Creating Cheap Workforce Rentals from Old Hotels featuring Mitchell Rice

In this episode, real estate entrepreneur Mitchell Rice shares how he's converting outdated hotels into affordable workforce housing—and why investors are excited about it. Coming from a background in underwriting dozens of these conversions, Mitchell now leads Elkstone Capital Partners with a growing portfolio of over 450 doors and big plans to hit 1,000 units this year.

Mitchell walks us through his recent Houston project: a 100-room independent hotel turned 109-unit apartment building aimed at blue-collar tenants. From fire code upgrades to creative financing and the unique economics behind the strategy, Mitchell explains how these conversions work, who they serve, and why they make financial sense in today’s tight housing market.

What You’ll Learn in This Episode:

• Why hotel-to-apartment conversions work in high-demand rental markets

• The economics behind buying hotels at high cap rates and selling as apartments at lower ones

• Challenges around fire safety retrofits, insurance classification, and tenant turnover

• Who these new units serve and why there's high demand for affordable, no-frills housing

• How Mitchell raised capital quickly and what excites investors about this model

- Get Interviewed on the Show! - ================================== Are you a real estate investor with some 'tales from the trenches' you'd like to share with our audience? Want to get great exposure and be seen as a bonafide real estate pro by your friends? Would you like to inspire other people to take action with real estate investing? Then we'd love to interview you! Find out more and pick the date here: http://daveinterviewsyou.com/