Global Investors: Investing in U.S. Real Estate

SS273: Multifamily Expense Ratio

Understanding the multifamily operating expense ratio is critical for analyzing apartment building investments. Two properties may generate the same income, but their operating expenses can be dramatically different — and that difference can make or break your investment returns.
In this episode of Strategy Saturday, Charles Carillo explains how the operating expense ratio in real estate works, how to calculate it, and how investors use it to evaluate multifamily deals. You’ll learn what expenses are included, what costs are excluded, and why the commonly referenced 50% expense rule can be a useful benchmark when underwriting apartment buildings.
This video also covers typical expense ratio ranges for Class A, Class B, and Class C multifamily properties, and explains how factors like property age, market conditions, management efficiency, and deferred maintenance can impact operating expenses.
Whether you're analyzing your first rental property or evaluating a large apartment complex, understanding the expense ratio for multifamily investing can help you identify hidden risks and avoid bad deals.
In this video you’ll learn:
• What the operating expense ratio is in multifamily real estate• How to calculate operating expense ratio step-by-step• What operating expenses are included in real estate analysis• Typical expense ratio benchmarks for Class A, B, and C properties• Common underwriting mistakes investors make when analyzing expenses• How expense ratios help investors identify potential deal risks
Understanding operating expenses is one of the most important skills in multifamily underwriting, and mastering this metric will help you evaluate deals more confidently.
Links Referenced in Episode:
SS114: Most Important Expenses When Underwriting an Apartment Building - https://youtu.be/xWtVXSre3xk
Connect with the Global Investors Show, Charles Carillo and Harborside Partners:
◾ Setup a FREE 30 Minute Strategy Call with Charles: http://ScheduleCharles.com
◾ Learn How To Invest In Real Estate: https://www.SyndicationSuperstars.com/ ◾ FREE Passive Investing Guide: http://www.HSPguide.com ◾ Join Our Weekly Email Newsletter: http://www.HSPsignup.com ◾ Passively Invest in Real Estate: http://www.InvestHSP.com ◾ Global Investors Web Page: http://GlobalInvestorsPodcast.com/
 

GI350: From W-2 to 550 Units: Scaling a Multifamily Portfolio with Andrew Freed

Andrew Freed went from a W-2 employee to owning over 550 rental units in just a few years — all while working his job.
In this episode of the Global Investors Podcast, Andrew shares the strategies he used to scale his multifamily real estate portfolio, including house hacking, creative financing, value-add investing, and building relationships with local banks and mentors.
If you're a W-2 professional who wants to start investing in real estate, this episode breaks down the exact steps Andrew used to grow from 0 units to hundreds of units through smart leverage and disciplined execution.
In this episode we discuss:
• How Andrew scaled from 0 to 550 rental units• Using a W-2 job as leverage for real estate investing• The house hacking strategy for acquiring multifamily properties• Creative financing with FHA loans and local portfolio lenders• How to find and execute value-add multifamily deals• The role of mentorship in accelerating real estate success• Managing older multifamily properties and workforce housing• Why vertical integration and in-house property management can create a competitive advantage• The biggest mistakes investors make when scaling with other people's money
This episode is packed with practical insights for anyone looking to build long-term wealth through multifamily real estate investing.
Learn More About Andrew Here:
Freedom Management - https://freedommanagement.net/
Connect with the Global Investors Show, Charles Carillo and Harborside Partners:
◾ Setup a FREE 30 Minute Strategy Call with Charles: http://ScheduleCharles.com
◾ Learn How To Invest In Real Estate: https://www.SyndicationSuperstars.com/ ◾ FREE Passive Investing Guide: http://www.HSPguide.com ◾ Join Our Weekly Email Newsletter: http://www.HSPsignup.com ◾ Passively Invest in Real Estate: http://www.InvestHSP.com ◾ Global Investors Web Page: http://GlobalInvestorsPodcast.com/

SS272: How to Increase NOI Without Raising Rents

Most real estate investors think the only way to increase net operating income (NOI) is by raising rents or renovating units. But what if you could increase your rental property cash flow without raising rent at all?
In this video, we break down the hidden cashflow strategies real estate investors use to increase NOI — even in slow markets where rent growth disappears. These operational strategies can help multifamily investors improve property performance, reduce vacancy, control expenses, and unlock additional income streams.
If you own rental property or invest in apartment buildings, understanding how to increase NOI without relying on rent increases can dramatically improve your investment returns.
In this episode, you'll learn:
• How to increase NOI without raising rent• Why operational efficiency matters more in a slow real estate market• The biggest mistake investors make when rent growth stops• How reducing vacancy and turnover increases property cash flow• Expense optimization strategies used by professional asset managers• Hidden income opportunities most property owners overlook
These strategies are commonly used by experienced multifamily investors to improve net operating income, increase property value, and stabilize cash flow.
Since property values are largely determined by NOI, improving operations can significantly increase the value of your real estate investment.
If you want to learn how to grow rental property income without major renovations, this video will show you the operational strategies that make the biggest difference.
Links Referenced in Episode:
SS272: How to Increase NOI Without Raising Rents - https://youtu.be/ZD7UIyYUn_U
Connect with the Global Investors Show, Charles Carillo and Harborside Partners:
◾ Setup a FREE 30 Minute Strategy Call with Charles: http://ScheduleCharles.com
◾ Learn How To Invest In Real Estate: https://www.SyndicationSuperstars.com/ ◾ FREE Passive Investing Guide: http://www.HSPguide.com ◾ Join Our Weekly Email Newsletter: http://www.HSPsignup.com ◾ Passively Invest in Real Estate: http://www.InvestHSP.com ◾ Global Investors Web Page: http://GlobalInvestorsPodcast.com/
 

GI349: Building Long-Term Wealth Through Workforce Housing with Ashley Garner

Many real estate investors start with single-family rentals or small multifamily properties—but very few ever scale beyond a handful of units.
In this episode of the Global Investors Podcast, Ashley Garner shares how he scaled from small rentals to 196-unit multifamily deals and why small landlords often get “mathematically eliminated” from building real wealth.
Ashley explains the key shift every real estate investor must make: moving from operator to system builder.
If you're interested in multifamily investing, workforce housing, or scaling a rental portfolio, this conversation breaks down the real strategies behind long-term real estate wealth.
In this episode, you’ll learn:
• Why small rental portfolios often fail to create financial freedom• The math behind scaling multifamily real estate• When to stop self-managing properties• Why building a team is critical for scaling• The advantages of focusing on one real estate market• How financing evolves from small deals to large multifamily assets• HUD 223(f) loans and long-term multifamily financing• How professional investors source real estate deals• The biggest mistakes new multifamily investors make
Connect with Ashley Garner:
ABG Multifamily- https://abgmultifamily.com/
Connect with the Global Investors Show, Charles Carillo and Harborside Partners:
◾ Setup a FREE 30 Minute Strategy Call with Charles: http://ScheduleCharles.com
◾ Learn How To Invest In Real Estate: https://www.SyndicationSuperstars.com/ ◾ FREE Passive Investing Guide: http://www.HSPguide.com ◾ Join Our Weekly Email Newsletter: http://www.HSPsignup.com ◾ Passively Invest in Real Estate: http://www.InvestHSP.com ◾ Global Investors Web Page: http://GlobalInvestorsPodcast.com/
 

SS271: Strategic Concessions: When They Help and When They Hurt Your Bottom Line

Are rent concessions helping your property or quietly destroying your NOI?
In competitive multifamily markets, free rent, waived fees, and move-in specials are everywhere. But what looks like a small concession on one unit can scale into serious cash flow erosion across an entire apartment complex.
In this episode of Strategy Saturday, we break down:
How rent concessions impact multifamily cash flow
The difference between asking rent and effective rent
When concessions help during lease-up and stabilization
Why heavy concessions create renewal problems
How concessions affect apartment valuation and refinancing
The underwriting mistake many investors overlook
If you own, operate, or invest in apartment buildings, understanding how concessions affect NOI is critical. Used strategically, they can help stabilize a property. Used incorrectly, they can compress margins and reduce long-term value.
Before offering one month free rent or underwriting a deal with concessions - Listen this.
Links Referenced in Episode:
SS50: How To Retain Excellent Tenants - https://youtu.be/ytM8WanCZ_E
Connect with the Global Investors Show, Charles Carillo and Harborside Partners:
◾ Setup a FREE 30 Minute Strategy Call with Charles: http://ScheduleCharles.com
◾ Learn How To Invest In Real Estate: https://www.SyndicationSuperstars.com/ ◾ FREE Passive Investing Guide: http://www.HSPguide.com ◾ Join Our Weekly Email Newsletter: http://www.HSPsignup.com ◾ Passively Invest in Real Estate: http://www.InvestHSP.com ◾ Global Investors Web Page: http://GlobalInvestorsPodcast.com/
 

GI348: From Marinas to 1,400 Units: Multifamily Investing with Paul Montelongo

How do you go from buying a $7,500 lot at 17 years old to owning over 1,400 apartment units?
In this episode of the Global Investors Podcast, Paul Montelongo shares how he transitioned from single-family flips and a marina resort to building a large multifamily portfolio across multiple markets — and why mastering capital raising changed everything.
Paul breaks down:
• How he scaled from residential flips to 1,400+ units• Why workforce housing outperforms in uncertain markets• The biggest mistake most real estate investors make• How he structures asset management and third-party property management• Why data centers may be the next major real estate opportunity• The power of treating real estate like an operating business
If you're serious about multifamily investing, capital raising, and building scalable real estate businesses, this episode is packed with high-level strategy.Learn More About Paul Here:
Montelongo Capital - https://www.montelongocapital.com/
Connect with the Global Investors Show, Charles Carillo and Harborside Partners:
◾ Setup a FREE 30 Minute Strategy Call with Charles: http://ScheduleCharles.com
◾ Learn How To Invest In Real Estate: https://www.SyndicationSuperstars.com/ ◾ FREE Passive Investing Guide: http://www.HSPguide.com ◾ Join Our Weekly Email Newsletter: http://www.HSPsignup.com ◾ Passively Invest in Real Estate: http://www.InvestHSP.com ◾ Global Investors Web Page: http://GlobalInvestorsPodcast.com/
 

SS270: Resident Referral Incentives That Actually Work

Most landlords underestimate the power of a resident referral program — and that mistake costs them occupancy, leads, and cash flow.
In this Strategy Saturday episode, Charles Carillo breaks down how to structure tenant referral bonuses the right way — legally, strategically, and effectively.
You’ll learn:
How resident referral programs actually increase apartment occupancy
The difference between cash bonuses vs rent credits
Why most landlords structure referral incentives incorrectly
Legal limits in states like Florida and Texas
How to use two-sided incentives to boost lease conversions
When you can offer larger referral bonuses through licensed real estate agents
How to promote your referral program so it actually works
A properly designed multifamily referral incentive system turns your tenants into a decentralized marketing team — generating warmer leads and reducing vacancy faster than traditional advertising.
If you own or manage rental property, this is a leasing strategy you can’t ignore.
 
Links Referenced in Episode:
SS216: How to Find Tenants - https://youtu.be/WmKGYiDzdwI
Connect with the Global Investors Show, Charles Carillo and Harborside Partners:
◾ Setup a FREE 30 Minute Strategy Call with Charles: http://ScheduleCharles.com
◾ Learn How To Invest In Real Estate: https://www.SyndicationSuperstars.com/ ◾ FREE Passive Investing Guide: http://www.HSPguide.com ◾ Join Our Weekly Email Newsletter: http://www.HSPsignup.com ◾ Passively Invest in Real Estate: http://www.InvestHSP.com ◾ Global Investors Web Page: http://GlobalInvestorsPodcast.com/

GI347: From X Games to Apartment Investing with Dan Brisse

Former X Games medalist Dan Brisse didn’t just win medals — he built a $500M multifamily real estate portfolio.
In this episode of the Global Investors Podcast, Dan shares how he transitioned from professional snowboarding to apartment investing, why most pro athletes go broke, and the three financial principles that changed his life.
We break down:
• How Dan survived 8 years of setbacks before his breakthrough• Why high income alone doesn’t create wealth• The shift from earned income to passive income• How Granite Towers Equity Group built 3,000+ units• Why today’s multifamily market may offer generational buying opportunities• How inflation destroys cash — and how to hedge it• The power of depreciation and real estate professional status
If you’re serious about building passive income, protecting your capital from inflation, and investing in apartments the right way — this episode is for you.
Learn More About Dan Here:
Granite Towers Equity Group - www.granitetowersequitygroup.com
Connect with the Global Investors Show, Charles Carillo and Harborside Partners:
◾ Setup a FREE 30 Minute Strategy Call with Charles: http://ScheduleCharles.com
◾ Learn How To Invest In Real Estate: https://www.SyndicationSuperstars.com/ ◾ FREE Passive Investing Guide: http://www.HSPguide.com ◾ Join Our Weekly Email Newsletter: http://www.HSPsignup.com ◾ Passively Invest in Real Estate: http://www.InvestHSP.com ◾ Global Investors Web Page: http://GlobalInvestorsPodcast.com/
 

SS269: 5 Ways to Increase NOI in the First 90 Days Post-Acquisition

Many new investors immediately raise rents after buying an apartment building. That’s a mistake. In this Strategy Saturday episode, we break down 5 practical ways to increase NOI in the first 90 days after buying a multifamily property, without aggressively raising rent.
If you’ve just acquired an apartment complex, your first priority should be cash flow stabilization, not rent hikes that damage occupancy.
In this episode, you’ll learn:
Why raising rent too early can hurt your occupancy
How submetering utilities increases NOI over time
How to renegotiate vendor contracts post-acquisition
How to reduce vacancy loss and tenant turnover time
Why tightening tenant screening improves long-term performance
How operational upgrades create durable NOI growth
These multifamily asset management strategies help you increase net operating income through operational discipline, not pricing pressure.
If you’re a real estate investor looking to improve property operations and grow cash flow the smart way, this episode is for you.
Links Referenced in Episode:
SS203: Insider Tips for Effective Tenant Screening
Connect with the Global Investors Show, Charles Carillo and Harborside Partners:
◾ Setup a FREE 30 Minute Strategy Call with Charles: http://ScheduleCharles.com
◾ Learn How To Invest In Real Estate: https://www.SyndicationSuperstars.com/ ◾ FREE Passive Investing Guide: http://www.HSPguide.com ◾ Join Our Weekly Email Newsletter: http://www.HSPsignup.com ◾ Passively Invest in Real Estate: http://www.InvestHSP.com ◾ Global Investors Web Page: http://GlobalInvestorsPodcast.com/

GI346: Trading Heavy Rehabs for Build-to-Rent Communities with Chase Calhoun

In this episode of the Global Investors Podcast, Chase Calhoun shares why he pivoted from messy value-add rehabs to scalable ground-up build-to-rent development and how that shift helped him grow to 75+ residential units in Central Arkansas.
We discuss:• Why heavy rehabs can destroy your returns• The biggest construction budgeting mistakes investors make• How build-to-rent creates cleaner scalability• Why vertical integration gives operators a serious edge• The future of the American renter market• When to self-manage vs hire property management• How to scale without burning out
If you're a real estate investor trying to decide between value-add rehabs and new construction rentals, this episode breaks down the risks, strategy shifts, and long-term thesis behind build-to-rent investing.
Learn More About Chase Here:
Chase Calhoun Real Estate - https://www.chasecalhoun.com/
Connect with the Global Investors Show, Charles Carillo and Harborside Partners:
◾ Setup a FREE 30 Minute Strategy Call with Charles: http://ScheduleCharles.com
◾ Learn How To Invest In Real Estate: https://www.SyndicationSuperstars.com/ ◾ FREE Passive Investing Guide: http://www.HSPguide.com ◾ Join Our Weekly Email Newsletter: http://www.HSPsignup.com ◾ Passively Invest in Real Estate: http://www.InvestHSP.com ◾ Global Investors Web Page: http://GlobalInvestorsPodcast.com/