287. There Is No Such Thing as 20% Down in Multifamily (Here's the Real Math)
Mon Feb 02 2026
There's a myth floating around real estate that you can buy a multifamily property with just 20% down. It's not totally wrong — but it's dangerously incomplete.
In this episode, I break down what it actually takes to close on a multifamily apartment building in today's market. We walk through real numbers, real scenarios, and the capital most people forget to account for: closing costs, CapEx, operating reserves, debt service requirements, and why stabilized loans almost never work at 20% down.
I also talk candidly about the current market cycle, flat rents, cautious investor capital, and why the math that worked in 2020–2021 doesn't work the same way in 2026. This isn't meant to scare you away from multifamily — it's meant to reset expectations so you don't blow yourself up early.
If you're serious about buying apartment buildings, raising capital, or underwriting deals realistically, this episode will give you a much clearer picture of what keeps a deal alive long term.
If this helped you, share it with someone who still thinks 20% down is the whole story.
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There's a myth floating around real estate that you can buy a multifamily property with just 20% down. It's not totally wrong — but it's dangerously incomplete. In this episode, I break down what it actually takes to close on a multifamily apartment building in today's market. We walk through real numbers, real scenarios, and the capital most people forget to account for: closing costs, CapEx, operating reserves, debt service requirements, and why stabilized loans almost never work at 20% down. I also talk candidly about the current market cycle, flat rents, cautious investor capital, and why the math that worked in 2020–2021 doesn't work the same way in 2026. This isn't meant to scare you away from multifamily — it's meant to reset expectations so you don't blow yourself up early. If you're serious about buying apartment buildings, raising capital, or underwriting deals realistically, this episode will give you a much clearer picture of what keeps a deal alive long term. If this helped you, share it with someone who still thinks 20% down is the whole story.