In this episode, Michael Blank reconnects with multifamily investor and capital raiser Lane Kawaoka to take a hard look at what has changed in commercial real estate since the market peak—and where the opportunities may be today. After investing in more than 10,000 multifamily units and returning more than $45 million to investors, Lane shares lessons from navigating both the boom years and the subsequent market correction. They discuss shifting investor sentiment, conservative underwriting, emerging and tertiary markets, diversification beyond multifamily, and why the quality of the operator matters more than ever. Lane also explains how building relationships outside of real estate has helped him discover opportunities in other asset classes and why today's market may reward investors who are willing to think differently while staying disciplined.
Key Takeaways
The Investor Mindset Has Changed
The FOMO-driven investing environment of 2021–2022 has been replaced by more sophisticated investors focused on diversification, risk, and long-term wealth creation.
Conservative Underwriting Matters More Than Ever
Today's higher interest rates, elevated insurance and taxes, and limited cash flow leave little room for aggressive assumptions. Investors need to underwrite deals based on what they know—not what they hope will happen.
The Best Opportunities May Be in the "Boring" Markets
Markets that avoided the massive development and price run-ups of the Sun Belt may offer more stability and less competition as investors search for the next wave of opportunity.
The Operator Can Matter More Than the Asset Class
When investing outside your area of expertise, the key isn't becoming an expert in every industry—it's finding proven operators with strong track records, especially through difficult market cycles.
Diversification Doesn't Mean Abandoning Your Core Strategy
Investors can continue building expertise in multifamily while selectively exploring complementary asset classes, businesses, private equity, self-storage, or other opportunities.
Build Relationships Before You Need Them
Expanding your network beyond traditional real estate circles can open doors to new operators, industries, and investment opportunities—but building that trust takes years, not weeks.
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