What happens to property value when cap rates and NOI start moving in opposite directions—and how should investors prepare for that?

In this episode, Angel Williams speaks with Rich Neuharth and Moses Lucero about the realities of underwriting in multifamily investing. They break down cap rates, NOI (Net Operating Income), and the complex relationship between market forces and property performance. Rich walks through examples that clarify how small shifts in cap rates can drastically affect valuations and explains why mindset and transparency matter in underwriting. Angel challenges the assumptions with sharp questions, leading to a clear discussion of how to stress-test deals, factor in risk, and use underwriting tools responsibly.

[00:01 - 04:30] Cap Rates in Action

• How a $1M NOI changes value depending on cap rate shifts
• Why cap rate compression inflates property value—and vice versa
• The importance of separating property-level performance from market dynamics

[04:31 - 08:15] Mindset and Learning Through Repetition

• How mindset impacts willingness to ask questions and learn
• Why repeating and reframing concepts leads to deeper understanding
• The need for more open conversations about not understanding financial concepts

[08:16 - 12:30] Market Cap vs. Purchase Cap

• What the significance of market cap rate is during appraisals
• How to handle disconnects between deal-level and market expectations
• Why accurate comps and broker input guide realistic underwriting assumptions

[12:31 - 16:00] The Push-Pull of NOI and Cap Rate in Valuation

• How to analyze proportional changes in cap rate and NOI
• Why understanding opposing forces is key to modeling
• The importance of building performance scenarios and exit plans

[16:01 - 19:48] Stress Testing and Long-Term Thinking

• How to structure deals to withstand market fluctuations
• Why historical cap rate trends matter when forecasting
• The need to balance investor expectations with conservative assumptions

Connect with Rich:

https://www.linkedin.com/in/realmindsetrich

Connect with Moses:

https://www.linkedin.com/in/moses-lucero-9026b220b/

Key Quotes:

“The market cap only affects your sale or refinance. It doesn’t affect how your property operates day to day.” - Rich NeuhartH

“You're correcting for where you think cap rates are going. That helps you target NOI growth through CapEx and rent bumps.” - Angel Williams

Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!

What’s the real connection between mindset and underwriting, and why should both matter to passive and active investors alike? In this episode, Rich Neuharth and Moses Lucero of Aviana Capital Group explore the surprising overlap between mindset and underwriting in multifamily real estate. They talk through how relationships, trust, and mindset influence underwriting quality, and how both GPs and LPs can better evaluate deals. The conversation also covers the importance of involving family in real estate, how projections can mislead passive investors, and why conservative underwriting is a necessity, not an option. Whether you're diving into spreadsheets or just want to know how to avoid a bad deal, this episode breaks down real lessons with real numbers and real experiences.

[00:01 - 04:45] Mindset Meets the Math

• How Moses and Rich’s friendship evolved into a business partnership
• Why mindset is a key factor in approaching underwriting
• The importance of alignment in personal relationships when pursuing real estate

[04:46 - 08:25] Underwriting: A Learnable Skill

• Rich’s perspective on whether analytical thinking is innate or learned
• Moses’s journey from confusion to confidence in underwriting
• Why loving the process matters more than being naturally inclined

[08:26 - 12:45] What Every Investor Should Understand

• Why all partners—active or passive—should grasp basic underwriting
• The importance of vetting your team, not just the deal
• How equity multiple and IRR are interpreted differently by different investors

[12:47 - 17:30] Getting Burned and Learning From It

• Angel shares a personal story of a deal gone wrong
• How emotional signals and missed cues affected her trust
• What passive investors can do to protect themselves from poor projections

[17:31 - 22:28] Cap Rates and Exit Strategy Breakdown

• What exit cap rate assumptions mean and why they matter
• How unrealistic assumptions mislead investors
• Why conservative underwriting is critical in a volatile market

Connect with Rich:

https://www.linkedin.com/in/realmindsetrich

Connect with Moses:

https://www.linkedin.com/in/moses-lucero-9026b220b/

Key Quotes:

“If you separate family and business, you’re always juggling both. If you bring them together, you get to do it all the time.” - Rich Neuharth

“As an LP, you want to underwrite the person and underwrite the deal. That’s how you protect your capital.” - Moses Lucero

Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!

What changes when affordable housing meets smart strategy—and why is the mobile home market positioned to answer America’s housing needs better than most people think?

In this episode, Angel speaks with Jack Martin about the strategies and realities behind mobile home park investing. Jack shares practical methods to scale infill, insights on chattel financing, and how to evaluate market viability based on housing demand and local economics. He breaks down the business decision between maximizing speed vs. profitability, why location truly matters, and how dealers and third-party agents play a role in filling parks efficiently. The conversation also covers broader impacts—from educational access for underserved families to long-term community stability—highlighting why mobile home investing can be both financially sound and socially meaningful.

[01:00 - 03:00] Treat Talent Like Assets

• Why compensating on par with market rent is key to employee retention.
• The importance of treating property managers as partners, not placeholders.
• How a thoughtful compensation strategy supports long-term staffing.

[03:01 - 07:00] Navigating Mobile Home Sales

• The significance of using agents who specialize in mobile homes for faster and compliant sales.
• Why chattel financing differs from traditional mortgages and what that means for buyers.
• How dealers can simplify infill but reduce owner profit margins.

[07:01 - 11:00] Infill Strategy: Profit vs. Speed

• How to decide between managing home sales in-house vs. outsourcing.
• What the cost vs. resale delta means for profitability.
• The importance of matching infill strategy to capital access and project goals.

[11:01 - 14:00] Understanding Market Fit

• Why median home values should exceed $350,000 in viable sale markets.
• How income levels and buyer demand impact rental vs. sale decisions.
• The importance of job growth and population trends in evaluating locations.

[14:01 - 17:33] Legacy and Impact in Affordable Housing

• How mobile home parks open access to quality school districts and change family trajectories.
• Why stable assets like mobile home parks are recession-resistant.
• The need for deeper conversations on tax advantages in future episodes.

Connect with Jack:

https://www.linkedin.com/in/jack-martin-52ten/

Key Quotes:

“Teach people and train them so that they could leave and treat them well enough so they won’t—that should be your goal.” - Jack Martin

“We get to make an impact and change some people’s lives... that changes the trajectory of their lives forever.” - Angel Williams

Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!