David Moghavem (CIO, Trion Properties) on Where Multifamily Investing Is Headed Next

The multifamily market has gone through one of the most significant corrections in decades. Rising interest rates, slowing rent growth, operational challenges, and tightening capital markets have forced operators to rethink how they invest.

In this episode of Investing in the U.S., Reed Goossens sits down with David Moghavem, Chief Investment Officer at Trion Properties, to discuss how one of the country's leading vertically integrated multifamily firms is navigating today's market.

With over $1.5 billion in assets under management and more than 6,000 apartment units, Trion has experienced multiple real estate cycles—from purchasing distressed assets after the Global Financial Crisis to today's focus on disciplined acquisitions and operational excellence.

Reed and David discuss why today's opportunity isn't simply about buying distressed deals—it's about identifying markets with strong long-term fundamentals, structuring investments with positive leverage, and operating assets better than the competition.

The conversation also explores why operational distress may become a much larger issue than capital stack distress, how investors should think about today's interest rate environment, and why the best opportunities may no longer be in the obvious Sun Belt markets.

Finally, David shares how Trion is leveraging artificial intelligence across acquisitions, underwriting, and portfolio management to create a competitive advantage that few real estate operators currently possess.

• Why the current multifamily correction is unlike previous cycles
• The difference between capital stack distress and operational distress
• How Trion selects markets in today's environment
• Why positive leverage matters more than ever
• What investors should expect from interest rates over the next 12–24 months
• Why long-term real estate investing still creates exceptional wealth
• How AI is changing acquisitions, underwriting, and investment management

Whether you're an active syndicator, passive investor, or simply interested in the future of commercial real estate, this conversation offers valuable insights into where experienced operators see opportunity today.

Connect with Reed Goossens

👉 Join Reed's Investor List:

https://rsnpropertygroup.com/invest-with-rsn/

🎙 Investing in the U.S. Podcast:

https://reedgoossens.com/podcast

How one multifamily operator is adapting to a prolonged market correction — and why rolling up CPA firms became the next logical move for RSN Property Group.

👉 Join Reed's Investor Email List: https://reedgoossens.com/

When multifamily deal flow slows to a grind, most operators wait. Reed Goossens went looking for a better use of his operator skills. In this episode, Gary Lipsky sits down with Reed — founder of RSN Property Group and host of the Investing in the U.S. podcast — to get into how he's managing through one of the most drawn-out corrections the sector has seen, and what led him to launch Accounting First Group, a CPA firm rollup targeting the fragmented, succession-gap-heavy accounting market.

Reed breaks down why 85,000 CPA firms — more than 60% owned by someone over 50 with no exit plan — represent a genuine platform-building opportunity, and how the same operational instincts that built his multifamily portfolio apply directly to acquiring and modernizing professional services firms. He also gets into the talent war that defines the space, how AI is set to disrupt the seasonal tax prep model, and why he's capping W2 exposure at 30–40% when underwriting acquisition targets.

On the multifamily side, Reed shares what the market actually looks like on the ground — rents still flat or slightly negative, institutional capital cautious, and a recovery that's been two to three years away for what feels like years. He covers where RSN is finding deals worth chasing, how they're using 1031 exchange structures to source larger checks from sophisticated investors, and why doubling down on existing investor relationships is the most underrated fundraising move in the current environment.

Key takeaways:

00:00 Intro

01:38 Why Reed launched a CPA firm rollup

03:43 The fragmentation opportunity in the accounting space

05:33 Talent as the real competitive edge in CPA acquisitions

07:33 How AI will reshape the accounting industry

10:03 Where the multifamily market stands today

12:13 Why this cycle feels worse than 2008

14:03 Finding deals in a bifurcated market

15:53 Expanding into new markets without losing operational discipline

18:18 How RSN structures 1031 exchange equity

21:33 Cultivating investor relationships in a tough fundraising environment

24:43 Advice for operators and capital raisers right now

25:53 Outro

Additional resources:

➡️ Visit https://reedgoossens.com/

• Invest passively in multifamily real estate

• Get FREE access to my 100% Passive Real Estate Investment Masterclass

• Take a look at my portfolio

• Get FREE multifamily real estate resources

➡️ Follow me on social media:

• LinkedIn: https://www.linkedin.com/in/reed-goossens-b2a6a933/

• Instagram: https://www.instagram.com/reedgoossens/

• Facebook: https://www.facebook.com/reed.goossens/

➡️ Subscribe to my podcast:

• YouTube: @ReedGoossensREI

• Apple: https://apple.co/44MiDN7

• Spotify: https://spoti.fi/45fVIcR

• Stitcher: https://bit.ly/3OHHJqJ

• Soundcloud: https://soundcloud.com/investing-in-the-us

—

Investing in the U.S. is a podcast for real estate investors and entrepreneurs who want to break into the U.S. market and grow their wealth!

Subscribe/Follow so you never miss an episode!

💸 Invest passively in multifamily real estate: https://reedgoossens.com/

Reed Goossens is a multifamily operator and syndicator, founder of RSN Property Group, with assets across Texas, Phoenix, and the Carolinas.

This episode is hosted by Gary. We're joined by Reed Goossens, founder of RSN Property Group and host of the Investing in the U.S. podcast.

In this conversation, Reed shares what it actually looks like to operate multifamily assets through one of the most drawn-out downturns in the sector's recent history — from rents hitting new lows in 2025 to distributions stopping and equity raises stalling out across the board.

We get into why Reed believes this cycle is harder than 2008, how he's finding deals in a bifurcated market, why basis matters more than ever right now, and what led him to launch a CPA firm rollup as a way to future-proof his business outside of multifamily deal flow.

If you're a multifamily operator or passive investor trying to make sense of where the market stands today, this episode gives you a ground-level view from someone actively working through it.

Key Takeaways:

00:00 Intro

02:29 Is multifamily in a recession right now?

04:13 Why this cycle is harder than 2008

06:44 How technology changed the commercial real estate landscape

08:35 Where to find deals in today's bifurcated market

10:24 Distressed operators vs. distressed deals — knowing the difference

12:41 Why raising equity is the defining challenge for sponsors right now

14:38 The CPA firm rollup strategy explained 18:03 Structuring acquisitions with seller equity rollovers and carry notes

21:13 Future-proofing a sponsor business beyond deal flow

22:34 Outro

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Additional resources:

➡️ Visit https://reedgoossens.com/

• Invest passively in multifamily real estate

• Get FREE access to my 100% Passive Real Estate Investment Masterclass

• Take a look at my portfolio

• Get FREE multifamily real estate resources

➡️ Follow me on social media:

• LinkedIn: https://www.linkedin.com/in/reed-goossens-b2a6a933/

• Instagram: https://www.instagram.com/reedgoossens/

• Facebook: https://www.facebook.com/reed.goossens/

➡️ Subscribe to my podcast:

• YouTube: @ReedGoossensREI

• Apple: https://apple.co/44MiDN7

• Spotify: https://spoti.fi/45fVIcR

• Stitcher: https://bit.ly/3OHHJqJ

• Soundcloud: https://soundcloud.com/investing-in-the-us

—

Investing in the U.S. is a podcast for real estate investors and entrepreneurs who want to break into the U.S. market and grow their wealth!

Subscribe/Follow so you never miss an episode!

💸 Invest passively in multifamily real estate: https://reedgoossens.com/

Gary Lipsky is a multifamily operator and syndicator with over a quarter billion dollars in real estate transactions. As president of Break of Day Capital, he's built a focused portfolio in the Southwest while navigating one of the toughest stretches the multifamily market has seen in years.

This episode is hosted by Reed Goossens. We're joined by Gary Lipsky, president of Break of Day Capital and host of the Real Estate Investor Podcast, and bestselling author of Best In Class and Invest Smart.

In this conversation, Gary shares what it actually looks like to operate multifamily assets through a difficult cycle — from flat rent growth and staff turnover to capital raising headwinds and the real impact of immigration policy on occupancy.

We get into where Gary sees the market heading in 2026, how he's finding deals in a low-inventory environment, why he's still bullish on buying right now, and the operational adjustments he's making to protect NOI while waiting for conditions to improve.

If you're a multifamily operator or passive investor trying to make sense of where the market stands today, this episode gives you a ground-level view from someone actively working through it.

Key Takeaways:

0:00 Intro

01:05 Gary's background and entrepreneurial journey

03:00 From afterschool business to multifamily operator

04:25 Current portfolio and target markets 05:10 Finding deals in a low-inventory market

06:35 Raising capital in today's environment

08:05 Where we are in the market cycle

09:25 Rent ceilings, price per door, and affordability

10:50 Creating ancillary income to offset flat rent growth

11:50 Third-party vs. in-house property management

12:40 Key indicators that the market is turning

14:10 Immigration policy and its impact on occupancy

16:00 Goals and outlook for 2026

17:25 Where to find Gary Lipsky

18:35 Invest Smart Summit — April 24th

19:30 Outro

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Additional resources:

➡️ Check out Gary Lipsky:

• Website: https://breakofdaycapital.com/

• Invest Smart Summit: https://investsmartsummit.com/

• Podcast: Real Estate Investor Podcast

➡️ Visit https://reedgoossens.com/ and:

• Invest passively in multifamily real estate

• Get FREE access to my 100% Passive Real Estate Investment Masterclass

• Take a look at my portfolio

• Get FREE multifamily real estate resources

➡️ Follow me on social media:

• LinkedIn: https://www.linkedin.com/in/reed-goossens-b2a6a933/

• Instagram: https://www.instagram.com/reedgoossens/

• Facebook: https://www.facebook.com/reed.goossens/

➡️ Subscribe to my podcast:

• YouTube: @ReedGoossensREI

• Apple: https://apple.co/44MiDN7 • Spotify: https://spoti.fi/45fVIcR

• Stitcher: https://bit.ly/3OHHJqJ

• Soundcloud: https://soundcloud.com/investing-in-the-us

—

Investing in the U.S. is a podcast for real estate investors and entrepreneurs who want to break into the U.S. market and grow their wealth!

Subscribe/Follow so you never miss an episode!

When banks start calling to ask what you'd pay for a distressed asset, that's not a coincidence. That's the market telling you something.

This episode is hosted by Reed Goossens. We're joined by Marcin Drozdz, managing partner of M1 Real Capital, who has spent 18 years raising nine figures of private capital and acquiring over 1,600 units across the US.

Marcin lived through the 2008 crash from inside a private equity firm on day one — the same day Lehman Brothers collapsed. In this conversation, he draws a direct line between what he saw then and what's unfolding in commercial real estate today, from overleveraged assets and extend-and-pretend lending to the distressed opportunities he believes are coming.

We get into why banks are already making quiet calls to buyers, what replacement cost investing means in today's construction environment, the 5 million housing unit gap that never got filled, and why the buyers who move while others are frozen will look very smart in a few years.

If you're trying to make sense of where we are in the cycle and how to position for what comes next, this episode gives you the historical context and the practical framework to do it.

Let's dive in!

Key Takeaways:

00:00 Intro

01:35 How Marcin made his first dollar

04:00 Witnessing Lehman Brothers collapse firsthand

04:40 Building during COVID and launching the mentorship side

05:44 Crisis of confidence: parallels between 2009 and today

08:55 How the JOBS Act democratized investing — gift and a curse

12:41 Interest rate reality check and where asset values stand

14:46 Why replacement cost is now a core buying metric

18:44 The 5 million housing unit gap and what smart buyers are doing

20:13 Top 5 investing tips

24:59 Outro

Additional resources:

➡️ Check out Marcin Drozdz:

• Website: https://marcindrozdz.com/

• Company: M1 Real Capital

➡️ Visit https://reedgoossens.com/

• Invest passively in multifamily real estate

• Get FREE access to my 100% Passive Real Estate Investment Masterclass

• Take a look at my portfolio

• Get FREE multifamily real estate resources

➡️ Follow me on social media:

• LinkedIn: https://www.linkedin.com/in/reed-goossens-b2a6a933/

• Instagram: https://www.instagram.com/reedgoossens/

• Facebook: https://www.facebook.com/reed.goossens/

➡️ Subscribe to my podcast:

• YouTube: @ReedGoossensREI

• Apple: https://apple.co/44MiDN7

• Spotify: https://spoti.fi/45fVIcR

• Stitcher: https://bit.ly/3OHHJqJ

• Soundcloud: https://soundcloud.com/investing-in-the-us

—

Investing in the U.S. is a podcast for real estate investors and entrepreneurs who want to break into the U.S. market and grow their wealth!

Subscribe/Follow so you never miss an episode!

Real estate sponsor decisions can make or break your entire investment. A good sponsor can navigate a bad situation. A bad sponsor can blow up a perfectly good deal.

This episode is co-hosted by Ben Gray, partner and CEO at RSN Property Group. We’re joined by Brian Burke, founder and CEO of Praxis Capital and author of “The Hands-Off Investor”.

With more than 30 years of experience, Brian has operated through multiple market cycles and acquired over a billion dollars in real estate. He’s seen the run-ups, the corrections, and exactly what happens when deals are built on shaky foundations.

In this conversation, he shares what actually matters when evaluating a real estate sponsor in today’s environment.

We break down the key things you need to look for when evaluating a sponsor and how to avoid the costly mistakes that many investors make. We talk about the right questions to ask, the sponsor’s track record you should focus on, and why a sponsor’s debt strategy and capital stack can shape the entire outcome of a deal.

If you’re investing passively or thinking about it, this episode will give you a checklist to confidently vet a real estate sponsor and protect your capital.

Let's dive in!

Key Takeaways:

• 00:00 Intro
• 02:29 Chase sponsors, not deals
• 04:13 Market trends and making sense of demographics
• 08:35 How to properly vet a sponsor
• 10:24 The harsh truth about ROI
• 12:41 Sponsor due diligence and red flags
• 14:38 Three crucial questions to ask a sponsor
• 16:04 Fees, waterfalls, and underwriting
• 29:17 Debt and maturity dates
• 31:54 Advice for aspiring investors
• 32:58 Outro

Additional resources:

➡️ Check out Brian Burke:

• Instagram: https://www.instagram.com/investorbrianburke/

• Website: https://praxcap.com/

➡️ Visit https://reedgoossens.com/ and:

• Invest passively in multifamily real estate

• Get FREE access to my 100% Passive Real Estate Investment Masterclass

• Take a look at my portfolio

• Get FREE multifamily real estate resources

➡️ Follow me on social media:

• LinkedIn: https://www.linkedin.com/in/reed-goossens-b2a6a933/

• Instagram: https://www.instagram.com/reedgoossens/

• Facebook: https://www.facebook.com/reed.goossens/

➡️ Subscribe to my podcast:

• YouTube: @ReedGoossensREI

• Apple: https://apple.co/44MiDN7

• Spotify: https://spoti.fi/45fVIcR

• Stitcher: https://bit.ly/3OHHJqJ

• Soundcloud: https://soundcloud.com/investing-in-the-us

Investing in the U.S. is a podcast for real estate investors and entrepreneurs who want to break into the U.S. market and grow their wealth!

Follow so you never miss an episode!

Is build-to-rent becoming one of the most powerful wealth-building strategies in US real estate?

This week, we revisit the conversation with Jim Sheils of Southern Impression Homes to answer that question. Jim has been investing in real estate for over 25 years and now builds rental portfolios in Florida's high-growth markets for individual investors and institutional buyers.

We explore the growing potential of the BTR niche and why infill lots in established neighborhoods offer greater long-term durability than traditional fixer-uppers.

We also discuss common property management challenges, how Jim’s company survived the pandemic without bank financing, and the benefits of vertically integrated operations.

Let's dive in!

Key Takeaways:

• 00:00 Intro
• 01:07 Jim’s journey into real estate investing
• 03:06 From rehabs to build-to-rent
• 06:41 How his build-to-rent model works
• 10:49 Florida rent growth before and after pandemic
• 16:55 Supply constraints and bank lending pressure
• 20:50 Five high-performance habits
• 23:00 Jim’s vertical integration strategy

Additional resources:

➡️ ‘Passive Income Playbook’ by Jim & Jamie Sheils: https://jjplaybook.com/

➡️ Visit https://reedgoossens.com/ and:

• Invest passively in multifamily real estate

• Get FREE access to my 100% Passive Real Estate Investment Masterclass

• Take a look at my portfolio

• Get FREE multifamily real estate resources

➡️ Follow me on social media:

• LinkedIn: https://www.linkedin.com/in/reed-goossens-b2a6a933/

• Instagram: https://www.instagram.com/reedgoossens/

• Facebook: https://www.facebook.com/reed.goossens/

➡️ Subscribe to my podcast:

• YouTube: @ReedGoossensREI

• Apple: https://apple.co/44MiDN7

• Spotify: https://spoti.fi/45fVIcR

• Stitcher: https://bit.ly/3OHHJqJ

• Soundcloud: https://soundcloud.com/investing-in-the-us

Investing in the U.S. is a podcast for real estate investors and entrepreneurs who want to break into the U.S. market and grow their wealth!

Follow so you never miss an episode!

What does it really take to stay successful as a real estate investor over multiple market cycles?

In this episode, host John Casmon sits down with Reed Goossens, founder of RSN Property Group, to unpack how his investing philosophy has evolved over the last decade, and why long-term winners focus less on timing the market and more on consistently placing capital with discipline.

Reed shares hard-earned lessons from operating through rising rates, flat rents, and increasing expenses, and explains why today’s investors must think beyond “passive” multifamily investing. From underwriting realities and operational pressure to building complementary business verticals for sustainable cash flow, this conversation offers a grounded look at what it takes to survive, and win, when the easy years are gone.

Whether you’re an active operator or a serious passive investor, this episode will help you think more clearly about risk, cycles, and long-term portfolio resilience.

Key Takeaways:

• Intro (00:00)
• Understanding Market Cycles (05:14)
• Why Multifamily Isn’t Passive Anymore (14:10)
• Underwriting Reality Check (26:35)
• Building an Investing Ecosystem (37:00)
• Staying Active While Others Wait (45:49)

Additional resources:

➡️ Visit https://reedgoossens.com/ and:

• Invest passively in multifamily real estate

• Get FREE access to my 100% Passive Real Estate Investment Masterclass

• Take a look at my portfolio

• Get FREE multifamily real estate resources

➡️ Follow me on social media:

• LinkedIn: https://www.linkedin.com/in/reed-goossens-b2a6a933/

• Instagram: https://www.instagram.com/reedgoossens/

• Facebook: https://www.facebook.com/reed.goossens/

➡️ Subscribe to my podcast:

• YouTube: @ReedGoossensREI

• Apple: https://apple.co/44MiDN7

• Spotify: https://spoti.fi/45fVIcR

• Stitcher: https://bit.ly/3OHHJqJ

• Soundcloud: https://soundcloud.com/investing-in-the-us

—

Investing in the U.S. is a podcast for real estate investors and entrepreneurs who want to break into the U.S. market and grow their wealth!

Follow so you never miss an episode!