In this episode, Axel records the first-ever live, in-studio episode of the Multifamily Wealth Podcast alongside good friend and fellow Southern New Hampshire investor Sean LeBlanc of Mammoth Properties. Sean runs a vertically integrated operation managing 262 units and roughly $60M in assets — and brings a uniquely hands-on, operator-first perspective to every aspect of buying and running multifamily real estate.

The conversation covers Sean's journey from mortgage broker to full-time operator, the philosophical and practical differences between operator-first investors and spreadsheet-first investors, and how building a world-class in-house management team creates a genuine competitive edge when pursuing deals. Sean and Axel also get into the tactical mechanics of executing a value-add business plan — from what happens on day one post-close to how to sequence exterior improvements, rent increases, and tenant communication to maximize results.

This episode is essential listening for operators who want to understand how in-house management creates acquisition advantages, and for investors at any stage who want a real, unfiltered look at what building a sustainable multifamily business actually requires.

Join us as we dive into:

How Sean built Mammoth Properties by selling his best-performing asset, parking $250K into an operating account, and hiring top-down from day one
The "grow or die" phase every serious operator goes through early on — and why some risk-taking early in your career is necessary
The operator-first vs. spreadsheet-first investor divide — and why Sean views every acquisition through a management lens
Why hiring a high-level COO (Troy) before hiring anyone else unlocked the foundation for long-term portfolio growth
How vertical integration — owning cleaning contracts, maintenance, and renovations under Mammoth — creates certainty in underwriting that third-party operators simply can't match
The sequencing strategy for value-add takeovers: big exterior improvements first, phased rent increases over the first six months, and targeting bad-apple tenants early
Why common area renovations early in a heavy value-add can backfire — and what to focus on instead
The role of goodwill and reputation in long-term vacancy performance — and why spending money that doesn't pencil on paper often pays off in the P&L
Current challenges: market paranoia, the political climate around rent control, and the difficulty of making clean acquisition decisions as a more established operator
Why New Hampshire remains one of the most compelling multifamily markets in New England — and what the Massachusetts rent control vote in November could signal

Connect with Sean LeBlanc:

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Learn more about Mammoth Properties

Connect with Axel:

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