Justin Brennan watched his family go from “riches to rags,” then rebuilt with cash-flow discipline, learning the hard rules of leverage, investor trust, and timing. In this episode, Justin Brennan breaks down how he moved into a model unit to push a 121-unit across the finish line, why he ate an $800,000 loss to protect investors, and how that decision unlocked an off-market 80-unit in San Diego. If you’re raising capital in 2025 or operating in the Sunbelt, this one’s a must-watch.
Timestamps
0:00 - The $60M wipeout that changed everything (cash flow > speculation)
13:17 - Rates spike 11 times, operator moves into the property, drives lease-up to 98%, locks Fannie Mae at 5.49% seven days before the 10-Year pops
16:10 - Why he walked from $800,000 hard to avoid risking $12M of LP capital and how that led to an off-market 80-unit in National City
25:00 - “Worst years” for REI: 2023, 2024, 2025 and the Sunbelt oversupply math vs. coastal moats
27:54 - Why California still prints wealth (if you live here and can survive the red tape)
59:25 - Where to find Justin’s playbook (YouTube: “Justin Brennan multifamily”)
What You’ll Learn
#realestateinvesting #realestate #investing