Retire on Rentals

Retire on Rentals Podcast: From Dentistry to Self-Storage Development and Beyond with Wayde Elliott

Episode 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 IT
  • Former dentist turned self-storage developer with over 15 years in the industry
  • Focuses on ground-up development and conversion projects to add value for investors

Key Topics Discussed:

1. From Dentistry to Self-Storage (Timestamp: 2:30)
   • Practiced dentistry for 20 years until a spinal injury forced a career change
   • Inspired by a patient’s lifestyle of freedom through self-storage ownership
   • Transitioned after learning from the patient, valuing time over trading hours for money
2. First Storage Deal: Diving into Development (Timestamp: 6:00)
   • Built first facility in St. Helens, Oregon, facing challenges like wetlands, highway access, and environmental issues
   • Benefited from bank financing based on appraised value, a luxury not available today
   • Learned through trial and error, emphasizing the importance of not knowing what you don’t know
3. Hitting 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 yard
   • Easier project with existing infrastructure led to greater profits than 20 years of dentistry
   • Sparked accelerated growth and team-building for STORE IT
4. STORE IT’s Business Model (Timestamp: 13:00)
   • Focuses on adding value through ground-up development or converting warehouses/lumber yards
   • Avoids buying existing facilities due to limited value-add potential
   • Targets larger sites (e.g., 5 acres) for economies of scale, supporting on-site managers and property management
5. Due Diligence and Market Selection (Timestamp: 16:30)
   • Evolved from gut-based decisions to sophisticated feasibility studies, pro formas, and geotech analyses
   • Ensures profitability and investor confidence with a systematic playbook
   • Operates in Oregon, Washington, and California, open to new markets meeting strict criteria
6. Lessons from Dentistry Applied to Storage (Timestamp: 20:45)
   • Carried over core values like exceptional customer service and a fun, light culture
   • Emphasizes trust, team input, and accountability, fostering a collaborative environment
   • Treats work as play, blending passion with business to maintain engagement
7. Challenges in Self-Storage Development (Timestamp: 24:00)
   • Site selection: Only 1 in 30 sites meets value-add criteria
   • Navigating bureaucratic hurdles with cities, counties, and agencies (e.g., annexation disputes)
   • Access to capital reframed as a “resourcefulness problem,” not a resource issue
8. Operational Insights: Maintenance and Tenant Issues (Timestamp: 32:00)
   • Low maintenance needs: Concrete, steel, and garage doors minimize costs compared to multifamily
   • Monitors 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 possessions
9. Technology and AI in Self-Storage (Timestamp: 38:00)
   • Early adoption of AI for site research and 24/7 camera monitoring with remote speakers for security
   • Open to tech advancements but cautious, learning from industry conventions before investing
   • Core value of seeking opportunities drives exploration of efficient solutions
10. Advice for Aspiring Storage Investors (Timestamp: 42:30)
    • Recommends buying small, cash-flowing facilities (e.g., 100 units) or joining syndications to learn
    • Encourages attending self-storage conventions to network and gain insights
    • Highlights the collaborative nature of the industry, with operators open to sharing knowledge
11. Market Expansion and Focus (Timestamp: 46:00)
    • Stays hyper-focused on storage, including boat/RV storage, avoiding other asset classes after losses in ventures like cannabis
    • Competes in smaller markets with less REIT presence, leveraging local knowledge and sophistication
    • Differentiates through customer service and core values, avoiding practices like bait-and-switch pricing
12. Regulatory Comparison: Storage vs. Multifamily (Timestamp: 50:00)
    • Benefits from simpler regulations in storage; non-payment results in gate lockout vs. complex evictions
    • Discusses Portland’s inclusionary zoning, reducing multifamily permits by two-thirds due to unfeasible economics
    • Notes how regulations harm housing supply, benefiting existing owners but not the broader market

Memorable Quotes:

• “I was forced into it… What I believed to be a curse turned out to be a blessing.” – Wayde Elliott
• “We look for opportunities and solutions, not problems.” – Wayde Elliott
• “Capital isn’t your challenge. If it’s a good deal, people are gonna invest in it.” – Wayde Elliott
• “My work is my play, and my play is my work.” – Wayde Elliott

Fun Segment: Getting to Know Wayde (Timestamp: 55:00)

• Dinner Guest: Napoleon Hill, for his transformative book Think and Grow Rich, emphasizing visualization with emotion
• Live Anywhere for a Year: Croatia, for its lifestyle, climate, and beauty
• Whiskey or Wine: Wine, for its diversity and Willamette Valley tasting experiences, with whiskey a close second

Sponsor:

• Sleep Sound Property Management – Portland’s leading management company specializing in multifamily and residential real estate. Visit sleepsoundpm.com for acquisition, operation, and sales support.

Call to Action:

• Like and subscribe to Retire on Rentals for more strategies to build wealth through real estate.
• Stay focused, stay driven, and retire on rentals!

Connect with STORE IT:

• Explore Wayde’s self-storage ventures at [STORE IT’s website, if available, or contact for details].

Next Episode Preview:

• Join Nicholas next time for more insights on optimizing real estate investments and creating passive income.

Timestamped Highlights for Listeners:

• 8:00 – Challenges of the first storage development
• 14:00 – Why STORE IT focuses on value-add projects
• 26:00 – Navigating bureaucratic obstacles in development
• 40:00 – Role of technology and AI in self-storage
• 48:00 – Advantages of operating in smaller markets
...

Retire on Rentals Podcast: Defying Conventional Multifamily Management with Jim Rostel

Episode Overview:

In this engaging episode of Retire on Rentals, host Nicholas Cook sits down with Jim Rostel, COO of Anchor Northwest Property Group, to explore innovative approaches to real estate investing and multifamily property management. Jim shares his journey from mortgage lending to residential real estate and eventually to leading operations for a unique scattered-site multifamily portfolio. With candid insights into the challenges and opportunities in today’s market, Jim discusses Anchor’s unconventional management model, the impact of regulatory environments, and strategies for building wealth through rentals.

Guest:

• Jim Rostel, Chief Operating Officer, Anchor Northwest Property Group
  • Extensive experience in real estate, from mortgage lending to property management
  • Transitioned from single-family to multifamily management, growing Anchor’s portfolio to 36 properties and over 2,200 units

Key Topics Discussed:

1. Jim’s Real Estate Journey (Timestamp: 3:00)
   • Started in mortgage lending, moved to residential real estate in 2002
   • Pivoted to property management post-2008 market crash, growing from one rental to nearly 100 homes
   • Joined Anchor Northwest Property Group as a consultant, later becoming COO, focusing on multifamily properties
2. Learning Property Management the Hard Way (Timestamp: 8:15)
   • Advice for aspiring property managers: Work for a company to learn the trade before starting your own
   • Reflects on the steep learning curve of entering property management without experience
   • Highlights the importance of hiring good people and navigating regulatory complexities
3. Anchor’s Scattered-Site Multifamily Model (Timestamp: 14:30)
   • Manages 36 properties (30–146 units each, averaging 70–75 units) without on-site staff
   • Utilizes centralized operations with 25 maintenance vans, cleaners, and leasing agents moving between properties
   • Benefits: Cost efficiency, specialized roles, and high employee retention
   • Challenges: Lack of on-site eyes requires robust communication and rapid response systems
4. Building vs. Buying: Anchor’s Strategy (Timestamp: 20:45)
   • Anchor focuses on urban infill development, building new properties rather than acquiring existing ones
   • Origin story: Founder Dennis built the first property without bank financing, proving a no-parking model in bike-friendly Portland
   • Growth from one property in 2011 to 36 by 2025, leveraging prime site selection and owner-operator model
5. Navigating Portland’s Regulatory Environment (Timestamp: 28:00)
   • Discusses inclusionary zoning and rent control as barriers to new construction
   • Portland’s housing emergency (since 2015) has led to fewer permits and reduced supply, ranking the city 80th out of 81 markets
   • Unintended consequences: Smaller projects dominate, locking land into less dense uses
   • Concerns about shifting homeless housing burdens to private operators without adequate support
6. Technology and Property Management (Timestamp: 45:20)
   • Emphasis on inward-facing AI for data analysis (e.g., identifying high-renewal units, optimizing operations)
   • Skeptical of outward-facing AI (e.g., chatbots) due to preference for human interaction
   • Rejects self-guided tours for market-rate units, prioritizing personalized leasing to build value and match tenants to the right property
7. Operational Insights and Challenges (Timestamp: 52:10)
   • Maintenance as an amenity: Responds to work orders within 24 hours using centralized triage
   • Standardizes materials (e.g., flooring, countertops) for efficiency, despite supply chain challenges
   • Shares lessons from crises like an ice storm flood and a fire, highlighting water damage as a bigger issue than fire in sprinklered buildings
8. Leadership and Industry Outlook (Timestamp: 1:02:00)
   • Advice for leaders: Be self-aware, learn from mistakes, and listen to your team
   • Optimistic about 2025 multifamily occupancy rates and potential policy shifts under new Portland leadership
   • Bullish on Portland’s long-term appeal due to its geography and quality of life

Memorable Quotes:

• “Wanna get into property management, do it the right way. Go work for a company. Go learn the trade.” – Jim Rostel
• “We’re a sales organization. We’re here to drive revenue through renewals and leasing.” – Jim Rostel
• “Inclusionary zoning has been the single biggest driving factor preventing new construction.” – Jim Rostel
• “The value of AI is inward-looking, analyzing my data, giving me actionable information.” – Jim Rostel

Fun Segment: Getting to Know Jim (Timestamp: 1:05:30)

• Dinner Guest: Would choose his late father to catch up on 35 years, with Jesus as a close second
• Whiskey or Wine: Prefers wine for daily enjoyment but loves whiskey (favorites: Angel’s Envy, Redbreast, Macallan)
• Leadership Advice: Emphasizes self-awareness, learning from mistakes, and listening to build trust

Sponsor:

• Sleep Sound Property Management – Portland’s premier management company specializing in multifamily and residential real estate. Visit sleepsoundpm.com for acquisition, operation, and sales support.

Call to Action:

• Like and subscribe to Retire on Rentals for more expert insights and strategies to build wealth through real estate.
• Stay focused, stay driven, and retire on rentals!

Connect with Anchor Northwest Property Group:

• Learn more about their innovative multifamily management at [their website, if available, or contact for details].

Next Episode Preview:

• Tune in next time as Nicholas explores more tactics for optimizing real estate investments and achieving passive income.

Timestamped Highlights for Listeners:

• 10:50 – Transition from single-family to multifamily at Anchor
• 25:00 – Why Anchor builds new properties instead of buying
• 35:40 – Impact of Portland’s housing policies on supply
• 50:00 – How Anchor handles maintenance without on-site staff
• 1:00:00 – AI’s role in property management and Jim’s vision for 2025

Retire on Rentals Podcast: Building Your Empire with LendingOne - Featuring Josh Heintz

Episode Overview:
In this episode of Retire on Rentals, host Nicholas Cook welcomes Josh Heintz, Vice President at LendingOne, to discuss how real estate investors can leverage specialized lending products to grow their portfolios. Josh shares insights on why LendingOne stands out as an investor-friendly lender, the types of loan products they offer, and how they support investors at every stage of their journey. From first-time landlords to institutional investors, this episode is packed with actionable advice for optimizing real estate investments and achieving passive income goals.

Key Topics Discussed:

1. Introduction to Lending One (00:00 - 05:00)
   • Josh Heintz introduces his role as VP at Lending One and his 1.5-year tenure with the company.
   • Overview of Lending One’s mission to provide speed, ease, and investor-focused financing solutions.
   • Why building a relationship with a lender early is crucial for real estate success.
2. Why Choose LendingOne? (05:00 - 15:00)
   • Differences between LendingOne, traditional banks, credit unions, and hard money lenders.
   • LendingOne’s niche as a private lender offering flexibility for investors at all levels—mom-and-pop to institutional.
   • Emphasis on speed (similar to hard money) with competitive rates closer to traditional banks.
   • Business-purpose-only lending: Loans are made to entities (LLCs, trusts, etc.), not individuals.
3. LendingOne’s Reach and Capital Strength (15:00 - 22:00)
   • LendingOne operates in 47 states, excluding North Dakota, South Dakota, and Alaska, with a focus on primary, secondary, and tertiary markets.
   • Challenges with lending in extremely rural areas due to limited data.
   • Assurance of capital availability through large warehouse lines of credit from major financial institutions, unlike hard money lenders who may run out of funds.
4. Underwriting and Investor Requirements (22:00 - 30:00)
   • Asset-based lending: Focus on the property’s performance (e.g., Debt Service Coverage Ratio - DSCR) rather than W-2 income or tax returns.
   • Minimum FICO score of 660 for personal guarantors, with rates influenced by credit profiles.
   • No requirement for prior rental ownership for DSCR loans, but experience is needed for fix-and-flip or new construction loans.
5. Loan Products Overview (30:00 - 45:00)
   • DSCR Loans (Flagship Product):
     • 30-year fixed-rate loans for rental properties, with 5- and 7-year ARMs available.
     • Minimum 20% down, based on the property’s cash flow (DSCR ≥ 1.0).
     • Ideal for investors hitting debt-to-income (DTI) caps at traditional banks (typically after 3-4 properties).
     • Competitive rates due to a proven track record in the capital markets.
   • Fix-and-Flip Loans:
     • 12-24 month interest-only loans for purchasing and rehabbing properties.
     • Up to 90% of purchase price and a percentage of rehab costs, with rehab funds held in escrow (interest-free until drawn).
     • No prepayment penalties.
   • Fix-and-Rent Loans:
     • Streamlined product combining short-term fix-and-flip financing with conversion to a 30-year DSCR loan.
     • Benefits include comped appraisals, 50% discounted origination fees, and reduced interest rates during the bridge period.
   • New Construction Loans:
     • Similar to fix-and-flip, supporting ground-up builds for flipping or renting.
     • Suitable for infill lots or lot subdivisions, with experience requirements (prior construction or heavy rehab).
   • Portfolio Loans:
     • Full-recourse (30-year fixed) or non-recourse options for bundling multiple properties.
     • Minimum 3 properties or $500,000 loan value, with up to 80% leverage (70% for non-recourse).
     • Ideal for cash-out refinances or bulk purchases, with discounted rates for larger portfolios.
6. Unique Offerings and Tools (45:00 - 50:00)
   • LendingOne’s focus on investor education and partnership through dedicated loan advisors.
   • Tools available on lendingone.com to estimate After Repair Value (ARV) or projected market rent for potential deals.
   • Combination of servicing some loans in-house while selling most to capital market participants, ensuring consistent servicers for borrowers.
7. Market Outlook for 2025 (50:00 - 55:00)
   • Investor sentiment: Cautious optimism with expectations of stable or slightly declining interest rates (6.25-6.5% by year-end).
   • Opportunities in distressed properties and markets with rising inventory, but challenges with longer days on market.
   • Advice: Act now to gain a competitive edge before market sentiment shifts in Q3/Q4 2025.
8. Multifamily and Future Products (55:00 - 60:00)
   • LendingOne currently focuses on single-family, duplex, triplex, and quadplex properties (not 5+ unit multifamily).
   • Potential for future products in the 5-9 unit space as the company evaluates market demand.
9. Closing Thoughts and Advice (60:00 - 65:00)
   • LendingOne’s commitment to being a long-term partner, not just a transactional lender.
   • Importance of quick deal analysis to determine viability, enabled by LendingOne’s speed and data access.
   • Josh’s personal drive to educate investors about private lending options to unlock their potential.

Fun Q&A with Josh Heintz (65:00 - 70:00):

• Dream Dinner Guest: Rick Pitino, legendary college basketball coach, for his resilience and winning mindset.
• Whiskey or Wine?: Whiskey, with a newfound appreciation for bourbon tasting.
• Source of Work Ethic: Parents who worked multiple jobs to provide, combined with an innate competitive drive to win and educate others.

How to Connect with Josh and LendingOne:

• Josh Heintz: Email at [email protected] for general inquiries or to talk shop.
• Loan Inquiries: Contact Scott Wolf, Loan Advisor, at (866) 703-6883 for direct assistance.
• Website: Visit lendingone.com for tools, resources, and loan applications.

Sponsor Spotlight:

• Sleep Sound Property Management: Portland’s premier property management company specializing in multifamily and residential real estate. Learn more at sleepsoundpm.com.

Call to Action:

Like and subscribe to Retire on Rentals for more insights on real estate investing, passive income, and retiring on rental income. Stay focused, stay driven, and join us on your real estate journey!

Show Notes Available At:
 

Episode Length: ~70 minutes

Release Date: April 14, 2025  

Note: Timestamps are approximate and may vary slightly depending on the final edit of the episode.

Retire on Rentals Podcast: Episode Zero – Introducing Your Host and the Vision for Retire on Rentals

Episode Overview:

Welcome to the inaugural episode of Retire on Rentals! In this brief Episode Zero, host Nicholas Cook introduces himself and lays out the vision for the podcast, designed to empower investors to optimize real estate investing and achieve financial freedom through rental income. With a focus on relatable, tactical content, Nicholas shares his background and passion for real estate, setting the stage for a series that bridges the gap between novice and seasoned investors. Whether you’re just starting out or a veteran operator, this episode outlines what to expect from a podcast dedicated to helping you retire on rentals.

Host:

• Nicholas Cook, Real Estate Investor and Property Management Expert
  • 20 years of real estate experience, including 17 years in residential and multifamily management
  • Holds a Bachelor’s degree in Real Estate Finance with a minor in Real Estate Development from Portland State University
  • Certified Property Manager (CPM) through the Institute of Real Estate Management
  • Has managed thousands of units, acted as a buyer/seller, broker, and developer

Key Topics Discussed:

1. Nicholas’s Background and Expertise (Timestamp: 1:00)
   • Two decades in real estate, with deep roots in management, investment, brokerage, and development
   • Managed thousands of residential and multifamily units, gaining hands-on operational insights
   • Academic foundation in real estate finance and development, complemented by industry certification
2. Inspiration for Retire on Rentals (Timestamp: 2:30)
   • Addresses gaps in existing real estate podcasts: lack of relatability and actionable insights
   • Aims to connect with investors at all stages by sharing origin stories and practical strategies
   • Passion for raising industry standards, particularly in rental operations, to benefit investors and tenants
3. Podcast Mission and Content Focus (Timestamp: 4:00)
   • Delivers tactical, implementable advice for optimizing investments and generating passive income
   • Covers topics like tax strategies, direct investing, syndications, operations, repairs, maintenance, capital expenditures, cost segregation, opportunity zones, and retirement planning
   • Showcases inspiring entrepreneurs and operators to broaden industry knowledge and best practices
4. Episode Cadence and Commitment to Quality (Timestamp: 5:30)
   • Plans for 1–2 episodes per month, prioritizing high-quality content over quantity
   • Focuses on meaningful interviews with impactful guests, avoiding filler content
   • Encourages listeners to subscribe for consistent updates and to drive better guest recruitment

Memorable Quotes:

• “A lot of the other real estate podcasts out there don’t seem as relatable… We go through very tactical information.” – Nicholas Cook
• “We absolutely love real estate… We really wanna raise the bar of everyone who’s operating in this industry.” – Nicholas Cook
• “The more that you listen, the better the guests are going to be.” – Nicholas Cook

Call to Action:

• Subscribe to Retire on Rentals to stay updated on actionable strategies for building wealth through real estate.
• Share the podcast with others to grow the community and attract top-tier guests.
• Stay focused, stay driven, and retire on rentals!

Next Episode Preview:

• Look forward to the first full episode, where Nicholas will dive into real estate investing tactics with a featured guest, offering practical insights to kickstart or scale your rental portfolio.

Timestamped Highlights for Listeners:

• 1:30 – Nicholas’s 20-year journey in real estate
• 3:00 – Why existing podcasts inspired a new approach
• 4:30 – Topics to expect, from tax strategies to operations
• 5:00 – Commitment to quality content and listener engagement

Note: Recorded on April 14, 2025. For updates on Retire on Rentals or to connect with Nicholas Cook, check podcast platforms or contact via show channels.

Disclaimer: The views expressed are those of the host and do not necessarily reflect the opinions of Retire on Rentals or its affiliates. Always consult professionals before making investment decisions.

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