In this episode of the Mastering Commercial Real Estate Podcast, Cory Mortensen sits down with Mac Shelton, co-founder of Sweet Bay Capital, to explore his journey from private equity into multifamily investing. Mac shares how he scaled from student housing house hacks to syndicated deals across the Southeast, raising millions in investor capital with a data-driven, risk-conscious approach. You'll learn what separates winning operators in volatile markets, how to underwrite conservatively, raise investor trust, navigate cap rate exit assumptions, and build a real team of reliable vendors.

Whether you're raising your first fund or fine-tuning your next acquisition, this episode is packed with tactical insights for commercial real estate success.

1:28 – Mac’s transition from private equity to real estate

5:00 – The first 2x deal and how it lit the path to syndication

8:39 – Underwriting risk and overcoming fear of first value-add project

11:32 – How Mac answered tough investor questions in his early raises

14:03 – Why being ultra-conservative with insurance, taxes, and vendors matters

17:48 – The biggest near-miss on a deal due to last-minute insurance change

21:12 – How to talk with contractors (even when it’s a pain)

24:20 – Tools Mac uses to track projects and manage reno budgets

27:47 – Mac’s true strength: critical thinking and execution

30:44 – The 25% exit spread rule + price-per-door math explained

35:13 – How to think about exit cap assumptions and buyer psychology

39:02 – Why CoStar cap rate projections might be misleading

42:46 – Deal sourcing vs. investor sourcing (brokers still rule)

45:57 – How referrals became their #1 investor growth channel

47:52 – Advice for new & experienced investors: be patient, do the right deal

50:07 – Favorite data sources and newsletters for market pulse

52:35 – The software stack: Agora, Yardi, Mailchimp & more

54:08 – Fun questions: janitor job, cover band dreams & real talk