Underwriting Background to Help LPs Maximize CRE Investments with Mitchell Rice| Episode 148

🔥On this Real Estate Hustlers Podcast episode he founded Elkstone Capital, a real estate private equity firm. He named it since I'm from Idaho and love hunting. He wanted my beliefs to appeal to working partners so they could enjoy the outdoors. We aim at $1B AUM by 2032. We've bought and built 451 doors ($45M AUM) and are submitting more transactions. Hotels-to-multifamily, classic MF value-add, and self-storage are our specialities. We want 1,000 doors for our company and partners by year's end. I invested in real estate, equities, and my first VC round. I manage a 506B freight and logistics fund. We’'ve raised $15M in equity across all our projects by only discussing opportunities I 100% believe in, being open, and being good at underwriting. He learnt my trade from local real estate developers. His last job was senior development analyst for Property Reserve Inc., the for-profit commercial real estate investment arm of the Church of Jesus Christ of Latter-Day Saints. While there, my team and I underwrote and approved 1.8M SF of warehouse and logistics centres, 1000+ units of build-for-rent (townhomes, duplexes, SFR) communities, 500K+ SF of new class A office tower space, multifamily, hotels, and more for about half a billion dollars. Underwrote hundreds of houses. Excel and financial modelling are my speciality. Takeaways Mitchell Rice is a principal at Elkstone Capital, focusing on multifamily and hotel conversions. His first deal involved co-GP work in Tennessee, raising equity through business owner networks. Underwriting is crucial; they underwrite multiple deals weekly to find the right opportunities. AI will impact real estate by increasing efficiency and potentially reducing jobs. Mitchell's portfolio includes a significant portion of Section 8 housing for steady income. Setting annual and quarterly goals is essential for growth in asset management. Third-party property management is necessary for diverse locations, requiring strong relationships. Hotel conversions require careful consideration of property specifications and local regulations. Mitchell emphasizes the importance of not getting emotionally attached to deals during underwriting. Networking and leveraging relationships with brokers can lead to successful joint offers. Connect with Mitch: LinkedIn: Mitchell Rice Facebook: Mitchell Rice Instagram: Mitchell Rice Visit us at: Investor Portal: https://appelmangroup.investnext.com/ Website: https://lnkd.in/g66wqQ7g Linkedin: https://lnkd.in/g2Fu2BZD Facebook: https://lnkd.in/gVjbUi3p