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Most investors are playing the wrong game—and they don’t even realize it.
Rich sits down with Tony Stephan, who scaled to 377 units without outside investors, to break down the real difference between small residential and true multifamily—and why that distinction changes everything.
They dive into why 1–4 units are still valued like single-family homes, while 5+ units become real businesses driven by NOI. Tony walks through how he forces appreciation, recycles capital through the BRRRR strategy, and turns one deal into multiple—without constantly needing new money.
The conversation also covers why most investors overcomplicate deals, how to actually evaluate opportunities, and the mindset shift from looking for reasons not to invest to finding reasons to move forward.
