When Real Estate Gets Real

Multifamily Market Cycles Explained: From 3 Years of Pain to What Comes Next

The multifamily market has gone through one of the most challenging cycles in decades but are we finally at the bottom?
In this episode, Stephen Lee Thomas sits down with Neal Bawa, the “mad scientist of multifamily,” to break down exactly where we are in the current market cycle and what comes next.
From interest rate shocks to massive supply waves, Neal explains why even well-run properties are failing… and why the next few years may present one of the biggest opportunities in real estate.
 
What you'll learn:
Where the multifamily market stands in 2026
The real reason properties are failing (it’s not operations)
Why rent growth stalled and what happens next
How long it actually takes to raise capital (data-backed)
The biggest underwriting mistake investors are making today
Top markets to watch for future growth
 
Key highlights:
Multifamily prices peaked in Q1 2022
3 years of decline followed by stabilization
Supply surge is ending → future upside
Capital raising takes ~378 days on average
Communication is critical during downturns
 
Ways to Connect with Neal BawaWebsite; https://grocapitus.comLinkedIn: https://www.linkedin.com/in/neal-bawa/Free eBook: Location Magic - https://multifamilyu.com/lp/location-magic-ebook/Join Our Investor Club – https://multifamilyu.com/club
 
Listen now and book your spot to be our next guest: https://whenrealestategetsreal.com/podcast-booking
 
 

How to Build Credibility, Raise Capital & Scale Faster: Turn Your Podcast into a Capital-Raising Machine, Featuring Dave Dubeau

In Episode 26 of The Stephen Lee-Thomas Show, we talk multifamily real estate with Dave Dubeau, who has helped countless capital raisers generate millions in committed capital, not by chasing investors, but by attracting them.
Dave shares his unique journey from language school entrepreneur in Costa Rica to a full-time real estate educator and capital raising expert based in British Columbia, Canada. After several real estate investing pivots including rent-to-own and multifamily, Dave found his sweet spot: helping syndicators and fund managers systematize their investor outreach using podcasting.
In this episode, you’ll hear how Dave helps clients book 20+ accredited investor meetings a month, and why he believes building relationships before pitching is the smarter, more scalable path to raising capital.
Whether you're an apartment syndicator, fund manager, or W-2 professional trying to raise money for your deals, this episode is a must-listen.
 
What You’ll Learn:
How to turn your podcast into a lead-generating machine for accredited investors
Why attracting investors beats chasing them every time
How to get high-level professionals to want to talk with you (and eventually invest with you)
The exact pre-call and post-call system Dave uses to move guests into soft/warm commitments
Episode Highlights:
[00:00:00] – Intro: From Costa Rica entrepreneur to real estate educator[00:08:10] – Why Dave spent $450,000 learning marketing and what it taught him[00:15:20] – The podcast system that books 20 accredited investor calls a month[00:26:00] – How to build a podcast that attracts your ideal investing avatar[00:36:15] – The psychology behind soft/warm commitments (and how to get them)[00:42:50] – Building credibility and reach through podcast positioning on LinkedIn
Ways to Connect with Dave Dubeau:
Website: https://resultsenterprises.com/
LinkedIn: https://www.linkedin.com/in/davedubeau/
Podcast: Property Profits Real Estate Podcast
Youtube: https://www.youtube.com/@davedubeau
Facebook: https://www.facebook.com/dave.dubeau.7
Visit www.skool.com/multfamilymasteryhub and fast-track your way to becoming a full-time real estate entrepreneur today!
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How to Escape the Stock Market with Passive Apartment Investing: Lon Welsh Manages $100M+ in Real Estate: A Smarter Way to Retire!

In Episode 25 of the Stephen Lee-Thomas Show, we talk multifamily real estate with Lon Welsh, who has scaled over $100 million in assets under management. Lon shares his journey from strategy consultant at Deloitte and Accenture to founding Your Castle Real Estate and eventually transitioning into full-time passive real estate investing with Ironton Capital.
Discover why Lon moved from single-family homes and active investing into passive syndications and how he helps busy professionals like physicians, engineers, and attorneys escape burnout while still building long-term wealth.
Lon dives deep into the power of passive investing, why he moved into fund-based models, and how he’s helping investors reduce taxes and increase returns through strategic real estate vehicles.
This episode is packed with powerful insights for those who are ready to move beyond stock market volatility and start earning reliable, tax-efficient returns without managing toilets or tenants.
What You’ll Learn:
Why traditional retirement math doesn’t work for most professionals
The three types of passive income real estate funds and who they’re best for
How depreciation, IRAs, and Roth conversions can slash your tax bill
Episode Highlights:
[00:00:00] – Welcome & Introduction to Lon Welsh
[00:03:18] – What’s happening in the Denver real estate market
[00:06:42] – Retirement math that changed Lon’s financial plan
[00:10:05] – Buying his first multifamily deal with saved capital
[00:15:00] – Starting Your Castle Real Estate & growing to 750+ agents
[00:21:00] – Transitioning to passive investing: who it’s for and why
[00:25:55] – Three fund structures: short-term, medium-term, and long-term
[00:33:40] – What assets back each fund (real examples)
[00:38:22] – Tax strategies, Roth IRA conversions, and bonus depreciation
[00:42:00] – Who Lon helps and how to get started
Ways to Connect with Lon Welsh:
Website: https://www.irontoncapital.com
Download the Free Guide: irontoncapital.com/expertadvice
Phone/Text: 303-619-0633
Email: lonwelsh@irontoncapi
Visit www.skool.com/multfamilymasteryhub and fast-track your way to becoming a full-time real estate entrepreneur today!
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Contact Us: For inquiries, guest appearances, or sponsorship opportunities, contact us at info@raisegenius.ai

From W-2 to Wealth: 9 Lessons for Apartment Investing Success, Scale Smart Today!

In this solo episode of the Stephen Lee-Thomas Show, I shared 9 powerful lessons that I learned from nearly a decade of apartment investing. If you're just starting out or looking to level up, these actionable insights will help you fast-track your journey, avoid costly mistakes, and build long-term wealth through multifamily real estate.
From mindset and strategy to deal criteria and networking, I walk you through the foundational principles that separate successful investors from those who stall out. Whether you're working a full-time job or already dabbling in real estate, this episode is your playbook for scaling intelligently and replacing your W-2 income with passive cash flow.
What You’ll Learn:
Why starting BIG can be the smartest path
How to define your investment criteria for consistent deal flow
The mindset shift that helps overcome fear and take action
How to network with intention and build the right team
What it takes to raise capital the smart way and stress-test your deals
Episode Highlights:
[00:00:00] – Introduction: Lessons from 10 Years in Multifamily[00:01:15] – Lesson 1: Start Big, Don't Start Small[00:03:00] – Lesson 2: Clarify Your Why to Stay Motivated[00:05:25] – Lesson 3: Define Your Investment Criteria[00:08:05] – Lesson 4: Network With Purpose[00:09:30] – Lesson 5: Build an Experienced Team[00:11:00] – Lesson 6: Always Raise More Than You Need[00:12:50] – Lesson 7: Avoid Greed and Laziness[00:14:30] – Lesson 8: Assess the Risk, Not Just the Reward[00:16:00] – Lesson 9: Don't Do It Alone
This is a must-listen for any professional ready to break free from the rat race and build scalable, time-leveraged income through apartment investing.
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Contact Us: For inquiries, guest appearances, or sponsorship opportunities, contact us at info@raisegenius.ai.

How to Raise Capital by Becoming the Bank: Eddie Speed Reveals the Passive Income Advantage

In Episode 24 of the Stephen Lee-Thomas Show, we talk multifamily real estate alternatives with Eddie Speed, who has completed over 50,000 note deals and is a pioneer in the note investing space. Eddie is the founder of NoteSchool and president of Colonial Funding Group. He shares his remarkable 40+ year journey from working in real estate to building a career as a full-time note investor, helping others convert rental headaches into passive, high-yield note income.
Discover why Eddie says “be the bank, not the landlord”, and how his students including multifamily syndicators are raising capital and creating scalable, income-generating note portfolios.
Eddie dives into the scalability of notes, how seller financing fills major financing gaps in today’s market, and how to raise capital and run your own bank without toilets, tenants, or turnover.
This episode is packed with practical strategies for professionals looking to pivot from traditional rentals to more passive, systematic real estate income through notes.
What You’ll Learn:
How to raise capital and run your own “bank” through note investing
Why note investing outpaces rental income in today’s market
How to convert underperforming rentals into passive, cash-flowing notes
Episode Highlights:
[00:00:00] – Introduction: Eddie Speed's 40-year journey and the power of note investing[00:07:42] – What is a note? Why seller financing matters in today’s economy[00:17:05] – The origin of NoteSchool and who it serves[00:26:12] – How to convert rentals into notes[00:31:22] – Raising capital and running your own bank (audio teaser clip)[00:33:38] – Where the market’s heading: Eddie’s 5-year outlook
Ways to Connect with Eddie Speed:
Website: https://noteschool.com
LinkedIn: Eddie Speed
Instagram: @thenoteauthority
Podcast: Coming Soon via NoteSchool
Visit www.skool.com/multfamilymasteryhub and fast-track your way to becoming a full-time real estate entrepreneur today!
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Secrets to Raising Capital & Compressing Time in Real Estate: Ginger Faith’s Blueprint for Fast-Tracking Success

In Episode 23 of the Stephen Lee-Thomas Show, we talk multifamily real estate with Ginger C. Faith, who has scaled her residential and commercial portfolio over three decades, flipping 57 homes including two featured on HGTV and recently venturing into large commercial assets. Ginger shares her inspiring journey from reading Nothing Down in her 20s to becoming a trailblazer for women in real estate investing. Discover how she transitioned from single-family properties to multifamily and commercial deals, built networks like the Women's Wealth Network, and became an Airbnb Superhost.
Ginger dives into strategies for compressing your investing timeline, overcoming limiting beliefs, and aligning your goals with your natural genius. This episode is packed with actionable insights for anyone especially busy professionals and women looking to build financial freedom and create a life by design through real estate.
What You’ll Learn:
How Ginger went from a 6-unit Victorian to flipping 57+ homes
The power of compressing time to accelerate your investing success
Why helping women overcome limiting beliefs is key to building wealth
Episode Highlights:
[00:00:00] – Introduction: Ginger’s 30-year journey in real estate[00:02:30] – Starting with a six-unit Victorian: leaping past single-family[00:10:45] – Lessons from the 2008 crash and flipping during market turmoil[00:18:00] – Empowering women: founding Women’s Wealth Network[00:25:20] – Overcoming limiting beliefs and the role of mentors[00:31:10] – Ginger’s new book: 21 Ways to Stop Chasing Hustle
Ways to Connect with Ginger C. Faith:
Facebook: Ginger Crystal Faith
LinkedIn: Ginger Crystal Faith
Instagram: Ginger Crystal Faith (gingergirlinvestor)
Email: ginger@gingerfaithrealty.com
Visit www.skool.com/multfamilymasteryhub and fast-track your way to becoming a full-time real estate entrepreneur today!
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Support the Show: Enjoy our content? Share with your family and friends and anyone who will benefit with the insight we shared today. Leave us a review on your preferred platform to help us grow or any suggestion.
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Contact Us: For inquiries, guest appearances, or sponsorship opportunities, contact us at info@raisegenius.ai.

The Beginner’s Guide to Apartment Investing: Start Smart, Scale Fast

In this solo episode of the Stephen Lee-Thomas Show, I break down the exact 3-step blueprint to get started in apartment investing, even if you're brand new and still working a full-time job.
You'll learn why the first step isn’t about tactics, it’s about mindset. I'll walk you through Robert Kiyosaki’s Cashflow Quadrant and how shifting your position from employee to investor is the real first move to building lasting wealth. Then, he explains the mechanisms you need to master to find and fund your first deal and why having the right mentor can shortcut your learning curve by years.
Whether you want to be an active deal sponsor or a hands-off passive investor, this episode lays out your path clearly and practically.
What You’ll Learn:
The mindset shift that sets wealthy investors apart
What “mastering the mechanisms” of apartment deals really means
Why the right mentor can save you from costly mistakes
Passive vs. Active Investing: which path is right for you?
How I replaced my income and scaled to 4,000+ units!
Episode Highlights:
[00:00:00] – Introduction: Your Path to Apartment Investing [00:01:02] – Step 1: The Mindset Shift Using the Cashflow Quadrant [00:04:41] – Step 2: Master the Mechanisms (Deal Flow, Underwriting, Raising Capital) [00:08:17] – Step 3: Why Mentorship Matters & Avoiding Common Mistakes [00:11:40] – Choosing Between Passive Investor or Deal Sponsor [00:12:45] – Final Thoughts & Call to Action
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Support the Show: Enjoy our content? Share with your family and friends and anyone who will benefit with the insight we shared today. Leave us a review on your preferred platform to help us grow or any suggestion.
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Contact Us: For inquiries, guest appearances, or sponsorship opportunities, contact us at info@raisegenius.ai.

From Job Loss to Financial Freedom: Janice Greenley’s Journey to 152 Units

In Episode 22 of the Stephen Lee-Thomas Show, we talk multifamily real estate with Janice Greenley, founder of Greenroot Capital, who has scaled her portfolio to 152 units in assets under management. Janice shares her journey from being a headhunter to becoming a full-time real estate investor. Discover why she transitioned from single-family rentals and energy consulting to multifamily and storage syndications and how she used education and grit to go all-in.
Janice dives into the importance of scalability, partnering smart, and helping professionals escape the stock market roller coaster. This episode is full of clarity for busy professionals exploring alternative investments.
What You’ll Learn:
How Janice transitioned from corporate life to multifamily investing
Why control, cash flow, and tax benefits make syndications powerful
What passive investors should know before diving into deals
Timestamps:
[00:00:00] – Intro: Janice Greenley joins the show
[00:01:32] – From energy consulting to multifamily real estate
[00:05:55] – Why she rejected wholesaling and flipping
[00:09:10] – Multifamily investing explained simply
[00:15:28] – Comparing returns: stock market vs. apartment syndications
[00:21:10] – Tax advantages for passive investors
[00:24:15] – Misconceptions about investing in apartments
[00:28:01] – Janice breaks down her 152-unit Texas deal
[00:31:10] – Final advice: how to get started
Ways to Connect with Janice Greenley:
Website: https://www.greenrootcapital.com
Email: janice@greenrootcapital.com
LinkedIn: Janice Greenley
YouTube: Search "Greenroot Capital"
Visit www.skool.com/multfamilymasteryhub and fast-track your way to becoming a full-time real estate entrepreneur today!
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Support the Show: Enjoy our content? Share with your family and friends and anyone who will benefit with the insight we shared today. Leave us a review on your preferred platform to help us grow or any suggestion.
Join Our Community: Become a part of our exclusive Skool community, Capital Raising Mastery Hub. Get valuable resources, engage in discussions, and receive support for real estate entrepreneurs. Join Now! We are live!
Contact Us: For inquiries, guest appearances, or sponsorship opportunities, contact us at info@raisegenius.ai.