The Tony Stephan Show · Episode #017
How One Duplex Became A 10 Unit Apartment Through 1031 Exchange
Daniel lives in Brooklyn and owns a barbershop. He started with a duplex in New Jersey, about 30 minutes away, because it felt like a safer way in than jumping into a 10 unit. He bought it in 2022 for $525,000 with a conventional loan at around 6.75%, planning to refinance and move up. Rates never dropped, and a tenant move out showed him how thin the cash flow was.
After finding Tony, he sold the duplex through a 1031 exchange. He admits the 45 day identification window was nerve racking, especially with his proceeds sitting with the exchange company, and he proposed to his fiancée in Greece in the middle of it. Tony's team started lining up replacement properties during due diligence, which bought him time. He rolled the proceeds into an off market 10 unit in Metro Detroit with seller financing and says he came out of pocket only a few thousand dollars.
Going from two units to ten was the same work, five times more, and even with a vacant unit at the start the property covered itself. Daniel says he likes owning far away so he relies on the numbers, hires people with good hearts, and tells anyone on the fence to jump.
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Key takeaways
- Refinancing a single family or duplex depends on the market and comparable sales. Putting more money in does not guarantee you get it out.
- A 1031 exchange lets you sell and roll your equity into a bigger property without paying tax on the gain at that time.
- Start looking for replacement properties during due diligence on your sale, not after it closes.
- Seller financing needs a motivated seller who does not need to 1031 their own proceeds. It can mean less money down and faster closing.
- Owning far away can help: you rely on the numbers and your team instead of doing everything yourself.
- If the owner does all the work, the next buyer's numbers look worse. Build a property that runs without you.
Guest: Daniel
Daniel lives in Brooklyn, New York, and owns a barbershop. He bought a duplex in New Jersey in 2022, then joined Tony Stephan's mentorship and sold it through a 1031 exchange to buy an off market 10 unit apartment in Metro Detroit with seller financing, which he manages from New York.
Chapters
- 0:00 Introduction to the Deal
- 0:26 Starting With a Duplex
- 2:22 Why the Duplex Stopped Working
- 5:37 The 1031 Exchange Experience
- 8:02 From a Duplex to a 10 Unit
- 10:32 Managing From a Distance
- 14:15 Entrepreneurship and Mindset
- 18:29 Closing Thoughts
FAQ
Why did Daniel sell his duplex instead of refinancing it?
He bought it in 2022 for $525,000 at around 6.75% and hoped rates would drop so he could refinance. They did not. Tony explains that a duplex is valued on comparable sales, so pulling equity out depends on the market, while a 1031 exchange let Daniel move his equity into a larger property.
What was the 1031 exchange like?
Nerve racking, Daniel says. The proceeds sit with an exchange company and you have 45 days to identify replacements and about six months to close. Tony's team started looking for replacements while the sale was still in due diligence, which gave him more time.
How much did Daniel put into the 10 unit?
Because it was seller financed and the closing costs were lower, he says he came out of pocket only a few thousand dollars beyond the proceeds from the duplex.
How does Daniel manage a Michigan property from New York?
He prefers the distance. If it were near him, he says he would be over there all the time. He relies on the numbers, such as income, delinquency, occupancy and expenses, and on people he trusts. Tony adds that owners who do all the work themselves make a building harder to sell.
How One Duplex Became a 10 Unit Through a 1031 Exchange
Starting with a duplex
Daniel lives in Brooklyn and owns a barbershop. Like many investors, he started small. "You got to get in somehow," he says. Jumping straight into a 10 unit felt like jumping in without knowing where he would land, so he bought a duplex in New Jersey, about 30 minutes away. In the New York area, he says, a duplex can cost $2 million; this one was about a quarter of that.
He bought it in 2022 for $525,000 with a conventional loan at around 6.75%. He was not buying for cash flow; he was buying for appreciation, with a plan to refinance or 1031 into something bigger after a couple of years. Then rates stayed high, and a tenant moving out showed him how little the property made when a unit was empty.
Like Tony, he read big name authors who talked about large multifamily deals, but nobody explained the first step. Tony says he felt the same: he was not going to raise money for a 300 unit. Small multifamily is big enough to have scale and small enough to feel doable, even with no partners.
Why the single family BRRRR is hard
Tony explains why refinancing a single family or duplex is difficult. The value depends on comparable sales, so there has to be enough market movement to pull equity out. His wife Andrea, a broker, often has to tell people who put $100,000 into a house that they will not get it back. People over improve with granite and finishes they would want, but it is a business, not their home.
The 1031 exchange
Daniel sold the duplex at a profit and put the proceeds into a 1031 exchange. The money went to an exchange company, and he admits he kept wondering if it was really there. He had 45 days to identify a replacement and about six months to close. "You're going to constantly go through emotions, but that's just part of the game," he says. Tony felt the same on his first exchange and asked for updates every day.
The team started lining up replacement options while Daniel's sale was still in due diligence, which turned 45 days into something closer to 90. Daniel was in Greece at the time, where he proposed to his fiancée.
From two units to ten
The replacement was an off market 10 unit in Metro Detroit with seller financing. Because it was seller financed and the closing costs were lower, Daniel says he came out of pocket only a few thousand dollars. Tony points out that seller financing takes a motivated seller who does not need to 1031 the proceeds themselves.
What is it like going from two to ten? "Same thing, just five times more," Daniel says. The property started with one vacant unit, and he could still cover it and handle any problem because of the reserves in the plan. Tony calls it a no brainer: trade 2 for 10, then 10 for 20, then 20 for 40.
Better that it is far away
Daniel likes that the property is not near him. If it were, he would be over there all the time. Tony agrees: multifamily is a business run by people, processes and protocols, and the income statement tells you how it is doing. When Andrea spent more time at their larger properties, the managers came to her for everything; the properties do better when the manager owns the job. He adds a warning: if the owner does all the repairs, the next buyer's numbers will look worse, and the building becomes harder to sell.
Betting on yourself
Daniel's lessons from running a barbershop: focus on the numbers and hire people you can trust. His rule for hiring is whether the person is genuinely good hearted, because service businesses and real estate depend on how people are treated. His advice to anyone who wants to bet on themselves: "Jump. Just jump." Tony adds that the safest job is the one you create for yourself.
Transcript
0:00 My client Daniel just sold a duplex did a 1031 exchange to a 10 unit off-market small multifamily in Metro Detroit and we got him seller finance on this deal. This one has it all has a 1031 exchange has an off-market deal and has seller finance sharing his story to help you buy your first small multifamily apartment deal. Tell us about the duplex man. Like obviously how did you find the love of real estate investing and what made you want to start with the duplex? Tell us about that. I started with the duplex because you know, you got to get in somehow. Jumping into a 10 unit, you know, you kind of you jumping in and you don't know where you're going to end up. Sure. So you kind of like let me start small, right? So then you start and you know, it's all great. You know, you're making some money, some cash flows, you know, little side money, whatever.
0:46 And then you realize tenant moves out, you're not making any money. Right. Right. So then you start thinking like I got to I got to figure this out, right? Like I got to find another tenant, you know, move them in, turn it over, right? So then you're losing money, not really making money. Appreciation's there but not the cash flow. Right. So then you start thinking like what else can I do? You start looking at Grant Cardone, you start looking at these big name guys or whatever. And they're you know, they talk about big multifamily investing, right? Cash flow, big appreciation, pull out this much, that much. And that's what you strive for, right? But then not nobody's telling you like how to do it, what to do. You know, like what's the first step to take, you know what I mean?
1:34 So then I came across you and you know, from there you made it very easy for me and you know, I was able to jump into the 10. So Yeah. No, I love that and that's how I felt with Grant Cardone. Like Grant Cardone I it was the first book I ever read on real estate investing. I was actually out here in Newport Beach. It was like a rainy day and I found the book and I read it. And that's how I felt too. I'm like he's so big though. You know, like he doesn't manage his deals. He doesn't do all that. I'm like dude, well, I'm not going to go he's like go start with a 300 unit apartment. I'm like dude, I'm not going to go do that. I'm not going to go raise a bunch of money and do that. So I love the small multifamily stuff. I think it's big enough to have scale and protection but small enough to feel conceivable, you know, where you can do it just yourself cuz you bought your deal no partners, right? Dude. I seller financed the two. Money. Yeah.
2:20 Right. We can talk about that. So with the duplex it was it in your backyard? Where was that at? So I live in New York, more Brooklyn. Okay. I was probably like 30 minute drive away. Yeah. So Jersey. Okay. Had to go over two bridges but really not bad. See, I'm from Michigan so I'm like two bridges. I'm like, whoa, that sounds like forever. I mean, when I'm stuck in traffic it's like 50 minutes but you know, you pray you're not you're not stuck in traffic. Yeah. But 30 minute drive away and really not bad. Easy to kind of get started because New York market is like crazy. It's like California kind of, you know, you find a duplex for like $2 million. That's crazy. Who has 20% sitting on that? You know what I mean? For a duplex, right? Right. So you know, you got something for a quarter of the price, you're like, wow, this is awesome, you know?
3:06 And I was also looking for something that had appreciation cuz I knew that was the only thing that was going for me at the time. I knew cash flow wouldn't be the end all be all. My goal is to jump up into the next thing. So that was that was essentially my goal to you know, start small and then jump big after a couple years, you know, 1031 it or refinance it. Obviously the market didn't go where I wanted it to go, you know, in terms of interest rate. I was hoping the interest rate would drop and then refinance but it wasn't doing anything. Sure. So the only option was to 1031 and then jump into that 10. So Yeah. Yep. No, it makes sense. So how much was the duplex when you bought it? Duplex was five and a quarter so five 525. Yeah, see from the Midwest I'm like, bro, that's like a mansion. That's a mansion, right?
3:52 Yeah. You're like a half million dollar house, you're balling, bro. Okay, so did you like FHA? Did you do conventional financing on that? Loan. Okay. On that. What year did you buy that deal? 20 2022 Okay. So when right It was like 23 or 24 so 2022. Got it. Got it. And then like you said you tried to refi it. What was your original interest rate? 6. 75 something like that. That's what I mean. Like the BRRRR strategy on the single family it's tough, dude, because there's got to be enough cash flow after it to pull out a decent amount of equity. Like you can pull a little bit of money out. It's hard to hit like 100% refi. Do it because it's like you're depending on the market. You know, if the market's not doing anything, you're not doing anything.
4:39 100%. Put as much money as you want in that property. It's yeah, you maybe rent it out for like extra couple hundred bucks but it's not doing you any service, you know, down the line. Dude, you make a huge point there and that's where we see a lot of people reach out and they start with single family. And like I said, your yours was a perfect play. I'm excited to talk about it but they're like, hey, I put a 100 grand into this property. And my wife's a broker and she'll look at it and she'll be like, dude, you're not going to get this out. People think like if I put 100 grand in, I'm going to get 100 grand out. It doesn't work that way. No. You know what I mean? Like you said, it's based on the market and the comps and we've seen a lot of people start with single family, over improve it cuz they're like, well, I like granite and I like this. I like it's like, dude, you're not living there though. You know what I mean? It's a business, right? You're entrepreneur, you're a business person, right?
5:27 Then they have they tie up so much equity in this deal, they're not going to get it out. Right. And that's what kills them. So shout out to you for like identifying that and like recognizing that. Yeah, appreciate that. So then you sold it, right? You had a large chunk of equity. Talk about the 1031 exchange experience because a lot of people get nervous with that. They're like, well, hey, if I if I sell this cuz you're like, hey, I'm not going to refi, I'm going to sell it. You made profit, right? On the sale. You did you did good on the sale, right? I put this money in a 1031 exchange. So you didn't get any of the money. No. It goes to First American Bank. Right. I hope this is like it's there, right? Now you've got I forget was it 45 days to identify? 45 days I think, yeah. To identify, six months to close, right? I mean, was that nervous for you?
6:14 Were you like a little nervous or you're like, no, okay, I got this. Like talk about that. Talk about that experience. I will say it's nerve-racking but then like in your own mind you're telling yourself like it's all good. Yeah. Like it's legit. Yeah. Nobody's going to screw you over, you know? But then again, that thought process comes in the back of your mind like I have like 45 days. Like I got to keep it going. Like I got to find something. Where's my money? Is it safe? Like you kind of keep getting rattled Sure. To a point where it's like, all right, like you're five, 10 days into the 1031, you're like, all right, it's not so bad, right? And then you know, the step after that is identifying obviously the property. So that's also like nerve-racking. So you're going to constantly go through emotions but that's just part of the game. I think I think you get better at it as you go along. 100%. Like my first 1031 exchange I felt the same thing.
7:01 I'm like, dude, where is this money? Like I'd ask him for like a statement update like every day. I'm like, hey, send me They're like, dude, it's there. Like calm down. I'm like, okay. Finding the replacement property is huge but that's why it's like you have to really trust who you're working with, like your broker or your agent, whoever that like you we did it really smart with you. We started lining up replacement properties right when you were in due diligence cuz I think you were in Greece, right? I was in Greece, yes. I proposed to my fiance. So you sold this deal, looking at 1031 and proposed all in Greece, man. That's a that's an active trip. But yeah, we were looking at options before you were even closed. So that's where Daniel turned 45 days into like 90 days, you know what I mean? Yeah, every 1031's nerve-racking.
7:47 I'm going through one right now. It is nerve-racking cuz you're like, I mean, I'm selling a deal. I don't have a replacement lined up. But that's the fundamental way wealth is built through real estate and multifamily is selling a deal, not paying any tax on it and being able to roll into a bigger deal. So you ended up taking the proceeds from that duplex and you bought a 10 unit. And remind me, you didn't really have to come out of pocket, right? No, just because it was seller finance yeah. You know, the closing costs are much less. Yeah. You do kind of have to do things yourself in a sense. You know, you know what I mean? Yeah. As opposed to like going to like the traditional route. Yep. But essentially like it's much less just you know, few grand out of pocket. That's what it is. So dude, couple grand out of pocket, traded two to 10.
8:34 Yeah. Like what's that like going from two to 10? Same thing just five times more. Five times more? But now if one person stops paying you're not like, dude, I'm fronting the bill here. You got nine other started with like one vacant unit. Yeah. So you know, I was still cash flowing. 100%. Or even if I wasn't, like maybe I was breaking even but like I was still able to maintain the property, right? If like tenant called me with a problem, I could still fix it. Yeah. Right? Because you have the reserves, you know, like the way we the way we underwrote the deal and you know, the whole process. It's just Yeah, that was a good deal. I like that deal a lot. It's great area. Like you said, two like anytime you can trade two for 10, it's like a no-brainer. Cuz now your next one you can trade 10 for 20. And you trade 20 for 40. Like that's what you're always trying to do, right? Yeah. And you got seller financing, you know what I mean?
9:21 So it's like you're able to like you said, speed through the process. I think a little bit less leverage or a little bit less money down on that one, too. Dude, that's huge. Hey, real quick before we get back to the episode, I wanted to say thank you to our sponsor today, which is just me. And I just wanted to let you know that, hey, if you're loving this conversation, number one, drop it in the comment section. We make this content to help you but if we don't hear from you, we don't know what you like. So drop in the comment section. We're going to pick one person off this comment section and we're going to actually give you my multifamily startup bundle. Sells for 49 bucks online. Pick one comment, we're going to give it to you for free. Like, comment, subscribe to the channel if you're new. If you want to learn more about the mentorship program that my student is in who bought this first deal. Click the link in the description, fill out the coaching application, we'll see if you're a good fit. Now, let's get back to the episode. That's what I mean, if you can seller financing's harder and harder to find because it takes a it takes a seller who's like, "I don't want a 1031 exchange." Motivated seller.
10:12 Yeah. Very motivated. Yeah. Yeah. Most sellers, like when I sell my deals, I'm like, well, I need to go trade this into something else. I can't seller finance, you know? So, it's a really good thing. What would you say? So, you've always done like kind of out of state, I guess. I mean, New York and New Jersey, I know they're close, but they're out of state. And then you did New York to Michigan. Yeah. A lot of people are like, no, I got to be able to drive by my property every day, right? Like, why like why are you able to operate from a distance, like not have to be at your properties all the time? Like what helped you overcome that? Like what would you say to someone watching this? Maybe they are in New York, maybe they are in LA, or they are in Chicago, and they're like, "I can't afford here, but I want to get started." I think my thought process behind it is I actually like the fact that it's not near me. Yeah. Because if it was, then I'd be all over it, you know what I mean?
10:58 It's like, "The is that thing doing there?" You know what I mean? So, it's like, I like that it's away from me, and I don't have to think about it, right? So, if it's going to call me, whatever, you fix this, you know, the problem, but aside from that, if I'm near it, dude, like keep it away. And I would say it's even better for anybody who is looking, you know? Not necessarily do you have to start with a property that's 5-6 hours away by a plane ride, but whatever, if it is 30 minutes away, 45 minutes away, it's not the worst case scenario. 100% because we always say like multifamily is a business, a business ran by people, processes, and protocols. You don't you don't have to be at your 10 units to know how it's doing. You get a income statement, and you see how much income's coming in, what's the delinquency, what's the occupancy, what's our expenses? That's it, right?
11:44 And as the bigger we got, like when we started scaling, you know, my wife was like spending more time at all the properties, right? Especially if you buy a 100-unit, like she pretty much like lived at our 50-60 unit and our 100-unit. While we had full-time managers there. Now, my wife's not taking a salary from these properties, right? Like that's what pays the managers, right? Right. And you know what she started to discover? When she was there, they would just come to her for everything. So, hey, how do I do this? Hey, can you show me this again? Hey, I have a question about this, what do you think? And she's like, "I'm almost putting them at a disservice." I know exactly what you're talking about. You cuz you own businesses, right? When you're there, it's like, "Oh, the boss is here, so I got Oh, Danny, can how do I do this? Can you remind me?" Like Yeah. You know how to do it. Like I don't have to spoon-feed you know what I mean?
12:32 Like But they think because you're there, like I don't know, like I should ask also come from a good place, right? Like having an employee an employee an employee like that because they also don't want to mess up, right? And maybe you can sometimes put that pressure on them where they don't want to mess up, and you know, so it's like I agree, but like you and I both know you got to get them to the point to where they can operate autonomously, or else you're golden handcuffed to your business, right? Then it's not a business at that point, or at least a business that's not valuable. 100% dude, 100%, and that's what we learned then when we by us spending the winters in California, the properties do better. Yeah. And we put the ownership on the manager cuz if you're there and you're doing some of the things and the manager's there doing some it gets convoluted.
13:18 So, I feel the same way with you. Yeah. I almost feel better that I can't drive by my properties because I'm like, I have to just rely on the numbers, and the numbers tell the story, right? Numbers don't lie. Numbers don't lie, man, you know? So, that's a huge thing. I really resonate with that cuz we get a lot of people who reach out and a lot of people watch and they're like, "I can't buy my market, but how am I going to do this if I can't drive by?" It's like, dude, if you want to deal with the tenants, termites, and toys, go knock yourself out, right? But also too, you know, if you are doing all the repairs and maintenance at your property, when you go to sell it and the next buyer is not going to do that, you've just devalued your property. Of course. Cuz they're like, dude, I'm going to have to hire contractors, I'm going to have to hire So, now the numbers have changed. Exactly because they're like, I can't operate the way you're operating it. Same thing with like property manager, 100%. You know? 100% dude, they're like People think they're doing like a good thing by keeping cash flow higher, which is good for the interim, but then that deal is very unsellable because they're like, "I'm not going to go live there." Without you, the business won't run.
14:15 100%. You know? What's your biggest you're obviously an entrepreneur, you own how many barber shops? One. One. What would you say is like a big lesson you've learned from entrepreneurship that could help someone with real estate investing? I would say, just like you said, focus on the numbers. I think hire people you can trust. I agree. Hire people It's hard to hire good people. It's hard it's hard it's hard. What's your tip with hiring? I go in and out, man. My basic rule of thumb is not that person necessarily do a great job, but did he do the best at his like best, like is he genuinely a good person? I'm in the business of like service, which is kind of goes hand in hand with real estate.
15:02 The person needs to have like just a good heart, like, you know, come with a good like energy, positive, like, you know, shine light to, you know, the client or a tenant for in this case. You know, I think that goes above and beyond anything else, personally. I agree with that. And you seem like you're always willing to bet on yourself, like you took a risk to start, you know, a business. You invest in yourself, coaching, mentorship. You're willing to take a risk on a duplex, on a 10-unit. Like what would you say to someone watching this who's like, "I want to bet on myself, but it's scary to do so." Jump. Just jump. Jump and just tell yourself that you're going to get you're going to get it done, you know what I mean?
15:51 Like you are going to do it. No matter what, you always find a way. You know, I you know, my fiance was like, "What? You going to do it?" I'm like, "Yeah, I'm going to do it." Yeah. And she's scared out of her mind, and I'm like, "No, but you know, we're going to make it work." Yeah. No matter what, like I could up 10 times, mess up, do whatever, but I know at the end of the day I'm going to hit the finish line, and I'm going to get there. 100%. I think I think that's the fundamental trait of every entrepreneur is they find safety and security within. And that's where I see a lot of people who come from like a W2 struggle with either, you know, buying real estate, buying an apartment, or starting a business cuz they're like, "But I need safety and security." They think that job is safe and secure. I think the safest job is the one you created for yourself. And the company safest company to work for is the one you created, right? You like we're never going to fire each other or fire or fire each other.
16:39 Edit. We're never See, you just say edit, and then he magically clips it out. We are never going to fire ourselves from our own company, right? And I think people find false security in a job or something else. It's like, dude, you get fired from that at any time, and then what? People like you and I who say, cuz I operate the same way you do, no matter what, I will figure it out. Faith says, "Even if even if the worst thing happens to me, I will figure it out." Fear says, "Well, what if? What if all the tenants stop paying? What if the economy collapses? What if no one wants their haircut anymore?" Right? You know, it's like you got to choose one to feed. I think if God didn't place that in your heart, then you know what I mean? 100%. If you know, dude, that's I that's how I feel.
17:27 If I if I have the calling, if I feel called to do it, I have to do it, or else I'm living out of alignment, and that's a it's a powerful thing. Feel empty a little bit, too, you know? 100%. You're living unaligned, right? You're not doing what you know you were put on here to do. So, I agree, man. It's like what's the point of arriving at death avoiding all risk? Like you never really lived, you know what I mean? Like Doesn't even have to be like from a money perspective or entrepreneur perspective, but like just life. 100%. You want to go do something, go do it tomorrow, you know? Got to bet on yourself, dude. Yes. Dude, love it. Where can people go if they want to learn more about you, your businesses, your journey, you know, all the next deals you're going to buy? Where should they go? You can check out my Instagram page. My handle is @danny with three N's, f o v.
18:13 Love it. Love it. If they want the best fade in New York, where do they go? Also Instagram on Members Only Barber Shop NYC. I like that. Members Only. If I'm ever in New York, that's where I'm going, man. I'm there already. Appreciate it, bro. Thank you. Yeah, no problem. You just saw me break down a real life case study example of one of our mentorship students who found a deal, they invested in themselves, they bet on themselves, they joined our mentorship, we helped them find a deal, underwrite a deal, buy a deal, close on a deal, and then most importantly, manage and operate deal because the money is made in the management and operations. You heard how they overcame the fears, the adversities, the nerves, but they took massive action. So, now I want to make an invitation to you. Number one, if you enjoyed this video, dude, my client took time out of their busy schedule to come share their story.
19:00 Drop it in the comment section. What did you think? Did you like it? Did you love it? Did you hate it? Do you think we're just over here making stuff up? Let me know, put it in the comment section. If you're new to the channel, make sure you subscribe to the channel as we're all about teaching you how to get into multifamily. Drop us a comment, hit the hit the like button. If you want to learn more about this, grab my book, The Small Multifamily Burn Method, where I break down everything we talked about today. Sells for 20 bucks on Amazon, but you can get it for absolutely free by clicking the link in the description to get a digital download. If you want to be like my student who you just saw, and you want our one-on-one help, you want our support, you want Andrew and I to walk this journey with you every step of the way, finding the deal, funding the deal, underwriting the deal, closing on the deal, and then most importantly, managing the deal, then I want you to click the link in the description somewhere around this video, apply for our mentorship program.
19:48 If we feel like you'd be a good fit, we'll reach out and see if you'd be a good fit to join our one-on-one mentorship program. We'll help you buy your first apartment deal because one small multifamily apartment deal will change you and your family's life. Till next time, we'll talk soon. Thanks.
Topics: Client Podcasts, 1031 Exchange, Off Market, Seller Financing, 10+ Units, Out of State, Trading Up
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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 #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 #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. - 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.
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