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Episode #160 The Multifamily Condo Developments Opportunity with Nick Earls & Eric DiNicola

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GUEST SUMMARY
Putting their white coats on this week are full-time real estate investors and developers, and founders of Winterspring Capital — Nick Earls and Eric DiNicola. They have been friends for almost two decades and their unique relationship have allowed them to both tack on a very niched multi-family condo opportunity while complimenting each other's strengths and weaknesses and while having the same core values growing up and now growing their businesses together.
Having a construction background, Nick confidently dove into Real Estate and ventured into the strong condominium market in Boston after college. Over a decade, he experienced all phases of commercial real estate, including asset management, sales, new construction development, and property management. Being an expert in underwriting and asset management in the multifamily space, he authored the top-rated book “Making Millions through Multi-Family Development.”
On the other hand, Eric in New York dealt with public and private equity companies and stock trading. When he realized how to break free from the 9-5 office hours cycle, he moved back to Boston and joined Nick to begin their experiments.
Together, their partnership developed and grew into several multifamily development strategies from value add 100+ unit complexes in the Southeast to affordable housing, to luxury multifamily condominium development. They balance long-term value-add multifamily investments with short-term profits from condominium developments.
In this episode, Nick and Eric are going to walk us through their experience from condo development, dealing with the neighborhood, their pushbacks along the way, and how they’ve created a very niched strategy that most investors shy away from. If you’re the type of person that enjoys going left when everybody is going right then you’ll want to tune into the opportunity that Nick and Eric have developed. No pun intended...ok maybe just a little bit, enjoy the show!
HIGHLIGHTS OF THE EPISODE:
03:24 - Background of the guests
06:46 - Complementing your business partners
11:02 - Condo Development
13:58 - Pillars of evaluating an opportunity
KEEPING IT REAL:
18:20 - Are we restricted into 2 units?
19:58 - Starting a process that is specific with the other projects
23:33 - Why do we need to have a zoning attorney involved
28:46 - Making your building blend in the neighborhood
31:13 - How involved are you in the meetings
34:01 - What are the pushbacks? - Does everybody win?
38:01 - Affordable housing project
47:00 - Capital Raising
50:55 - Value Add
58:13 - Find more about the guests
NOTABLE QUOTES (KEY LESSONS):
6.50 - "We complement one another but at the same time, we have a lot of shared philosophies and shared strength. One thing that is unique with our relationship and the way we work together is we do share a lot of same goals -- financial freedom for our families and always for the greater good of the company" - Eric
23.33 - "This can be a completely different process from city to city but the red tape and the barriers create the opportunity. In a lot of cities that have very high prices for condos, there's going to be a similar process and strategies that can be used in New York, in Boston, and in San Francisco, cities like this are going to be pretty similar". - Nick
CONNECTING WITH THE GUEST
Website: www.winterspringcapital.com
Book: https://winterspringcapital.com/development-book