Multifamily Insights

Spencer Vickers began his career at Invesco Real Estate, working across industrial, retail, and multifamily assets on their U.S. platform. He then moved into healthcare real estate acquisitions and development for a group in Dallas before serving as senior analyst at D.R. Horton's multifamily platform in Central Florida. In June 2024, Spencer founded The Fractional Analyst to give independent syndicators and fund managers access to institutional-grade back office support, deal analysis, and investor reporting systems without the overhead of a full-time hire. His team serves clients ranging from individual operators to groups with up to $2 billion in assets under management.     Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here.     Key Takeaways Build back office systems before you need them Use financial modeling to tell a clear deal story, not just present numbers Analyze new supply and absorption trends alongside any target acquisition Source market data from county permits, active brokers, and AI tools Avoid assuming that what got you to your current level will carry you to the next     Topics The Institutional Gap in Real Estate Large operators have dedicated analyst, transaction, and debt teams that most independent operators cannot afford The Fractional Analyst fills that gap by building back office systems, financial models, and investor relations infrastructure for smaller operators What Back Office Support Actually Covers Back office work includes lender reporting, investor distributions, subscription documents, and K-1 management Platforms like Cash Flow Portal and Juniper Square automate much of this, but still require setup, data validation, and ongoing upkeep Financial Modeling and Deal Presentation Many models lack formatting, clarity, and readability, making them difficult to audit or present Spencer's team cleans up models and builds pitch decks that make the deal story easy to communicate to lenders and investors Underwriting With Market Context New supply and absorption trends must be analyzed alongside any target acquisition to properly frame risk A 97% occupied deal can still carry significant risk if thousands of competing units are coming online in the same submarket Finding Market Data County permit records reveal planned new construction in any given area Active local brokers typically already have this data and are motivated to share it AI tools are increasingly useful for pulling and presenting market data, but all outputs require verification before use Who Is a Good Fit for The Fractional Analyst Ideal clients have $50M to $250M in assets under management and are actively looking to scale Operators who are not yet acquiring deals or are unwilling to do the required work are not a strong match Scaling From Syndications to Funds Spencer's team reviewed fund formation documents for a client with over 300 individual syndications preparing to launch his first fund They flagged legal risk items so the client could address them directly with his attorney     📢 Announcement: Learn about our Apartment Investing Mastermind here.     Round of Insights Failure that set Spencer up for success: Working with clients who were not willing to take the steps required to grow, including building broker relationships and getting into the details of the business. Digital or mobile resource: CoreCast. Book recommendation: The Richest Man in Babylon by George S Clason. Daily habit: Prayer and regular scripture study. Number one insight for scaling multifamily acquisitions: Build the right network first. Get brokers, property managers, lenders, investors, attorneys, and CPAs in your corner in your target markets. Then build a solid back office, but do not let the setup process become an obstacle to getting in the game. Favorite restaurant in Orlando, FL: Burger Fi.     Next Steps Learn more about Spencer Vickers and The Fractional Analyst at thefractionalanalyst.com Follow The Fractional Analyst on LinkedIn for deal analysis tips and real estate education Review whether your back office systems are built to support your next stage of growth Audit your financial models for clarity, professional formatting, and whether they clearly convey the deal story Identify the key brokers, lenders, and operators active in your target markets and start building those relationships     Thank you for joining us for another great episode! If you're enjoying the show, please LEAVE A RATING OR REVIEW, and be sure to hit that subscribe button so you don't miss an episode.

This week, learn why waiting until you feel ready to raise capital is the exact mindset keeping you on the sideline. John Casmon makes the case that you will never feel fully ready, and that confidence comes from preparation. In this episode, John breaks down three practical steps to start raising capital today: building your reps, assembling the right team, and shifting your focus from yourself to the people you are trying to serve.     Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here.     Key Takeaways Confidence comes from preparation. Act first, and the feeling of readiness develops from there Analyze deals, talk to people in the marketplace, and find mentors or coaches to build your reps Build a team that offsets your experience gaps so you do not have to be the expert on everything yourself Overcome imposter syndrome by being resourceful and knowing where to find solutions Raise capital when you are not under pressure, before you have a live deal or after you have already closed Shift your focus from your own fear of rejection to educating and serving potential investors     Topics Why Waiting Until You're Ready Is a Mistake John opens by challenging the belief that you need more experience before raising capital He argues directly that you are never going to feel ready, and that continuing to wait only delays progress The gap is rooted in preparation and reps, and those are things you can act on today Building Confidence Through Reps Confidence comes from putting in the work: analyzing deals, talking to people in the marketplace, and working with mentors or coaches John uses an NFL draft analogy: rookies have never played a professional game, but they draw on their football experience and translate it to the next level Transferable skills count. Experience managing a budget, running a business, or investing in smaller residential properties can all translate meaningfully to multifamily The benchmark is doing enough preparation that you know what you are talking about, and you can build toward that starting today Aligning Yourself with the Right Team Whatever you lack in experience, offset it with team members who have it: property managers, partners, analysts, brokers, coaches John revisits the rookie analogy: no team drafts a first-year player and hands them the franchise. They pair them with veterans who complement their skill set Building a credible, well-rounded team is how you present a compelling picture to potential investors regardless of where you are in your career Coaching and mentoring adds direct value here. Having experienced people on your side removes the pressure of carrying all the expertise yourself Overcoming Imposter Syndrome Imposter syndrome is rooted in being too focused on yourself: your gaps, your fears, and your ego Investors want you to know more than they do and to be resourceful enough to find solutions. That is the standard, and it is achievable John shares a personal story: a former colleague unsubscribed from his investor newsletter early in his capital-raising journey, and he initially took it personally He later recognized the real lesson. He had not conveyed the right message to the right audience. The feedback was about positioning, and it had nothing to do with him personally The practical response to imposter syndrome is sharing your journey openly, letting people learn about you over time, and focusing on being of service Raising Capital When You Don't Need the Money The best time to raise capital is when there is no live deal pressure, either before you have identified a deal or after you have already closed and can share openly what you are working through When you are communicating without a funding deadline looming, you come across with authentic confidence Pressure is detectable. Potential investors will sense desperation, and it undermines trust The goal is to present opportunities and let people decide if it is the right fit Shifting Focus from Yourself to Serving Others John frames the entire challenge of capital raising as a mindset problem. You are too focused on your own feelings and your own fear of rejection When someone does not invest, it is rarely personal. It is usually a messaging or fit issue, and it is feedback worth learning from Your job is to get in front of the right people with the right message and the right opportunity. Finding those people is where your energy belongs When you focus on how you can serve and educate potential investors, the conversation changes entirely     📢 Announcement: Learn about our Apartment Investing Mastermind here.     Next Steps Start building your reps today: analyze deals, talk to people in the marketplace, and identify a mentor or coach who can accelerate your learning Audit your current team and identify the experience gaps you need to offset with the right partners, managers, or advisors Begin sharing your investing journey openly so potential investors can learn about you before you have a live deal requiring a funding decision Practice presenting investment opportunities in a calm, low-pressure way so the conversation becomes natural before the stakes are high Reframe rejection and disengagement as messaging feedback, and use it to sharpen how you communicate Explore the Multifamily Mastermind and request more details here     Thank you for joining us for another great episode! If you're enjoying the show, please LEAVE A RATING OR REVIEW, and be sure to hit that subscribe button so you don't miss an episode.

Will Harvey began his real estate career in 2015 as a residential loan officer before transitioning into direct real estate investing. After building a small portfolio of rental houses, he moved toward multifamily investing as both a limited partner and general partner, eventually focusing more on the finance, capital allocation, and deal analysis side of the business. Today, Will leads Harvey Capital and invests across opportunities where he can evaluate risk, structure capital, and identify value.     Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here.     Key Takeaways Pivot when your investing strategy no longer fits your strengths or goals Use scale to remove yourself from day-to-day tenant management Look for deals with multiple exit options, especially in build-to-rent communities Stay open to overlooked real estate opportunities in both private and public markets Focus on asset classes and strategies that match your skill set, not just what others are doing     Topics From Loan Officer to Real Estate Investor Will started in the mortgage business after leaving college and built a strong W-2 income He realized he was earning money but not building long-term wealth Why Will Moved Beyond Single-Family Rentals Will built a small portfolio of three houses in Northern Virginia He realized he did not enjoy dealing directly with tenants Multifamily appealed to him because scale allows investors to hire strong property managers and systems Learning Multifamily Through Podcasts and Relationships Will spent nearly a year listening to podcasts and learning the multifamily space He connected with other investors and got involved in his first multifamily deal in 2019 Finding His Lane in Finance and Capital Allocation Will learned he preferred spreadsheets, capital structure, and finance over operations He began investing more as an LP and using income from other real estate activities to invest into multifamily Using a Friends and Family Fund Will started a small friends and family fund and invested as an LP into several deals One example was a 95-unit build-to-rent townhome community with individually parceled units and multiple exit options Build-to-Rent and Exit Optionality Will likes deals where investors can sell the full portfolio or potentially sell individual units John and Will discuss why multiple exit options can create flexibility depending on the market Finding Real Estate Opportunities in Public Markets Will explains how real estate opportunities can also exist through publicly traded companies and liquidating trusts He shares an example involving JCPenney's bankruptcy, where real estate assets were separated into a liquidating trust Why Multifamily Still Stands Out Will notes that multifamily remains one of the strongest asset classes he has invested in He points to the simple fact that people always need a place to live and sleep     📢 Announcement: Learn about our Apartment Investing Mastermind here.     Round of Insights Failure that set Will up for success: Buying a property in early 2022 that fell outside his normal buy box. The plan was unclear, the deal was overpaid for, and it eventually cost about $70,000 to exit. Digital or mobile resource: Claude. Book recommendation: Berkshire Hathaway Letters to Shareholders by Warren Buffet. Daily habit: Reading the Bible in the morning to calm his mind, slow down racing thoughts, focus on the day, and keep perspective. Favorite restaurant in Richmond, VA: Cava.     Next Steps Learn more about Harvey Capital here: harvey-capital.com Review where your current investing strategy no longer fits your strengths Identify whether you prefer operations, finance, capital raising, or deal analysis Study multifamily opportunities from both the GP and LP perspective Look for investments with strong downside protection and flexible exit options Stay open to overlooked real estate opportunities outside the most obvious channels     Closing Call to Action Thank you for joining us for another great episode! If you're enjoying the show, please LEAVE A RATING OR REVIEW, and be sure to hit that subscribe button so you don't miss an episode.