Our guests are Nick Earls and Eric DiNicola, the founders of Winterspring Capital, a multifamily investment and development firm. In this episode, we dig into the ins and outs of condo development. We break down the development process into 5 simple steps, talk about how to invest in big cities, and how to sell condos successfully.
If you’re interested in condo development, then join us in this conversation!
Learn more about Nick and Eric and their journey at reiclarity.com!
“Condominium development has been a really good pathway for us, and has allowed us to branch into long-term multifamily ownership.”
03:23
Nick and Eric have pursued many different real estate strategies during their career. They’re involved in condo development, multifamily, buy and holds, and flips around the Boston, Massachusetts area.
They started their real estate journey with condo development. They initially wanted to buy rentals, but saw an opportunity in their local market for condos and have been using this strategy ever since.
“Marketing is key because the speed of sale is the biggest focus at the end to eliminate stress.”
11:05
Nick and Eric share the 5 main steps of condo development.
- Tieing up the land.
You should only purchase the land if you’re confident that you can get it permitted. - Zoning and planning.
Work in tandem with the community and respect their insights. Your team is very important in the zoning process. Have a good zoning attorney and work with an architect who can make the property blend in with the environment. - The building process.
Currently, labor is very expensive and supply chain pressures have driven up the price of materials. That this into account when you analyze a deal. - Breaking the property out into condos.
In many cases, selling condos individually as rentals is more profitable than selling the whole property. However, it’s riskier as it’s harder to get lending. - Selling the property.
Focus on marketing from the start of the construction. This way you can get the units under agreement ahead of time.
“Real estate is worth the risk. And it’s not as big of a risk as some people think.”
45:37
At the end of the episode, Nick and Eric pick action steps from the REI Clarity Framework that are the most valuable to them. These are “Take the Risk” and “Know Your Strategy”.
At the beginning of their real estate journey, Nick and Eric often got into analysis paralysis. However, as they progressed through their careers, they realized that real estate is one of the safest investment asset classes. If you’re confident in what you know, then take the risk. Worst case scenario is that you have to sell the property.
Mentioned in the show:
- https://winterspringcapital.com/
- https://winterspringcapital.com/development-book
- Nick’s LinkedIn
- Eric’s LinkedIn
- Their Instagram
- www.reiclarity.com
- www.shineinsurance.com/reiclarity
- The REI Clarity Framework
Learn how to grow your portfolio and reach incredible success the right way! Visit us here for everything you need to know: www.shineinsurance.com/reiclarity.
Special thanks to Nick Earls and Eric DiNicola for taking the time to share so many great insights with us
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Until the next time, We truly appreciate you listening.
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