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 Bawa Website; https://grocapitus.com/ LinkedIn: https://www.linkedin.com/in/neal-bawa/

Listen now and book your spot to be our next guest: https://whenrealestategetsreal.com/podcast-booking

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!

Connect with Us:

• Skool Community
• Website
• Facebook
• Instagram
• LinkedIn
• YouTube

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

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!

Connect with Us:

• Skool Community
• Website
• Facebook
• Instagram
• LinkedIn
• YouTube

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