Andy McMullen: Don’t Start a Deal Until You Pass This 2-Number Test

In this episode, Cory sits down with Andy McMullen of Legacy Acquisitions to unpack how to win in build-to-rent and multifamily — especially when market cycles shift. Andy shares how he built his company around trust, team, and clarity — starting with the one hire that changed everything: a top-tier executive assistant.

They break down the yield on cost test (NOI ÷ total project cost) as the most critical metric for development success and discuss how to evaluate spreads between your costs, cap rates, and debt. You’ll also hear why younger renters are choosing flexibility and experience over homeownership — and what that means for long-term demand.

From creative deal structures like seller financing to finding your unfair advantage in local markets, this episode delivers frameworks you can apply immediately.