Show Notes
In this real, no-BS conversation, Michael Blank sits down with Rod Khleif to talk about what’s really happening in the multifamily world right now—and what’s coming next. From falling rents to exploding expenses, operators are feeling the pain. But with distress comes opportunity, and Rod shares why now might be one of the best times in years to find great deals… if you’re prepared. They also dig into other asset classes like senior housing and even operating businesses—and how syndication is the key that ties it all together.
Whether you’ve got deals on life support or you're trying to figure out your next move, this episode is a must-listen.
Key Takeaways
Why Multifamily Is Struggling Right Now
Many deals bought in the last 2–3 years are in serious trouble due to interest rate hikes and lower-than-expected rents.
Expenses are way up—taxes, payroll, insurance—and 50% expense ratios are no longer realistic.
Even stabilized assets with high occupancy are underperforming if debt service has doubled or tripled.
There’s a wave of distressed properties and foreclosures starting to hit the market.
Why the Next 12 Months Could Be a Buying Window
Properties that sold for $40M+ are now being sold by lenders for under $30M.
Expect to see more auction properties, loan workouts, and distressed sales in 2024–2025.
The key is separating legacy pain from new opportunity: what’s already bought vs. what you buy next.
Diversification Is the Next Move—for Operators and Investors
Rod is investing in senior housing (assisted living) and says the demographics are a massive tailwind.
Investors are hungry for more than just multifamily—there’s real appetite for alternative assets and business acquisitions.
It’s not about shiny objects—it’s about applying syndication skills to new verticals.
Buying Operating Businesses Using Syndication
10,000 baby boomers a day are retiring, many with brick-and-mortar businesses they need to sell.
You can raise capital to buy cash-flowing businesses like HVAC, plumbing, car repair—without running them yourself.
Strategies like seller financing and SBA loans allow you to control big assets with little capital upfront.
Roll-ups (buying multiple similar businesses) can multiply valuation by 3–5x through private equity exits.
How to Reuse 90% of What You Know from Multifamily
Raising capital, doing due diligence, creating business plans—all of that transfers to other asset classes.
Just like in multifamily, the key is partnering with the right operator.
The same skills that helped you buy apartment buildings can now help you buy businesses, senior housing, or even self-storage.
Where to Go from Here
Pay attention to market cycles—don’t miss the window when the tide turns.
Think bigger than just real estate—think about capital raising as your real superpower.
Use the next 6–12 months to sharpen your network, your systems, and your ability to execute on new types of deals.
Connect with Rod Khleif
Connect with Michael Blank
Resources
Join the Nighthawk Equity Investor Club
Access the #1 FREE Apartment Investing Course (Apartments 101)
Schedule a Free Strategy Session with Michael's Team of Advisors
Explore Michael’s Mentoring Program
Review the Podcast on Apple Podcasts
Get the Book, Financial Freedom with Real Estate Investing by Michael Blank
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