When Real Estate Gets Real

When Real Estate Gets Real

When Real Estate Gets Real is a behind-the-scenes podcast for real estate operators who’ve already closed a deal and discovered that the spreadsheets weren’t the hard part. Hosted by Stephen Lee-Thomas, the show explores what actually changes after the first close when real money, real investors, and real pressure enter the picture. Each episode goes beyond tactics to unpack the decisions, mistakes, leadership challenges, and personal growth that define the shift from “I did a deal” to “I’m a real operator now.” This podcast is for operators past their first close who want truth over hype, clarity over noise, and systems that support long-term scale.

Episodes

September 24, 2025 48 mins

In Episode 26 of The Stephen Lee-Thomas Show, we talk multifamily real estate with Dave Dubeau, who has helped countless capital raisers generate millions in committed capital, not by chasing investors, but by attracting them.

Dave shares his unique journey from language school entrepreneur in Costa Rica to a full-time real estate educator and capital raising expert based in British Columbia, Canada. After several real estate inves...

Mark as Played

In Episode 25 of the Stephen Lee-Thomas Show, we talk multifamily real estate with Lon Welsh, who has scaled over $100 million in assets under management. Lon shares his journey from strategy consultant at Deloitte and Accenture to founding Your Castle Real Estate and eventually transitioning into full-time passive real estate investing with Ironton Capital.

Discover why Lon moved from single-family homes and active investing into ...

Mark as Played

In this solo episode of the Stephen Lee-Thomas Show, I shared 9 powerful lessons that I learned from nearly a decade of apartment investing. If you're just starting out or looking to level up, these actionable insights will help you fast-track your journey, avoid costly mistakes, and build long-term wealth through multifamily real estate.

From mindset and strategy to deal criteria and networking, I walk you through the foundational...

Mark as Played

In Episode 24 of the Stephen Lee-Thomas Show, we talk multifamily real estate alternatives with Eddie Speed, who has completed over 50,000 note deals and is a pioneer in the note investing space. Eddie is the founder of NoteSchool and president of Colonial Funding Group. He shares his remarkable 40+ year journey from working in real estate to building a career as a full-time note investor, helping others convert rental headaches in...

Mark as Played

In Episode 23 of the Stephen Lee-Thomas Show, we talk multifamily real estate with Ginger C. Faith, who has scaled her residential and commercial portfolio over three decades, flipping 57 homes including two featured on HGTV and recently venturing into large commercial assets. Ginger shares her inspiring journey from reading Nothing Down in her 20s to becoming a trailblazer for women in real estate investing. Discover how she trans...

Mark as Played

In this solo episode of the Stephen Lee-Thomas Show, I break down the exact 3-step blueprint to get started in apartment investing, even if you're brand new and still working a full-time job.

You'll learn why the first step isn’t about tactics, it’s about mindset. I'll walk you through Robert Kiyosaki’s Cashflow Quadrant and how shifting your position from employee to investor is the real first move to building lasting wealth. Then...

Mark as Played

In Episode 22 of the Stephen Lee-Thomas Show, we talk multifamily real estate with Janice Greenley, founder of Greenroot Capital, who has scaled her portfolio to 152 units in assets under management. Janice shares her journey from being a headhunter to becoming a full-time real estate investor. Discover why she transitioned from single-family rentals and energy consulting to multifamily and storage syndications and how she used edu...

Mark as Played

In Episode 21 of the Stephen Lee-Thomas Show, we talk multifamily real estate and private lending with Ruben Izgelov, who has scaled his portfolio to over $500 million in assets under management. Ruben shares his incredible journey from humble beginnings as an immigrant in Queens, NY, to co-founding two powerhouse firms: We Lend, a tech-driven private lending company, and States Capital, a $300 million private debt fund.

Ruben take...

Mark as Played

In Episode 20 of The Stephen Lee-Thomas Show, we dive deep into creative real estate investing with Chris Prefontaine, founder of Smart Real Estate Coach, 4-time best-selling author, and Forbes Business Council member. With over 33 years of experience, Chris has weathered multiple market cycles and built a thriving real estate business without relying on banks or personal loans.

Chris shares how he transitioned from traditional fin...

Mark as Played

In Episode 19 of the Stephen Lee-Thomas Show, we talk multifamily real estate with Eric Lindsey, who has scaled his portfolio to 136 units as a general partner. Eric shares his journey from wholesaling single-family homes to building a sustainable investment career through mobile home parks and apartment syndications.

Discover why Eric transitioned from high-volume wholesaling to multifamily investing and how he’s leveraging his ex...

Mark as Played

In Episode 18 of the Stephen Lee-Thomas Show, we dive into the future of real estate investing with Ricardo Johnson, founder of Oases, a pioneering platform that leverages blockchain technology to make real estate investment more accessible. Through tokenized co-ownership, Ricardo is revolutionizing how investors can own fractional shares of income-generating luxury properties offering flexibility, security, and passive income with...

Mark as Played

In Episode 17 of the Stephen Lee-Thomas Show, we dive deep into capital raising, investor trust, and AI-driven deal analysis with Lance Pederson.

Lance shares his journey from selling an IT services company at 21 to managing a $300M+ equity fund and helping over 200 sponsors launch investment funds. Now, as the co-founder of Passive Advantage, he’s revolutionizing deal analysis for passive investors using AI.

If you’ve ever struggl...

Mark as Played

In Episode 16 of the Stephen Lee-Thomas Show, we dive into multifamily real estate with Michael Voulgarakis, a seasoned investor with 18 years of experience in underwriting, capital raising, and asset management. With over 26 deals—18 of which have gone full cycle—Michael has scaled his portfolio to over $300 million in assets under management.

In this episode, Michael shares why he invests in Seattle despite the perception that "b...

  • Mark as Played

    In Episode 15 of the Stephen Lee-Thomas Show, we dive into the intersection of digital marketing and real estate investing with Jason Wright – a speaker, author, real estate investor, podcast host, and digital marketing expert.

    Jason shares how he left the corporate grind to build a thriving digital marketing business, Intentionally Inspirational, and how his expertise in lead generation helps investors raise capital more effective...

    Mark as Played

    In this episode of The Steven Lee-Thomas Capital Show, we break down why multifamily investing is the ultimate strategy for scaling your wealth—and why single-family rentals often leave investors stuck in a time-consuming, inefficient model.

    🔹 Multifamily = A Scalable Business 🏢 🔹 Single-Family = A Job That Traps You ⛓️

    If you want consistent double-digit returns while leveraging professional management, apartment investing is t...

    Mark as Played

    In this episode of The Stephen Lee-Thomas Show, breaks down the proven strategies to achieve double-digit returns in apartment investing. If your goal is financial freedom, understanding how to double your money in five years or less is key. Using the Rule of 72, explaining why traditional investments like savings accounts and the stock market might not be enough—and why multifamily real estate stands out as a high-return, lower-ri...

    Mark as Played

    In this episode of the Stephen Lee-Thomas Capital Podcast, Stephen dives into why apartment investing is the ultimate strategy for building wealth and achieving financial freedom. Sharing personal experiences and proven strategies, Stephen explains how apartment investing can help you scale your portfolio, avoid the pitfalls of single-family investing, and create a lasting impact on communities.

    Whether you're a busy professional, ...

    Mark as Played

    Get a sneak peek into our live Q&A session where Stephen Lee-Thomas breaks down the fundamentals of multifamily investing. Learn the secrets to raising capital, growing your network, and leaving corporate America for financial freedom. Don’t miss the full session for actionable strategies and inspiring stories!

    🎯 Topics Covered:

    • How to raise capital with a small network
    • Overcoming fear and limiting beliefs
    • Creating a stru...
    Mark as Played

    In Episode 14 of the Stephen Lee-Thomas Show, multifamily expert Charles Carillo dives into the essential skills needed to succeed in real estate investing. With over $200 million in assets under management, Charles explains the balance between underwriting deals and raising capital while highlighting the critical steps to build strong partnerships and avoid costly mistakes.

    Learn how to identify your strengths, structure your team...

    Mark as Played

    In Episode 13 of the Stephen Lee-Thomas Show, we sit down with Charles Carillo, a multifamily real estate investor with over $200 million in assets under management and a portfolio of 3,000 multifamily units. Charles shares his journey from growing up in the trenches of property management with his father to mastering the art of syndication.

    Discover how Charles transitioned from house hacking small multifamily properties to becomi...

    Mark as Played

    Popular Podcasts

      If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.

      Betrayal Season 5

      Saskia Inwood woke up one morning, knowing her life would never be the same. The night before, she learned the unimaginable – that the husband she knew in the light of day was a different person after dark. This season unpacks Saskia’s discovery of her husband’s secret life and her fight to bring him to justice. Along the way, we expose a crime that is just coming to light. This is also a story about the myth of the “perfect victim:” who gets believed, who gets doubted, and why. We follow Saskia as she works to reclaim her body, her voice, and her life. If you would like to reach out to the Betrayal Team, email us at betrayalpod@gmail.com. Follow us on Instagram @betrayalpod and @glasspodcasts. Please join our Substack for additional exclusive content, curated book recommendations, and community discussions. Sign up FREE by clicking this link Beyond Betrayal Substack. Join our community dedicated to truth, resilience, and healing. Your voice matters! Be a part of our Betrayal journey on Substack.

      The Joe Rogan Experience

      The official podcast of comedian Joe Rogan.

      The Breakfast Club

      The World's Most Dangerous Morning Show, The Breakfast Club, With DJ Envy, Jess Hilarious, And Charlamagne Tha God!

      Dateline NBC

      Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com

    Advertise With Us
    Music, radio and podcasts, all free. Listen online or download the iHeart App.

    Connect

    © 2026 iHeartMedia, Inc.