YFP Real Estate Investing 120: Deep Dive: Converting to Highest and Best Use

May 4, 2024

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Nate Hedrick and David Bright discuss strategies for increasing property value through repurposing unused spaces.

Summary

Turning a hotel into apartments. Expanding a single-family house from a three-bedroom to a four-bedroom home. Converting warehouses into self-storage units.

Nate Hedrick and David Bright discuss strategies for increasing property value through repurposing unused spaces. Before jumping into a property conversion, David and Nate share the importance of understanding zoning laws and local market conditions to successfully execute these transformations. Tune in for ideas on how you can creatively repurpose your property for the best return on your investment.

About Today's Guests

Nate Hedrick is full-time pharmacist by day, husband and father by evening and weekend, and real estate agent, investor, and blogger by late night and early morning. He has a passion for staying uncomfortable and is always on the lookout for a new challenge or a project. He found real estate investing in 2016 after his $300,000+ student loan debt lead him to read Rich Dad Poor Dad. This book opened his mind to the possibilities of financial freedom and he has been obsessed ever since. After earning his real estate license in 2017, Nate founded Real Estate RPH as a source for real estate education designed with pharmacists in mind. Since then, he has helped dozens of pharmacists around the country realize their dream of owning a home or starting their investing journey. Nate resides in Cleveland, Ohio with his wife, Kristen, his two daughters Molly and Lucy, and his rescue dog Lexi.

David Bright is a pharmacist with a heart for teaching. He’s been a full-time professor since 2009 with a passion for implementing and improving pharmacy services. Themes of “implementing and improving” in the pharmacy space are quite similar to themes of “building and fixing” in real estate, which has been a growing hobby for David and his wife, Heather, who bought their first house more than ten years ago. That fixer-upper house became a live-in house flip, which they sold a few years later, only to repeat the process with their next house. When David and Heather got sick of perpetually living in a construction zone, they pivoted to fixing up rental properties in West Michigan, where they now live.

David invests in real estate as a way to bring greater diversity to financial planning and to fund memorable life experiences with family and friends.

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