🎙️ Introduction
On this episode of The Real Estate Locker Room Show, host John Carney sits down with Neal Bawa, technologist-turned-multifamily syndicator, CEO of Grocapitus Investments, and founder of MultifamilyU. Neal shares his unusual entry into real estate through large commercial projects, his early syndication experiences, and how he built one of the largest multifamily Meetup networks in the country. Known for his data-driven approach and passion for teaching, Neal explains why demographics, education, and technology are reshaping multifamily investing — and why investors who embrace these forces can gain a decisive edge.
📌 Key Takeaways
✅ Reverse Entry into Real Estate – Neal’s first projects were multi-million-dollar office campuses, not single-family homes, giving him a unique perspective from day one.
✅ Early Syndication Win – Without realizing it, Neal’s first deal with local doctors was a textbook syndication, proving the power of pooled capital.
✅ Data-Driven Investing – Neal emphasizes megatrends: declining homeownership, rising student debt, and millions of new renter households driving multifamily demand.
✅ Education First – His Meetup network exploded because it focused on pure education rather than pitching, proving that teaching builds trust and brand authority.
✅ Outsourcing for NOI Optimization – Neal encourages investors to outsource tasks property managers never execute well — with tenant lead generation as priority #1.
✅ Multifamily Super Cycle – With 10M new renter households created in the past decade and not enough new supply, Neal sees a multi-decade trend of above-average rent growth.
⏱️ Chapters
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00:00 – Opening – John Carney welcomes listeners and introduces Neal Bawa.
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06:00 – From Tech to Real Estate – Neal’s first projects: 27,000 and 33,000 sq. ft. campuses.
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12:00 – First Syndication – Pooling capital from local doctors before knowing the word “syndication.”
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18:00 – Single Family to Multifamily – Buying homes and triplexes, then scaling into large apartments.
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24:00 – Learning from Mentors – Investing in 13 syndications and attending 200 property management calls.
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32:00 – The Meetup Explosion – Teaching without pitching leads to 5,000+ members and a national network.
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40:00 – Education + Action – Why learning without execution is useless, and how MultifamilyU drives results.
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50:00 – Multifamily Megatrends – Declining homeownership, soaring student debt, and millions of new renters.
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58:00 – Outsourcing Secrets – Tenant lead generation as the #1 item to pull from PMs.
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1:05:00 – The Super Cycle – Why above-trend rent growth may continue until 2029 and beyond.
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1:12:00 – Final Nuggets – Neal’s recommended read (The One Thing) and pro tip for multifamily operators.
