How to Pick a Multifamily Operator You Don’t Regret in 5 Years
Pascal Wagner talks with Michael Blank about what went wrong in multifamily last cycle, how debt and capital calls hurt LPs, and what to ask an operator.
In this interview
Michael Blank walks through what went wrong in multifamily at the last market peak, from high leverage to interest rate caps that became too costly to renew, and why many LPs stopped investing afterwards. He explains how deals are financed and underwritten differently now. He covers when it makes sense to invest actively or passively, and what his firm learned about staying in one area with one team. He closes with what an LP should look for in an operator: a track record as a team, quick answers and a willingness to share documents, and why asking plain questions matters.
Chapters
- Meet Michael Blank
- What changed in multifamily
- Why many LPs stopped investing
- Why Michael Blank chose multifamily
- Investing actively or passively
- What his firm looks for in a property
- Lessons from staying in one area
- What an LP should look for and ask
The picture is YouTube’s poster for this episode. Published January 6, 2026 by Pascal Wagner, founder of DealStack. DealStack does not rate or recommend firms. Nighthawk Equity does not pay DealStack, so this page is not a paid placement.
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