In this episode, Chris interviews Nick Elder, a former pharmaceutical sales employee turned real estate investor, who started by purchasing properties for house hacking and then progressed to multi-family properties and syndications. Currently, Nick is a relations representative at Ironton Capital. Nick highlights the importance of networking and goal-setting in changing career paths.
Nick’s first house hack was in North Denver, a 3-bed, 2-bath property that already had two tenants paying $1,900 in rent before he even moved in. Although renting out rooms individually provides excellent cash flow, Nick notes that it can be more difficult to manage.
Additionally, after realizing the steep learning curve of the real estate market, Nick explored the private equity side and the syndication model, focusing on multi-family properties that offer greater control over valuation. He is also experimenting with passive investing, which allows individuals to leverage the expertise of building and fund operators without conducting due diligence. This frees up time to identify the right person to invest with.
Finally, through his winning mindset and flexibility to pivot to better plans, Nick built a successful career in real estate. This episode is for anyone interested in learning about house-hacking, multi-family properties, and passive investing strategies.
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Check out the podcast below!#429: Why This Denver Developer Is Pivoting to Eco-Friendly Homes
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#426: November 2022 Market Stats: Don't Be Afraid to Ask for Concessions
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#422: Introducing PAM 2.0: Take the Guesswork out of Your Real Estate Portfolio
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