The Multifamily Wealth Podcast #310: Growing From a Duplex to 900+ Units and Bringing Management In-House (And The Challenges of Doing So) with Lee Yoder
Dec 23, 2025
In this engaging discussion, Lee Yoder, founder of Threefold Real Estate Investing, shares his transformative journey from managing a single duplex to overseeing over 900 multifamily units. He reflects on the tough lessons learned while scaling and the pivotal decision to bring property management in-house, shedding light on unexpected challenges like HR burdens and operational complexities. Lee also dives into building effective teams, maintaining cash flow discipline, and why in-house management requires patience and strategic thinking for long-term success.
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Scaling By Building A Business
- Lee chose to scale by buying bigger multifamily deals and building a business rather than remaining a solo landlord.
- That decision shaped capital raising, team-building, and long-term operational strategy.
From Physical Therapist To Multifamily Operator
- Lee left physical therapy and transitioned into real estate after enjoying startup-style management work.
- He flipped houses, bought a duplex, then grew to syndications and 750+ units while bringing management in-house.
Build Capital Organically First
- Raise early capital by talking to people, joining local investor groups, and earning repeat investor trust.
- Use joint ventures and the local RIA to accelerate credibility and capital growth.