Value-Add Multifamily: Risks, Opportunities, & “Deep” Upgrades That Drive NOI
Real Estate Investing for Cash Flow with Kevin Bupp
Kevin Bupp
4.8 • 679 Ratings
🗓️ 23 March 2026
⏱️ 34 minutes
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| 0:00.0 | Value ad isn't paint and countertops anymore. In today's market, it's plumbing, power panels, water loss, and knowing when to walk away from a deal that looks great on paper, but will destroy cash flow. Now, today's guest sees things very differently. Mark Schuller is a licensed architect and multifamily operator who's been on both sides of the table, designing buildings, owning them, and fixing the mistakes that most investors don't |
| 0:21.2 | catch until it's too late. He's been involved in thousands of apartment units serving more than 12,000 |
| 0:25.4 | residents, and he specializes in deep value-ad workforce housing where operations, design, and |
| 0:30.6 | capital discipline all collide. In this episode, we're going to be digging into the following. |
| 0:34.6 | What heavy value add really means in 2026 and which upgrades actually |
| 0:38.4 | move NOI? How rising rates, tenant volatility, and regulatory pressure are forcing operators |
| 0:43.7 | to completely reevaluate assumptions and then why strong operators, not market luck, |
| 0:48.9 | are now the difference between surviving and losing a deal. Mark, welcome to the Real |
| 0:53.2 | Estate Investing for Cash Low Podcast. It's great to have you here, my friend. So what does a value add mean to you today compare it to what it meant, you know, three years ago, you know, back in 2022, 2020, 23 when, you know, we're at an all-time low-interest rate environment and rising tide was lifting all boats back then right it's a very different |
| 1:11.0 | business model then than what it is today to a certain degree in fact I would love to get your |
| 1:15.1 | perspective there and what does that mean today where you know compared to what it looked like back |
| 1:19.2 | then the definition of value ad I mean that means a lot of different things to a lot of different |
| 1:23.5 | operators it can be as like lipstick and a pig to, you know, the deep value ads that |
| 1:29.1 | we do, which is all new flooring, all new paint, all new trim. We do granite countertops |
| 1:38.4 | in every unit. We rehab all the, the cabinetry. we do tiled tub surrounds. |
| 1:44.7 | We fix, you know, we fix, you know, leaky bath valves. |
| 1:49.6 | And we put glass vessel sinks in every bedroom, or every bathroom, pardon me. |
| 1:54.6 | You know, we're really trying to create a premium brand at the C-class level, |
| 2:03.3 | which is kind of where our buy box has been for several years. And now, you know, we're buying or we're renovating all the exterior. So I did a color |
| 2:11.7 | scheme for 175 of our buildings. So we're now fixing all the rot and repainting all the |
| 2:16.8 | buildings. Brought a buddy of all the rot and repainting all the buildings. |
| 2:23.6 | Brought a buddy of mine who was a talented landscape architect here in Seattle. All he's done for 30 years are multifamily communities and we're redoing every campus. You know, we're redoing, |
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