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.

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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

Building a CPA Firm Rollup While Navigating the Multifamily Downturn w/ Reed Goossens