There are few relationships in life that are more meaningful than childhood friendships. The relationship between Nick Earls and Eric DiNicola is no exception. In fact, they have taken their friendship to the next level by joining forces to achieve their childhood aspiration and build a multimillion-dollar real estate business together.
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The road wasn’t always easy for these childhood friends turned business partners. In this episode, Nick and Eric talk about the early struggles they have to face as they built Winterspring Capital, their real estate investment firm that’s now focused on high-growth multifamily assets, passive investing, and financial education. Listen to our conversation and find out how they persevered through it all and now enjoy the fruits of their labor.
Key Points From This Episode:
- Nick and Eric’s backstory as childhood friends who shared the same aspiration to put up a business someday.
- Why Nick and Eric click not only as friends but also as real estate business partners?
- How Nick first started in the industry and discovered an opportunity in the condominium market?
- How their first project’s plan, after due diligence and thorough research, was rejected by the city plans examiner?
- What it took to overturn the city planner’s initial decision to reject their project?
- Lessons learned from their first project that turned in unexpected profits.
- How Nick and Eric learned about syndication and working with investors to get more projects and larger deals?
- Their strategies for attracting investors and keeping them as repeat investors.
- Nick and Eric share strategies against potential downturns.
- Why they believe Boston will continue to be a strong real estate market even amidst downturns?
- Nick and Eric share the daily habit that helped them achieve success.
- The main thing that contributed to their business success.
- The Lucky Puppy Society and the mission to save dogs.
“Transparency (with investors) is a big thing. You want to tell them where you are at any stage. One thing we do is we send out monthly updates, in addition to fielding any questions they have or phone calls or anything.” [0:17:50]
“We always try to learn new things where we can add value, put a new tool in our tool belt and keep up in our game. We’re not afraid to jump in and figure it out as we go along.” [0:26:51]
“If you know that something’s right and you’ve done your homework, push until you get the answer that you’re looking for. Just be smart on how you push.” [0:13:18]
“What contributed to our success? It’s the combination of always trying to learn new things and being willing to dive in and just learn things as we go.” [0:26:31]
“We’ve been friends since we were kids actually. Went to high school together. Kind of always had a little bit of a rebellious or independent streak. I didn’t want to work for the man. I wanted to forge my own destiny. Went our separate ways for college. But we still had that idea – Let’s start a business someday.” [0:02:25]
Links Mentioned in Today’s Episode:
About Nick Earls
Nick Earls is the co-founder and managing principal of Winterspring Capital and has over a decade of experience in all phases of commercial real estate, including asset management, sales, new construction development, and property management. While building his own portfolio, he has also guided many investors down the path of multifamily investment, management, or development. He is an expert on multifamily condominium development, underwriting, and asset management in the multifamily space and is also the author of the top-rated book “Making Millions through Multi-Family Development.”
About Eric Dinicola
Eric DiNicola, co-founder and managing principal of Winterspring Capital, has a strong financial background spanning over a decade. Eric understands the importance of investment diversification. He began working in public equity in 2010 and moved into the private equity markets where he worked on valuations and capital raising. Joining forces with Nick in 2015, he leveraged his investment experience and expertise to accelerate the growth of Winterspring’s real estate business. Heading the acquisitions team, Eric leans on his extensive broker network to keep Winterspring’s deal pipeline full.
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