$56 Million in Real Estate Development with Nick Earls and Eric DiNicola, Winterspring Capital and PWN Development

Nick Earls and Eric DiNicola are co-founders and managing principals of Winterspring Capital and co-owners of PWN Development based in the Greater Boston area. Winterspring Capital is a real estate syndication firm with a portfolio of $56 million in multifamily assets under ownership throughout the Southeast and Boston.

We covered:

• Getting started in real estate development
• Balancing development with long-term hold investment properties
• Self-funding deals vs. raising capital
• Real estate syndication: 506B vs. 506C rules
• Buying real estate under LLCs vs. starting a real estate fund
• Hiring and managing sub crews and employees
• Handling partnership disagreements and best practices
• Don’t blame people. Even if it’s someone else’s fault
• The benefits of stoicism for small business and real estate professionals
• Dealing with inflation through investing in real estate
• Fractional ownership of properties through investing in real estate syndications
• Why you should call local lenders first
• DTI (Debt-to-Income) Ratio when starting out in residential real estate
• "House Hacking" as a way to get into real estate investing
• How to protect yourself as a small business owner

Relevant show links:

• Passive Income Through Real Estate for Small Business Owners
• https://winterspringcapital.com/retire-early/
• https://www.equitymultiple.com/blog/commercial-real-estate-practice/preferred-return
• https://winterspringcapital.com/what-is-a-real-estate-syndication-for-multifamily-investing/
• https://www.samofinancial.com/what-is-syndication-and-why-use-different-rules-506b-versus-506c/
• https://www.investopedia.com/terms/a/accreditedinvestor.asp
• https://www.crowdstreet.com/resources/topics/investing/internal-rate-return
• https://dailystoic.com/

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