidence is key, right? And it's tough because if you don't have the resources like a primary residence or an income to back a substantial loan like over a million dollars, then you got to start with a stepping stone, right? Once they start digging in, they'll see what makes sense for them. If they can get in touch with you got great lenders to help guide them through where they're at. But I'd say you got to be connected with someone who's been in the game, who knows how to do it.
4:55 Because if you go in there by yourself, you'll get connected with the wrong lenders and the wrong advice and you'll underwrite the deal wrong. You're going to want to do a certain strategy, but it's not going to work because you don't know how to implement the strategy. To do a successful BRRRR strategy, you I mean, you really got to know every little single thing. You got to buy it, right? Got to make sure that there's upside there. You got to know the deal. The creative ways to make money, which we'll talk about in a little bit. Why did you skip the small stuff, though? Well, I did initially have a duplex. That's right. You did. I had a duplex first, but it didn't help me at all. I bought it cash and then we seller financed and then and then we sold it over 4 years ago. So, when we went to apply for commercial funding for the 14 unit, it was tough because we didn't have that there. So, we had to go off other things, right? I'd say start with whatever you can. If you can get approved for a commercial loan, I mean, why not?
5:41 If you're really serious about changing you and your family's life, creating financial freedom, and this is obviously the quickest vehicle to do that, the quickest strategy to do that, but if you start with residential under four units, right? Two to four units. They're only based off comparable sales, right? So, you can't increase the value, you can't force value, and then pull out your equity in 12 months and then call it an infinite return. No, I felt the same way when I was buying the houses and the duplex. It just felt slow, man. There was a little bit of cash flow, but then if one person moved out, there goes all my cash flow. It was personal debt. They kept checking my debt to income ratio. Felt hard to scale. I had to do so much work just to put two units in the portfolio. Now I do the same amount of work. I can put a 100 units in the portfolio. It's business debt. It's the NOI game versus comparable sale game.
6:27 Like you said, like when you go to sell one to four units, they don't care if you're getting 4,000 in rent and everyone else is getting 2,000. And they say, "But that neighbor only sold for 200 grand, so yours can't be worth a whole lot more than 200 grand." Versus on your 14 unit, Nick, if your 14 unit makes more money than my 14 unit, your 14 unit is more valuable. End of discussion. It's a business. You know, from business, income minus expenses equals what? Profit. How's your construction company valued? Based off the profit it produces, right? How's multifamily valued based off the profit it produces? So, what Nick's sharing, guys, is I completely agree. Get started where you can. You started with a duplex. I started with a house. But when you can make that jump, make that jump. Don't rely on the market. That's why I don't love stocks. Do you do you buy stocks at all? No. No. No. It goes like this.
7:13 What did the president say today? What did Oh, China did this. And you're like, "Oh my god, I have no control." Kind of the same thing with one to four units. You can fix it up and stuff, but what did the neighbor sell for? And when you get to multifamily like Nick is, like I'm in, you're playing the NOI game. It's all about business and operations. So, let's talk about business and operations. Why did you like this deal? What about this deal? Number one size and location, right? Great location, 14 units. That's mainly it tone the location because there was a lot of deals. A lot of them made sense in the bur strategy, but this one really hit home because I felt like I could always have my hands on physically if I needed to, right? A real tangible piece of asset if I need to go have hands-on, you know, I can. Cuz you're going to manage the deal. Manage it, allocate a few guys, you know, to handle valet trash services, anything they need. Nick is creative. He's probably one of the better underwriters in like our coaching group.
8:02 He can break down a deal. Very creative ways of making money with the deal. So talk about some of the creative I know you said you're looking at like storage units. You're looking at valley trash. What does all that do for your NOI? Yeah. You know, parking, pets, premium Wi-Fi, all the good stuff. Things that we can provide that really elevates the standard of living for the properties. We're going to do it strategic play for our NOI as well because that's the name of the game. We live and die by the NOI. So guys, like look at it like this. Let's say if Nick is able to do Valley Trash, what do you think you could charge Valley Trash for? I'd say 10 bucks a month. 10 bucks a month times 14 units, right? So 10* 14. Breaking this down so you guys learn, there's so much value in adding on amenities and adding on tactical things with operations. So 10 * 14 is 140 bucks. 140 bucks 12 months in a year.
8:49 Nick's buying in a great location here in Oakland County, Michigan. I would say this is a 6% cap rate. So, 1680 divided by a 6% cap rate, that's $28,000 in valuation increase. If you buy stocks right now, you can't go make the stocks worth $28,000 more. You have to like hope and pray. But by Nick adding in an amenity, which is going to be great for residents, no one wants to throw out their own trash. It's going to boost the property value 28,000 bucks. Nick, how much rent growth do you think is on this deal? Average rent is about 1,100 bucks and between Andrea and everyone else experience in this area should be about 1,500 bucks for an average. So they're renting right now at 1,100. So Andrew was your broker on this deal. So Andrea is the one who does the rent comps for our entire portfolio when Andrea works with one of our clients if you're looking to buy here in Michigan.
9:35 She runs the rental analysis for you guys. That's the best way of figuring out what can a building rent for. You got to get to a real estate agent and broker who knows the market. There's like free tools out there, but they're all over the place. You can try to go on apartments.com, but guys, just because it's listed for, let's say, 1,500 on apartments.com. You don't know. Are they doing rent concessions? Are they actually getting that? Is the building super vacant? You just don't know. So, dude, you can get, let's just say, 400 bucks more per unit. This is crazy. Let's go conservative. Let's say 300 a unit to be conservative, right? We're going to start a little bit less to fill it 100%. See, guys, this is why we say too, the most important number in real estate is number of units. Nick didn't just buy five. He bought 14. There's a lot of units there. So, get started where you can, but always buy the biggest deal you can in the best area. And like Nick said, he did not compromise on location.
10:22 We looked at other deals that were less money, but he's like, I want to be in a great location. Which was smart, dude, cuz you'll see over time that location will continue to improve. 14 units, $300 rent growth per unit. That's 4,200 a month in new NOI in new cash flow. So, cool. You're making an extra 4 grand a month. Great. 12 months in a year, $50,000 in new NOI. Back to 6% cap rate. That's $840,000 in new valuation. That's killing it. And Nick said, too, it was on LoopNet. I mean, guys, full transparency, it's not a cheap deal. Nick is buying a nice asset, but there's value to be created here. That's the key. And I love what he said. He's looking as a long-term investment. You want to put your money in, get your money to work, but guys, you're looking for a deal like this. If it's got $300 in rent upside, I mean, it's just that easy to make $840,000.
11:09 People are going to say like, "It's not that easy. You have to do upgrades. Dude, one of my favorite Grant Cardone videos, he talked about I think he bought 300 units in Florida. He said, "I put in two palm trees. I raised the rent $500 on each unit. I made millions of dollars." This is how it works. You're taking the risk. You're going to get the reward. Are you nervous to manage it yourself? And obviously like we're coaching you. We're teaching you how to manage it with the team. No, it's it seems like it'll be an easy process, but I mean with the softwares you use, any kind of questions that are directed towards the property, I'll come through the software so we can take care of any complaints really any requests quick, right? We can send someone out. So, no, I'm excited. And I connected you with one of my favorite lenders, someone who's done, you know, a lot of loans for me. You're getting a great rate. What's the goal with multifamily? Are you just going to buy one deal growing the portfolio?
11:56 What do you think? I think the stacking method makes the most sense. Tell them what that is, Nick. What's the stacking method? Basically, from 14 unit, we'll go ahead. We'll take it to 28 unit something like that. You said maybe 40, right? A stack on from there be like 80 units. So 3 4 years I think in 3 4 years you had 256 units. I started I bought my first house in 2021, bro. It's 2025. So yeah, four years. Okay. If Tony can do it, I can do it. If I can do it, they can do it. You'll do it faster than me because I started with a house and I went a duplex. That's the power of mentorship. Just like my mentor is 51 years old. I'm hitting milestones way faster than he did. That's the beautiful thing about coaching and mentorship is you pay for speed. That's something again impressive about you. You understood that at a young age. It took me a while to figure it out.
12:43 I said I can either go slow and go alone or I can go fast with someone else because you'll refinance this and let's say you pull out 500,000. That's taxfree income. Now with 500,000 you're still making money, right? Still have the property, but took out the equity. Took out the equity. You're still running your construction business, saving your money, living below your means. Reinvested into another one. Reinvested in another, but your next one, like you said, could be 30 units. Then on that 30 unit, you might pull out, you know, 750,000. It's a snowball effect. And that's what you're doing. At 24 years old, that's crazy. So, someone's watching this, man. They're young. They're watching this and they're inspired. They're like, I want to start a business. I want to start investing in real estate. I thought I was too young. I see Nick's doing it. What would you say to the person watching this who's nervous and afraid but knows they want to get in this game? I'd say, you know, if it's not risky, it's not rewarding.
13:29 So, you really have to push yourself outside your comfort zone. If you're not one that thought you'd really be able to accomplish such things, look into it. See the process of starting it. How to get customers. Rubal business profiles. Don't get discouraged by, you know, the process of getting knocked down and then getting back up and keep pushing. Start marketing. That's the key. You could do the best work in the world 100% and have little to no marketing and that'll be the end of you, right? That's what we say. It's not the best product that wins. It's the best known product. So, Nick, bro, if people want to learn more about you, your construction company, all that, where should they go? So, you can find me at prime construction and excavation.com. So, you just bought the deal. You're taking it over now. You're crushing it. Maybe in 6 months we can go to the property, bring the YouTube back out, bring the community back out, show everyone 6 months in.
14:16 Where? I know you'll be crushing it, guys. If you would like to see it, let us know. Drop in the comment section if you'd want to see in a six month cuz I brought you guys to my updates. I would love to start showing you our students and our members updates, man. Cuz I know Nick's with his business plan, his business background, he's going to absolutely crush it on this. So, Nick, dude, appreciate you. Thank you so much for being here today and taking time to help everyone else out. Thanks, Tom. All right, so if you were inspired by this case study example, I think it's so transformative to see real life people buying deals, operating deals, and getting it done. Let me know. Drop it in the comment section. If you have any questions about what we talked about, put it in the comment section because I'm here to help you. And hey, Nick's story began with getting mentorship and getting help first. So, if you want me to be your mentor, help you find a deal, underwrite a deal, analyze a deal, buy a deal, and then most importantly, operate the deal, learn the operation side of it so you can get to that 100% cash out refinance.
15:06 That's what we do in our mentorship program. So, in this description, somewhere below this video, there's going to be a link to our coaching application. Fill that out so I can learn more about you and your goals. See if and how I can add value to them. We'll have a conversation and see if coaching and mentorship is a good fit for you. Mentorship has changed my life. I'm a product of mentorship. My students are out there crushing it and I want to help you if you're ready to take action. As always, thank you so much for being here. If there's ever anything I can do for you, don't hesitate to reach out. Until next time, we'll talk soon. Thanks.
Topics: First Deal, 10+ Units, BRRRR, Mindset
More episodes of The Tony Stephan Show
- 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. - 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. - 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. - 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. - 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. - 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. - 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. - 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. - 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. - 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. - 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. - 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. - 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. - 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. - 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. - 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. - 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. - Episode #007: Buying a 14 Unit Small Multifamily Apartment for $1.8M?
With Tony Stephan · May 27, 2025 · 19 min
A clean 14 unit with upside for a first time buyer: Tony adds up fees, bill backs and savings worth about $714,000 of value. - 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. - 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. - 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%. - 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. - 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. - 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.