Multifamily Insights

Ryan Sudeck is the CEO of Sage Investment Group [https://www.sageinvestment.com/], where he leads a team focused on addressing the affordable housing crisis through hotel-to-apartment conversions. With a background in mergers and acquisitions at Amazon, Samsung, and Redfin, Ryan has overseen more than 24 successful adaptive reuse projects nationwide. Under his leadership, Sage operates an evergreen fund with over 400 investors, creating high-quality, naturally affordable housing at scale.     Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here [https://casmoncapital.com/7questions/].     Key Takeaways * Hotels are valued differently than apartments, creating a 40%+ value lift when converted to residential use. * Sage Investment Group has completed 24 hotel-to-apartment conversions across six states, with 100–200 units per property. * Units are typically 300-square-foot studios with full kitchens and modern amenities. * Strong diligence on entitlements, construction, and lease-up is critical for success. * Patience in acquisitions—sometimes two years per deal—is key to meeting return thresholds.     Topics From M&A to Affordable Housing * Ryan’s career in corporate acquisitions prepared him to lead Sage. * Joined as CEO to scale a mission-driven approach to solving the housing shortage. Why Hotel Conversions Work * Hotels trade at higher cap rates than apartments, creating built-in arbitrage. * Conversion costs average $100K per unit—about half the replacement cost of new builds. * Final product: fully renovated studios with fitness centers, coworking, and community amenities. Execution Risks and Lessons Learned * Entitlements: converting from commercial to residential requires local approvals. * Construction: inspections, sewer scopes, and cutting open walls before purchase to avoid surprises. * Lease-up: conservative rent assumptions and regional property managers ensure stabilized occupancy. Capital Stack and Returns * Evergreen fund supplies 25–35% of equity alongside LPs. * Senior debt from community banks or private debt funds covers 60–75%. * Renovation costs run $35K–$45K per unit; recent refis have returned significant equity. Why Not Ground-Up or Value-Add? * Ground-up costs 2x more per unit and faces supply delays. * Value-add multifamily is overpriced with thin margins post-2021. * Conversions provide stronger risk-adjusted returns.     📢 Announcement: Learn about our Apartment Investing Mastermind here [https://casmoncapital.com/coaching/].     Round of Insights Failure that set Ryan up for success: Holding on to tasks too long instead of delegating, learning that hiring the right people unlocks scale. Digital or mobile resource: Superhuman [https://superhuman.com/] (email client), OpenSpace AI [https://www.openspace.ai/] for construction tracking, and Athena [https://www.athena.com/] for executive support. Book recommendation: Buy Back Your Time [https://www.amazon.com/Buy-Back-Your-Time-Unstuck/dp/059342297X] by Dan Martell. Daily habit: Starting each morning with a Kanban board review of personal, professional, and delegated tasks. #1 insight for commercial real estate conversions: Basis is everything. Be patient, buy right, and don’t compromise on return thresholds. Favorite restaurant in Seattle, WA: Mbar [https://nadimama.com/mbar].     Next Steps * Learn more at sageinvestment.com [https://sageinvestment.com] * Explore opportunities to invest through Sage’s evergreen fund * Follow Ryan and his team’s projects to see how adaptive reuse can scale affordable housing     Thank you for joining us for another great episode! If you’re enjoying the show, please LEAVE A RATING OR REVIEW [https://podcasts.apple.com/us/podcast/multifamily-insights/id1269346577], and be sure to hit that subscribe button so you do not miss an episode.

Pascal Wagner is a former venture capitalist turned real estate investor who has built a $250,000 annual passive income portfolio through over 30 investments. As a VC at Techstars, he deployed $150 million into 300 companies, where he learned how top institutions analyze deals and manage risk. Today, he applies that same institutional approach to passive real estate investing while coaching others to invest with clarity and confidence.     Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here [https://casmoncapital.com/7questions/].     Key Takeaways * Most passive investors make the mistake of analyzing deals in isolation instead of starting with a clear investment thesis. * Institutional investors use a scientific method—macro themes first, then micro criteria, then deal selection. * Diversification is essential: Pascal built co-living homes in Atlanta but realized his mom’s retirement couldn’t rest on one asset class or city. * Following institutional or family office investors can provide a safer entry point for LPs. * Separate your “cash flow bucket” from your “equity growth bucket” to align investments with goals.     Topics From Techstars to Real Estate * Built early wealth through co-living rentals before joining Techstars as an investor. * Learned institutional-level due diligence by reviewing thousands of deals. * After his father’s passing, managed his mother’s retirement income and shifted focus to reliable passive strategies. How Institutions Invest * Define a thesis first, then filter deals that fit. * See hundreds of opportunities before investing in a few. * Don’t chase returns—find inevitable long-term trends and align investments accordingly. Developing Guardrails for LP Investing * Criteria like vintage, roof types, and market selection come from experience and costly lessons. * Partnering with operators who have already learned those lessons is critical. * Institutional investors demand reporting, audits, and controls—retail investors can “follow” their lead. Buckets of Cash Flow vs. Equity Growth * Co-living homes and private credit provide stable cash flow. * High-risk equities (tech stocks, crypto) are placed in long-term equity growth buckets. * Structured his mother’s long-term holdings for inheritance tax advantages while using his own portfolio for near-term cash needs.     📢 Announcement: Learn about our Apartment Investing Mastermind here [https://casmoncapital.com/coaching/].     Round of Insights Failure that set Pascal up for success: Investing in Jamba Juice stock as a teenager and losing most of his savings, pushing him to become a smarter, disciplined investor. Digital or mobile resource: Passive Investing Starter Kit [https://passiveinvestingstarterkit.com], a free weekly email with curated deal flow. Book recommendation: Atomic Habits [https://www.amazon.com/Atomic-Habits-Proven-Build-Break/dp/0735211299] by James Clear. Daily habit: Planning his day the night before. #1 insight for building a passive income portfolio: Find someone who is already doing it, and learn from them. Favorite restaurant in Miami, FL: Shiso [https://shisomiami.com/].     Next Steps * Download the Passive Investing Starter Kit [https://passiveinvestingstarterkit.com] to access Pascal’s curated deal flow. * Connect with Pascal on LinkedIn [https://www.linkedin.com/in/pascalwagner/]. * Listen to him Thursdays on The Best Ever CRE Show [https://www.bestevercre.com/podcast].     Thank you for joining us for another great episode! If you’re enjoying the show, please LEAVE A RATING OR REVIEW [https://podcasts.apple.com/us/podcast/multifamily-insights/id1269346577], and be sure to hit that subscribe button so you do not miss an episode.

Michael Gifford is the CEO and co-founder of Splitero [https://www.splitero.com/], a financial technology company helping homeowners unlock home equity without adding more debt or monthly payments. A longtime real estate investor and licensed broker, Michael has flipped hundreds of properties across the West Coast and now focuses on scalable solutions that solve the challenges of trapped equity for homeowners and investors alike.     Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here [https://casmoncapital.com/7questions/].     Key Takeaways * Splitero provides homeowners cash upfront—up to $500K—without monthly payments. * Instead of debt, the product shares in a portion of the home’s future value. * Qualification is simple: as low as a 500 FICO and minimal documentation. * Investors can also benefit by unlocking equity from investment properties without disturbing low-rate mortgages. * Consumer protection and transparency are central to making the product accessible and trustworthy.     Topics From Fix-and-Flip to FinTech * Michael started in 2009 buying foreclosures, scaling to 100+ transactions a year from San Diego to Seattle. * Realized fix-and-flip was not scalable due to construction demands. * Shifted focus to lending and eventually to building Splitero. How Splitero Works * Homeowners receive a lump sum of cash today in exchange for sharing a portion of their home’s future value. * No monthly payments; repayment happens at maturity or sale. * A homeowner protection cap ensures fair repayment limits. Why It’s Different from Traditional Debt * Unlike HELOCs or cash-out refinances, Splitero doesn’t require high credit scores, income documentation, or DTI ratios. * Qualification is faster and simpler—just a driver’s license and mortgage statement. * Works for both homeowners and investors with trapped equity. Adoption Challenges and Consumer Education * Biggest hurdle: awareness of a non-debt equity option. * Splitero emphasizes education, disclosures, and licensed staff to explain the product. * State-level work underway to provide additional guidelines and oversight.     📢 Announcement: Learn about our Apartment Investing Mastermind here [https://casmoncapital.com/coaching/].     Round of Insights Failure that set Michael up for success: Buying a mid-construction deal where the developer walked away taught him invaluable lessons about risk and due diligence. Digital or mobile resource: Using Siri voice commands to create notes and reminders while on the go. Book recommendation: The Comfort Crisis [https://www.amazon.com/Comfort-Crisis-Embrace-Discomfort-Reclaim/dp/0593138767] by Michael Easter. Daily habit: Self-care—lifting, Peloton rides, or walking the dogs to clear mental blocks. #1 insight for scaling a business: Hyperfocus on one or two goals across the organization to avoid distractions and accelerate growth. Favorite restaurant in San Diego, CA: Taco Surf [https://tacosurftacoshop.com/] in Pacific Beach.     Next Steps * Learn more at splitero.com [https://splitero.com] * Explore how Splitero can unlock home or investment property equity without monthly payments * Follow Michael’s updates on LinkedIn [https://www.linkedin.com/in/michaeldgifford/] for fintech and real estate insights     Thank you for joining us for another great episode! If you’re enjoying the show, please LEAVE A RATING OR REVIEW [https://podcasts.apple.com/us/podcast/multifamily-insights/id1269346577], and be sure to hit that subscribe button so you do not miss an episode.

Jessie Dillon is a Massachusetts-based beauty salon owner turned real estate investor and mentor. Since starting in 2021, she has built a portfolio of over 50 units, primarily long-term rentals, while also managing short- and mid-term rentals. Jessie specializes in partnerships, scaling through collaboration after quickly realizing the limitations of investing solo.     Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here [https://casmoncapital.com/7questions].     Key Takeaways * Jessie transitioned from solo investor to partnerships after running out of capital. * Attending conferences like BP Con shifted her mindset and opened doors to strategic relationships. * She uses a clear, intentional process for identifying and attracting capital partners. * Building a portfolio requires patience—sometimes long stretches of “no deals” precede major breakthroughs. * Aligning partnerships and balancing equity-building with cash flow are key to long-term success.     Topics From Beauty Salon Owner to Real Estate Investor * Began investing in 2021 with three small multifamily properties. * Quickly tapped out of capital and realized the need for partnerships. Overcoming Resistance to Partnerships * Initially hesitant due to her solo entrepreneurial background. * A breakthrough at BP Con 2022 reframed partnerships as essential for scaling. Building Partnerships Intentionally * Created an avatar of her ideal partner and listed 50 potential connections. * Sent messages asking for referrals, which led to her first successful capital partner. * Replicated this process to form additional partnerships. Deal Criteria and Strategy * Focused on value-add multifamily between 8–15 units, ~$80K per door. * Looks for proforma rents at least 1.5% of purchase price. * Now pivoting toward more cash-flow-heavy assets like self-storage and short-term rentals. The Role of Mentorship and Community * Found mentors through BiggerPockets and Women Invest in Real Estate (WIIRE). * Attends retreats and conferences to stay surrounded by action-takers. * Emphasizes balancing education with taking action.     📢 Announcement: Learn about our Apartment Investing Mastermind here [https://casmoncapital.com/coaching/].     Round of Insights Failure that set Jessie up for success: A deal fell apart when a capital partner pulled out last minute, forcing her to be more selective and intentional with partnerships. Digital or mobile resource: Apple Podcasts app: accessible, free learning on the go. Book recommendation: In the FLO [https://www.amazon.com/FLO-Unlock-Hormonal-Advantage-Revolutionize/dp/0062870483] by Alisa Vitti. Daily habit: Using the Reminders app for everything to stay focused. #1 insight for building partnerships: Only pursue partnerships that feel aligned and mutually beneficial; both sides should feel like they’re winning. Favorite restaurant in Hopkinton, MA: Arcos [https://www.arcoscucina.com/].     Next Steps * Follow Jessie on Instagram: @jessiedillon_ [https://www.instagram.com/jessiedillon_] * Connect through Women Invest in Real Estate for resources and mentorship opportunities. * Check out our previous episode with Jessie: Link [https://casmoncapital.com/post/getting-started-in-multifamily-with-jessie-dillon-ep-541/]     Thank you for joining us for another great episode! If you’re enjoying the show, please LEAVE A RATING OR REVIEW [https://podcasts.apple.com/us/podcast/multifamily-insights/id1269346577], and be sure to hit that subscribe button so you do not miss an episode.

Chris Naugle is America’s #1 money mentor, a former pro snowboarder turned entrepreneur and founder of The Money School [https://www.moneyschooltraining.com/registration/]. He has built and managed multiple businesses, authored books on wealth, and now teaches people how to take back control of their finances using the infinite banking concept. Through his methods, Chris has helped thousands of investors and entrepreneurs rethink how money really works.     📢 Announcement: Get 25% off your first two months with Hemlane’s property management software — visit hemlane.com [https://www.hemlane.com/lp/multifamily-insights-podcast/] and use the promo code: multifamilypodcast25.     Key Takeaways * Why traditional banking keeps people trapped in financial dependency. * The power of infinite banking and using specially designed whole life policies to grow wealth. * How Chris recovered from financial failure during the 2008 crash by changing his money mindset. * Why controlling the flow of money is more important than chasing higher returns. * Common myths about money and investing that keep people stuck.     Topics From Snowboarding to Finance * Chris’ transition from professional snowboarding to financial advising. * Lessons learned from losing everything during the 2008 crash. The Infinite Banking Concept * How whole life insurance can be structured as your own personal banking system. * Why borrowing against your policy allows you to keep your money growing while using it elsewhere. Why Control Beats Returns * Most people focus on rate of return, but controlling cash flow is more powerful. * The wealthy don’t work harder for money—they make money work harder for them. Breaking Money Myths * Common misconceptions about banks, debt, and retirement accounts. * Why conventional financial advice often benefits institutions more than individuals.     Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here [https://casmoncapital.com/7questions].     Round of Insights Failure that set Chris up for success: Losing everything during the 2008 market crash forced him to relearn how money truly works. Digital or mobile resource: Money Multiplier calculator tools. Book recommendation: Becoming Your Own Banker [https://www.amazon.com/Becoming-Your-Own-Banker-Infinite/dp/B001NZO1DS] by Nelson Nash. Daily habit: Visualization and affirmations every morning. #1 insight for creating financial freedom: It’s not about how much you make, it’s about how much control you have over your money. Favorite restaurant in Buffalo, NY: Two Nines [https://twonineskitchenbar.com/].     Next Steps * Learn more at chrisnaugle.com [https://chrisnaugle.com] * Watch Chris’ educational videos on YouTube: The Chris Naugle Channel * Explore resources at The Money School [https://www.moneyschooltraining.com/registration/] * Check out his previous Multifamily Insights Podcast episode [https://casmoncapital.com/post/controlling-your-money-through-infinite-banking-with-chris-naugle/]     Thank you for joining us for another great episode! If you’re enjoying the show, please LEAVE A RATING OR REVIEW [https://podcasts.apple.com/us/podcast/multifamily-insights/id1269346577], and be sure to hit that subscribe button so you do not miss an episode.