Somewhere in Dallas right now, there are nearly 1,000 multifamily properties where 100% of net operating income goes straight to debt service. Not profit. Not reserves. Not investor distributions. Just keeping the loan alive. And in most cases, the property itself is fine. Occupancy is stable. Rents are being collected. The operator is doing...
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Ken McElroy’s Real Estate Edge
What the Jobs Report Doesn’t Tell You
May 13, 20260
The Labor Department reported 115,000 jobs added in April. Markets liked it. But talk to anyone actually looking for work and they’ll tell you nobody’s hiring. So which is it? Here’s what most people don’t know about how these numbers get made. The BLS releases an initial number on the first Friday of the following...
In multifamily investing, it’s easy to get lost in numbers. Between cap rates, pro formas, and projections, investors are often presented with more data than clarity. But successful investing doesn’t come from tracking every metric-it comes from focusing on the right ones. In 2026, where margins are tighter and assumptions are being tested, a handful of key metrics determine whether a...
Cap rates have long been the shorthand for evaluating real estate deals. They’re simple, widely used, and easy to compare across markets. But in today’s environment, relying on cap rates alone is one of the fastest ways to misprice risk. In 2026, where debt costs, rent growth, and operating expenses are all shifting, cap rates tell only a fraction...
Real estate rewards patience-but it punishes ignorance. The difference between experienced investors and everyone else isn’t just deal selection; it’s the ability to read markets before they turn. In 2026, as supply surges, debt tightens, and migration patterns shift, the ability to spot a failing market early has become one of the most valuable skills in real estate investing. Those who recognize the...
One of the most important forces in the economy isn’t interest rates, inflation, or even unemployment. It’s liquidity. And right now, I don’t think enough people are paying attention to what’s happening with it. The basic definition of liquidity is how quickly and easily something can be converted to cash without a significant loss in...
