Multifamily Insights

Stephen Predmore is the founder and managing partner of Talbott Investments [https://talbottinvestments.com/]. A former engineer with over 20 years of experience in the manufacturing industry, Stephen transitioned into real estate after a sudden layoff. Since then, he’s grown from single-family investor to general partner in multifamily, specializing in JV structures and educating engineers on passive investing strategies.     📢 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 * Getting laid off inspired Stephen to shift from engineering to real estate investing. * Initial investments in high-cash-flow rentals revealed the operational challenges of managing tenants and maintenance. * Transitioning to passive investing provided stronger returns with less stress and time commitment. * JV deals allow Stephen to combine the benefits of active and passive investing with small groups and creative value-add strategies. * Engineers often underestimate the time burden of active real estate and over-rely on spreadsheets instead of evaluating lifestyle impact.     Topics From Layoff to Landlord * How a sudden post–Super Bowl layoff catalyzed Stephen’s investing journey. * Lessons learned from early Baltimore rental properties, including eviction challenges and Section 8 issues. The Case for Passive Investing * LP investing offers more stability and better returns than small-scale rentals. * Passive deals free up time while enabling continued W-2 work or other ventures. * Stephen highlights how his handyman side hustle now fuels his passive portfolio. JV Deals and Strategic Value-Adds * Recent acquisitions in West Virginia and Alaska with JV partners. * Boosting NOI with storage unit additions, washer/dryer installations, and electrical upgrades. * Investing in red states with favorable landlord laws. Engineering the Passive Path * Why professionals—especially engineers—should consider passive syndication investments. * Real estate isn’t always passive: time cost, emotional stress, and operational friction are often overlooked. Common Missteps of First-Time Investors * Underestimating time and headspace costs. * Taking court battles personally instead of hiring help. * Forgetting that return on time is just as important as return on capital.     📢 Announcement 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 Stephen up for success: Early struggles managing rentals in Baltimore—evictions, repairs, and stress—led to a smarter pivot to multifamily investing. Digital/Mobile Resource: Canva [https://www.canva.com/] — essential for creating content quickly and easily, especially on the go. Book Recommendation: Who Not How [https://www.amazon.com/Who-Not-How-Accelerating-Teamwork-ebook/dp/B0867ZJ151] — reading it twice helped him delegate, hire VAs, and focus on high-value tasks. Daily Habit: Works every weekday after his W-2 job, either going to the gym or working a handyman job to generate capital for investing. #1 Insight for Scaling into Multifamily: Surround yourself with like-minded people—mentors, coaches, and communities normalize the journey and accelerate growth. Favorite restaurant in Baltimore, MD: Pappas Restaurant [https://www.pappasparkville.com/].     Next Steps * Learn more at talbottinvestments.com/engineer-12-reasons [https://talbottinvestments.com/engineer-12-reasons], where Stephen offers a free guide tailored for engineers exploring passive investing. * Follow Stephen on LinkedIn [https://www.linkedin.com/in/stephen-predmore/] to explore his writings and connect with his network.     Closing Call to Action 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.

Gian Pazzia is a seasoned cost segregation expert and structural engineer who has spent over 25 years helping real estate investors unlock powerful tax strategies. As a former engineer at Arthur Andersen and current leader at costsegregation.com [http://costsegregation.com] and KBKG, Gian has worked with everyone from small landlords to major casinos and Fortune 500 companies to help them accelerate depreciation and reduce their tax burdens.     📢 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 * Cost segregation allows investors to accelerate depreciation and unlock large tax deductions—sometimes up to 25% of the property’s value in year one. * Bonus depreciation is currently at 40% but may return to 100% in 2025 with bipartisan support. * Software-based cost segregation now makes it accessible for small residential investors at a fraction of traditional costs. * Strategic timing of sales and 1031 exchanges is key to avoiding tax recapture issues. * Estate planning considerations can influence whether and when to use cost segregation.     Topics Understanding Cost Segregation * How accelerated depreciation breaks down building components into shorter tax lifespans. * Common items eligible for faster write-offs include appliances, vinyl flooring, wiring, and driveways. Bonus Depreciation and Legislative Changes * History of bonus depreciation and the anticipated 2025 revival to 100%. * How changing percentages (e.g., 60% to 40%) affect timing strategies for investors. Cost Seg for Small Investors * Introduction of software at costsegregation.com [https://www.costsegregation.com] for properties with six units or fewer. * Investors can complete a study in under 15 minutes for about $500. 1031 Exchanges and Depreciation Recapture * Misconceptions around available depreciation post-1031 exchange. * Case study examples of how remaining basis affects new depreciation schedules. Estate Planning Implications * Why it’s smart to use cost seg now if you expect a step-up in basis later. * Untapped depreciation is lost if unused before the estate passes. Common Mistakes in Cost Seg * Failing to account for recapture when flipping in under 3 years. * Not verifying provider credentials—look for certified cost segregation professionals.     📢 Announcement 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 Gian up for success: Getting complacent during early success, now stays focused on innovation and competition, especially with tech advancements. Digital/Mobile Resource: ChatGPT — now used internally with integrations across SharePoint and Outlook. Book Recommendation: The Five Dysfunctions of a Team [https://www.amazon.com/Five-Dysfunctions-Team-Leadership-Fable/dp/0787960756] by Patrick Lencioni — great for building leadership teams and partnerships. Daily Habit: Maintains handwritten lists and reprioritizes regularly to stay focused on daily execution. #1 Insight for getting a cost segregation analysis: Use credentialed professionals—look for a CCSP designation from the American Society of Cost Segregation Professionals. Favorite restaurant in Los Angeles, CA: A Chicago-style hot dog spot, honoring Gian’s love for his old hometown’s iconic food.     Next Steps * Visit costsegregation.com [https://www.costsegregation.com] to explore Gian’s software tool. * Use promo code INSIGHTS2025 for 10% off your first study. * Connect with Gian on LinkedIn [https://www.linkedin.com/in/costsegregationservices/] to follow his updates and industry insights.     Closing Call to Action 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.

Nic McGrue is the founder of Polymath Legal PC, a boutique law firm focused on helping real estate investors lawfully raise capital through syndications. With over a decade of experience and licenses in California and Washington, Nic specializes in securities law and real estate partnerships. He’s also a tenured business law professor who brings both legal and practical insight to every client, helping them raise money legally while protecting themselves and their investors.     📢 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 * If you’re raising capital from passive investors, you’re selling securities—understanding exemptions like Reg D (506b/506c) is critical. * Regulation D allows unlimited capital raising and is more practical and economical than Reg A or going public. * The PPM (Private Placement Memorandum) isn’t just for disclosure—it’s also legal protection for both syndicators and investors. * Disclose every risk that could impact a deal—even if it sounds scary. Transparency builds trust and legal protection. * When things go wrong, consistent communication with investors can reduce legal risks and preserve relationships.     Topics How to Legally Raise Capital for Real Estate * Most syndicators use Regulation D exemptions to avoid the complexity of going public. * Reg D has two primary options: 506(c) for accredited investors with general solicitation, and 506(b) for known investors including up to 35 sophisticated but unaccredited individuals. * Knowing which exemption to use depends on your network, capital goals, and communication strategy. Understanding the PPM and Why It Matters * The PPM outlines who you are, what the deal is, and what could go wrong. * Disclosing all risks protects the issuer—lack of disclosure can trigger SEC scrutiny and lawsuits. * If the document sounds “too safe,” that’s a red flag. A realistic PPM should include worst-case scenarios. What to Do When a Deal Goes Sideways * Communicate early and often. Most lawsuits stem from silence—not poor performance. * Call investors before sending bad news in writing. Set expectations before outcomes shift. * When necessary, hire litigation counsel, but don’t wait to start investor conversations. Best Practices for Operator Partnerships * Vet your potential partners: are they filling a true strategic role or just a task you could outsource? * Build detailed operating agreements like prenuptial contracts—define roles, expectations, equity, and exit plans. * Align on contributions, decision-making, and conflict resolution before launching your business together.     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 Nic up for success: After graduating law school in 2009, Nic lost a job offer due to the recession. That setback led him to launch his firm earlier than expected—an unplanned move that shaped his current success. Digital or mobile resource: Notion [https://www.notion.so] – Used to track daily to-dos, long-term goals, team communication, and even household systems. Book recommendation: Limitless [https://www.amazon.com/Limitless-Upgrade-Anything-Faster-Exceptional/dp/1401958230] by Jim Kwik – A foundational read on breaking mental barriers and unleashing your full potential. Daily habit: Meditation or walking as a form of mental reset—critical for slowing down and managing the chaos of entrepreneurship. #1 insight for protecting yourself legally in real estate: Get a great attorney. Legal guidance is your first and best layer of protection. Favorite restaurant in Inglewood, CA: Stuff I Eat [https://www.stuffieat.com/].     Next Steps * Learn more at polymathlegal.com [https://polymathlegal.com] * Check out Nic’s previous episode [https://open.spotify.com/episode/3nPfm8leBEQpq9CpuQZhgQ?si=6270nP7hSDqzU_s9e6O_Kw] on Multifamily Insights * If you’re raising capital, start with clarity: know your exemption, disclose all risks, and build investor trust from day one * Don’t skip the PPM or your operating agreement—they’re critical tools, not formalities     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.

Lissette Calderon is the founder and CEO of Neology Group, a vertically integrated, impact-driven development firm based in Miami. As the first Latina to lead a major development firm in her hometown, she’s led the transformation of the Miami River and Allapattah neighborhoods through “attainable luxury”—providing high-quality, amenitized housing for the local workforce. With over 1,500 units developed and more on the way, Lissette proves that profitability and purpose can—and should—coexist.     📢 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 * Lissette began her development career at The Related Group and went on to break ground on her first high-rise—Neo Lofts—at just 28. * Neology’s focus on “attainable luxury” creates aspirational, amenitized workforce housing in overlooked neighborhoods. * Her team uses public-private partnerships, cultural awareness, and design-forward thinking to catalyze community growth. * Lissette bootstrapped her first deals through savings, small checks, and networking her way to institutional equity partners. * She views workforce housing as both a business opportunity and a social mission to serve overlooked middle-income renters.     Topics From Wall Street to the Miami River * Started as an investment banker but realized her passion was in real estate development. * Left banking to work for The Related Group—eventually becoming their first female developer. * Used her experience to launch Neology and develop her first major project, Neo Lofts. Why Lissette Focuses on Workforce Housing * Identified unmet demand from up-and-coming professionals being priced out of desirable locations. * Targets neighborhoods with potential (e.g., Miami River, Allapattah) and adds value through design, amenities, and affordability. * Believes in “impact per square foot,” building purpose-driven communities, not just properties. Executing a Vision Without a Playbook * Faced skepticism from lenders and investors when pioneering the Miami River corridor. * Collected 199 condo reservations in 3 months to prove demand and secure financing. * Partnered with the city to reopen parks and build early phases of the Miami Riverwalk. Scaling Development Without Losing Soul * Developed over 1,500 units, including 40-story high-rises and ground-up towers in emerging areas. * Opened “Fourteen” with 237 units in Allapattah—67% leased in two months. * Blends institutional discipline with local cultural integrity and community engagement. Advice for Aspiring Developers * Start by working under an experienced developer or firm to learn the process and build relationships. * If going solo, begin with smaller, less risky projects like townhomes or build-for-rent. * Execution, discipline, and team-building are essential to success—vision alone isn’t enough.     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 Lissette up for success: Leaving investment banking felt like failure at the time, but it opened the door to her true path in development. Digital or mobile resource: AI tools for leasing, construction, and resident experience. Also uses Monday.com [https://monday.com] for real-time collaboration and task tracking across projects. Book recommendation: Shoe Dog [https://www.amazon.com/Shoe-Dog-Memoir-Creator-Nike-ebook/dp/B0176M1A44] by Phil Knight — for its honest portrayal of entrepreneurship, grit, and resilience. Daily habit: Spends five minutes each morning in silent gratitude and intention-setting—grounding her day in purpose. #1 insight for being a successful developer: Blend passion, purpose, vision, and execution. You need all four for success—none can stand alone. Favorite restaurant in Miami, FL: Versailles [https://www.versaillesrestaurant.com/].     Next Steps * Learn more at neologylife.com [https://www.neologylife.com] * Follow Lissette’s journey on social to see how design, culture, and business can intersect for good * Look beyond profits—invest in projects that uplift communities and create long-term value     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.

Sid Shamim is the founder and CEO of Headway Capital [https://headwayinvestment.com/], a vertically integrated real estate investment firm based in Houston, TX. With a background in engineering and a career in oil and gas, Sid transitioned into real estate full-time after building a single-family portfolio and identifying key inefficiencies in property management. Today, Headway Capital [https://headwayinvestment.com/] manages a $600M+ multifamily portfolio across Texas and Arizona, with over 200 employees and a mission to build enduring teams and cash-flowing assets.     📢 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 * Sid started with single-family rentals before scaling into syndications, and now oversees 43 projects and $600M+ in AUM. * After a poor experience with third-party management, he built a fully integrated operating team—including auditors, construction, and HR. * Sid views employees as the company’s “number one customers,” and invests in mentorship, homeownership, and equity programs for his team. * Cash flow, conservative leverage, and controllable debt terms are the keys to surviving down cycles in multifamily. * Culture and execution are more important than capital raising when it comes to long-term operational success.     Topics Leaving Corporate to Build Headway Capital * Originally moved to the U.S. to study computer science, then worked in oil and gas. * Frustrated by volatility and layoffs in the energy sector, he began investing in single-family homes. * By 2015, he launched Headway Capital [https://headwayinvestment.com/] and transitioned to multifamily syndications. Why Sid Built a Vertically Integrated Business * Hired a third-party manager on his first deal—quickly discovered mismanagement and misaligned incentives. * Took over operations himself, built a management team from scratch, and now controls property management, construction, and auditing. * Built an internal culture of discipline, transparency, and long-term retention. How Headway Invests in Its People * Employees are treated as the #1 customer—offered mentorship, business coaching, and custom development plans. * Equity participation starts at just $5 for long-term staff; other perks include homeownership assistance and college scholarships. * Offers quarterly mentorship sessions to align employee goals with company growth. Operations Over Hype * Capital raising is important, but executing a business plan is harder and more essential. * Bad debt or misaligned operations can ruin even a great deal. * A 36-point property audit helps the team stay “exit-ready” at all times. Buy Box and Investment Criteria * Targets 150+ unit assets, 1980s or newer, in strong locations in TX and AZ. * Buys at a solid basis with potential for immediate cash flow and upside via renovation. * Uses federal renovation grants to reduce capex load on value-add deals.     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 Sid up for success: Hiring the wrong people and failing to remove them early cost time and trust. This taught him to prioritize culture and execution from day one. Digital or mobile resource: He uses a physical timer to manage ADHD and breaks tasks into 20-minute chunks for better focus and productivity. Book recommendation: * Atomic Habits [https://www.amazon.com/Atomic-Habits-Proven-Build-Break/dp/0735211299] – to develop discipline over motivation * The Magic of Thinking Big [https://www.amazon.com/Magic-Thinking-Big-David-Schwartz/dp/0671646788] – for expanding mindset and operations Daily habit: Uses timed sprints to break tasks into focused sessions—managing ADHD while staying aligned with goals. #1 insight for building a great culture: Know your employees beyond the job—be fair, patient, and generous. Let them hold you accountable too. Favorite restaurant in Houston, TX: True Kitchen [https://www.truefoodkitchen.com/locations/houston/].     Next Steps * Learn more at https://headwaycapital.usheadwayinvestment.com [https://headwayinvestment.com/]  * Ask better questions about operations, not just returns, before investing * Focus on culture, team-building, and business readiness—not just market cycles     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.