Old Capital Real Estate Investing Podcast With Michael Becker & Paul Peebles

1. 2024 Performance: Michael was disappointed with the acquisition activity due to fluctuating interest rates and low transaction volumes. 2. Market Conditions: The fundamentals were soft in 2024 with flat to down rents, especially in Central Texas. Occupancy stabilized at around 93% portfolio-wide by January 2025. Michael anticipates a recovery in 2025, particularly in the second quarter when the supply of new properties is expected to decrease significantly. 3. Example Deal: Michael described a deal in Dallas involving a late 90s property bought for around $170,000 per door, with plans to invest about $10,000 per unit for renovations. The property is well-located with low rents compared to competitors and has a value-add opportunity. 4. National Multifamily Housing Council (NMHC) Conference: The conference is a major event for multifamily real estate professionals, focusing on deal-making rather than education. It is beneficial for networking and meeting potential equity partners, though it may be overwh