Multifamily investing isn’t what most people think.

In this episode, Stephen Lee Thomas sits down with William Liu, a multifamily syndicator and former CMO, to break down what really happens when you step into the role of an operator.

From raising capital to managing investor expectations and navigating real-world challenges, this conversation uncovers the realities behind the business of multifamily investing.

What You'll Learn

• Why multifamily is more like running a business than investing
• The truth about capital raising timelines
• How to build investor relationships the right way
• What happens when occupancy drops unexpectedly
• The importance of cash flow and financial management
• Lessons from transitioning out of a W2 career

Key Highlights:

• Capital raising is marketing + sales
• Relationships must be built before deals
• Cash flow pressures are real for operators
• Property management requires leadership, not just oversight
• Investor communication is critical to long-term success

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

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

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