Ep. 031: The Broker Breakdown: Multifamily Market Outlook with Chris Lento
In this episode of On The Move, Dustin sat down with Chris Lento, founder of EM Capital Group, to explore Chris’s journey from mechanical engineer in the defense industry to full-time multifamily real estate investor. His story is packed with lessons for anyone considering a career pivot or looking to scale their portfolio.
From Engineering to Real Estate
Like Dustin, Chris started out in mechanical engineering, earning his master’s degree and working for an aerospace company in Boston. But living in a three-family apartment as a tenant sparked his curiosity—how did his landlord manage to own a property like that? That question led him to purchase his first small multifamily in Boston in his twenties, initially as a side hustle alongside his engineering career.
Making the Leap
After 15 years in engineering, Chris craved more control over his time and financial future. By carefully growing his portfolio—using 1031 exchanges and leveraging loans against existing properties—he created a plan to transition into real estate full-time. Seven years ago, he finally took the leap, and he hasn’t looked back since.
Expanding Beyond Boston
Chris’s first step outside his local market was a five-unit property in Salem, Massachusetts. Treating it like an out-of-state deal, he hired a property manager and learned the value of delegating operations. That experience gave him the confidence to scale further, eventually exchanging the Salem property for a 24-unit in Tallahassee, Florida—his first major out-of-state acquisition.
Lessons from Market Cycles
Investing through the 2008–2009 downturn gave Chris invaluable perspective. While property values dropped, rents held steady, and strong debt terms helped him weather the storm. Over time, he began raising capital and partnering with other investors, expanding into markets like Kentucky, North Carolina, South Carolina, Georgia, and Maryland.
Growth Through Community
Chris credits much of his success to networking and continuous learning. From real estate conventions to educational groups like Dave Lindahl’s, and masterminds such as Raise Masters, he’s leaned on community to sharpen his skills—particularly around capital raising. He also adopts best practices from multiple property management partners and integrates technology like smart locks and digital management systems to streamline operations.
Current Strategy
Today, EM Capital focuses on the Southeast, especially Atlanta, North Carolina, and South Carolina. Chris targets markets with strong job growth, business-friendly policies, and favorable landlord laws. While there are distressed assets available, he and Dustin agreed the best opportunities remain in stable, growing neighborhoods.
Chris’s management approach is both hands-on and tech-driven: frequent check-ins with managers, third-party inspections, and regular reviews ensure that properties stay on track and investors stay informed.
Final Takeaways
Chris Lento’s story shows what’s possible when curiosity, planning, and persistence come together. From aerospace engineering to owning thousands of units, his path offers inspiration for both career changers and seasoned investors.
