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The Old Capital Podcast is aimed at Real Estate Investors - both new and experienced.
Hosts Michael Becker and Paul Peebles deliver no-hype education and expert perspectives.
You will gain valuable insights from interviews with actual real life investors who are active in acquiring and operating apartment complexes. You will discover how they are identifying, financing and operating apartment complexes, as well as helpful advice on how to get started and avoid common mistakes.

May 3, 2019

Berkadia real estate brokers, Will Jarnagin and Michael Ware, have been selling apartments for over 15 years. They have a depth of knowledge to help you. Will gives us an insight on the Value Add apartment market in Dallas. He breaks the sources of capital into two categories: 1) purchases UNDER-$25 million 2) OVER- $25 million. Will tells us that there is more activity and more capital available for smaller transactions under $25 million today. The space above $25 million is usually institutional investors and that segment is a little thin with less activity. Michael discusses the oversupply of BRAND NEW- A CLASS apartments this year, but construction permits have dropped and we will see a reduction of new supply in the next few years. This means current rental concessions will fall in the next 18 months.
If you have never bought an apartment building or you are new to the market, Will & Michael gives us several tips on how to get recognized by a top producing brokers selling a deal. Also, Michael gives us his perception of where CAP RATES are at for CLASS- A, B & C apartment properties in Dallas. You will chuckle at his answer.

To contact William Jarnagin:
To contact Michael Ware:

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Are you interested in learning more about how Multifamily Syndications work? Please visit to learn more about Michael Becker’s Real Estate Syndication business with SPI Advisory LLC.