What have you seen in the market as it shifted, and how did that change your playbook?
In this special episode of Skip the Lines Podcast, Jonathan Mitchell sits down with Mike Tighe. Mike breaks down why the classic value add multifamily play faltered when interest rates outpaced cap rates, creating negative leverage that killed the old arbitrage. He walks through Take Off Capital’s pivot into coastal San Diego development, where many buyers close all cash, making values more resilient to rate swings and enabling a build and sell merchant builder approach that targets endowments and similar buyers.
Mike also unpacks how mentorship unlocked larger deals, from underwriting to key principal signatures and loan guarantees when net worth and liquidity hurdles loomed. He shares operator lessons on steady investor communication, utility and soils diligence, creative deal structuring with seller equity retention, and a workmanlike life that favors sunlight, walks and consistency over hype.
If this episode helped you skip a few lines, follow the show, rate it, and share it with a builder who needs a mentor today
Chapters
0:00 Introduction & Early Journey
4:30 The Pivot to Development
9:00 Wins, Risks & Mentorship
17:00 Mindset & Habits
31:00 Lessons & Skip the Line Hacks
Quotes:
“Interest rates are higher than cap rates, now you are in a negative leverage position.” – Mike Tighe
“We are merchant builders, build and sell.” – Mike Tighe
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📢 Connect with Mike Tighe!
Instagram: https://www.instagram.com/miketighe_/
Website: https://takeoffcapital.com
📢 Connect with me!
Instagram: https://www.instagram.com/jonathanmitchellre/
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Facebook: https://www.facebook.com/profile.php?id=100088499808533
LinkedIn: https://www.linkedin.com/in/jonathan-mitchell-a1493410b
TikTok: https://www.tiktok.com/@jonathanmitchellre
Twitter (X): https://www.tiktok.com/@jonathanmitchellre
ADU PALS: https://adupals.com
Business Inquiries: jonathan@adupals.com
#SkipTheLines #RealEstateInvesting #Multifamily #NegativeLeverage #CapRates #InterestRates #SanDiegoDevelopment #MerchantBuilder #Mentorship #CapitalRaising #Syndication #ValueAdd
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