Episode 278. The Truth About Year One: Why Operations Feel Like a Fire Drill

Everyone loves a "we closed" post… but nobody talks about what actually happens next. Year one of operations is the most chaotic, most demanding, and least "passive" part of multifamily real estate — and most people have no idea what they're stepping into.

In this episode, I break down the real work behind owning and operating apartments. Year one is where the property starts talking to you. Tenants, lenders, partners, vendors — everyone needs something. Problems you never saw in due diligence suddenly show up. Bills spike. Delinquency hits. Contractors ghost you. Utilities jump. And every weakness in your business plan gets exposed instantly.

This is the part Instagram never shows.

In this episode, we cover: – Why year one feels like a constant fire drill – The truth about older buildings and hidden issues – Delinquency, turnover, and the residents you "inherit" – The vendor and contractor chaos nobody warns you about – Cash flow pressure, tax deadlines, and insurance headaches – Weekly operator habits that keep a deal alive – Why year one determines the success of the entire hold period – What real operators do when the pain hits

If you're in year one right now, you're not crazy — you're becoming an operator. If you're thinking about becoming a GP, listen with both ears open. And if you're an LP, this is why operators get paid what they get paid.

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Small axe. Big trees. Let's get to work.