The multifamily real estate market has faced rising interest rates, tighter lending conditions, and shifting valuations—but could these challenges be creating one of the biggest investment opportunities of the decade? In this episode of Build It to Billions, Brett Swarts sits down with Buck Joffrey, M.D., former surgeon turned entrepreneur, real estate investor, and host of the Wealth Formula Podcast, to explore what’s happening in multifamily real estate and where investors may find opportunity.
Buck shares his perspective on current market conditions, why multifamily remains an important asset class for long-term wealth creation, and how sophisticated investors can think about risk, cash flow, and timing in today’s environment. Whether you’re an entrepreneur preparing for an exit, a seasoned real estate investor, or looking to diversify into alternative investments, this conversation offers valuable insights into navigating the next chapter of the real estate cycle.
Episode Highlights Here:
Intro
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Brett
Welcome everybody to the Build It to Billions podcast, where we guide successful entrepreneurs and investors on their journey from millions to billions. We believe the key to scaling and compounding your wealth in life starts every single day with the mindset and practice of stewardship over ownership and applying billionaire biblical principles. Our ultimate goal is help you scale and compound your wealth in life, so you can give more all the way to help MVPs. My name is Brett Swarts. I’m excited about our next guest. He has a dynamic background. In fact, he’s been on the podcast, I think at least twice. Maybe this is maybe his third time here. The dynamic background of a physician who practiced medicine at a high level and then has now focused on helping all of us build wealth at a high level. One of the most thoughtful podcasts out there called the Wealth Formula and Thought Leadership Courses. So, he’s an entrepreneur, and he’s founded multiple businesses and raised nearly a billion dollars in equity across alternative asset space, primarily for physicians and high net worth investors and so much more. Please welcome the show with me, Buck Joffrey. Buck, how we doing?
Buck
Good, Brett. Thanks for having me back.
Brett
Absolutely, and we’re going to be talking a little bit about real estate before we go there, and just timing and where we’re at in the AI world, the marketplace, and inflation and stuff. But before we go there, maybe just give the listeners another 62nd version of the background and the focus.
Buck
Yeah, I mean, as you mentioned, I my background is as a physician. I was started out in neurosurgery, ended up from there, moved around a little bit, and ended up as a cosmetic
surgeon. So, make it make of what you will of that, but so I, you know, when I was started, I was a cosmetic surgeon. Basically, I, I very much was, you know, a guy who was building a business, and I was making some good money there. And then, you know, I come from a real estate family, so rather than invest in the typical way, I started buying small apartment buildings, and then after a while, wanted to sort of figure out what’s next, and started listening to podcasts. Now we’re talking 15 years ago, right? So, or more, and back then, I felt like the podcasts were not-they’re not like your podcast, Brett, where they’re focusing on people who are already really successful and want to take to the next level. They were most like, “How do you get out of your cubicle? They didn’t resonate with me, so I was like, “Well, okay, I guess I’ll just start my own podcast, and we’ll start talking about stuff that relates to people like me. It was like a high-paid professional, so he started talking about the things that were important to me. And before you know it, you know we started an investor group. I started investor group probably you know several. This podcast started in what 2014. The investor group started probably a year or two after that, and basically just a group of high-paid professionals just interested in, you know, participating in real estate through syndication. We’ve done a number of other things, getting to aircraft, for example. That’s been a great opportunity for us and investors as well, but that-that’s kind of what-that’s the story.
Brett
Good, it’s a great story, and it’s yeah. And subscribe to his newsletter. I’m telling it’s one of the best in his podcast. It’s really great and so let’s dive into kind of the state of the market and the state of why real estate buying now is maybe a better opportunity than most would think.
Buck
Yeah, so let’s. I know it’s funny because you look at what happened in real estate in the last, and I’m talking about multifamily real estate for the most part. Some when you talk about real estate, I mean industrial and all that’s doing great because of all the tech and the AI build out and all that. But multifamily in particular, was really, really hot through COVID. After COVID, and you know, we were, we were, we were, you know, we were in sort of a place where people were buying probably too aggressively, but at the same time, even those who weren’t were had to deal with the fact that all of the sudden rates went up at an incredibly fast pace, fastest increase in American history, to get to where they did. You know, going up basically 400 basis points or more, and. That really shook the multifamily market incredibly. So and so there was a lot of operators lost property. There’s a lot of a lot of distress in the market. Meanwhile, the funny thing is that over the last couple years.
Outro
So if you like this little short clip of the interview I just did, click over here to watch the fullinterview, and please don’t forget to subscribe. Thanks so much, everybody.
Watch the episode here:
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About Buck Joffrey
Buck Joffrey, M.D. is an entrepreneur, real estate investor, financial educator, and former surgeon who has dedicated his career to helping high-income professionals and accredited investors build lasting wealth beyond traditional Wall Street strategies. He is the founder of Wealth Formula and host of the Wealth Formula Podcast, where he explores real estate, alternative investments, tax-efficient strategies, and passive income.
After leaving medicine to pursue entrepreneurship and investing, Buck built extensive experience across real estate and private investments. Through Wealth Formula, he teaches investors how to think differently about building, protecting, and growing wealth, with a focus on financial freedom, diversification, and creating sustainable income for the future.
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