Stop Buying Single Family Homes — Here's How to Build Real Wealth with Multifamily Real Estate

Summary

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The MORE Show – Episode Summary

Episode Title

Stop Buying Single Family Homes — Here's How to Build Real Wealth with Multifamily Real Estate
Host: Justin Moore (Colby)
Guest: Adam Williams
Date: April 24, 2026

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OVERVIEW: MAIN THEME & PURPOSE

This episode dives deep into why the traditional path of buying single family homes for investment is flawed and how multifamily real estate presents a far superior, scalable, and sustainable wealth-building vehicle. Host Justin Moore (Colby) and guest Adam Williams share brutally honest lessons from their decades of real estate experience, focusing on the pitfalls of single-family strategies, the power of multifamily syndication, leveraging community and expertise, and how everyday investors can start building true generational wealth — even with limited time and money.

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KEY DISCUSSION POINTS & INSIGHTS

1. Single Family vs. Multifamily: Real Wealth Requires Scale

• Transactional Income vs. Wealth Creation: Flipping and wholesaling single family homes generate active income but rarely deliver long-term wealth or financial freedom. Multifamily real estate, by contrast, offers true passive income, tax advantages, and compounding returns.
  • Justin Moore: “Doing the transactional business is great… but it doesn’t turn into wealth.” [03:16]
• Risk and Burnout: Managing a large portfolio of single family rentals brings operational headaches, thin margins, and high risk with little scalability.
  • Adam Williams: “Halfway through, mid-2006, about 150 deals in, I said, there's no way I want to manage single families. It was a nightmare.” [13:09]

2. The Importance of Community, Education, and Proximity

• Access Over Experience: You don’t need years of experience or vast capital to get into multifamily. Proximity to the right people, knowledge, and community is the fastest way to start.
  • Adam Williams: “You just need to have access, you need to have the right community… the right team and the right ecosystem.” [05:37]
• Action vs. Learning: The MORE Club was founded to help members actually DO deals, not just learn in theory.
  • Justin Moore: “Our community is all about one thing — actually doing deals versus just sitting there watching and learning.” [02:34]

3. Hard Lessons, Scars, and Bad Actors

• Learning From Failure: Moore shares candidly about his attempt to scale single-family investing (targeted by Grant Cardone) that ended in financial turmoil, emphasizing the need for humility, mentorship, and adaptation.
  • Justin Moore: “I broke the machine… It’s going to cost me millions.” [07:01]
  • He describes being defrauded by a bad actor, underscoring the value of vetting networks and not going it alone.

4. Why Now Is a Historic Moment for Multifamily

• The ‘Perfect Storm’ of Multifamily Opportunity: Williams points to market conditions creating massive discounts, rising rents, and crucial tax incentives:
  • Oversupply in select markets is normalizing, with demand now poised to outpace supply.
  • Significant $20M–$30M discounts on large apartment assets are available due to bridge loan maturities.
  • The return of 100% bonus depreciation (as of July 2025) under recent legislation is a massive tax advantage for investors.
  • Adam Williams: “We’re able to buy properties at a 30–40% discount... demand is outpacing supply and the maximum tax benefits are back. This will be here the next 18–24 months.” [28:28]
• You Don’t Need Six Figures: New SEC rules and innovative structures allow non-accredited investors to participate with $10k–$20k.
  • Justin Moore: “We can actually bring in unaccredited individuals that get tax write offs, ownership, income, all the perks…” [21:23]

5. Tools, Calculators, and Practical Onramps

• Clarity Via Numbers: Williams advocates for using practical calculators to estimate retirement readiness and the true compounding power of multifamily investment.
  • Retirement is “a math problem, not an age”—most people are unprepared and misinformed about their future needs. [17:51]
  • Adam Williams: “Hope and pray is not a plan.” [18:38]
• FREE Calculators: Listeners can access a retirement calculator, investor calculator (showing compounding), and a multifamily vs. single family comparison on their websites.

6. Staying In Your Lane & Partnering For Scale

• Focus is Key: Both stress the importance of sticking to your area of expertise and partnering with proven operators.
  • Adam Williams: “Every time I step out of my lane, I get a toe blown off. I need my toes!” [34:17]
• Win With Proven Models: Ellevest Capital (run by Williams, partnered with Moore) focuses exclusively on acquiring large, value-add multifamily at deep discounts, renovating, and achieving consistent outsized returns within a tight operational niche.

7. Taking Action: No More Excuses

• Don’t Be Passive: Real wealth creation is possible for anyone willing to act, plug in, and learn with others.
  • Justin Moore: “It takes action... you don't need to go pay me or you 10 grand. This is a community about doing deals.” [23:40]
• Legacy and Generational Wealth: Both are adamant that real estate — specifically multifamily — is the most reliable vehicle for building compounding wealth and leaving a lasting impact.

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MEMORABLE QUOTES

• Justin Moore: “If you are looking to buy a single family asset to keep for the long term, you’re dumb. There's no world I'd ever do that again.” [30:15]
• Adam Williams: “You cannot trade time for dollar and get wealthy… the eighth wonder of the world is compounding. The ninth wonder is leverage.” [11:35]
• Justin Moore: “Before we dive in, I want to talk to you about LFS Capital… I don’t have to worry about managing tenants or dealing with repairs. The team handles absolutely everything, and my income is 100% passive, and that's just the way I like it.” [08:20]
• Adam Williams: “Retirement is not an age, retirement is a math problem. When you have enough passive income, you can retire — I don't care if you’re 30 or 130.” [17:51]

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TIMESTAMPS FOR IMPORTANT SEGMENTS

| Timestamp | Segment | |---|---| | 01:15 | Setting the tone — scars from experience, skepticism about gurus, the need for real deal-making. | | 03:03–04:40 | Moore describes his transition from flipping/wholesaling to investing for wealth, inspired (and challenged) by Grant Cardone. | | 05:37–06:01 | The myth of needing money or experience to get into multifamily; why community and team matter most. | | 07:01–07:53 | Moore details the collapse of his single-family portfolio and the price of stubbornness/ego. | | 11:11–12:34 | The unique leverage and compounding benefits of multifamily; why every American should be in real estate. | | 13:09–14:57 | Adam’s journey: from 252 single-family homes to pivoting into multifamily; the epiphany moment. | | 15:31–17:01 | How anyone can gain “proximity” and why most new individual investors lose money in single family. | | 17:51–19:53 | Retirement and investor calculators, busting myths about 401ks and traditional retirement plans. | | 20:38–21:31 | The single-family grind vs. economies of scale; why even high margins get “wiped out.” | | 24:14–24:56 | The importance of relentless action-taking in real estate. | | 25:09–29:21 | Williams thoroughly lays out the “perfect storm” in multifamily: supply, deals, debt, discounts, and tax incentives. | | 30:15–31:12 | Legal and practical changes: entry points for “the rest of us”; single-family vs. $40M apartment deals. | | 34:17–35:32 | Staying absolutely focused in your area of expertise and discipline. | | 36:32–37:24 | Final call to action: The MORE Club as a fast track to financial ownership. |

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OTHER NOTABLE MOMENTS

• Stories of personal mentorship, partnership, and learning “the hard way,” sharing both humility and optimism (multiple segments).
• Emphasis on not just wealth for its own sake, but protecting reputation, community, and long-term legacy.

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FOR NEXT STEPS & COMMUNITY

• Websites Mentioned:

  • lfscapital.com — Learn about multifamily investing opportunities with Adam Williams and Ellevest Capital
  • timeformore.com — Access the MORE Club, calculators, and join the active investor community

• Actionable Advice:

  • Start with the calculators to get clarity on your real retirement timeline.
  • Engage with a community of real operators.
  • Don’t be paralyzed by inaction — even small checks can get you in the game today.

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Summary prepared for The MORE Show, Episode 2, April 24, 2026
Listen, take action, and get in the game!

Transcript

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[Justin Moore]

I stand now today at the Moore show as someone who has enough scars to help people through the true workings of this business. We were joking. There's all these gurus that don't even do deals. I want to protect people's money as much as I want to help them make money.

[Adam Williams]

You just need to have access. You need to have the right community, you need to have the right knowledge, you need to have the right people around you. You need to build the right team and the right ecosystem. And there's so much misinformation out there that I think that it's really awesome for you and I now to be able to create this ecosystem between the show, the club and the live events where people can get all those pieces of the puzzle.

[Justin Moore]

What is up the more Show Family Episode number two, Part two is back with my man Adam Williams. Now this is always brought to you by time for more.com a community that we are trying to take everyone from learning real estate to doing real estate doesn't matter. The vertical. We want you to understand how to do it, but more importantly, we want you to get engaged, get in the game, put on your helmet and start doing deals with us. Adam Williams is back for part two.

[Adam Williams]

Put on your helmet. I like that. Strap up your boots, knee pads, you're going to need them.

[Justin Moore]

That's it. That's what it's all about. That our community is all about one thing, and it's actually doing deals versus just sitting there watching and learning.

[Adam Williams]

But this is one of the things that I love about you, Justin, is you just keep it so freaking real. And, you know, you. You see these coaches and gurus and nonsense out there that they just tell all the you're going to make millions of dollars. And they've never done a deal.

[Justin Moore]

Oh, because if they had done a

[Adam Williams]

deal, they wouldn't be saying that. Well, they'd be saying what you say, yeah, you make some money. Yeah, you get beat up sometimes, but you're going to do some deals.

[Justin Moore]

Well, even more frustrating is Covid gave the opportunity. All these people did like one or two deals, and then they became coaches because Covid. So that was really frustrating. But. But back to your point about going to make some money, there's no doubt. Yeah, you're going to lose some money, too. So I want to kind of talk about why we together started the more show, the more club and obviously, you know, more events came from kind of this. This transition that I had that you and I were, you know, already looking at doing this. But, you know, the science of flipping has been around for 13 years. That's how you found me. As we talked about. I've been flipping homes for almost 20, 19 years. I've been doing that game. That's awesome. And it was. It was just kind of time in. Sometimes you don't realize until it's a little too late that it's time to change the chapter, put the book down, do the thing that needs to be done, and what the impetus for this big transition within my own world and my own personal business is, because it's one thing to be able to go out and make a lot of money, but it's another thing to be able to create wealth. And I put out a book last year called Flipping to wealth, and I really, with all my heart, wanted people to understand doing the transactional business is great. I love wholesaling and flipping. I will never not say it's a great way to make money, but it doesn't turn into wealth. And so that's really where you and I started to resonate. Like, hey, we need to start doing things that can help people understand true financial freedom, how to really invest, how to really do something for your future beyond just the immediate gratification.

[Adam Williams]

Yeah, yeah. No, I couldn't agree more. And it's interesting because I've also been in this game, 21 years now. I started investing in real estate in 2004, and I can get into my journey here in a bit. But what I've realized is that most people that first get into investing in real estate, they think they have to start in this specific spot. People generally either have time or they have money.

[Justin Moore]

Yeah.

[Adam Williams]

A lot of times people don't have both, sometimes they have neither. But a lot of times you either have a lot of time available or you got money. And so people, like, put themselves in a box of, okay, well, I got to start wholesaling only because it's the lowest barrier to entry, or I've got to buy a single family residence because that's what I'm supposed to do first. And the, the truth of the matter is you don't have to put yourself in a box. You can have no time and no money. I mean, you got a little bit. You gotta have a little bit of time, but you gotta basically, not a little extra time and not any. A lot of extra money and get into a 200 unit apart deal.

[Justin Moore]

Yeah, right.

[Adam Williams]

You just need to have access, you need to have the right community, you need to have the right knowledge, you need to have the right people around you. You need to build the right team and the right ecosystem. And there's so much misinformation out there.

[Justin Moore]

Right.

[Adam Williams]

That I think that it's really awesome for you and I now to be able to create this ecosystem between the show, the club and the live events where people can get all those pieces of the puzzle.

[Justin Moore]

Yeah, right. Yeah. I, you know, one thing I want to try to impress upon everyone out there listening, they know me as a fix and flipper, but you can make a lot of money, but you can lose a lot. And in what happened to me in 2024, you obviously know, but I want everyone to understand this transition is. I was challenged by Grant cardone back in 2024 on his show to go buy 3,000 doors in 36 months. And when you're on his show, you kind of just say yes to anything. He could have said anything. I'm like, okay, I'll do, I'll go do it. But I wanted to be stubborn and do it in the single family space, not the apartment space, because I just wanted to show Grant you could do it in the single family space too. That was stubborn. But because of that, I was running at such a pace because I could. I understood how to raise capital, I understood how to analyze homes, I understood construction. I've basically went so fast That I broke the machine. Yeah. And that breaking the machine is going to cost me millions and millions of dollars and has been very damaging to the functional business that I built for 20 years.

[Adam Williams]

Right.

[Justin Moore]

And at the very same time, not only Grant kind of putting me in a headlock saying, hey, you're better than this. You need to get into apartments. You need to be able to understand the bigger vision. You were also basically saying simultaneously.

[Adam Williams]

Yeah.

[Justin Moore]

Like, hey, dude, we have a world that we can create a lot of money for ourselves. We can create a lot of wealth for ourselves. We can really set this up. In a way, the more show and the more club, that can make sense for both of us.

[Adam Williams]

Yeah.

[Justin Moore]

But I didn't really want to hear it. And because of my own stubbornness and ego and in not being able to get out of my own way, it's gonna cost me millions. And I've basically, I've had to liquidate my entire portfolio. And I want everyone to hear this story. Not to say, woe is Justin. Absolutely not. In fact, I actually want to be this a power empowerment message.

[Adam Williams]

Yeah.

[Justin Moore]

There's just better ways to do it. Before we dive in, I want to talk to you about LFS Capital. If you're looking to build passive income through multifamily real estate, LFS gives you access exclusive apartment investments that aren't available to the public. If you want to diversify beyond stocks and create real cash flow, visit lfscapital.com to learn more and to get on the investor list. I personally invest with Ellevest Capital, and they have been incredible to work with. Their team is top notch. I get passive cash flow distributions to my bank account every month, and I'm always in the loop with what's happening with the apartments I'm invested in. The best thing is I don't have to worry about managing tenants or dealing with repairs. The team at Ellevest handles absolutely everything, and my income is 100% percent passive, and that's just the way I like it. So if you want to build wealth and passive income without all the work and additional risk, visit Elevest.com now let's get to the show. I stand now today at the Moore show as someone who has enough scars to help people through the true workings of this business. We were joking. There's all these gurus that don't even do deals.

[Adam Williams]

Yeah.

[Justin Moore]

I want to protect people's money as much as I want to help them make money.

[Adam Williams]

Yeah.

[Justin Moore]

Right.

[Adam Williams]

Yeah. I know the details of your story because you and I are Close friends. We're partners on some other businesses. We're obviously partner on more. Partners on more. And I know you're not going to get into details on here because there's some legal stuff and some non disclosure stuff, but you know, if it's okay to say you were running a really good business, I mean, you had been doing what you were doing on a smaller scale for 15, 17, 18 years successfully, and not only doing it yourself, but teaching other people successfully how to do it. And I know that because I hired you as a coach and you taught me some things that I didn't know in my 20 year career.

[Justin Moore]

Yeah.

[Adam Williams]

And you and I partnered on a bunch of deals and you had a bet, one bad actor come into your world. And we're not going to name any names because it's not, you know, fair to do that on a show and there's some legal stuff, but you had a bad actor coming to your world that you trusted.

[Justin Moore]

Yeah.

[Adam Williams]

And I know you'll never make excuses. You allowed it to happen because you were the guy steering the ship and you trusted him. But it just goes to show how easy. One bad person coming into your world that basically lied to you and defrauded you out of millions and millions and millions of dollars and now they disappear. You're left holding the bag. Not only your time, your money, your portfolio of real estate that you built over the years, your reputation in some circumstances can come crumbling down in one bad decision. And you know that you're never going to be able to mitigate that 100%.

[Justin Moore]

Yeah, right.

[Adam Williams]

There are bad actors everywhere. But what we hope we can help is foster a community and relationships and a network of people that we filter. Real people. Will one slip through? I don't know. But for the most part, real people that we're doing deals with, that we vetted, that we know these people are actually doing what they say they're doing to help create that ecosystem where we can all get involved in this, this world of investing in real estate and hopefully avoid those pitfalls that you so painfully have gone through. Man.

[Justin Moore]

You know, listen, I was being stubborn. You were literally putting me in a headlock. Hey, bro apartments, let's do this thing. You got this? I got. This is a better vertical. I didn't want to hear at the time Grant was saying the same thing.

[Adam Williams]

Yeah.

[Justin Moore]

I was like, oh, I'll do it, Grant, but I'll do it. Single fan, right? Just stubborn. But you know, listen, the re. This isn't a scare tactic. I don't Want people to be fearful. What I'd actually rather is people take that as oh shit, like they've been through it and there's better ways to do it and to not listen to what we just said and be scared to get into real estate. It really should be empowering to get into real estate the right way.

[Adam Williams]

Oh, absolutely. Every single person in the United States should be an real estate investor. Of course, whether you work a full time job, whether you run your own business doing something completely different, you 100% should be investing in real estate. And I don't care whether you're fixing flipping, whether you're burying, whether you're doing land deals or whether you're investing in multifamily like we do. Right. You should be involved in real estate because that is the one thing that is going. You cannot trade time for dollar and get wealthy. That is the one thing that is going to create wealth and compound. And I always say the eighth wonder, the eighth wonder of the world is compounding, right? Doubling your money every three to five years, doubling your passive income and your cash flow every three to five years. But ninth wonder of the world is leverage. And when you can leverage other people's time, resources, expertise, money, skill sets, you can leverage that while you're running your, you're running your business or you're doing your job over here. That has nothing to do with real estate. And you're leveraging all that from 1, 2, 3, 4 other people that you put around you on your team. Dude, there's nothing else like it in the world.

[Justin Moore]

So is that even something is out there? Can people find those type of deals?

[Adam Williams]

I've been doing it, I mean I've been doing it successfully for 20. I start a little bit about me for the people that don't know me. I started investing in real estate in 2004. I met a guy that was a couple years younger than me, that was super rich. And I was like, what are you doing and how can I get involved? And he owned a mortgage company, but he was like, that's not how I make my money. I invest in real estate. I said, show me how to do it, I want to partner with you. Short, long story short, we partnered in 2004. Him and I did 252 single family resident deals between 2004 and mid 2007.

[Justin Moore]

Wow.

[Adam Williams]

We were cranking, right? And thanks to him. Because I didn't know anything, right? He taught me everything I knew. I was just, when I get on something, I'm on it, okay? About halfway through that, in mid-2006, about 150 deals in. I said, there's no way I want to manage single families. It was a nightmare. Yeah, we were making money, it sounded cool, it looked cool. But we. It was a nightmare management nightmare. A risk nightmare. Like a bunch of people. It was tough. So I started, I made this plan to transaction transition fully into multi family apartments. I said, why am I buying one door at a time? We were doing like 30 deals a month.

[Justin Moore]

Yeah.

[Adam Williams]

I said, why am I buying one door at a time when I can buy 200 doors at a time and it's the same amount or less work? You hear Grant say this all the time. He's like, I'd rather buy a 300 unit deal for 250 million bucks than a 4 unit. It's easier.

[Justin Moore]

Yeah.

[Adam Williams]

And it's less risk and all those things. So anyways, I transitioned into multifamily. I started investing as an LP or a limited partner in other operators deals. And I just did 30, 40 deals like over the next 15 years running my business. But I was investing in multifamily deals and I learned everything I could about it. And then I started LS Capital in 2022. And now we. I just had all these people coming at me like you did, saying, how can I get in your deals? How can I get involved in your deals? What are you doing? And I didn't have a legal structure to do that. So we formed LS Capital. We've been running since. And like I said, last year we did eight deals. $212 million in real estate. Like we're, we're doing these 100, 200, 300 unit apartment. You know, you' involved in everyone. You're a partner. So we're doing these deals now. So when you say, can you get involved? 100%. And guess what? It isn't just Adam doing these deals. I have a team of over 300 people that I leverage their time, their resources, their capital. They're. They're there, there. Yeah, it's leverage. Right.

[Commercial Narrator]

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[Adam Williams]

So that's what it is.

[Justin Moore]

Well, so how does someone take that in and understand how to get a part or be a part or get. See these deals? Like how does someone get to LFS Capital, obviously, the website lfscapital.com or you can reach out to Adam Williams. But how does someone that doesn't have proximity the way we do, you.

[Adam Williams]

You got to get proximity. And that's why I was so excited to create more with you, because more. Whether you just start watching the show and get a little. Get into it, whether you join the club and get deeper into it where the real proximity happens, or whether you come attend a live event or all three, that is your in period. Whether you do it with us or you go find something else, like, more.

[Justin Moore]

Yeah.

[Adam Williams]

Do it if you want to truly do deals, because you're not going to get involved in doing these deals yourself. And you. You had 17 years before you hit a brick wall. Most people do it in 17 days. They'll. They'll go out. Here's what happens. I see this all the time. They go out, they say, I want to. I'm run. I'm working my job. I made some money. I better go buy a single family residence or an Airbnb. They do it. They inevitably lose money.

[Justin Moore]

Yep.

[Adam Williams]

And they go, I'm never doing real estate again. And they're done.

[Justin Moore]

That's it.

[Adam Williams]

And then they get to be 75 years old and they run out of money and they got to go be a Walmart greeter, which is super sad, because I don't want to learn how to make money again and reinvent myself at 75 years old.

[Justin Moore]

There's a financial calculator that you built that's on LFS website. We'll share it with everybody.

[Adam Williams]

Yeah.

[Justin Moore]

But it's mind blowing when people think that they've been making proper investments. They've been saving up, putting in a 401k. They have $500,000 by the time they're 45. Whatever the number is. Right. You and I just did a call where you said, okay, if I'm 45 years old and I want to retire at 65 and I've put $500,000 in into my investment up to this point, they're out of money by 83 years old.

[Adam Williams]

Yeah. Yeah. I'm a calculator nerd. So it's interesting. I'll build these calculators for myself and my wife and my family, and then I'll show them to people and they're like, you send it to me, please. Right. And now you can go on these Vercel or Vercel whatever, and build these calculators yourself. It's super cool. I actually had to go, like, do it on spreadsheets, then hire a coder, then, you know, whatever. But we've refined them and refined them and refined them over the years, and now I share them with everybody I can. And we built a few. We built a retirement calculator, which is what you're talking about. And we will link it, right? Or you'll link it, whatever. But we built it. It's free. I want you guys to go get it. But it's. It will change your whole outlook. What I found and why I built it is because over 90% of people in this world, at least in the United States, have no idea when they're going to actually retire. They just put a number on it. First and foremost, retirement is not an age. Retirement is a math problem.

[Justin Moore]

It is, right?

[Adam Williams]

When you have enough passive income, you can retire. I don't care if you're 30 years old, 130 years old. If you don't have enough passive income, you're never retiring. Period. Right? Okay. So. So they don't know when they're actually going to be able to retire, at what age. They don't know how much income they're actually going to need because life is getting more expensive every day. Like we talk about, how much am I going to need in 30 years? I don't know. I can throw a dart at a board. They don't know how long they're going to live. Am I going to live to 80, 90, 100, 150 if they start replacing hearts? And like, I don't know. Right? So they don't know all these things. So if you ask, I'd say 95 of people have no clue those things. They're just. I know what I do every day is I put some money in my 401k and I. It gets invested in this basket of stuff and I hope that's enough. They hope and pray, right? Hope and pray is not a plan. Right. So and then, and then have the maybe 5 per c. 5% of people that you ask, and they say, yeah, I know. I know when I'm going to retire. I know how much I need. And all these things, they're wrong. They're 99 of those people are completely wrong. So we built this calculator. Go put in the things. I think he answered four or five questions. Your age now, what age you want to retire at, you want to stop working, how much income you want to draw every single year and how much you have currently in your investments. Right? You click submit and it spits out all the data, whether you're on track or off track, how much you're behind, how much you're ahead, how much you're going to be able to withdraw every single year as passive income without ever working again. And when you'll run out of money or if your money will last beyond your lifetime. And it is eye opening.

[Justin Moore]

Yeah.

[Adam Williams]

And so that's the first calculator we built. Then we built an investor calculator that shows how multifamily compounds over time if you invest. And then we also built a multifamily versus single family calculator because I have so many people that come to us at Ella Vest Capital and they say I bought 12 single family residences over the past 10 years as rentals. I hate my life because I'm managing these things. A tenant just moved out, an air conditioner just broke. Whatever happened, I want to sell them all and I want to move them over and get passive and multifamily. So we built that calculator too. So you'll link those in the show, I'm sure.

[Justin Moore]

Yeah, you listen. Single Family World sucks. And again, it took me a strong 17, 18 years to realize it. The principle is great, the idea is great, but even if you run the BRRRR model, you're not going to make money till scale. And so like in 2024 where I got hit with a cement truck, added 124 single family assets. I bought in one year because I could. And that, that, that's a staggering number. But I did it wrong obviously because I take the onus of people taking advantage of me because I was running too fast. But even then, if you really look at the numbers, $200 a month net on average, some might be 500, some might be $80. It's just a hard, hard life.

[Adam Williams]

Some might be negative 500. Yeah, I've had them.

[Justin Moore]

Well then even if they're 500amonth, that's six grand a year. And AC goes out, that's eight. Wiped out that whole year in part of the year. Like it just is a hard fight. Right. So when I say scale at single family you gotta be in hundreds. And then you have economies of scale. Right. Just like an apartment would be. So you know anyone out there thinking that like single family is the way. Why encouragement when you're in the more club, like stick to transactional, make a lot of money. Because what you and I are looking at now are deals that are 30 million, 40 million and we have ways that people don't have to cut a $100,000 check to be a part of these deals?

[Adam Williams]

No, of course not. Yeah.

[Justin Moore]

We can actually bring in unaccredited individuals that get tax write offs. They get ownership, they get income, they get all the perks of the same person that had a $500,000 check that went into that deal.

[Adam Williams]

Yeah, yeah. It's really cool, man. I would say, like, if you're into flipping, like, and that works for you and you're good at it, don't give up flipping. If you're making money on it, that's super cool. But what we have, what we have in my world at Ellevest is, and what we're creating and more is I'm flipping, I'm making all this active income. Flipping is a business. It's a transactional business. I flip a house, I make money cool. I flip a house, I make money cool. I stopped flipping. What happens? I don't make any more money. Not cool. So if you're flipping or if you're wholesaling or if you're running single family rentals or Airbnbs and you're having success, whatever you're doing, and you want to keep doing that because it's working. Awesome. But maybe let, let, let's help you get into a community where you can open your eyes to taking some of that active income, moving it over into a passive income strategy where you're leveraging and you're not doing any work.

[Justin Moore]

Yeah.

[Adam Williams]

And you're the tax advantages and more income and building and compounding wealth over time by leveraging somebody else's resources and time. You keep doing what you're doing to make your money. I call it the, the fuel and then the gas tank. Right. Make your money over here. That's the gas. The fuel and put it into the gas tank. That's it.

[Justin Moore]

And, and people need to realize, you know, I made tens and tens of millions of dollars in my flipping world. Wholesaling and flipping and trans. That's great. But I was having too much fun and living a single person's lifestyle. And that's, that's great too. But I didn't do this early enough. Because they don't know. Right. The challenge is people watch this or listen to this and they hear it. They nothing about it.

[Adam Williams]

Yeah.

[Justin Moore]

And they wonder why their financial circumstances don't change. And it's because it's up to them. And deciding to do something, having time to do something creates a commitment to going and doing the thing. Right. You've heard this my five pillars of Success for years. Now. But people want something, but they're not really willing to take the advice we're giving right now and go to timeformore.com and look at the club and say, you know what? I want to create financial freedom. I have a W2 job right now. I don't always want it. I want to make more money. I want to build. Like, okay, I'm going to get into this club and start talking and start. It takes action.

[Adam Williams]

Yeah.

[Justin Moore]

It takes a couple bucks, but you don't need to go pay me or you 10 grand. This is a community about doing deals.

[Adam Williams]

Yeah.

[Justin Moore]

And that's the thing, is you've done this now 20 something years. The thing I know about you as your coach and now your partner, you are an action taker. There was a day that you and Dana called me and said, justin, don't hold back. What do we need to do all day long? I'm all in. I will call as many people. And I literally said, as long as you call 100 agents a day every single day, and you make five, you guys were making, like, 20 something offers. Because my GM at the time, Anthony, was like, bro, they keep sending these offers over here, and, like, I don't even know what to do. There's so many.

[Adam Williams]

Yeah, yeah. It's true. I remember those times. It's funny because we were at one point, for about a year straight, we were making an average of 40 offers a day. Yeah. And I'm telling you, it's just either either do it or don't. Yeah, right. Like, it's like, well, I'm gonna start cold calling on this business, and I go and make, you know, 10 calls a day and get told to f off 10. Then I put down the phone, you got to go make 500 calls a day.

[Justin Moore]

Yeah.

[Adam Williams]

You might get one deal a week. Right. If you're going to do something, jump in and do it. Right. Surround yourself. Immerse yourself up to your fricking eyeballs. Because otherwise, you got no shot in this world today. You got no shot, shot, zero. So just don't do it at all. Just don't do it at all.

[Justin Moore]

And the challenge is more people won't do it at all, but they will be the same people that are going to be complaining over the next two to four years. Yeah, we talked about it before. Mention it. Like, we're just in a time that if you need to get into real estate, it's a great time right now for the commercial.

[Adam Williams]

Commercial space 100.

[Justin Moore]

Why now? You know, I know, but tell People, why specifically? The multi family space right now has a huge run coming that everyone needs to be paying attention to. Whether you invest with Ellevest or not,

[Adam Williams]

dude, I'm gonna, you need to be

[Justin Moore]

paying attention to this space.

[Adam Williams]

I'm gonna give you actuals. So In November of 2024 I started saying this. I've been watching markets and been through several market cycles in real estate now specifically multifamily. And in November of 2024 when the election happened, I said, said we are entering the perfect storm in multifamily, specifically apartment buildings. I can't talk about anything else that's not my world, apartment buildings. And I said there's multiple reasons behind this. Number one, in the markets that we invest in, like Phoenix, like Dallas, like these markets that have a ton of population growth and a ton of job growth and all this stuff, what happened is, is during COVID you saw all these builders come in and build a ton of multifamily, right? So what happens is, and I'm going to try to keep this short, but basically what happened is there was way more supply or excuse me, yeah, there was way more supply than demand. Right. And that's not normal. So the supply demand metrics are way off. Just now in the beginning of 2025 we saw that start to balance out where supply and demand. And then if you look at the reports, the COSTAR reports in 2026 where we're at now moving forward, the demand starts to outpace supply again in at least the markets we invest in. Right? So that's number one. With that comes rent growth dirt. While that supply was way higher than the demand, we couldn't increase rents like we normally do. But now that the supply is be outpace demand, we're able to start increasing rents as we normally do. So that organic rent growth begins to kick back in the third thing and the, the most, the biggest catalyst to this whole thing is in 21 and 202021 and 2022 operators that were buying multifamily deals at the height of values of the market at top, top, top dollar before the interest rates started to climb. They put a lot of three year debt and bridge loans on these deals that are coming due right now in 2025, 2026, 2027 etc and what we're seeing in all the deals, We've now bought nine deals. We're working on closing our 10th deal in the last 12 months, 13 months. Every single one of those deals came to us from a lender that we work with completely off market. We never do it on market deals. They just on market deals aren't where you want to be. So we get these deals off market from the lenders that are coming to us and saying, hey, we got this operator. They bought this deal for $60 million in 2022. Their loan is coming due. The interest rates are too high. There's no way they can refinance it. Do you want to buy it for $40 million? $20 million discounts. That's happening right now. Out of the nine deals that we've closed in the last 13 months, we've averaged a 35% discount on what the previous owner bought it for. Okay. That's the third thing. And the fourth thing that I said creates the perfect storm in multifamily. And I said it way before it even happened, before Trump was even in office. I said, if Trump gets in office, which he did, he is going to bring back 100% bonus depreciation. Bonus depreciation. I'm not going to get to it in detail, but it's one of the biggest benefits of investing in multifamily real estate. And 100 bonus depreciation had started stepping down to 80% and then it went down to 60, and then it went down to 40, and it was going to go away. Trump is at his core a real estate investor developer. He brought back 100 bonus depreciation July of 2025 with the one big beautiful bill and investors are going bananas. So now, now back, just to recap, we're able to buy properties at a 30 and 40% discounts. I mean, tens of millions of dollars off of what they last traded for. We're organic. Rent growth is back. Demand is outpacing supply and the maximum tax benefits that we've ever had as real estate investors and multifamily are back. It's here and it's probably going to be here. A big part of this for the next 18 to 24 months. And you do not need $100,000 to get in this game and you do not need to be an accredited investor. All the things Justin said just need to get around people that can get you access, get you the tools, get you the community, get you the people to bring you in and show you the way. We can. We do. You and I do webinars every Saturday night where we're showing people how to get in these deals with 10 grand.

[Justin Moore]

Yeah, it's crazy.

[Adam Williams]

It's crazy.

[Justin Moore]

And people are mind blown. The game has changed, ladies and gentlemen. Most of everyone has Heard of syndications, been a part of syndications. You guys all get that game. There's accreditation, six figure checks. The game legally has changed now that Adam and I have an ability to find those that might only have 10 grand, 15, 20 grand, but want the perks in wealth accumulation and income and tax write offs of a great $40 million apartment. Well, that now exists. And so with proximity of access, proximity of people that are connected and have relationships and the banks call directly, that's the world you want to be in now. It's a small world. There's not a lot of ability. I mean, it's quite literally why you and I decided why don't we create a club around this?

[Adam Williams]

Yeah.

[Justin Moore]

They can have access to us. We can show them what we do, how we do it. If they want to play a part of it, great. But also to teach them how to find their own deals.

[Adam Williams]

Yeah.

[Justin Moore]

How do they build the relationships? But ladies and gentlemen, the game's changed. I've made the point. If you are looking to buy a single family asset to keep for the long term, you're dumb. There's no world I do that or would ever do that again. Yeah. Ever, ever. Knowing that the rules have been built for us now, knowing that the SEC and the IRS and everyone wrote these laws and there's a way to be compliant amongst all of it and create this opportunity of tax free income, wealth accumulation being paid monthly, like that is why everyone in the world does the Burr model or buys a single family. They want to build wealth, they want to return on their investment and they want to have tax write offs.

[Adam Williams]

Yeah.

[Justin Moore]

Well, why not take your 10, 15, 20, 25, 30, 45, 50 and go buy a 40 million dollar apartment all the same.

[Adam Williams]

That's right. And look, I mean with the more club, what's so cool is like maybe, maybe multifamily isn't your jam. Maybe you're like, I want to own a bunch of cool vacation rentals. Awesome. There are people in there that that's what they do.

[Justin Moore]

Totally.

[Adam Williams]

There are people in there that do land deals.

[Justin Moore]

I mean, listen, Airbnb and vacation rentals becomes a company.

[Adam Williams]

Yeah.

[Justin Moore]

Which then gives you the opportunity to be full time real estate.

[Adam Williams]

Yeah.

[Justin Moore]

Which gives you the tax write offs that we're all talking about. I mean, there's a reason to have an 1 Airbnb because now you have a company within the real estate space. You don't have to be a full time real estate investor to get the same tax write offs that you and I do.

[Adam Williams]

Yeah.

[Justin Moore]

Because you have one single. So I'm not telling people, don't go that route. I'm saying if you're looking to build wealth and accumulate wealth, wealth, specifically in the single family, $150,000 home range. Stop the nonsense. Get into the more club. Not because we need the money, because I want to show you and Adam wants to show you there's just better ways.

[Adam Williams]

Yeah, there's better ways.

[Commercial Narrator]

Well.

[Adam Williams]

And the more people that we can put in our ecosystem and partner with, just as you did with me when I first met you, the better. Yeah, right. This is a, this is a team sport, man. And I love it. And without my partners, and I have hundreds of them now, I would not be anywhere where I am. And I'm just so grateful for that. So it's time not only to pass that knowledge, pass that wealth, pass those skills on, but be involved in them. Right. Like I want to make more money, bottom line, I want to do more deals.

[Justin Moore]

So let's talk about LFS a little bit. We've kind of circled what is Ellevest Capital?

[Adam Williams]

Yeah. So LFS Capital is a private equity firm. It's a multifamily investment firm. All we do is apartment deals, period. And our sweet spot is 80s, 90s and two, vintage garden style. Generally between 100 and 400 units. Generally between 20 and 60 million dollar acquisition. We've done higher up, as high as 140 million dollar acquisitions. But what we're looking to do is we're looking to acquire the asset, the building. Right. At a deep discount. Right now we're buying them. The last two we did were at 41 discounts off of the highs. Right. So the last one we just did was average comps were 252 a door that they sold for. We're buying it for 150 a door. Right. That's the type of discount. So we want to buy the asset at a discount 200 DOL unit building as an example, at a discount. We want to go in and we want to renovate the units, increase the net operating income, increase the rents, decrease the expenses, improve the operations and the management of the property. And we want to get monthly distributions as investors along the way in the deal. And then in three to five years, we want to sell that asset and double our money. It's that simple. That's what we do.

[Justin Moore]

So the key to something like that is you guys really. And you guys, I'm actually a partner in LS Capital. But we really stick in our circle of genius. I mean it Is literally the same rinse and repeat deal flow since the beginning of this thing.

[Adam Williams]

It's funny because I get deals on my desk almost every day. I'm sure you do. Do you want to do my RV deal? Do you want to do my landing? Do you want to. This, that. And I. I love all these people. A lot of my friends, and I just tell them, guys, I stay in my lane because every time I step out of my lane, I get a toe blown off.

[Justin Moore]

Yeah.

[Adam Williams]

And I need my toes. And look, I can talk about all that stuff. I can talk about storage, I can talk about RVs, but it's not what I do.

[Justin Moore]

Yeah.

[Adam Williams]

It's not my. My knowledge, but I can talk multifamily till I'm. You'll get sick of it.

[Justin Moore]

No doubt.

[Adam Williams]

Right. So stay in my lane again.

[Justin Moore]

This goes back to the one, you know, economies of scale. I love the fact that we're only buying assets that are 90 plus percent occupied.

[Adam Williams]

Yeah.

[Justin Moore]

The same type of vintage, the same type of layout, same similar door count. I mean, it's just all the same things that, you know, Warren Buffett says, you know, sticking to your circle of, of genius, it really does matter because just like I said earlier in this, this episode, I am genius at flipping homes and buying. But if you go outside of it, and I was going with speed, what changed for me was the speed of which I was doing this. Things break. Get your tones blown off, get your fingers blown off. Maybe sometimes your hands and your arms, right. Like, you might survive, but you're going to pay the price. And what we do at Ellevest and what we focus on in the. The. The asset themselves are rinse and repeat. Because we know it works. It is a proven model. There's 2.4 billion under management. Whatever the actual number is, something close, like, it just works every time.

[Adam Williams]

Yeah. And that's what it is, is like you, you. You know, you get really, really good at something, the more you do it and you learn, oop, I bonked my head on that wall. I'm not going to do that again. That hurt. Right? But you're going to bonk your head on another wall and then another wall, but you're just going to get better and better and better when you've been doing it so long, like, yes, Ellevest. We started Ellevest in 2022. I'd been doing these deals for 15, 16 years before we started Ellevest. Myself with my own money. So you learn, you learn what to do, who to trust. The pieces of the puzzle, the partners, the lenders, the attorneys, like all the things you need. What's really cool is a person coming from the outside in like we keep talking about. Maybe it's into the club or whatever it is. Person come from the outside in. You don't need to have any knowledge. Yeah, you can come in and surround yourself with the people, people that have taken 20 years to build all those pieces of puzzle and say, hey, here's where I want to plug in. I got some money, but I don't have time. Hey, I'm really good at this. Maybe I'm an underwriter. Hey, I'm, maybe I'm a good property manager. Maybe I'm this. And you just plug yourself into that, that group, you know, and just get involved.

[Justin Moore]

You don't have to have a learning curve. Right. You don't need to know it all. And you might know some, you might know nothing. But you don't want to have to go through the scars and jump in into the potholes and get hurt and like shorten and condense the time that you can learn. That's right. And that's the whole point of the more club. And listen, we're going to have a lot of these episodes. Lcapital.com time4more.com if you want to learn from Adam myself and understand more of these type of deals, we are in this club all day, every day. If you want to even just be around other experts in different niches, RV parks or flipping or sub 2 or whatever, these like this is group is about doing deals and being active because it's time for, for you and I agree. It's time for people to take their financial status and take ownership of it and to understand that it's up to them to go create their financial freedom.

[Adam Williams]

Yeah, a lot of people are going to have to make a lot of hard decisions in the coming years, in the coming months. And look, you're either going to make them and you're going to do something or you're not and you're going to wish you would. Yeah, I'm just don't take it from me. That's reality, period.

[Justin Moore]

So Adam Williams lcapital.com Time fourmore.com this is the more show. This is the second episode. We got thousands mo. Let's go, baby. All right, y'. All, this has been great. If you like this, please share this with the least two of your friends. We'll see you on the next episode. Peace.