The Self Storage Strategy Behind $250M in Transactions with Fernando Angelucci | 84

How Triple Net Leases Make Out-of-State Investing Actually Passive with Jonathan Hayek | 91

In this episode, Jonathan breaks down exactly why small industrial outperforms residential for investors who want low management, strong returns, and long-term tenants who are motivated to stay - and shares his full buy box, due diligence process, and why maturing commercial debt is creating a rare buying window right now. If you're a residential investor wondering what comes after multifamily, or a commercial investor looking for a simpler, more passive asset class, this episode will open your eyes to a strategy most people are completely overlooking. Timeline [0:42] - Host Peter Neil introduces the episode and welcomes Jonathan Hayek, special education teacher turned commercial real estate investor [0:58] - Jonathan shares his origin story: a teaching career planned around a pension, a marriage that changed the math, and the realization that a $55K salary was never going to deliver financial or geographical freedom [13:33] - The fundamental difference between adding value in residential versus industrial: it is not about remodeling kitchens - it is about signing leases, extending terms, and raising rents on paper [16:26] - The profit multiplier: why an equivalent deal in industrial can return $300K where residential returns $30K, and what it takes to get there [17:44] - Why Jonathan chose industrial over retail and office: no tenant improvement buildouts, no management headaches, and triple net leases where tenants pay taxes, insurance, and everyday maintenance themselves [19:22] - How Jonathan self-manages a portfolio spread across Wyoming, Iowa, and Oklahoma City from a resort town in Colorado with no third-party property manager and no landlord responsibilities beyond roof and structure [29:39] - What Jonathan looks for in the physical property: roll-up doors at 12 to 14 feet, yard space for trucks and materials, and keeping the office portion under 20% of total square footage so the space stays attractive to warehouse-focused tenants [33:17] - Tenant due diligence on private companies that have no obligation to share financials: the exact questions Jonathan asks to get a read on revenue, stability, and lease renewal intent without ever demanding a P&L [35:37] - The due diligence step residential investors never think about: the Phase 1 environmental study, what it covers, and why skipping it could leave a buyer personally liable for chemical spills or contamination from prior tenants [39:26] - Why right now is a strong buying window for small industrial: commercial loans taken out 5 to 7 years ago are maturing at much higher rates, and owners who cannot refinance comfortably are increasingly motivated to sell [40:53] - Sale leasebacks as a deal source: what makes them work, what red flags to watch for, and why an above-market rent offer from an owner-user at closing should be treated as a warning sign, not a bonus Key Takeaways * * Value in Industrial Is Created on Paper - In residential, you add value with a new kitchen or fresh flooring. In industrial, value is created by signing leases, extending terms, and increasing rents. A great tenant on a 10-year lease makes a property dramatically more valuable than an identical building with a month-to-month occupant. * * Triple Net Leases Make Out-of-State Investing Actually Passive - Because industrial tenants on net leases pay taxes, insurance, and everyday maintenance themselves, Jonathan manages properties across three states from Colorado without a property manager. The asset class was designed for distance investors. * * Flipping to Fund Your Way In Is a Real Strategy - On a $55K teacher's salary with no money left over, Jonathan used house flip proceeds to fund down payments on rental properties. If you are early in your career with limited capital, flipping is not a detour - it is a funding mechanism. Links & Resources Jonathan Hayek https://jonathanhayek.co/ [https://jonathanhayek.co/] The Source of Commercial Real Estate Podcast https://www.thesourcecre.com/ [https://www.thesourcecre.com/]

The 80% Occupancy Rule That Maximizes Short-Term Rental Revenue with Brian Tibbs | 90

I had the pleasure of sitting down with Brian Tibbs, co-founder of a faith-based nonprofit that sent 360 people to plant 90 churches across 11 countries in South America — all while quietly building a real estate portfolio from 5,000 miles away. By age 44, that portfolio was large enough to cover all of his family's living expenses, and in 2021, Brian and his wife retired from the nonprofit and returned to the States to run their 45-unit short-term rental business full time across Boise, Idaho and Phoenix, Arizona. In this episode, Brian walks through exactly how he built and manages his STR operation, including the team structure that keeps things running without him, the guest screening systems that protect his properties, and the 80% occupancy rule he swears by for maximum revenue. If you're an active investor thinking about short-term rentals — or wondering how real estate and meaningful impact can coexist in the same portfolio — this episode is for you. Episode Highlights [0:40] – Brian introduces himself: born in Boise, moved to South America at 26, spent 16 years co-founding a nonprofit while building a real estate portfolio [1:25] – How Brian started investing in college with a duplex, then kept building his portfolio even while overseas and not making much money [1:43] – Brian retired from the nonprofit at 44 after his portfolio grew large enough to cover all living expenses [5:57] – The early math that convinced him: short-term rents ran double traditional rents with triple the profits [7:34] – Why not every property works for STR today and how Brian targets B-plus neighborhoods in Phoenix in the $350K–$400K buy range with a rehab to the $600K–$700K range [9:04] – Why Brian targets traveling professionals and work-related guests instead of vacationers, and how that protects occupancy through slow seasons [10:04] – The 80% occupancy rule: why Brian sees anything above 80% as a signal he's priced too low [11:25] – The team difference between long-term and short-term rentals: 9am to 9pm, seven-days-a-week guest services coverage across every channel [13:13] – Why short-term rental guests are actually lower risk than long-term tenants, and how a staff visit every four to five days keeps properties in near-sale condition [24:27] – What's next: growing to 90 units, launching a new investor fund, and expanding into sober living real estate as a for-profit impact vehicle 5 Key Takeaways * * Being forced to operate remotely from the very beginning pushed Brian to build a real property management team rather than depend on a single property manager — and that infrastructure became the foundation of a scalable 45-unit operation. * * Short-term rentals flip the risk equation compared to long-term rentals: guests paying $100 to $200 a night demand quality, staff are in the property every four to five days, and problems get reported and fixed immediately instead of sitting unseen for months. * * Brian's 80% occupancy target is a revenue-maximizing discipline, not a floor — if occupancy climbs past 80%, that's a signal to raise rates, not celebrate, because you're leaving money on the table. * * Targeting traveling professionals and work-related guests instead of vacationers keeps demand steadier year-round, especially in markets like Phoenix where summer kills leisure travel demand. Links & Resources * The Unexpected Investor — theunexpectedinvestor.com * Brian on social media — @unexpectedinvestor * Email Brian directly — brian@myshorttermhome.com If Brian's story resonated with you — whether it's the remote team-building, the pivot to short-term rentals, or the idea of using real estate to fund something bigger than yourself — share this episode with someone who needs to hear it. And if you found value here, please take a moment to follow The Accredited Life, leave a rating, and drop a review. It goes a long way in helping us reach more investors who are building toward the accredited life.

Raise Money for Your First Deal Without a Track Record with Nick Elder | 89

Nick Elder is a Denver-based investor relations director at Ironton Capital, a private equity firm that has grown from $25 million to $85 million in capital raised since he joined, and a co-founder of Trinity Park Partners, where he has acquired 62 units of value-add multifamily in the high-growth Northwest Arkansas market. He made the leap into real estate full time after a six-year run in pharmaceutical sales, leveraging his sales and relationship-building skills to build a track record in capital raising, LP relations, and deal execution. Episode Highlights [0:53] – Host introduces guest Nick Elder, an investor relations director based in suburban Philadelphia [4:02] – Nick shares his background: from Pittsburgh, started in pharmaceutical sales after college at Mylan Pharmaceuticals [5:36] – Nick buys his first house in Denver in 2019 for $308K, house hacks it, and gets hooked on real estate [7:05] – How a 2022 layoff became the catalyst for going full time in real estate investing [14:34] – How Nick self-educated from 2019 to 2021 through books, biographies, networking, and meetups before ever joining a firm [15:39] – The case for taking a low-paying role under a great mentor, and why Nick accepted the Ironton offer without knowing the comp [17:34] – How Ironton uses monthly educational webinars attended by 150+ investors to drive capital raising without heavy-handed branding [24:27] – The two-class share structure Nick borrowed from Ironton to attract investors with capital gains to offset using bonus depreciation [29:12] – A breakdown of Ironton's three fund offerings: a 9% income fund backed by hard money loans, a 12–13% medical accounts receivable fund, and a diversified growth fund [38:05] – The real challenge of running a fund: balancing committed investments against a capital raise that hasn't closed yet 5 Key Takeaways 1. Transferable sales skills are one of the most underrated advantages in real estate investing — the ability to communicate quickly, stay available, and deliver a great client experience translates directly into strong investor relations, regardless of what industry you came from. 2. Self-educating before you need the knowledge gives you a shorter learning curve and more credibility when the opportunity finally shows up. Nick spent two years reading, networking, and attending meetups before he ever joined Ironton Capital. 3. Taking a low-paying role under a high-caliber mentor can pay off more than chasing a bigger salary. Nick accepted the Ironton position without knowing the compensation because the learning opportunity was obvious, and it's now paid off across both his W-2 career and his own deal portfolio. 4. A two-class depreciation structure can be a powerful capital-raising tool for value-add deals. By separating depreciation from profit for investors who need to offset capital gains, Nick was able to raise equity for his own projects while solving a real tax problem for his LPs. 5. Running a fund introduces a different set of challenges than syndicating individual deals. The money isn't pre-loaded and waiting; you're constantly managing the gap between committed investments and capital that hasn't been raised yet, which demands discipline, investor incentives, and sometimes internal bridge financing. If you want to understand what building a real investing career from scratch actually looks like — career transition, mentor relationships, early deals, fund strategy, and all the complexity in between — this conversation with Nick covers it all. Share it with someone who's trying to figure out how to make the jump from a W-2 into the world of private equity or multifamily investing. And if you're finding value in The Accredited Life, take a minute to follow, rate, and leave a review. It helps more people find the show.

The Five Pillars That Separate Real Investors From Real Estate Dreamers with Jens Nielsen | 88

My guest today is Jens Nielsen, a Denmark-born engineer turned real estate investor and high performance coach who has built a portfolio of roughly 35 deals and over 2,000 multifamily and industrial units across New Mexico and beyond. After 25+ years in IT and telecommunications, he walked away from his W-2 in 2020 and has since coached well over 200 people through his five-pillar framework built around clarity, energy, courage, productivity, and influence. In this episode, Jens and I get into why most high achievers plateau before they ever reach high performance, how he transitioned from IT professional to active syndicator, and why the mindset work is just as critical as the deal analysis. If you're an accredited investor or entrepreneur who suspects your inner game might be the thing holding you back from the next level, this one is for you. Episode Highlights [0:38] – Jens shares where he's coming from and why he gets up early to start the day with intention [4:38] – Why Jens didn't check his IT skills at the door and how data, systems, and project planning gave him an edge from day one [6:51] – How a dinner with a friend and a cold call to an 81-year-old broker launched his investing career without a mastermind or weekend warrior course [9:04] – The freedom-first why: family in Denmark, aging parents, and a desire to stop trading time for vacation days [15:20] – When mindset work entered the picture and how hiring a high performance coach in 2020 changed everything [17:50] – The moment that shifted his path: leaving his W-2, moving back to New Mexico, and renovating a house while the rest of the world watched Netflix [30:06] – How Jens evaluates deals and operators today and why he's shifted toward debt over equity in the current market 5 Key Takeaways 1. Don't check your previous career skills at the door when you enter real estate. The analytical and systems skills Jens built in IT became core advantages when evaluating deals and managing operations, and the same is likely true for whatever you've spent your career doing. 2. Your "why" has to go deeper than the goal itself. Jens works with every client to find the real reason behind their target because without a strong emotional connection to the outcome, the first stretch of difficulty will send most people back to their W-2. 3. The five pillars that separate high achievers from high performers are clarity, energy, courage, productivity, and influence. Jens coaches clients through all five because most people excel at one or two and unconsciously avoid the rest. 4. Newer, simpler assets tend to outperform older value-add deals on a risk-adjusted basis. Jens learned the hard way that heavy value-add deals in older buildings carry compounding risks around insurance, maintenance, and municipal code enforcement that eat into returns. 5. Vision work is not soft. It is strategic. Most investors never slow down long enough to build a clear picture of where they want to go, and Jens argues that this absence of clarity is the single biggest reason capable people stall out or never take action at all. Links & Resources * Jens Nielsen's coaching and consulting website — jensnielsen.us * Free vision workbook and call link — available via the pop-up on jensnielsen.us * Vivid Vision by Cameron Harold (referenced by Jens) * Brandon Turner's book on rental property investing (referenced as Jens's first intro to real estate) * Connect with Jens on LinkedIn If you've ever felt like you had all the knowledge you needed but still couldn't get yourself to pull the trigger, this conversation with Jens is worth sharing with someone in your circle who is stuck in the same place. The five-pillar framework he walks through is something you can start applying today. Please follow The Accredited Life, leave us a rating and review, and pass this episode along to someone who needs to hear it.

How to Build a Portfolio of Triple Net Assets Without Being a Billionaire with Pam Goodwin | 87

My guest today is Pam Goodwin, founder of Goodwin Commercial, a Dallas-based development firm she launched in 2006 after spending years on the tenant side of the business with Brinker International, where she developed more than 50 restaurant locations from the ground up. Somewhere along the way she realized the landlords collecting triple net rent on those Chili's ground leases were the ones really winning, and she set out to become one of them. She has been at it for 35-plus years and says she still wakes up on Monday loving what she does. Episode Highlights [0:19] – Pam introduces her background at Brinker International developing 50-plus Chili's locations and what made her realize landlords had the better deal [1:38] – What Goodwin Commercial focuses on today: single tenant net lease, buying land to develop with national tenants, or redeveloping existing buildings [3:44] – How working in small towns and bringing first-to-market restaurant concepts to communities became her favorite part of the business [10:50] – Why the current construction cost environment has pushed her toward ground leases over build-to-suits, and what she gives up on the tax depreciation side in that trade-off [12:23] – The case for buy and hold in triple net: why she wishes she still owned everything she has ever sold [14:24] – How cap rates vary dramatically by tenant quality, using McDonald's at a 3.75 cap versus Dollar General at a 7.5 cap to illustrate the difference in investor pricing [17:50] – Where she sees opportunity right now as drugstore chains close locations and entertainment and dining concepts flood the Dallas market [20:37] – Why 2024 was one of the harder years in commercial real estate for most people she knows, and how high interest rates drove almost all of her recent closings to cash buyers [21:38] – The creative ways investors are repurposing underused commercial space, from office conversions to senior living and pickleball courts [28:44] – How to reach Pam and get involved in her education events, classes, and active deals 5 Key Takeaways * In single tenant net lease development, you are primarily buying land. The existing building on it is almost irrelevant because it is likely coming down anyway, and in many cases the cost to reconfigure an existing structure exceeds what new construction would have cost. * Cap rates and tenant credit quality move together, and you have to watch both constantly. A McDonald's and a Dollar General can sit on the same acre of land in similar locations, but the cap rate spread between them can cut the property's resale value nearly in half. * Right now, ground leases are the lower-risk play over build-to-suits because construction cost pro formas can shift dramatically in six months to a year. If you can let the tenant build the building and simply collect rent on the land, you preserve your margin and eliminate a major variable. * Everything is for sale. It is just a matter of time and price. Pam spent five to six years working one property before finally getting it under contract, and it turned into a four-tenant deal. Patient persistence on the right locations is a repeatable edge in this business. * You do not have to develop alone. Pam actively partners with bird dogs and local connectors who bring her viable land or vacant buildings, offers a minimum 25% return on the deal, and handles all the due diligence and execution. The relationship infrastructure is often more valuable than the capital. Links & Resources * Pam Goodwin's Website — pamgoodwin.com * Follow Pam on LinkedIn — Pamela Goodwin If you found this conversation valuable, share it with someone in your network who has been curious about the commercial side of real estate but has not known where to start. Follow The Accredited Life so you never miss an episode, and if you have a minute to leave a rating and review, it goes a long way toward helping us grow.