How Nick Elder House Hacked his way to MultiFamily
How Nick Elder House Hacked his way to MultiFamily
In this episode, Chris interviews Nick Elder, a former pharmaceutical sales employee turned real estate investor, who shares his journey from house hacking to multi-family properties and syndications. They discuss the importance of networking and goal-setting when changing career paths. Nick’s first house hack was in North Denver, where he rented out rooms individually for cash flow. They also discuss the private equity side of real estate and experimenting with passive investing. This episode is for anyone interested in learning about real estate investment strategies.
Three Learning Options!
  1. Listen to the podcast “#439: How Nick Elder House Hacked his way to MultiFamily” Denver Real Estate Investing Podcast
  2. Watch the YouTube video.
  3. Read the blog post. Note, the blog is an executive summary. Get the in-depth breakdown from the podcast or video.

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.

In This Episode We Cover

House Hacking

  • How you too can educate yourself by listening to BiggerPockets or the Denver Real Estate Investing Podcast.
  • How the timing of the market can determine the strategy you choose.
  • Pros and cons of room-by-room rentals.

Changing Careers

  • Can you make real estate a full-time professional opportunity? 
  • Building a Financial Runway. How to keep money aside to transition into real estate as a new career path.
  • The winner’s mindset is to look for the silver lining opportunity to pivot.

Passive Investing

  • Why Passive Investing?
  • Moving from House Hacking to Passive Investing: Strategies to avoid paying capital gains.

Need some accountability buddies? Join our monthly House Hacking meetups!

Use our tool to build a model buying house hacks to see how cash flow and equity are built.

Nick Elder’s LinkedIn

Nick Elder’s Instagram

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Authors
Chris Lopez
Chris Lopez is a Denver area real estate entrepreneur and investor, as well as the host of Bigger Pockets’ House Hackerz and the Denver Real Estate Investing Podcast.
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