Retire on Rentals Podcast Por Nicholas Cook arte de portada

Retire on Rentals

Retire on Rentals

De: Nicholas Cook
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 We educate investors and potential investors on the in's and out's of investing in rental property. We focus on residential and multifamily investing, but include commerical, storage, mobile home parks, and more. We interview industry experts on tax strategies, property management, vendor selection, syndications, capex, and more.2025 Economía Finanzas Personales Gestión y Liderazgo Liderazgo
Episodios
  • Daring to Develop, Uphill Battles, Regulations, and Success with Michael Hamilton

    Daring to Develop, Uphill Battles, Regulations, and Success with Michael Hamilton
    Jun 12 2025
    Retire On Rentals Podcast: Episode 5 - Dreaming Big with Michael Hamilton of Seneca DevelopmentEpisode Description:In this exciting episode of Retire On Rentals, host Nicholas Cook sits down with Michael Hamilton, President of Seneca Development, a Portland-based company specializing in multifamily structures and commercial assets. Michael shares his inspiring journey into real estate, from cold-calling as an "acquisition specialist" to leading large-scale multifamily projects. We dive into Seneca’s focus on multifamily development, their strategies for navigating Portland’s challenging market, and their vision for addressing the housing shortage. Whether you’re an investor, aspiring developer, or curious about real estate, this episode is packed with insights on creating passive income and building a legacy through rentals.Key Topics & Timestamps: 00:00 - IntroductionNicholas Cook welcomes listeners to Retire On Rentals and introduces guest Michael Hamilton, President of Seneca Development. 01:30 - Michael’s Origin StoryMichael recounts dropping out of college, sending 100 emails to real estate professionals, and landing a role as an "acquisition specialist" (a.k.a. cold caller) for a house flipper, sparking his passion for construction and development. 05:00 - Focus on Multifamily DevelopmentMichael explains his shift from single-family homes to multifamily projects, inspired by early Airbnb ventures and the scalability and cash flow potential of larger properties. 08:45 - Differentiating Seneca DevelopmentLearn how Seneca targets key Portland corridors, balances inclusionary housing laws, and delivers quality projects in a tough market. 12:30 - Site Selection & Portland’s ChallengesMichael shares Seneca’s “buy box” for choosing development sites, leveraging local expertise, and navigating Portland’s zoning and inclusionary housing regulations. 18:00 - Vision for Seneca DevelopmentA look at Seneca’s 5-10 year plan: staying committed to Portland, contributing to the housing shortage solution, and betting on the city’s growth as a major metropolitan area. 22:15 - Balancing Affordability & QualityMichael discusses Seneca’s in-house construction edge, non-negotiable amenities (AC, stainless steel appliances, quartz countertops), and picking pockets where affordability and quality align. 27:00 - The Development ProcessA step-by-step breakdown of taking a project from concept to completion: site selection, zoning checks, financial modeling, architect collaboration, city early assistance, and the lengthy entitlement process. 33:45 - Challenges in DevelopmentMichael reflects on bureaucratic hurdles, design review inefficiencies, and community opposition, comparing Portland to markets like Newport Beach and Seattle. 39:00 - Expanding Beyond Portland?Seneca’s contrarian view: sticking to Portland despite difficulties, exploring nearby markets like Oregon City for assisted living, and prioritizing local relationships. 44:30 - Build to Hold or Sell?Michael explains Seneca’s flexible strategy—modeling for 3, 5, and 10-year horizons, balancing investor goals, and deciding to hold or sell based on market offers. 48:00 - Navigating Headlines & Investor PerceptionsAddressing Portland’s negative headlines, Michael highlights the city’s undersupply (10,000 units vs. Austin’s 100,000) and long-term potential for savvy investors. 52:30 - Sponsor BreakA word from Sleep Sound Property Management, Portland’s top-rated firm for multifamily and residential real estate. Visit sleepsoundpm.com. 53:30 - The Seneca TeamMichael introduces partners Andy Schreck (construction expert) and Bryant, detailing their roles in construction, investor relations, acquisitions, and capital structuring. 57:00 - Growth & NimblenessSeneca’s plan to stay lean, avoid rapid expansion, and aim for institutional real estate ownership over 20 years. 60:30 - Construction Costs & TariffsMichael unpacks a 5-8% cost increase from tariffs, supply chain nuances, and the role of contingencies (4-10%) in managing risks. 65:00 - Interest Rates & Market ConditionsHow Seneca stress-tests projects for rate hikes, navigates construction vs. permanent loan dynamics, and shelves projects when the market doesn’t align. 69:00 - Designing for DemographicsAdapting to remote work and aging populations with work areas, speakeasies, infrared saunas, and proximity to coffee shops—no retail on ground floors. 73:00 - Lessons LearnedMichael shares tweaks like reduced parking (despite demand), curated ground-floor “adult playgrounds,” and spaces tenants can brag about. 78:00 - Advice for Investors & DevelopersA key insight: look for imbalanced markets—Portland’s undersupply offers upside, unlike oversupplied Austin. Beware of chasing trends! 82:00 - Rapid-Fire Q&A Dinner with one person? Jesus Christ—to chat like buddies and ask about free will vs. divine plans. Whiskey or wine? ...
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    56 m
  • Mission Driven and Playing the Long Game with Nick Cooley

    Mission Driven and Playing the Long Game with Nick Cooley
    Apr 15 2025
    Retire on Rentals Podcast: Mission-Driven and Playing the Long Game with Nick CooleyEpisode Overview:In this insightful episode of Retire on Rentals, host Nicholas Cook sits down with Nick Cooley, co-founder of Rodeo Capital, to explore his journey from single-family rentals to leading a mission-driven commercial multifamily investment firm. Nick shares his strategies for responsible investing, the importance of transparency with investors, and lessons learned from scaling portfolios across multiple states. With a focus on long-term wealth preservation and community impact, this episode offers valuable takeaways for aspiring and seasoned real estate investors alike.Guest:Nick Cooley, Co-Founder, Rodeo CapitalOversees acquisitions and investor relationsFormer single-family investor and Keller Williams broker with a decade-plus in real estateKey Topics Discussed:Nick’s Real Estate Origin Story (Timestamp: 2:45)Introduced to real estate investing by a college friend over New Year’s Eve, learning about rentalsBuilt a portfolio of 18 single-family doors in Denver with his wife, Hannah, starting in their mid-20sEntered brokerage at Keller Williams to better serve their portfolio, frustrated by agents’ lack of investment knowledgePivoting to Commercial Multifamily (Timestamp: 6:30)Liquidated single-family portfolio in 2021 due to poor return on equity and operational inefficienciesRealized being “millionaires” didn’t translate to cash flow for family goals like starting a familyUsed proceeds as seed capital for Rodeo Capital, focusing on larger-scale multifamily assetsRodeo Capital’s Mission and Values (Timestamp: 10:00)Mission: “Responsibly create better places for Americans to call home,” balancing investor returns with tenant quality of lifeEmphasizes grit, tenacity, and a Western ethos of accountability, rooted in Nick’s small-town Nebraska upbringingTransparency and integrity guide vendor, tenant, and investor relationships, ensuring trust and alignmentMarket Selection and Competitive Advantage (Timestamp: 15:45)Shifted from high-cost Denver to Midwest markets (Western Michigan, Nebraska, Iowa) for better economicsExample: Bought Iowa property at $67,000/door yielding $1,050/month vs. Denver’s $275,000–$325,000/door for $2,200/monthLeverages local market knowledge for high conviction, avoiding policy risks in states like ColoradoInvestment Strategy: Buy vs. Build (Timestamp: 19:00)Currently focuses on acquiring existing buildings due to unfavorable development economicsTeam has developed over $500M in ground-up projects (hospitality, multifamily), poised to build when pricing alignsPrioritizes unlevered yield on cost and basis, aiming for principal preservation and steady cash flowFee Structure Philosophy (Timestamp: 21:30)Charges a lean 1.5% acquisition fee, no other fees, to align with investorsOperates from personal portfolio income, avoiding high fees that misalign incentivesBelieves low fees foster trust and prioritize long-term performance over short-term gainsProperty Management Partnerships (Timestamp: 24:00)Outsources to third-party managers in Nebraska/Iowa (Omaha-based) and Michigan (Grand Rapids-based)Values quality reporting and transparency for investor updates, especially for value-add projectsSeeks frequent, digestible data to translate operational challenges (e.g., unit turns, unexpected repairs) to investorsRaising Capital: Challenges and Investor Fit (Timestamp: 28:30)Hardest part: Countering get-rich-quick narratives; emphasizes principal preservation over IRR chasingVets investors through radical transparency about Rodeo’s long-term, predictable strategyTargets investors seeking steady 6% preferred returns, growing significantly over 30 years via debt paydown and inflationCo-invests 5–10% in deals, demonstrating “eating their own cooking”Lessons from 2024 and 2025 Outlook (Timestamp: 38:00)2024 takeaway: Define success clearly (e.g., unlevered yield, basis) to move with speed and conviction2025 plan: Actively acquire through all economic cycles, capitalizing on 20–25% discounts from 2022 peaksBullish on multifamily’s enduring utility, regardless of interest rates or macro trendsAdvice for New Investors (Timestamp: 44:00)Depends on goals and resources: Low-net-worth beginners can house-hack with FHA loans; high earners should invest passivelyWarns single-family cash flow is tougher post-rate hikes; suggests commercial for better returnsEncourages learning from experienced operators to shorten the “stupid tax” learning curveFamily Involvement and Risk Mindset (Timestamp: 40:00, 48:00)Wife Hannah, a former partner, now advises selectively; family members co-invest but don’t operateViews entrepreneurial risk as inherent, refined over time, but universal—entrepreneurs just confront it head-onBalances growth (Nick) with risk control (Hannah’s influence), learned from single-family challengesMemorable Quotes:“We’re millionaires, but I can’...
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    57 m
  • From Dentistry to Self Storage Development and Beyond - Wayde Elliott

    From Dentistry to Self Storage Development and Beyond - Wayde Elliott
    Apr 15 2025
    Retire on Rentals Podcast: From Dentistry to Self-Storage Development and Beyond with Wayde ElliottEpisode Overview:In this inspiring episode of Retire on Rentals, host Nicholas Cook sits down with Wayde Elliott, the visionary behind STORE IT, to discuss his remarkable transition from a 20-year career in dentistry to becoming a self-storage developer. Wayde shares his journey, from a forced career pivot due to injury to building a thriving storage business, offering insights into development, operations, and the mindset needed to succeed in real estate. Packed with practical advice and lessons learned, this episode is perfect for aspiring investors looking to break into self-storage or optimize their real estate ventures.Guest:Wayde Elliott, Founder and Visionary, STORE ITFormer dentist turned self-storage developer with over 15 years in the industryFocuses on ground-up development and conversion projects to add value for investorsKey Topics Discussed:From Dentistry to Self-Storage (Timestamp: 2:30)Practiced dentistry for 20 years until a spinal injury forced a career changeInspired by a patient’s lifestyle of freedom through self-storage ownershipTransitioned after learning from the patient, valuing time over trading hours for moneyFirst Storage Deal: Diving into Development (Timestamp: 6:00)Built first facility in St. Helens, Oregon, facing challenges like wetlands, highway access, and environmental issuesBenefited from bank financing based on appraised value, a luxury not available todayLearned through trial and error, emphasizing the importance of not knowing what you don’t knowHitting a Home Run with the Second Deal (Timestamp: 10:15)Sold first facility to fund a conversion project in Forest Grove, repurposing an old lumber yardEasier project with existing infrastructure led to greater profits than 20 years of dentistrySparked accelerated growth and team-building for STORE ITSTORE IT’s Business Model (Timestamp: 13:00)Focuses on adding value through ground-up development or converting warehouses/lumber yardsAvoids buying existing facilities due to limited value-add potentialTargets larger sites (e.g., 5 acres) for economies of scale, supporting on-site managers and property managementDue Diligence and Market Selection (Timestamp: 16:30)Evolved from gut-based decisions to sophisticated feasibility studies, pro formas, and geotech analysesEnsures profitability and investor confidence with a systematic playbookOperates in Oregon, Washington, and California, open to new markets meeting strict criteriaLessons from Dentistry Applied to Storage (Timestamp: 20:45)Carried over core values like exceptional customer service and a fun, light cultureEmphasizes trust, team input, and accountability, fostering a collaborative environmentTreats work as play, blending passion with business to maintain engagementChallenges in Self-Storage Development (Timestamp: 24:00)Site selection: Only 1 in 30 sites meets value-add criteriaNavigating bureaucratic hurdles with cities, counties, and agencies (e.g., annexation disputes)Access to capital reframed as a “resourcefulness problem,” not a resource issueOperational Insights: Maintenance and Tenant Issues (Timestamp: 32:00)Low maintenance needs: Concrete, steel, and garage doors minimize costs compared to multifamilyMonitors facilities with 50–75 cameras per site to prevent misuse (e.g., unauthorized living)Abandoned units rarely yield treasures; legal processes handled by management companies to avoid selling possessionsTechnology and AI in Self-Storage (Timestamp: 38:00)Early adoption of AI for site research and 24/7 camera monitoring with remote speakers for securityOpen to tech advancements but cautious, learning from industry conventions before investingCore value of seeking opportunities drives exploration of efficient solutionsAdvice for Aspiring Storage Investors (Timestamp: 42:30)Recommends buying small, cash-flowing facilities (e.g., 100 units) or joining syndications to learnEncourages attending self-storage conventions to network and gain insightsHighlights the collaborative nature of the industry, with operators open to sharing knowledgeMarket Expansion and Focus (Timestamp: 46:00)Stays hyper-focused on storage, including boat/RV storage, avoiding other asset classes after losses in ventures like cannabisCompetes in smaller markets with less REIT presence, leveraging local knowledge and sophisticationDifferentiates through customer service and core values, avoiding practices like bait-and-switch pricingRegulatory Comparison: Storage vs. Multifamily (Timestamp: 50:00)Benefits from simpler regulations in storage; non-payment results in gate lockout vs. complex evictionsDiscusses Portland’s inclusionary zoning, reducing multifamily permits by two-thirds due to unfeasible economicsNotes how regulations harm housing supply, benefiting existing owners but not the broader marketMemorable Quotes:“I was forced into it… What I believed to be a curse ...
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    46 m
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