If you're investing in real estate, you've probably wondered: How do I actually grow this into something that gives me freedom? You might have a few rentals or flips under your belt. Maybe you’re doing well, but it still feels like you’re pushing a boulder uphill every time you want to take the next step.
I recently had the opportunity to interview Phil Moeller about his experience buying multifamily real estate.
Phil is a real estate investor with over 10 years of experience, having acquired and managed 430+ units across 40+ transactions. He has a background in executive leadership at a Fortune 150 company and holds an engineering degree from Ohio State and an MBA from the University of Dayton.
Here are the five biggest lessons Phil learned from his early multifamily deals—lessons that can save other investors years of trial and error.
5 Lessons Phil Moeller Learned on His Path to Multifamily
Here are the five biggest lessons Phil learned from his early multifamily deals.
1. Start Small… But Don’t Stay Small
Phil’s first multifamily deal was a 48-unit property. It wasn’t in a great market, and it definitely wasn’t flashy. But it was a start. He and his partner brought 25% down, handled the renovation budget, and made it work without raising capital. That deal gave them confidence—and a direction.
From there, they moved into a 72-unit property using a 1031 exchange, and then later added a 16-unit on the side. Each deal stacked on the last one, teaching them the fundamentals of how multifamily works.
The most crazy thing about his first deals is that he didn’t raise any money for any of them. Him and his partners brought all the capital they needed. The key takeaway? You don’t need to jump from zero to 100 units right away.
You can grow from a duplex to a 16-unit to a 48-unit, building confidence and systems along the way. But staying small too long limits your learning curve and delays your financial freedom.
2. Understand the Power of Value-Add
One of the major breakthroughs for Phil came when he truly grasped the “value-add” model.
“Value-add” is a very popular and effective strategy for almost every type of real estate investing. It involves buying an undervalued or distressed piece of real estate in a good area(in this case, multifamily) renovating and improving it to increase its value and rent.
That’s the core of house flips, the BRRRR method, and it’s my strategy for buying and holding apartments.
Once that clicked for Phil, everything changed. Phil and his partners began converting their single-family investments into multifamily assets through 1031 exchanges and cash-outs. They also used tax strategies like cost segregation to reposition their portfolios for better returns.
3. You Need the Right Foundation to Raise Capital
Like I said earlier, Phil didn’t raise capital on any of his early deals. In fact, it took him nearly seven years before he did his first private capital raise. But when he finally did—after building experience, building his network, and investing passively in a few deals himself—it came together surprisingly fast. By that point, he had the credibility, the track record, and most importantly, the confidence.
You don’t need to wait that long to raise money. You can start raising capital from investors as early as right now, but you need the right foundation first. That foundation consists of education and an investing team.
4. Your Network Is a Growth Multiplier
Your network is a huge piece of real estate. One of Phil’s biggest reflections was that he waited too long to surround himself with experienced people. Early on, he tried to figure everything out on his own. Like many self-starters, he thought intelligence and work ethic were enough.
Eventually, he realized that growth accelerates when you plug into the right community — coaches, mentors, peer groups, and partners. These people help you avoid costly mistakes, see around corners, and stay accountable.
That shift led Phil to create a simple success framework called P.E.A.C.E.:
- Purpose
- Education
- Association (networking and mentorship)
- Courage (to take action)
- Example (to lead others)
When you have purpose and education, backed by strong association, you gain the courage to act. And through action, you become an example others want to follow. That’s how you create real impact—and peace—in your journey.
5. Pace Yourself, But Push Forward
During the interview, Phil joked that he was a “slow learner” — but he doesn’t regret the pace of his journey. Looking back, he realized that some lessons needed time to unfold. If he had rushed into raising capital too soon or scaled without the right systems, it could’ve backfired.
That said, he does acknowledge that moving a little faster—especially into multifamily—would have pushed his financial timeline forward by years.
So respect your pace, but don’t stay comfortable. If you’ve done a few deals, start looking at what’s next. Can you scale your model? Can you learn to raise capital? Can you invest in your network? Growth doesn’t have to be rushed—but it does have to be intentional.
Phil’s story is a great reminder that everyone starts somewhere. The path to success in multifamily isn’t about skipping steps—it’s about stacking the right ones, learning from each deal, and building momentum with clarity and purpose.
If you’re ready to take the next step in your real estate journey—or just want to hear more about how Phil navigated his—you’ll want to watch the full conversation.
👉 Click the link here to watch the full video.
To your success,
Michael Blank