How can a $20 monthly fee or a minor tweak in rent comps add hundreds of thousands to your property's value—and why are so many investors missing this? In this eye-opening episode, Anna Latysheva and Fernando Arias dive deep into the nuanced world of real estate underwriting, market rents, and the often-overlooked impact of "other income" on a property's valuation. Through detailed examples and practical advice, they reveal how strategic income streams—like pet rent, parking, and even laundry contracts—can dramatically shift your investment game. This episode demystifies how seasoned investors extract additional value and remain competitive in tight markets like Denver.

[00:01 – 04:42] Beyond the Finish Line

• How comparing physical finishes and amenities side-by-side impacts rental pricing and strategy.
• Why understanding unit square footage variations is essential for evaluating true comparables.
• The significance of visual walkthroughs and local architecture knowledge when analyzing comps.

[04:43 - 08:32] Numbers that Speak

• How small rent differences significantly alter total income and overall property valuation.
• Why relying solely on tools like Rentometer can misguide your pricing strategy.
• The importance of understanding local cap rates and market behavior to assess a property’s worth.

[08:33 - 13:06] Unlocking Other Income Streams

• What “other income” sources (pet rent, parking, laundry) add to your bottom line.
• The need to align with local norms—what’s considered standard in your market to stay competitive.
• Why ignoring ancillary income results in undervalued offers and lost opportunities.

[13:07 - 21:12] Boosting NOI with Rhino & Surety Bonds

• How deposit alternatives like Rhino reduce move-in barriers while protecting landlords.
• Why structuring a move-in fee versus traditional deposit boosts cash flow.
• The significance of understanding tenant behavior and legal safeguards in using these services.

[21:13 - 22:41] The Small Charges That Scale

• How credit reporting fees, trash valet, and CAM charges stack up in large portfolios.
• Why customizing income streams to tenant lifestyle trends future-proofs your model.
• The importance of questioning old norms (like cable packages) to adapt to current needs.

Connect with Anna:

LinkedIn: https://www.linkedin.com/in/ibuybuildings/

Connect with Fernando:

LinkedIn: https://www.linkedin.com/in/fernandoapartments/

Key Quotes:

“You really need to hone in on what's my true market rent for this property.” - Fernando Arias

“People just love to live with pets—even in a 500 square foot apartment.” - Anna Latysheva

Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!

What separates those who win deals in today’s real estate market from those who keep missing out?

In this episode, Angel welcomes back Anna Latysheva and Fernando Arias of ALFA Peak Capital for a hands-on session about underwriting multifamily real estate deals. Drawing from their experience analyzing over 300 properties across U.S. markets, Anna and Fernando break down the essential components of successful underwriting, from understanding rent comps to knowing your local tax assessor. They also highlight the importance of reliable market assumptions, building relationships with property managers and banks, and how attention to detail can make or break a deal. If you're wondering why your offers aren't landing, this conversation offers practical guidance and tools to sharpen your underwriting process and become more competitive.

[00:01 - 05:00] Starting with “Other Income”

• The significance of identifying "other income" as a key variable in underwriting.
• Why this often-overlooked line item can influence deal viability.
• The importance of being exposed to diverse underwriting perspectives.

[05:01 - 10:18] Meet the Founders of Alpha Peak Capital

• How Anna and Fernando transitioned from chemical engineers to real estate investors.
• The importance of mindset and community in scaling a real estate portfolio.
• Why real-world underwriting experience builds confidence and clarity.

[10:19 - 15:43] Underwriting 101: Known Variables vs. Assumptions

• What underwriting really involves and the role of knowns vs. assumptions.
• The importance of recognizing market rent, cap rates, and economic vacancy.
• How seemingly small data points—like window conditions—can affect outcomes.

[15:44 - 20:00] Tools and Templates: Where to Begin

• Why there’s no need to build your own underwriting model from scratch.
• Useful tools mentioned: Rand Capital, Synthesis Model, Michael Blank’s analyzer.
• How repeated practice builds reliable rules of thumb in your underwriting.

[20:38 - 23:45] Local Knowledge is Your Edge

• The importance of PMs and bankers in understanding expense ratios and market rents.
• How lease terms, seasonality, and dynamic pricing affect rent comps.
• Why using outdated or generic rent data can derail your deal analysis.

Connect with Anna:

LinkedIn: https://www.linkedin.com/in/ibuybuildings/

Connect with Fernando:

LinkedIn: https://www.linkedin.com/in/fernandoapartments/

Key Quotes:

“The first time I heard that ‘other income’ can make or break a deal was from Anna and Fernando. That stuck with me.” - Angel Williams

“People who win deals usually know their markets better than everyone else—and they work harder.” - Fernando Arias

Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!

What’s the real risk behind accepting investor referrals—and what could cost you hundreds of thousands without you realizing it?

In this episode, Dugan Kelley clarifies the rules around raising capital under the 506(b) exemption. He breaks down what counts as general solicitation, when a preexisting relationship is required, and how word-of-mouth referrals can create unexpected liability. They also address growing confusion around registered broker-dealers, finder’s fees, email marketing boundaries, and the future of accreditation rules. If you’ve ever questioned how to stay compliant in your real estate syndication or capital raise, this conversation gives practical guidance to protect yourself and your investors.

[00:01 - 05:49] The Broker-Dealer Dilemma

• Why only registered broker-dealers can legally accept commissions
• What most people misunderstand about co-sponsors and cap-raising roles
• The importance of avoiding unnecessary regulatory exposure

[05:50 - 09:35] The Truth About 506(b) & Referrals

• Why preexisting relationships matter—but aren't always required
• What the SEC actually says about general solicitation
• The significance of documentation in defending your offering

[09:36 - 13:25] Finders, Word of Mouth, and the “Paul Anka Rule”

• What the limited finder’s exemption really allows
• The importance of avoiding indirect solicitation
• Why most operators avoid referral-based models

[13:24 - 17:23] Email Lists, Accreditation Rules & SEC Trends

• When it’s safe to email your list about deals
• The unlikely future of a $10 million net worth accreditation rule
• The importance of understanding the SEC’s slow pace of change

[17:24 - 22:44] When to Move from 506(b) to 506(c)

• Why most operators stick with 506(b) early on
• What to consider when transitioning to 506(c)
• The importance of knowing your investor base

Connect with Dugan:

LinkedIn: https://www.linkedin.com/in/dugan-kelley-0019b435/

Key Quotes:

“There is no such thing as a professional referral unless the professional is a registered broker-dealer.” -Dugan Kelley

“You have the burden to prove you didn’t solicit someone—even if they were referred to you.” - Dugan Kelley

Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!

What’s the real cost of raising capital without knowing the rules—and why could one wrong move unravel your entire deal?

In this episode, securities attorney Dugan Kelley breaks down the often misunderstood legal frameworks behind raising private capital through syndication. With over $4 billion in structured transactions under his belt, Dugan offers a clear overview of how to legally structure offerings under SEC rules—especially Rule 506(b) and 506(c)—and the serious risks of getting it wrong. He unpacks what it means to be an issuer, the importance of broker-dealer registration, the difference between accredited and sophisticated investors, and how new developments like Rule 241 offer flexibility when testing investor interest.

[00:01 - 05:12] Understanding the Issuer Exemption

• The importance of identifying whether it's truly your deal
• Why the issuer exemption protects you from broker-dealer registration
• The need for co-sponsors to play active roles—not just raise funds

[05:13 - 09:20] Rule 506(b) vs. 506(c): What’s the Difference?

• Why 506(b) is the historical path and what it allows
• The significance of 506(c)'s advertising freedom—and its investor limitations
• What the SEC requires in each case

[09:21 - 13:36] Accredited Investor Verification Rules

• What the SEC expects for 506(c) accreditation proof
• Why personal relationships matter in 506(b) offerings
• The importance of third-party verification letters from CPAs, attorneys, or broker-dealers

[13:37 - 17:00] Rule 241 and Testing the Waters

• How sponsors can gauge investor interest before choosing 506(b) or 506(c)
• What disclaimers are legally required during this phase
• Why soft commits during this stage are non-binding

[17:01 - 21:35] Unregistered Finders and Legal Risks

• The significance of avoiding unlicensed capital raisers
• Why deals can be canceled due to regulatory violations
• The importance of complying with both federal and state securities laws

Connect with Dugan:

LinkedIn: https://www.linkedin.com/in/dugan-kelley-0019b435/

Key Quotes:

“Don’t lie, don’t cheat, don’t steal, and share the same information with all your investors.” - Dugan Kelley

“You can do this. If you build relationships and follow the rules, anyone can succeed in syndication.” - Dugan Kelley

Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!

What do most new investors overlook when raising capital, and how can a single missing document expose the entire deal?

In this episode, Dugan Kelley breaks down the legal side of raising money for real estate deals, especially under Rule 506(b) exemptions. Dugan shares a clear, actionable breakdown of the syndication process, how securities laws apply, and the key legal structures every investor should understand. With over $4 billion in structured transactions under his belt, he walks through the must-have documents, how to avoid legal pitfalls, and the significance of understanding the difference between accredited and sophisticated investors. Whether you're syndicating your first deal or investing passively, this episode outlines what you need to know to stay compliant and protect your capital.

[00:01 - 05:42] Syndication Basics: What Are You Selling?

• The importance of understanding whether you're selling a security
• Why real estate syndication usually involves securities law
• The role of passive investors and operator equity in typical deal structures

[05:42 - 10:53] Securities Law 101: Are You in the SEC’s Jurisdiction?

• What defines a security in real estate transactions
• Why even small deals may trigger SEC oversight
• The need for a Private Placement Memorandum (PPM) in most syndications

[10:54 - 15:27] The Six Ingredients Every PPM Must Have

• What the SEC expects in a compliant real estate offering
• The importance of risk disclosures, business plans, and subscription agreements
• Why a company agreement governs everything after the close

[15:28 - 20:33] Who Qualifies to Invest: Accredited vs. Sophisticated

• What makes someone an accredited investor (net worth or income thresholds)
• How recent SEC updates have expanded access to more people
• The significance of entity-based accreditation

[20:34 - 24:05] Sophisticated Investors: A Gray Area You Need to Understand

• What defines a sophisticated investor and how to evaluate suitability
• Why Rule 506(b) limits the number of these investors to 35
• The risk tolerance, intent, and understanding needed to qualify

Connect with Dugan:

LinkedIn: https://www.linkedin.com/in/dugan-kelley-0019b435/

Key Quotes:

“If your purpose is to raise capital and the buyer’s purpose is to receive a profit, you’re selling a security.” — Dugan Kelley

“If your deal is missing a company agreement or key disclosures, that’s a red flag—don’t invest.” — Dugan Kelley

Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!

How can authenticity and a genuine desire to help others become the key to unlocking exponential growth in real estate networking?

In this episode, Angel speaks with Don Spafford about the often-overlooked value of building real relationships in the real estate world. Rather than chasing followers or deals, Don shares how his organic approach to networking—driven by sincerity, reciprocity, and consistency—has led to major professional milestones, including partnerships in large-scale development projects and a role with Happy Camper Capital. The conversation also explores mindset shifts, personal growth, and how being unapologetically yourself can attract the right people and opportunities.

[00:01 - 04:00] A Different Kind of Networking

• Why shared learning in meetups can be more valuable than formal education
• How introverts can still thrive through genuine relationships
• The importance of letting others shine by redirecting opportunities

[04:15 - 08:46] Sharing Without Expectation

• What motivates Don’s content and online presence
• How low-pressure communication builds trust
• Why promoting others builds long-term relationships

[08:47 - 12:29] From BiggerPockets to Big Projects

• The significance of planting seeds in networking conversations
• How one “no” today can become a “yes” a year later
• Why relationships built on mutual benefit create sustainable growth

[12:30 - 16:08] Embracing Opportunities with Excitement

• Why Don shifted his focus from multifamily to RV parks
• The importance of following curiosity in investment choices
• How authenticity turns conversations into collaborations

[16:09 - 21:36] Mindset, Magnetism, and Meaningful Connections

• Why being yourself removes pressure and builds confidence
• The significance of deep, non-superficial relationships
• How mindset shifts can influence both personal and business growth

Key Quotes:

“I don’t ever come across like I’m just here to get your money… I’m here to give you something else to think about.” – Don Spafford

“Being genuine and being yourself… it pays off.” – Don Spafford

Connect with Don:

LinkedIn: https://www.linkedin.com/in/don-spafford-5887867/

Key Quotes:

“Nobody cares what you went through. They want to know: did you close or not?” - Angel Williams

“Make sure people know what you’re doing. Just talk to them like you would about your vacation.” - Brian Briscoe

Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!

How can you grow meaningful investor relationships—without pitching, chasing, or selling?

In this episode, Don Spafford joins Angel Williams to share how strategic networking and mindset shifts helped him move from financial struggle to real estate success. Don explains why leading with service, not sales, builds trust, and how finding shared interests—even coin collecting—can open doors to deeper relationships. They explore how non-traditional groups like service organizations can yield better investor connections than typical meetups, and how simple, consistent outreach can multiply your network. The conversation also touches on mentorship, financial freedom through real estate, tax strategies, and creative investment ideas beyond property—like agriculture, ATMs, and helium.

[00:01 – 04:33] Start by Helping, Not Pitching

• Why offering value first builds stronger connections
• The significance of shared interests as conversation starters
• How Don connected with Jay Money through coin collecting

[04:34 – 08:46] Go Beyond Real Estate Meetups

• The importance of meeting people outside your niche
• Why service clubs and volunteer boards attract serious investors
• How shared purpose leads to aligned goals

[08:47 – 12:28] From Broke to Fourplex

• What motivated Don to leverage his 401(k) despite financial stress
• The importance of changing financial trajectories through action
• Why real estate became his vehicle to FI

[12:29 – 16:58] LinkedIn Growth & Intentional Visibility

• How Don grew from 300 to 2,500+ LinkedIn connections in a year
• The importance of visibility and consistent posting
• What posting meetup recaps taught him about content and connection

[16:59 – 20:15] Mentorship, Mindset & Tax-Smart Investing

• The impact of long-term mentorship on young immigrants
• Why real estate isn’t the only path to passive income
• How tax strategy books reshaped Don’s financial thinking

“Offering help before asking for help—that’s how you start real connections.” - Don Spafford

“Most of the world’s millionaires didn’t start rich. They built it through real estate or business.” - Don Spafford

“Networking is showing that you care, not just looking for investors.” - Don Spafford

Connect with Don:

LinkedIn: https://www.linkedin.com/in/don-spafford-5887867/

Key Quotes:

“Nobody cares what you went through. They want to know: did you close or not?” - Angel Williams

“Make sure people know what you’re doing. Just talk to them like you would about your vacation.” - Brian Briscoe

Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!

Can an introvert build a successful real estate network? Don Spafford proves that authenticity trumps personality type every time. Today, Angel sits down with Don Spafford to explore his remarkable journey from finance professional to successful real estate investor. Despite being a self-proclaimed introvert, Don shares how he pushed past his comfort zone to build meaningful connections that transformed his investing career. This episode reveals the unexpected doors that open when you commit to genuine networking, highlighting how authenticity creates opportunities regardless of whether you're naturally outgoing or reserved.

• How finance careers can build a foundation for real estate investing
• Why family circumstances often reshape investment geography
• The importance of supporting a partner's career as a gateway to new opportunities

• Why platforms like BiggerPockets matter when lacking local mentors
• How reaching out to podcast guests can create valuable connections
• The value of daily podcast consumption in accelerating your learning

• How introverts can use written communication to build confidence
• Why acknowledging comfort zones is essential for growth
• The importance of sharing local expertise to become a valuable resource

• How online connections can transform into real investment deals
• Why maintaining a contact database matters for future opportunities
• The value of pushing through discomfort in virtual meetups

• Why authenticity matters more than appearing successful
• How personality type doesn't limit relationship-building ability
• The significance of quality over quantity in investor networks

Connect with Don:

LinkedIn: https://www.linkedin.com/in/don-spafford-5887867/

Key Quotes:

“Nobody cares what you went through. They want to know: did you close or not?” - Angel Williams

“Make sure people know what you’re doing. Just talk to them like you would about your vacation.” - Brian Briscoe

Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!