5d • General discussion
The multifamily market is cracking open and most people won't be ready.
For the last two years, owners have been holding on by their fingernails. Bridge debt coming due. Rate caps expiring. Refis that don't pencil. Insurance and taxes eating margins alive.
They've been extending and pretending. That window is closing.
I'm seeing it in real time. Deals coming back to market. Sellers who wouldn't return a call in 2021 suddenly getting realistic. Lenders quietly pushing notes. The owners who bought at the top can't hold on any longer.
Now, let me be straight with you: it's still hard to find deals. This isn't 2010 where everything was on sale. You have to dig, underwrite hard, and be patient.
But here's the thing. The people who win in the next cycle are educating themselves right now. Learning to underwrite. Learning debt structures. Learning what a real deal looks like versus a trap.
Because when the opportunity shows up, and it will, you don't get time to learn. You either know how to move, or you watch someone else take it.
The market doesn't wait for you to get ready.
Start now.
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The multifamily market is cracking open and most people won't be ready.
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