Why are two seasoned developers turning their focus to self-storage, and what makes this niche so powerful in a shifting economy?

In this episode of The Academy Presents: Real Estate Investing Rocks, Angel Williams welcomes Ben Salzberg and Bill Kanatas, co-founders of Self Storage Developers. With backgrounds in engineering, finance, and decades of commercial real estate experience, Ben and Bill break down why they shifted into self-storage, what sets their approach apart, and how they navigate everything from zoning to construction. The discussion also dives into their development philosophy, how their teaching experience shapes their leadership, and why self-storage thrives even during economic downturns.

[00:01 - 04:00] Who Are Ben & Bill?

• How Bill and Ben's combined experience in engineering, finance, and real estate development informs their approach
• Why their roles in operations and finance create balance in their partnership.
• The significance of their passion for people and problem-solving in real estate.

[04:01 - 08:00] Educators Turned Entrepreneurs

• How working in education prepares people for real estate and leadership.
• Why educators often bring creativity and out-of-the-box thinking into business.
• The importance of communication and empathy in both teaching and entrepreneurship.

[08:01 - 12:00] The Shift to Self-Storage

• Why the transition from car washes to self-storage was a strategic move.
• The need for research and analytics before entering the self-storage space.
• How their first conversion project laid the foundation for their development model.

[12:01 - 15:00] Why Self-Storage Works

• The significance of storage needs during life transitions like divorce, downsizing, or death.
• How self-storage holds up during economic downturns compared to multifamily.
• What makes self-storage operationally easier and financially less volatile.

[15:01 - 18:97] Ground-Up vs. Conversions

• Why ground-up development allows for more flexibility in design and amenities.
• How building codes, zoning, and structural load considerations impact development.
• The need to factor in taxes, incentives, and city approvals early in the process.

Connect with Benjamin:

https://www.linkedin.com/in/bensalzberg/

Connect with Bill:

https://www.linkedin.com/in/bill-kanatas-micp-999255141/

Key Quotes:

"We come to work with a smile and go home with a smile. That’s the goal." - Bill Kanatas

"Storage is one of the few things people always need—death, divorce, downsizing, it all leads back to storage." - Ben Salzberg

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 if the best way to predict the housing market isn’t found in complex data, but simply by reading the price trends?

In this episode, Stefan Tsvetkov, founder of RealtyQuant, breaks down how simple price trend analysis can outperform traditional real estate forecasting models. He explores why relying solely on fundamentals may overlook key insights and explains the importance of understanding downside risk in today’s market. Through decades of data and hands-on experience, Stefan shares how investors can build confidence, reduce risk, and make smarter decisions by developing their data-driven intuition.

[00:01 - 05:45] What Price Alone Can Reveal

• Why price trends often outperform fundamentals in predictive accuracy.
• The significance of irrational overvaluation in housing markets.
• How using fewer variables may yield better clarity.

[05:46 - 10:05] The Power of Knowing Less but Knowing It Well

• How building your own data intuition boosts investing confidence.
• Why investors should stop overlooking downside risk.
• The need to simplify decision-making using clear signals.

[10:06 - 15:30] The Truth About Downside Risk

• What makes undervalued markets safer during downturns.
• How historical patterns can forecast future volatility.
• The importance of recognizing where you are in the market cycle.

[15:31 - 21:28] Stability Beats Hype

• How low-volatility markets can offer protection.
• Why investor hype can lead to greater exposure.
• What investors can learn from those who survived the 2008 crash.

[21:29 - 26:31] Making Rational Decisions Your Way

• Why trusting one’s own process matters more than any single model.
• The value of collecting multiple data points to cancel out bias.
• How mindset impacts action more than metrics alone.

Connect with Stefan:

https://www.linkedin.com/in/stefantsvetkov

Key Quotes:

“Real estate isn’t that hard. It’s driven by the same fundamentals: population, income, and housing supply.” - Stefan Tsvetkov

“If you don’t derive your intuition, you’re not going to take action.” - Stefan Tsvetkov

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 knowing a market’s fundamentals help investors better understand the real risk behind rising property prices?

In this episode, data-driven real estate analyst Stefan Tsvetkov breaks down the relationship between real estate fundamentals and market overvaluation. He explains how factors like income, housing supply, and regression-based forecasting models help reveal where markets may be overheated. Drawing on lessons from the global financial crisis and updated metrics through 2021, Stefan explains how seemingly booming markets may carry hidden downside risk—and why timing corrections is nearly impossible. With county- and state-level insights, this episode is a valuable guide for any investor who wants to gauge risk more accurately and avoid misleading hype.

[00:01 - 06:00] Fundamentals Don't Lie

• How price-to-income ratios reveal overvaluation risk
• Why state-level data shows stronger correlation than county-level analysis
• The significance of 83–87% correlation during the 2008 crisis

[06:01 - 12:00] Real Estate vs. Stock Market Logic

• How real estate is easier to value than equities
• Why appraisals and valuation models make market inefficiencies more visible
• The importance of knowing whether your asset is fairly valued

[12:01 - 18:00] Warning Signs from Western States

• Why western states showed early signs of overvaluation in 2021
• How wage growth lagged behind real estate price growth
• The need to balance asset appreciation with rising downside risk

[18:01 - 24:00] Forecasting vs. Fundamentals

• Why price forecasting and market valuation are not the same
• How income-based models don’t need interest rate adjustment
• The value of long-term trends in identifying safe markets

[24:01 - 28:11] Where to Look Now

• Why undervalued states like Indiana and Kentucky might offer better downside protection
• The importance of mixed-method analysis for forecasting and risk
• How to approach hot markets like Boise and Phoenix with caution

Connect with Stefan:

https://www.linkedin.com/in/stefantsvetkov

Key Quotes:

“Real estate is a fundamental asset. If prices deviate from fundamentals, corrections follow.” - Stefan Tsvetkov

“People say real estate is hyper-local, and that's true. But it's also harder to predict at the hyper-local level.” - Stefan Tsvetkov

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!

Why does using just price data often outperform traditional market fundamentals in predicting real estate trends?

In this episode, financial engineer and real estate investor Stefan Tsvetkov explains why relying on price trends can be more accurate than using population, income, or job growth to forecast appreciation. Drawing from years of data modeling and firsthand investment experience, Stefan breaks down the mechanics of momentum in real estate markets and introduces tools for predicting downside risk. He also shares lessons from the 2008 crash to highlight the risks of ignoring valuation. This is a numbers-based look at smarter, leaner ways to evaluate and choose real estate markets.

[00:01 - 06:00] The Case for Price Over Fundamentals

• How price data leads to fewer forecasting errors.
• Why adding more variables increases uncertainty.
• The importance of simplifying your analysis.

[06:01 - 12:43] Momentum in Real Estate

• How last year’s prices help predict this year’s.
• Why many markets show strong trend patterns.
• The significance of autocorrelation in market forecasting.

[12:44 - 18:51] Forecasting with Models

• How tools like ETS help spot short-term trends.
• Why 2021 broke from historical patterns.
• The need to update models as trends shift.

[18:52 - 24:37] Population Growth vs. Price Performance

• Why population explains only part of the trend.
• How combining metrics offers a fuller view.
• The importance of watching overvalued markets.

[24:38 - 27:44] Measuring Downside Risk

• How past crashes linked to overvaluation.
• Why fundamental misalignment increases risk.
• The importance of tracking valuation gaps.

Connect with Stefan:

https://www.linkedin.com/in/stefantsvetkov

Key Quotes:

"You commit a five times bigger error trying to model future appreciation with fundamentals than if you just look at prices alone." - Stefan Tsvetkov

"Real estate is a fundamental asset. When prices deviate far from fundamentals, downside risk increases significantly." - Stefan Tsvetkov

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 happens when inflation outpaces income, and how can real estate investors adapt before the breaking point hits?

In this thought-provoking episode, Angel welcomes Rich Neuharth and Moses Lucero to explore the often-overlooked emotional and strategic aspects of underwriting in a volatile economic landscape. As inflation surges and affordability concerns loom, this conversation unpacks how mindset, data, and creativity intertwine when making investment decisions. Rich and Moses open up about their struggles with rejection, finding the right mentors, and reframing failure as a learning opportunity.

[00:01 - 04:00] When Prices Outpace Paychecks

• Why inflation is increasingly unsustainable for the average household.
• The importance of anticipating economic tipping points when underwriting deals.
• How investors might need to prepare for a shift toward shared housing and resource consolidation.

[04:01 - 08:46] Rents, Rates, and Reckonings

• What rent control discussions in red states signal about the changing political landscape.
• How rising interest rates historically trigger regulatory intervention and potential recessions.
• The significance of learning from past economic cycles like the Great Depression and 2008 crisis.

[08:47 - 12:13] When Numbers Feel Like a Wall

• Why financial literacy barriers often stem from mindset blocks, not ability.
• The need to recognize and confront personal narratives that limit learning.
• How connection with the right teacher can reignite passion for difficult topics.

[12:14 - 16:49] Resets, Rejections, and Reality Checks

• How to emotionally recover from rejection and continue calling, underwriting, or analyzing deals.
• The importance of taking a break to reset instead of internalizing repeated failure.
• Why even the most seasoned professionals question their worth—and how to move past it.

[16:20 - 20:56] Leveling Up Through Curiosity and Collaboration

• How underwriters "gear up" by finding hidden value in overlooked properties.
• Why passion, community, and creativity are crucial tools for value investors.
• The significance of recognizing shared struggles, even when operating in different lanes of a business.

Connect with Rich:

https://www.linkedin.com/in/realmindsetrich

Connect with Moses:

https://www.linkedin.com/in/moses-lucero-9026b220b/

Key Quotes:

“It's not how much you are learning, it's about who you're learning it from.” - Moses Lucero

“You’re going to die and get kicked off the horse more times than you’re gonna win—but let me tell you, the wins are real good.” - Rich Neuharth

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 happens to property value when cap rates and NOI start moving in opposite directions—and how should investors prepare for that?

In this episode, Angel Williams speaks with Rich Neuharth and Moses Lucero about the realities of underwriting in multifamily investing. They break down cap rates, NOI (Net Operating Income), and the complex relationship between market forces and property performance. Rich walks through examples that clarify how small shifts in cap rates can drastically affect valuations and explains why mindset and transparency matter in underwriting. Angel challenges the assumptions with sharp questions, leading to a clear discussion of how to stress-test deals, factor in risk, and use underwriting tools responsibly.

[00:01 - 04:30] Cap Rates in Action

• How a $1M NOI changes value depending on cap rate shifts
• Why cap rate compression inflates property value—and vice versa
• The importance of separating property-level performance from market dynamics

[04:31 - 08:15] Mindset and Learning Through Repetition

• How mindset impacts willingness to ask questions and learn
• Why repeating and reframing concepts leads to deeper understanding
• The need for more open conversations about not understanding financial concepts

[08:16 - 12:30] Market Cap vs. Purchase Cap

• What the significance of market cap rate is during appraisals
• How to handle disconnects between deal-level and market expectations
• Why accurate comps and broker input guide realistic underwriting assumptions

[12:31 - 16:00] The Push-Pull of NOI and Cap Rate in Valuation

• How to analyze proportional changes in cap rate and NOI
• Why understanding opposing forces is key to modeling
• The importance of building performance scenarios and exit plans

[16:01 - 19:48] Stress Testing and Long-Term Thinking

• How to structure deals to withstand market fluctuations
• Why historical cap rate trends matter when forecasting
• The need to balance investor expectations with conservative assumptions

Connect with Rich:

https://www.linkedin.com/in/realmindsetrich

Connect with Moses:

https://www.linkedin.com/in/moses-lucero-9026b220b/

Key Quotes:

“The market cap only affects your sale or refinance. It doesn’t affect how your property operates day to day.” - Rich NeuhartH

“You're correcting for where you think cap rates are going. That helps you target NOI growth through CapEx and rent bumps.” - Angel Williams

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 connection between mindset and underwriting, and why should both matter to passive and active investors alike? In this episode, Rich Neuharth and Moses Lucero of Aviana Capital Group explore the surprising overlap between mindset and underwriting in multifamily real estate. They talk through how relationships, trust, and mindset influence underwriting quality, and how both GPs and LPs can better evaluate deals. The conversation also covers the importance of involving family in real estate, how projections can mislead passive investors, and why conservative underwriting is a necessity, not an option. Whether you're diving into spreadsheets or just want to know how to avoid a bad deal, this episode breaks down real lessons with real numbers and real experiences.

[00:01 - 04:45] Mindset Meets the Math

• How Moses and Rich’s friendship evolved into a business partnership
• Why mindset is a key factor in approaching underwriting
• The importance of alignment in personal relationships when pursuing real estate

[04:46 - 08:25] Underwriting: A Learnable Skill

• Rich’s perspective on whether analytical thinking is innate or learned
• Moses’s journey from confusion to confidence in underwriting
• Why loving the process matters more than being naturally inclined

[08:26 - 12:45] What Every Investor Should Understand

• Why all partners—active or passive—should grasp basic underwriting
• The importance of vetting your team, not just the deal
• How equity multiple and IRR are interpreted differently by different investors

[12:47 - 17:30] Getting Burned and Learning From It

• Angel shares a personal story of a deal gone wrong
• How emotional signals and missed cues affected her trust
• What passive investors can do to protect themselves from poor projections

[17:31 - 22:28] Cap Rates and Exit Strategy Breakdown

• What exit cap rate assumptions mean and why they matter
• How unrealistic assumptions mislead investors
• Why conservative underwriting is critical in a volatile market

Connect with Rich:

https://www.linkedin.com/in/realmindsetrich

Connect with Moses:

https://www.linkedin.com/in/moses-lucero-9026b220b/

Key Quotes:

“If you separate family and business, you’re always juggling both. If you bring them together, you get to do it all the time.” - Rich Neuharth

“As an LP, you want to underwrite the person and underwrite the deal. That’s how you protect your capital.” - Moses Lucero

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 changes when affordable housing meets smart strategy—and why is the mobile home market positioned to answer America’s housing needs better than most people think?

In this episode, Angel speaks with Jack Martin about the strategies and realities behind mobile home park investing. Jack shares practical methods to scale infill, insights on chattel financing, and how to evaluate market viability based on housing demand and local economics. He breaks down the business decision between maximizing speed vs. profitability, why location truly matters, and how dealers and third-party agents play a role in filling parks efficiently. The conversation also covers broader impacts—from educational access for underserved families to long-term community stability—highlighting why mobile home investing can be both financially sound and socially meaningful.

[01:00 - 03:00] Treat Talent Like Assets

• Why compensating on par with market rent is key to employee retention.
• The importance of treating property managers as partners, not placeholders.
• How a thoughtful compensation strategy supports long-term staffing.

[03:01 - 07:00] Navigating Mobile Home Sales

• The significance of using agents who specialize in mobile homes for faster and compliant sales.
• Why chattel financing differs from traditional mortgages and what that means for buyers.
• How dealers can simplify infill but reduce owner profit margins.

[07:01 - 11:00] Infill Strategy: Profit vs. Speed

• How to decide between managing home sales in-house vs. outsourcing.
• What the cost vs. resale delta means for profitability.
• The importance of matching infill strategy to capital access and project goals.

[11:01 - 14:00] Understanding Market Fit

• Why median home values should exceed $350,000 in viable sale markets.
• How income levels and buyer demand impact rental vs. sale decisions.
• The importance of job growth and population trends in evaluating locations.

[14:01 - 17:33] Legacy and Impact in Affordable Housing

• How mobile home parks open access to quality school districts and change family trajectories.
• Why stable assets like mobile home parks are recession-resistant.
• The need for deeper conversations on tax advantages in future episodes.

Connect with Jack:

https://www.linkedin.com/in/jack-martin-52ten/

Key Quotes:

“Teach people and train them so that they could leave and treat them well enough so they won’t—that should be your goal.” - Jack Martin

“We get to make an impact and change some people’s lives... that changes the trajectory of their lives forever.” - Angel Williams

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!