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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#406: Is Active Real Estate Investing Too Risky in a Recession?
#405: Don't Let Your Equity Just Sit There: 6 Ways to Find Money to Invest in Real Estate
#404: Finally, Some Breathing Room in the Market. July 2022 Colorado Stats and Roundtable Discussion.
#403: Understanding the 3 Documents You Sign as a Passive Investor
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#402: Boost Returns and Lower Risk by Diversifying Real Estate Investments
#400: All the Benefits of Real Estate without the Headaches: The Perks of Being a Passive Investor
#399: 4 Metrics of Measuring Real Estate Returns: Which One Is the Best?
#397: Protect Yourself in a Recession by Understanding the Debt Coverage Ratio of Your Properties
#398: "The Sky Isn't Falling": Why the Commercial Real Estate Market Is Stronger Than You Think
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