Elevate with Tyler Chesser - The Real Estate Podcast for Investing, Mindset and Personal Development E291 Nic Espanet - Elevate Your Growth Mindset, Master Tools and Strategies for Optimal Real Estate Investing
Succeeding in real estate investing requires a combination of various factors - knowledge, skill, understanding of the market, identifying opportunities, evaluating properties, and the ability to take calculated risks. Successful investors also need to be able to manage properties effectively, maintain positive relationships with stakeholders, adapt to changing market conditions and adjust strategies to stay ahead of the curve. But, mastering tools and strategies are not enough to optimize your portfolio and business performance. It is more than just technical skills.
We delve into this topic in this episode with Nic Espanet, founder and principal of Thrive Multifamily. Nic shares his journey from a middle-class mindset to a growth mindset in RE investing. He highlights the mindset of continuous learning, persistence, and resilience as crucial to optimizing success in investing as well as building a network of contacts for valuable insights, advice, and support. Our discussion also covers refining strategies for property management and managing expenses, monitoring key performance indicators, investing in good employees, insurance costs, and more. There’s a lot to unpack so start listening now!
Key Points from This Episode:
- Nic talks about his background and upbringing and how he got into the real estate business.
- Nic reflects on the mindset shift that he needed to go through to transition to real estate investing.
- How did Nic leverage his past professional and business experience in managing his multifamily real estate business?
- How did Nic’s multifamily portfolio grow as an active and passive investor through the years?
- What’s Nic’s outlook on the current market and how is his company pursuing growth amidst current conditions?
- What are Nic’s sources of deal and investment opportunities in today's market?
- What are some strategies that Nic employs to overcome challenges and strengthen his portfolio amidst economic and market fluctuations?
- Nic talks about property management - the problems and challenges encountered and finding solutions that improved their systems.
- What should be considered when evaluating property management companies?
- How is Nic’s company dealing with insurance matters given the substantial insurance premium increases in today’s market?
- What business systems and processes have proven to be most impactful for Nic’s company and have allowed the business to scale?
- What business KPIs does Nic track on a regular basis?
- What investments does Nic make in himself?
- What does a growth mindset mean for Nic?
- Nic answers the Rare Air Questionnaire.
Tweetables:
“Never settle for where you're at. You're never at the peak of something. Keep pushing to be better, keep expanding and growing."
“We as entrepreneurs need to try to be with people that are going to stretch us, that aren't the crabs trying to pull us back down on the bucket.”
“You can go through life and never fail, but you're going to stay in a very narrow lane to do that. So, get out of your lanes, try something different, and fall at it. Pick yourself up, don't stay down, get up, and dust yourself off.”
“Failure is not a bad thing.”
“Luck is when preparation meets opportunity.”
“It's well worth it to spend more money on good full-time employees and staff than have them hired away from you for a dollar more an hour.”
Links Mentioned:
Schedule a call with Nic Espanet
Rich Dad Poor Dad by Robert Kiyosaki
Can't Hurt Me: Master Your Mind and Defy the Odds by David Goggins
Endurance: Shackleton's Incredible Voyage by Alfred Lansing
Titan: The Life of John D. Rockefeller, Sr. by Ron Chernow
About Nic Espanet
Nic began passively investing in multifamily properties in 2016 and closed his first deal as a Lead Syndicator & Asset Manager in 2018. He has since invested passively in properties with a total of 1,780 doors and syndicated the purchase of 8 properties with a total of 1,318 doors. In addition, Nic has 17 years of experience as a small business owner in private practice as a Physical Therapist and 25 years of experience managing physical therapy teams.
Nic specializes in capital raising and deal acquisition.