Property Profits Real Estate Podcast

A shelter is not always the final stop before someone gets permanent housing. Felicia Edelman says many people need a middle ground first.
Felicia and her husband have operated transitional shared housing in South Los Angeles since January 2010. Their residents include men coming from jails, prisons, treatment centers, hospitals, shelters, the streets, and other agencies.
Felicia explains how the model works financially and operationally. Their typical duplex has five bedrooms on each side, with shared rooms and 20 to 30 men across the property. Residents generally pay between $600 and $800 per month. Utilities are included, and Felicia says they do not require an application fee, security deposit, credit check, or background check.
She also explains why onsite management matters. Many of their house managers were once residents themselves and have personal experience with jail or prison. Felicia says this helps new residents feel understood and gives each house people who can set the tone and help de escalate problems.
Key topics and takeaways:
Why Felicia calls transitional housing the middle ground between shelters and permanent housing
How shared rooms make the housing more affordable for residents
Why a typical SOS Housing duplex may house 20 to 30 men
How former residents become onsite house managers
Why Felicia believes community inside the house is important
How residents sometimes shop and cook together
Why the typical stay is about three to six months
How the shared living model can also work on a smaller scale
Guest information:
Felicia Edelman is a shared housing expert with SOS Housing. She and her husband opened their first transitional housing location in January 2010.

Iron Ridge Capital went more than three years without buying a property because the deals did not make sense.
That choice was not always popular with investors who wanted another opportunity. But Erik Nordstrom and Erik Strom had already lived through a major real estate correction. They knew what it felt like when a deal became stressful and financing became difficult.
In this conversation, Erik and Erik explain how Iron Ridge approached the recent multifamily market. They talk about underwriting higher rates, building their property management operation, watching property data every morning, and protecting relationships with investors that have taken as long as 15 to 20 years to build.
They also explain why the current market feels different. Iron Ridge historically bought about one or two deals each year. The team now sees enough opportunity that they are looking at buying roughly three to five deals a year while the window remains open.
Key topics and takeaways:
Why Iron Ridge stopped buying from January 2022 until May 2025
How experience from the 2008 and 2009 financial crisis shaped their decisions
Why property operations matter as much as buying the right deal
Why the leadership team reviews property data every morning
Why they believe future general partners should first learn with their own money
How Iron Ridge protects long term relationships with roughly 140 investors
Why the team sees the next 24 months as an important buying period
Guest information:
Erik Nordstrom and Erik Strom are part of Iron Ridge Capital. The company focuses on multifamily investing, syndication, and property management in the Dallas Fort Worth area.
Iron Ridge manages about 2,200 multifamily units and owns about 660 units.

Jason Williams built his underwriting system so a user could import a rent roll and T12, push a button, and have about 90 percent of the work completed. Then the Excel model became so complex that sharing it with other people created a new problem.
Jason explains how that frustration led him to create a web based underwriting app that uses AI to read an OM, rent roll, and T12 and fill in much of the information automatically.
The conversation also goes inside Jason’s own real estate portfolio. He talks openly about being the lead sponsor on two multifamily properties, including one that is doing very well and another that is taking most of his attention.
Dave and Jason also dig into a new manufactured home community Jason is developing near Waco, Texas. The 18 acre project is planned for about 100 homes, but a zoning issue and a pre annexation agreement delayed construction and forced Jason and his partners into negotiations with the city.
Key topics and takeaways:
Why Jason is currently focused on improving an existing multifamily property instead of buying more
The zoning issue affecting his planned 100 home manufactured home community
How his chemical engineering background shaped the way he builds underwriting systems
How he learned multifamily underwriting after entering apartment syndication in 2017
Why his Excel model eventually became difficult for clients to use
How his new web app uses AI to process an OM, rent roll, and T12
Why Ironclad Underwriting Mastery grew from people asking Jason for help
Guest information:
Jason L. Williams, Ph.D. has been involved in real estate for more than 20 years. He entered multifamily investing in 2017 after meeting his mentor, Joe Fairless.
Jason is involved in multifamily properties, single family homes, smaller residential multifamily properties, and the development of a manufactured home community in Central Texas.
He also hosts the Ironclad Underwriting Podcast with his business partner Frank Patalano.
Website:
ironcladunderwriting.com
Resources mentioned:
Ironclad Underwriting Podcast
Ironclad Underwriting newsletter
Free underwriting resources
Ironclad underwriting web app
Call to action:
Visit ironcladunderwriting.com to find Jason’s resources, podcast, and newsletter.
Jason said his newsletter is sent twice a month, on the first and the fifteenth.
You can also sign up through the site to become a beta tester for his underwriting web app. At the time of the conversation, the app was in open beta and free to use.

Chris Wise is not looking for the largest apartment buildings in the market. He is focused on a smaller Class C multifamily range that he believes often sits between large institutions and smaller local owners.
Expanded Description
Chris and his team focus mainly on 20 to 60 unit Class C properties in Louisville and other Midwest markets.
Part of the opportunity comes from problems other buyers may not want to handle. Chris talks about deferred maintenance, inaccurate property information, older building systems, and properties that may have been poorly managed.
Instead of building the plan around rent increases alone, Chris says his team puts major attention on expenses. That includes property management, maintenance, utilities, billing, and replacing problem components before they become larger failures.
He also walks through a Louisville property that was about 60 percent occupied when they bought it. After repairs, inspections, lease work, and renovations, the property reached about 95 percent occupancy in roughly three months.
Key Topics and Takeaways
Why Chris focuses on Class C properties with about 20 to 60 units
The gray area between larger institutions and smaller operators
Why deferred maintenance can create both problems and opportunity
Why property records and billing information need to be verified
Using expense control as a major part of the value add plan
Working with HUD, veterans programs, and other housing organizations
A Louisville property that moved from about 60 percent to 95 percent occupancy
Why Chris thinks about the exit before buying
How structure and calendar control help him manage six companies and family life
Guest Information
Chris Wise is a real estate investor and lawyer based in Louisville, Kentucky.
His real estate focus is Class C value add multifamily, mainly in the 20 to 60 unit range. His team looks in Louisville and across parts of the Midwest, including Kansas City.
Chris said he is interested in connecting with:
Institutions
Retail investors
Registered investment advisors
Family offices

Building a tiny home community can look simple until you start digging into the land.
Dedria Kolb learned that firsthand while developing Poplar Creek Tiny Home Village in Rutherford County, North Carolina. The 10 acre property once operated as a mobile home park, which gave her existing infrastructure to work with during phase one.
That first phase opened with 10 lots in July 2024. By December, every lot had been leased through word of mouth and grassroots marketing.
Phase two was another story. Dedria had to work with raw land, grading, new infrastructure, and an engineered septic system. The expansion added 20 lots, bringing the planned community to 30 lots in total.
Dedria also explains why Poplar Creek uses long term lot leases. Residents bring their own tiny homes, as long as the homes have the appropriate certifications and can be insured. Average lot rent is about $700 per month.
Key topics and takeaways:
What counts as a tiny home and why there is no single definition
Why Poplar Creek is zoned as an RV park
How phase one reached full occupancy within months
Why phase two was much harder and more expensive
How long term lot leases work at Poplar Creek
Why Dedria chose common spaces including pavilions, fire pits, gardens, and a dog park
The zoning and building code challenges facing tiny home communities
Why residents, not the developer, ultimately create the community
Guest information:
Dedria Kolb is a small scale developer focused on tiny home communities and other smaller footprint housing concepts.
She developed Poplar Creek Tiny Home Village in Rutherford County, North Carolina.
Dedria also has a coaching program for women interested in development. She teaches topics including finding land, engineering deals, and tiny home development.

A vacant fourplex in Kitchener had four old garage bays in the basement. Ara Palladian saw something different: space for two more units.
Ara brings a construction and structural background to multifamily investing. In this conversation, he walks through the Kitchener project and explains how his team is converting those garage spaces into two two bedroom walkout units.
The work includes replacing large drop steel beams with flush beams, removing and insulating the concrete slab, and creating more usable headroom. Ara also shares the numbers behind the project. The property was purchased for about $1.25 million. He expects to be all in for about $1.7 million, with what he describes as a conservative appraisal of about $2 million.
Ara and Dave also discuss why Ara prefers purpose built multifamily, why he wants more properties with 15 units or more, and why paying the right professionals can sometimes save far more than choosing the cheapest labor.
Key topics:
Turning a fourplex into a six unit property
Using structural and construction knowledge to uncover value
Replacing drop beams to improve basement space
Ara’s plan to refinance through CMHC
Recycling capital into future investments
Why Ara prefers purpose built multifamily
Moving toward properties with 15 units or more
How shorter renovation timelines can reduce holding costs
Guest information:
Ara Palladian is a real estate investor and licensed realtor with a background in construction and structural engineering. He focuses on value add multifamily projects in Cambridge, Kitchener, Waterloo, and Guelph.
Instagram: @PalladianConstruction
Email: arapalladian@gmail.com
Call to action:
Investors interested in buying multifamily properties or discussing potential capital partnerships can contact Ara by email or send him a message through @PalladianConstruction on Instagram.