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
Most homeowners are sitting on untapped equity without realizing it.
In this episode of When Real Estate Gets Real, Stephen Lee Thomas sits down with mortgage advisor and investor-focused lender Benjamin Stef to discuss how investors are using Home Equity Lines of Credit (HELOCs) to fund deals, scale portfolios, and create opportunities without refinancing low-rate mortgages.
Ben breaks down how HELOCs work, why they've become sign...
Real estate investing looks simple online but what happens when you actually start raising capital, managing investor expectations, and underwriting multifamily deals?
In this episode of When Real Estate Gets Real, Stephen Lee Thomas sits down with Ray Woods, a real estate investor, engineer, cybersecurity professional, and entrepreneur building across wholesaling, Airbnb, multifamily, and real estate technology.
Ray shares how his...
What happens when you make millions early… then lose almost everything?
In this episode of When Real Estate Gets Real, Stephen Lee Thomas sits down with Lawrence Dunning former MMA fighter turned real estate broker, investor, and developer who shares his raw, unfiltered journey through success, failure, and rebuilding.
From trading floors in Chicago to losing money in the 2009 crash… to navigating bad partnerships and...
Commercial real estate has changed dramatically over the last few years but is today’s market really like 2008?
In this episode of When Real Estate Gets Real, Stephen Lee Thomas sits down with Jacob Clopton, founder and president of Clopton Capital, to unpack what’s happening in commercial real estate financing, debt markets, insurance, solar, capital raising, and multifamily syndication.
Jacob shares why today’s ...
Most real estate investors start the same way solo, figuring it out, and trying to scale on their own.
But what happens when that model stops working?
In this episode, Stephen sits down with Jared Mickley, a Marine Corps helicopter pilot and multifamily asset manager, to break down his journey from house hacking and short-term rentals to stepping into multifamily investing.
This conversation goes beyond tactics it dives into the re...
What happens when corporate “security” disappears overnight?
In this episode, Stephen Lee Thomas sits down with Mike Deaton, co-founder of Flipping Dirt, to break down his journey from being laid off at Microsoft to building a land flipping business with over 700 deals completed.
Mike shares how he and his wife pivoted into entrepreneurship, why land investing became their focus, and the lessons they learned the hard wa...
What happens when you realize you like real estate — but not the part everyone assumes you should be doing?
In this episode of When Real Estate Gets Real, Stephen Lee Thomas talks with Will Harvey of Harvey Capital about his path from mortgage lending to flipping houses, passive investing, and eventually building a hard money lending business.
Will shares how he discovered that operations were not his strength — and tha...
In this episode of When Real Estate Gets Real, Stephen Lee Thomas sits down with John Todderud of Cardinal Oak Investments to unpack the reality behind multifamily investing once the deal is done.
From managing tenants and operations to navigating investor expectations and market headwinds, this conversation reveals what most new operators aren’t prepared for.
John shares lessons from completing 9 deals, including the shift i...
What actually keeps a commercial real estate deal alive when the market turns against you?
In this episode of When Real Estate Gets Real, Stephen Lee Thomas sits down with Will Curtis, a commercial real estate broker out of San Antonio who has been involved in more than $1 billion in transactions and is known as the “Property Operations Whisperer.”
This conversation goes beyond surface-level real estate advice and gets ...
Multifamily investing isn’t what most people think.
In this episode, Stephen Lee Thomas sits down with William Liu, a multifamily syndicator and former CMO, to break down what really happens when you step into the role of an operator.
From raising capital to managing investor expectations and navigating real-world challenges, this conversation uncovers the realities behind the business of multifamily investing.
What You'll L...
The multifamily market has gone through one of the most challenging cycles in decades but are we finally at the bottom?
In this episode, Stephen Lee Thomas sits down with Neal Bawa, the “mad scientist of multifamily,” to break down exactly where we are in the current market cycle and what comes next.
From interest rate shocks to massive supply waves, Neal explains why even well-run properties are failing… and why...
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...
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 ...
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...
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...
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...
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 la...
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...
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...
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...
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.
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
Betrayal Weekly is back for a new season. Every Thursday, Betrayal Weekly shares first-hand accounts of broken trust, shocking deceptions, and the trail of destruction they leave behind. Hosted by Andrea Gunning, this weekly ongoing series digs into real-life stories of betrayal and the aftermath. From stories of double lives to dark discoveries, these are cautionary tales and accounts of resilience against all odds. From the producers of the critically acclaimed Betrayal series, Betrayal Weekly drops new episodes every Thursday. If you would like to share your story, you can reach out to the Betrayal Team by emailing them at betrayalpod@gmail.com and follow us on Instagram at @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 Clay Travis and Buck Sexton Show. Clay Travis and Buck Sexton tackle the biggest stories in news, politics and current events with intelligence and humor. From the border crisis, to the madness of cancel culture and far-left missteps, Clay and Buck guide listeners through the latest headlines and hot topics with fun and entertaining conversations and opinions.
The official podcast of comedian Joe Rogan.