What actually keeps a commercial real estate deal alive when the market turns against you?

In this episode of When Real Estate Gets Real, Stephen Lee Thomas sits down with Will Curtis, a commercial real estate broker out of San Antonio who has been involved in more than $1 billion in transactions and is known as the “Property Operations Whisperer.”

This conversation goes beyond surface-level real estate advice and gets into the real drivers of long-term success: disciplined underwriting, smart leverage, operational awareness, and the kind of leadership that only comes from experience.

Will also shares how his military background shaped his perspective, what he learned from watching seasoned investors survive past crashes, and why he hopes to eventually create a real estate fund for veterans. What You'll Learn

• Why debt and leverage management matter in every market cycle
• What operators can and cannot fix through property operations
• How the office market changed after COVID
• Why San Antonio has performed differently than Austin
• Leadership lessons from commercial real estate and the military
• The importance of humility, team building, and learning from mistakes

Key Highlights:

• Why managing leverage is the #1 factor in surviving real estate downturns
• Lessons from investors who survived the 2008 financial crisis
• The real impact of COVID on the office real estate market
• Why San Antonio outperformed other major Texas markets like Austin
• The importance of buying right—before operations even begin
• How experienced operators stay competitive during market declines
• Emerging trends like flexible office and third-space environments
• The concept of the “labor leverage ratio” and what it reveals about office demand
• Leadership lessons from both military and commercial real estate experience
• Why humility and team-building are critical for long-term success

Ways to connect with Will Curtis Website: https://www.vetsinrealestate.com/ LinkedIn: https://www.linkedin.com/in/willcurtisccim/ Facebook: https://www.facebook.com/willcurtisccim/ Instagram: https://www.instagram.com/willcurtisccim/ Youtube: www.youtube.com/@vetsinre

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

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

Ways to connect with William Liu

LinkedIn : linkedin.com/in/willliuh Website: https://www.giverisecapital.com

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/ Free eBook: Location Magic - https://multifamilyu.com/lp/location-magic-ebook/ Join Our Investor Club – https://multifamilyu.com/club

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