Podcast appearances and mentions of erik hemingway

Searching for a low-risk, high-return investment option? Look no further! Learn all about self-storage investing in this episode featuring Erik Hemingway as we tackle all the reasons why it could be your next big investment. Keep listening for more information!     Key Takeaways To Listen For Self-storage conversion: How it works, its advantages, factors to consider, and what you need to finance it Investment strategies to help you and your investors earn infinite returns Ways to earn additional income from your self-storage facilities Benefits of investing in self-storage and self-storage conversions An expert's predictions on the 2024 self-storage market     Resources/Links Mentioned In This Episode Rich Dad Poor Dad by Robert T. Kiyosaki | Kindle, Paperback, and Mass Market Paperback  The Millionaire Real Estate Investor by Gary Keller, Dave Jenks, and Jay Papasan | Kindle and Paperback  Traction by Gino Wickman | Kindle, Hardcover, and Paperback     About Erik Hemingway Erik is the founder of Nomad Capital. He has 22 years of experience in construction and the self-storage industry and has been involved in $100 million in commercial real estate transactions and $60 million in residential real estate since 2006.    He successfully navigated a self-storage facility through the Great Recession and has built a personal portfolio of four facilities using the value-add strategy. His company, Nomad Capital, aims to help others achieve nomadic freedom and the ability to pursue their desires.     Connect with Erik Website: Nomad Capital     Connect With Us If you're looking to invest your hard-earned money into cash-flowing, value-added assets, reach out to us at https://bobocapitalventures.com/.     Follow Keith's social media pages LinkedIn: Keith Borie Investor Club: Secret Passive Cashflow Investors Club Facebook: Keith Borie X: @BoboLlc80554

Have you ever dreamt of breaking the chains of routine, retiring early, and traveling the world?    In this episode, we chat with Erik Hemingway, a highly experienced self-storage investor who achieved early retirement and used his wealth to travel the world. We discuss his journey of building his first storage in Arizona in 2006, moving to Costa Rica a year later, and living on a sailboat in Greece for three and half years while traveling to 24 countries. We learn how they sold their cars, houses, and possessions to make the journey possible and met other boaters who encouraged them. After returning to the US, Erik reveals how he invested in fixing and flipping, constructing buildings, and converting them into storage units to build a nest egg.    Join us as we dive deep into Erik's story of taking risks and achieving financial freedom through self-storage investing!   [00:00 - 07:47] From Construction to Self Storage Investor Introducing Erik to the show He and his family took an early retirement through self-storage investing and traveled the world   [07:48 - 15:17] Exploring the Possibilities Through Boating and Real Estate Investing Living on a boat is economical and freeing Found fix and flips, built new construction, and got back into storage Launched Nomad Capital off the boat adventure   [15:18 - 22:47] Facing Fear and Following Gut Heavy-value add projects like renovating old buildings, grocery stores, K-marts, hosiery mills, and soda bottling facilities Fear is a muscle that you can exercise   [22:48 - 26:23] Closing Segment Best investment: Worst investment: The most important lesson learned: Quotes:   "One key thing about life is always being willing to be surprised. Let life surprise you. And it's certainly done that for us. And I think that's a great way to live." - Erik Hemingway   "It's surprising how little you can live on when you're just not distracted by everything that everybody's telling you when you're not kind of sucked into the consumer stuff of just every day on the treadmill." - Erik Hemingway   "Fear is kind of a muscle that you can exercise. And as you step out of your comfort zone, that muscle gets strengthened suddenly. The next stretch is not so hard." - Erik Hemingway Connect with Erik! Website: www.NomadCapital.us  Email: erik@nomadcapital.us Phone: 910-431-3855 Apply to Invest with Taylor at www.investwithtaylor.com   Track your wealth for free with Personal Capital, go to www.escapingwallstreet.com   Please leave a review and help others escape Wall Street and build wealth on Main Street!

    Erik Hemingway, the co-founder of Nomad Capital, is passionate about helping people achieve freedom, wealth, and a ‘nomadic' lifestyle through investing in commercial real estate. He used income from personal commercial investments to take his family on a 5 year, living abroad adventure. He brings a creative approach to seeing the value add opportunities others missed, and is not afraid to roll up his sleeves to see projects to successful completion. He has been married for 31 years and has 6 children and 3 grandchildren.   [00:00 - 06:56] Storage Rates Soar Nationwide in 2021 Erik Hemingway got into real estate and has been opportunistic in his own right,buying unique hotel properties, short-term rentals, and heavier lift projects  He's currently looking for an opportunity in the self-storage market.   [06:57 - 14:02] Storage company finds success in converting undervalued buildings It's under the radar and then all of a sudden there's a building in the middle of town that becomes the storage and commercial space. The company, Storage Concepts, doesn't have to compete with other developers for this asset and can bring its heavy value to add as general contractors. Storage Concepts has been successful in converting buildings in Arizona 16 years ago and now has experience with storage projects.   [14:02 - 21:15] Cash Flow Investors Find Opportunities in Storage Erik's experience in the storage industry and how they are using a new approach to get into the market, focusing on cash flow-producing assets. Erik talks about their experience with hotels and how they are using a boutique style to shift to more of an Airbnb model. ----------------------------------------------------------------------------------   Tweetable Quotes:   “If you're going to develop a site somewhere, You do a feasibility study. And what we like about the conversions is they're typically on Locations.” - Erik Hemingway   Connect with Erik Hemingway by visiting their website at https://www.nomadcapital.us/ Or personally reach out to him via Email: erik@nomadcapital.us Resource Mentioned:   Traction: Get a Grip on Your Business   Connect with me:   I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.     Facebook   LinkedIn   Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on.  Thank you for tuning in!   Email me → sam@brickeninvestmentgroup.com Want to read the full show notes of the episode? Check it out below: [00:00:39] Sam Wilson: Eric Hemingway is a great friend of mine based in Wilmington, North Carolina. This will be a little bit different show today. I think it's gonna be a lot of fun because I've known Eric, gosh, what, five going on six years at this point, Eric? Yes, sir. And I, I got to hear your story when you guys, and we probably won't get into that too much today, but your story of how you'd used real. To then fund your guys' kind of family experience as you guys traveled the world. It was a very an absolutely compelling story that you told I when I met you in 2017. And since then, you guys have come back here to the states. You've been kicking butt, taking names in all sorts of different real estate asset classes, and have just certainly enjoyed our friendship. And then just watching you guys grow. Here in the real estate world. So it's an absolute pleasure to have you on. For our guests that don't know you or haven't met you before, Eric, there's three questions I ask every guest who comes on the show. In 90 seconds or less, can you tell me where did you start? Where are you now, and how [00:01:35] Erik Hemingway: did you get there? Okay, perfect. Yeah, great to see you, Sam, and thanks for having me on. Yeah, so got into real estate way back when, I guess 25 years ago, 26 years, something like that. Young, my wife and I got married young. We had two young kids, and real estate was, I've pushed a broom, Doug ditches, all that worked my way up. I've been on my own since 2001, so 21 years or so. General contractors spec homes. Got into commercial real estate in 2005. Built my first self storage in Arizona. So that's where we were. Where I am is my son and I started a company called Nomad Capital, where we are syndicating self storage projects specifically big box conversions. We like conversions. You know, big box stores, grocery stores abandoned buildings, and there's plenty of those in the southeast. Started in Arizona, but we wound up in Wilmington, North Carolina, as you said. And where we're going is just having a ball. It's a new chapter but still ties into the real estate and we're really excited to see where it's going. So we've got some lofty goals, but we're building the team and ready to tackle it. [00:02:38] Sam Wilson: A and you, and you've left some of the asset classes. I think one of the things that I've always admired about you is that yes, you have had a focus on storage, but yet you've also been opportunistic in its own right. Like, I've watched you buy some unique hotel properties, some short term rental stuff, some heavier lift projects like that, that somehow you just saw the. In those, [00:03:01] Erik Hemingway: Can you talk about those for me? Yeah. Yes, for sure. Absolutely. So that's, that's what I love, you know, I mean, that's my favorite part of this business is kind of seeing the diamond in the rough and kinda, you know, kinda look past what other people pass on. And to me, I, you know, as soon as I walk on a property, it just seems to pop. Like renovated or converted or whatever. And really love that aspect of it. As far as the asset classes, you know, my son and I joke probably every week about, it's like we just do the next thing, you know, and this opens a door to the next thing and that opens the door to the next thing. So we just feel like you know, the you mo movie Yes Man. Where you just kind of say yes and let's see where it goes. And you know, obviously There's some missteps, but I think just plowing forward is the way to go. So, we've just been super blessed to find some great opportunities and continue to find them. And so there you go. [00:03:51] Sam Wilson: What are you doing right now to find opportunity? I know you talked a little bit about the self storage doing, doing kind of abandoned building, if you will. [00:04:01] Erik Hemingway: Conversion mm-hmm. . [00:04:02] Sam Wilson: Yeah. what sparked the idea, and then how did you know you were onto. . [00:04:06] Erik Hemingway: So our first one back in Wilmington was my wife and I were having a beer at a brewery and there was a my son and I had been doing renovations here when we, when we got from our boat adventure, which we can talk about later or whatever. But relocated to Wilmington and my son and I were doing renovations in old Gross. Rotted houses, and just killing ourselves. And we thought, you know, by now the, the storage in Arizona was kicking off some great cash flow and we thought, let's get back into storage. So my wife and I had a brewery having a beer sitting outside at the picnic tables and there's a building across the street. Used to be a printing company and it's all brick, no windows. It's got a loading dock and I'm like, That would be perfect for storage. We had just talked about getting into storage and I called the broker the next day and the building had been for sale for, or been empty for eight years, for sale for four years. Nobody wanted it and when I, we first met the broker, he showed up with two estimates. To demolish the building. He's like, I know you're gonna wanna tear it down. Here's two proposals, you know, 120 grand, 90 grand to demolish this thing. And, and my broker. This was the selling broker. My broker and I looked at each other like, We're not telling 'em about anything like this is perfect. So that was our first foray into conversion because we just bought it for way below replacement and gutted it, repainted the interior, put storage in there, and we were off to the races. So they haven't all been conversions, but that's certainly a niche that we, we really like. And I'd say that makes up probably 80% of the projects we're we're looking at right now. [00:05:35] Sam Wilson: How do you underwrite or how do you even project like, Hey, we're going to look at this vacant. Abandoned building. Nobody has wanted for the last four years, but we're gonna turn it into storage and it's gonna [00:05:45] Erik Hemingway: pencil. So it's pretty much the same as you would evaluate, you know, conventional ground up storage you know, if you're gonna develop a site somewhere, right? You, you did a feasibility study done. And what we like about the conversions is they're typically on. Locations. I mean like at Kmart they were put there for a reason. Right? Great, great visibility, great traffic counts. So a lot of that stuff is already, checks the boxes and then we just start doing our due diligence. We've got an underwriter on our team, he's fantastic. Graduated from U N C W. Shout out to Drake Masa. But he, he does, you know, spreadsheets and he dives in and gets forensic with what's the rents we can charge, How long is it gonna take to lease up? You know, we're on Radius Plus and Yardi, Matrix and CoStar seeing what storage is around as the market, undersupplied, oversupplied, you know, just typical kind of underwriting stuff. And if it starts checking all those boxes, then we're, we're excited to go. As you know, the past couple years in self storage has. Just on fire. And every email I get from brokers is call for offers. Call for offers. And you know, there's 20 bids and it's over asking and all this stuff. And what we like about the conversions, it's pretty stealthy. It's kind of under the radar. And then all of a sudden there's a building in the middle of town that all of a sudden becomes storage and. There you go. So we didn't have to, we didn't have to get in the dog fight with everybody else. And we also get to bring the heavy value add aspect as we are general contractors. Commercial unlimited license. So it's in our wheelhouse to do the build out. We're not relying on a, a gc and we know all the issues with supply chain and inflation and blah, blah, blah. I mean, we're feeling all those pains, but certainly would've been a lot worse had we had to hire that. Oh, for sure. That's, that's kind of our secret sauce is, is we can spot 'em you know, we can underwrite 'em, and then we have the GC part to, to build them. [00:07:36] Sam Wilson: Right. No, that's a, that's a, that's a, that's an awesome combination there. What, what is the typical from buy to break, even occupancy? Like what that timeline [00:07:49] Erik Hemingway: do you look at across? Yeah, absolutely. Yeah. So we look, you know, this year has been frustrating cuz projects have taken longer than we projected which is frustrating for us and. So we're, we're, now, we're underwriting basically when we close on the property, figure renting units 10 to 12 months from that day. And then depending on the market lease up, and we're probably covering the nut about 12 to 18 months after that. Mm-hmm. . So, so from closing on the deal to, to, in the black, let's call it 30 months. 30 [00:08:19] Sam Wilson: months. How does a lender look at that? Or do you guys private finance this? Do you finance it yourself? What's, what's that look [00:08:26] Erik Hemingway: like on these deals? Yeah, we're going through local banks. We've got relationships with local banks credit unions, that kind of thing. And yeah, we're, we're financing 75 to 80% of the loan to cost. Because they know, you know, typically all of our appraisals have shown. In some cases we're buying the building under appraised value, so we're already walking in the door with a little bit of equity. As soon as we get the build out done, which is on us to do there's a big jump in equity. And then of course, as you lease up and stabilize it, That's the biggest. So you kind get a little piece of equity along the way. And so banks like it and that we've got a track record now, so it helped having built storage in Arizona 16 years ago and, and now it's, you know, we've got a several conversions under our belt that we can say, Look, we're, we're doing it and we've done it, and here's where we. [00:09:16] Sam Wilson: Did it take did it take a lot of lender shopping in order to find one that understood what it was you were trying to do? [00:09:23] Erik Hemingway: No, I mean, there's, there's certainly lenders out there that like storage and we just basically show them our underwriting feasibility study, show them that we've done our homework and we're the group to, to be able to do it. And, I mean, L different lenders have buckets, right? That they get full and hey, we're really putting a pause on develop storage development right now. If you wanna buy an existing facility, we'll be happy to talk, but, Right. We've got too many ground up projects going, so we're probably gonna cool off on that. And so we'll just pop over to another lender and say, Hey, what's your appetite for, for storage development? And so I. I hear stories of guys, you know, calling 15, 20, 20 lenders that we've had nothing, nothing like that. Of course, there's brokers in this space and that's, we've used those guys in a couple cases and they can help weed out, excuse me, some of the, you know, wasted time. They already know some of the players in, in the southeast that are. That are hungry for storage and get it and and mean it's, the asset classes come a long ways in, in 15, 20 years. Right. I mean, lenders didn't wanna touch it 20 years ago cause it was just weird and looked like, you know, temporary buildings, Why, why are we loaning on this? And now it's you know, they. So it's, it's survived two recessions and we'll see if it survives this one. Right, right, [00:10:42] Sam Wilson: right. Absolutely. When it come, I know, I know. Getting out of the dog fight with everybody else, for everybody, you know, fighting over the same asset. You guys have found your own unique way to get in. What do you estimate your cost? I'm gonna use the word savings, or maybe the, the price difference between what if you went out and bought something on market versus what you guys can convert a building [00:11:05] Erik Hemingway: and then put in storage for, It's, it's a little tough. I, I, I see what you're asking there. It's a little tough to nail it down just because different markets are you know, there's storage that is typically sold for a hundred, $110 a square foot. Rentable space is typically how they price it. There's stuff that's sold for a hundred. You know, dollars a square foot, depending on if you're downtown Charlotte or Raleigh or Atlanta or what have you. So, typically our projects we're buying the building under $20 a square foot, which. You can't even replace for that. Right? So we're into that and then our conversion is crept up to close to 40. So we're about all in for about 60, $65 a square foot, including soft costs. So we figure we're still at 60%, 50% loan to value. [00:11:51] Sam Wilson: Wow. That's [00:11:52] Erik Hemingway: awesome. Yeah. That's awesome. It's, it's strong. [00:11:55] Sam Wilson: What, So one of the things that we talk about a lot on this show is, and it goes, it's right in the name of it, which is scalability. The ability to go and, and wash, rinse, repeat. Is that possible in your model or is it, you know, Hey, we're gonna buy the building across the street from the brewery, and oh, by the way, there's a Kmart and then building X. It seems like each of those would be its own unique project and not necessarily have repeatable. Steps in it, or am I missing [00:12:22] Erik Hemingway: something? No, it, it's surprising. You know, it's sec storage is pretty unsexy and pretty, you know, non-glamorous. There's not a lot of moving parts to it, right? So when we find these Kmarts we just underwrite that we're gonna have to replace the roof. We're gonna get the whole building, we're gonna paint it inside and out, replace all the H V A C, all l e d lighting, and then you put in storage units. So, Eight 10 subs tops. Right, right. Subcontractors and so there is some metrics we can use there. You know, some of the dials turn a little bit depending on what, what we find, but it's surprising how much the projects are similar. It's like, well, we already know what's go, what it's gonna take to do this. We already know what's gonna cost to do this. Let's plug it in and we underwrite Drake underwrites very conservatively. Let's say we think it's gonna lease up in 18 months, let's say 23 months. We think it's gonna cost x to, to build this out. Let's give ourselves a contingency of 20% or 15% or whatever, just because we don't wanna, we never want to do a capital call with investors. We never wanna get behind the eight balls, so we always write very conservatively. And if it pencils. Then it's a go. So [00:13:33] Sam Wilson: what's it been like finding subs that understand, hey, we're building storage inside an existing building. I mean, that's a little bit different. [00:13:42] Erik Hemingway: Different. It is. Yeah. I mean, we're still using Janus. They're the biggest in the world for, for storage. They do a lot of conversions. They've done our last three conversions and they're a great contractor, Great source. We are using a project manager that's kind of tackling three different projects for us right now, and he's kind of bouncing around between him. He's been in the business a long time from North Carolina. He's got a great pile of resources of subs that he's worked with in the past. Commercial guys electricians, H V A C guys and, and what have you. So Did that answer the question? [00:14:12] Sam Wilson: It did, it did. Yeah. Just, I mean, when you get in and it's like, Okay, well we now we're gonna have to figure out a way to put storage units inside of a k. How does this work? I mean, you guys reworking entrances, are you reworking, you know, front? Are you, [00:14:24] Erik Hemingway: I mean, what you call it in some cases? Yeah, one, one, Kmart. We're doing, we're doing a drive through concept where there's a high speed roll up door on the front and back. People can actually drive through the building. Park inside, unload their stuff. And the next one we're doing, we're not doing that, but you know, the first step is the architect. And we've got a great architect, not in house, but that we worked with, and he's, he used to work for Janus, so he's very familiar with the storage industry. Been in it for. A long time and he can really maximize the square footage. I mean, we use a rule of thumb, so if you've got a 50,000 square foot building, you can figure about 75% of that is gonna be your net rentable by the time you take out hallways and entrances and what have you, Office what, whatever. [00:15:09] Sam Wilson: Right. And, and do you, can you go, I guess on a, on a Kmart, the ceilings aren't tall enough, there's no multi-level storage [00:15:17] Erik Hemingway: or is. No, not typically. I mean, I guess if you tore the, the, the T grid ceiling, the acoustic ceiling out, you probably could. But these, these buildings are already so big. I mean, one of them's 87,001 is 102,000 square feet, so to, to bring in, you know, basically with your 75%, you're talking about 150,000 square foot of storage. It's a lot, right? So that's more than the market can handle. So we're content with just going with the footprint that's there, right? We're gonna get 75,000 square feet in here, give or take. And then here's what we're expecting to get for rental rates. Again, it's another dial we can turn. We, we look at a competitors, what are they getting for a 10 by 10? A 10 by 20. And then we go below that. We're like, let's not assume we can get that, that, although that is the market rate let's go below that just to be safe. Maybe things turn, whatever. And then that's one more. Kind of buffer there, that that helps The project only helps the project and investors. Right? [00:16:17] Sam Wilson: Well, for sure. If you're, I mean, again, if you're, if you're buying, renovating and filling at 60% of what everybody, of the cost of everyone else, you're, you're able to do that and then probably [00:16:29] Erik Hemingway: split your returns. Yeah, exactly. [00:16:31] Sam Wilson: Yeah. That's fantastic. I, I love the, the kind of, I mean, it's definitely a nuanced approach, but it's, it's just a brand new way of thinking about. How to get into the storage game. Cause I mean, that's something, right now there's, I'm part of a part of a deal that has a project here in Tennessee and just watching, I mean, we bought this, what, a year, a year ago, and we're getting an extra $2 million more for the project than what we paid for it. I mean, Wow. Not a whole lot in, in you know, rebranding or renovating the property or, I mean, it's. As just storage is on [00:17:08] Erik Hemingway: fire. Yeah. Is this a storage property? [00:17:11] Sam Wilson: Yeah, it's a storage property. Yeah. It's great. Great. And I'm involved only really as, as a, as a passive investor on it, but it's just crazy to watch. That go down. It's like, this is nuts. So you fear I know. Yeah. I, I don't, I don't know how they're making it work is really the conclusion, . It's like, I don't know who's buying this or how they're making this work, but I'm happy. But my goodness, this is crazy. [00:17:34] Erik Hemingway: So, yes, that, that, yeah. It is crazy. Well, I think, you know, the, the kind of stuff that springboard. Those crazy evaluations was 2021 was just an a crazy year for storage. I think rental rates went up nationwide. 24 to 26%. Yep. In one year, which is obviously not sustainable. And could correct and all of that. But I mean, even if you just follow inflation at 8%, that's still a really healthy rate climb every year. And if you're, and if institutional buyers are buying it and they're borrowing it 2% or less. Huh. They're just happy with the spread. Correct. So they can pay whatever, whatever they need to pay, cuz they're just, they're just excited about the spread they're gonna make. Exactly. [00:18:16] Sam Wilson: Yeah. And that's, that's the, the wild times that we're living in. And I think, you know, right now being a cash flow investor, which it sounds like that's what you're doing, is building just a portfolio of cash producing [00:18:28] Erik Hemingway: assets. Mm. Yep. [00:18:30] Sam Wilson: That's the goal. Talk to me about your hotels. I know, Okay. I'd love to hear kind of your thought process behind that. How you guys are locating what you're doing with them. The [00:18:39] Erik Hemingway: business plan as a whole. Yeah. Yeah. So it's, it's very boutique style properties. I've been in the Airbnb world for probably seven or eight years as a host, and you. Thousand plus guests over a couple different properties We had in, in Wilmington here and had an opportunity to buy a five room boutique motel on the beach in c beach ca North Carolina. And we renovated it. We were able to convert it to nine rooms and just opened it not quite even two years ago. Actually made a connection to Best Ever. And David Acosta is my partner. You, I'm sure you know David, but he and I partnered on the next one. And these are all, all of our properties are on one island in just outside of Wilmington Keary Beach and Carolina Beach. And. So we bought a next, the other one, then another one, and just kind of rolling it into the next one. And I think we're up to 85, 90 doors now across the four properties three of which are on the beach, like on the sand. And then one is kind of in downtown Carolina Beach that. That we just did a pretty major overhaul on when we bought it. It was pretty run down and we just kind of went through and freshened everything up and so yeah, we're excited to see that we've got an asset manager on the island and. He's in charge of kind of monitoring the property managers, but we really wanted to try to try to shift to more of the Airbnb model cuz I saw how that worked and how people like that. And so what we did on all the properties is convert 'em all to keyless locks and keypads are the software we're using as cloud beds. It's fantastic. It integrates with other software that can push code. To to the guest. So they get a code to access the room at check in, and then the code stops working when they need to check out. So, so it's kind of a hybrid of the Airbnb and the hotel. We don't have a front desk that we're obligated to staff. Seven days a week, you know, 12 hours a day, people don't lose keys cuz they've got the code in their phone and you know, they come and go and, and it's been working great. So we're still, obviously that's not my background, so we're still trying to iron out the processes all around that and maintenance and, you know, laundry and all those kinds of things. Housekeeping, we've got some great staff. So we're, we're just kind of seeing. Arm of the, of the business goes. We're just kind of taking a pause right now with interest rates and we feel like we got some, some great properties in while it, while it was good, and we'll see how these, we want to get this really fine tuned before we try to scale it. [00:21:08] Sam Wilson: Yeah. And again, this is, this is one of the reasons I love chatting with you. Like before we, but we won't get it fine tuned before we scale it. And you're at 85 or 90 doors on this already, Eric, so [00:21:18] Erik Hemingway: I. I think, but that might be it. I don't know. We, we might have a, a circle up and say, You know what, we're, we're happy with these. Let's just, let's just go back to storage . [00:21:26] Sam Wilson: Yeah. And that's, that's the that's the fun part about this business is just all of the opportunity. And, and you answer yes. Kind of my question and I think I, or a question I would've had for you, which is how do you. How are you scaling all these different asset classes? And it, it comes down to people [00:21:42] Erik Hemingway: is what it sounds like. People. Yes. We're in the process of, we bought a building in downtown Wilmington that we're renovating right now for our office. We were in a very small office right now and everybody's kind of on top of each other, so we're hopefully getting to there in the next six weeks or so. And and then we have some more folks that we are bringing on board once we get in there. And yeah, just trying to get people a huge thing for us was the book Traction. Gina Wickman, Levi and I read that after Best ever last year, I think, or a year ago, right when we started Nomad Capital. It's just over a year old and just going through that book, It's the Bible right now, Paige, you know, if he says have a meeting on Tuesday, we're having meetings on Tuesday. If he says they last 90 minutes, we're doing it for 90. You know, we're basically just going play by play with that book. And that's been huge. We'll say. That has definitely streamlined a lot of stuff for us. So, huge shout out to him. And I know Brandon Turner's a big fan of the book and, and everybody I know that, that reads it is like, this is, it's a real tools to. Into your business so that you're working on your business and less into it. And we're trying to get to the point where you know, in a, in a, in a world we see someday, like Levi and I come to the Tuesday meeting, we can sit there for an hour and a half, two hours and have a really good pulse on. What's the biggest problems we're facing? Where are we at? What's our lease up? Where's our cash flow? Where's our, our payables? You know, and we've, we're implementing the scorecards he talks about, and it's been it's been fantastic. So highly recommend that. [00:23:12] Sam Wilson: Man. That's awesome. Eric. I love what you guys are doing. I, I've always appreciated you're kind of, left or right, a center approach, [00:23:20] Erik Hemingway: to finding that's ex That's exactly right. It's swerving. We're swerving around the line. , [00:23:26] Sam Wilson: you're, you're [00:23:26] Erik Hemingway: swerving approach. It's left and right. Yeah, no, we, we, we often joke that we're building the plane while we're flying and it, and some days it does feel like that, but we really feel like. This is the tip of the iceberg. You know, we feel like there's a lot of runway for what we're doing and just excited to build out the team to help us do that. And our guys are, you know, guys and gals are super excited about what we're doing and we're trying to really create a fun culture and. People seem to love it. This new office will have golf simulator, cator, you know, that kind of stuff. So we're definitely gonna be yeah, enjoying it, enjoying the ride as we go. So. Well, yeah, we're excited. [00:24:05] Sam Wilson: That's awesome, man. Certainly certainly appreciate you taking the time to come on the show today. Absolutely. Tell us. How you're finding opportunity and value and, and just, yeah, it's been, it's been tons of fun, obviously, the last five to six years getting to know you and then watching, watching you guys grow. If our listeners want to get in touch with you or learn more about you, what is [00:24:24] Erik Hemingway: the best way to do that? Yes. Perfect. So a website is nomad capital.us. And you can see stuff there. You can make an investor portal, you can see what projects we have coming up what we've done, portfolio, all that good stuff. You wanna reach out to me personally Erik, e r i k@nomadcapital.us is email and cell phone. You want that or? Yeah, sure. Nine ten four three one three eight five five. Happy to chat about storage conversions. Life boutique motels or anything else? I don't know. I don't know about , [00:24:57] Sam Wilson: politics, religion, [00:24:59] Erik Hemingway: anything else? Yeah, sure. Weather. Let's hear it all. . [00:25:02] Sam Wilson: Yeah. Eric, thank you again. Certainly appreciate your [00:25:05] Erik Hemingway: time today. Absolutely. Thanks Sam.

Today, Erik Hemingway outlines the techniques for discovering self-storage deals, evaluating the market, and determining the risk of these deals. Keep listening to learn about the hidden benefits of passive investing in self storage while living the life you desire!Key Takeaways To Listen ForSelf-storage business: Construction, financing and timeline The promising future market of self storage and commercial building businessStrategies to rebuild the self-storage business through syndicationValauble things to keep in mind when investing in real estate asset classesGreat tools and resources to manage properties while out of stateHow to locate a great market location for a self-storage conversion projectResources Mentioned In This EpisodeSiteLinkCoStarRadius+Free Apartment Syndication Due Diligence Checklist for Passive InvestorAbout Erik HemingwayErik Hemingway, the co-founder of Nomad Capital, is passionate about helping people achieve freedom, wealth, and a ‘nomadic' lifestyle through investing in commercial real estate. He used income from personal commercial investments to take his family on a 5 year, living abroad adventure. Including living in Costa Rica, and 3+ years on a catamaran in the Mediterranean, across the Atlantic, and through the Caribbean en route to Wilmington, NC. He has been actively involved in Real Estate for 25+ years. From residential ‘spec' and custom homes to commercial development, construction, acquisition, and management. He brings a creative approach to see the value add opportunities other miss, and is not afraid to roll up his sleeves to see projects to successful completion. He has been married for 31 years, has 6 children and 3 grandchildren.Connect with Erik Website: Nomad CapitalEmail: erik@nomadcapital.usPhone number: 901-431-3855To Connect With UsPlease visit our website: www.bonavestcapital.com and please click here, to leave a rating and review!SponsorsGrow Your Show, LLCThinking About Creating and Growing Your Own Podcast But Not Sure Where To Start?Visit GrowYourShow.com and Schedule a call with Adam A. Adams.Dream Chasers PodcastWant to listen to another Next Level Show?Subscribe to DREAM CHASERS | Interviews with the Future Podcast!

Erik Hemingway, the co-founder of Nomad Capital, is passionate about helping people achieve freedom, wealth, and a ‘nomadic' lifestyle through investing in commercial real estate. He used income from personal commercial investments to take his family on a 5 year, living abroad adventure.  He has been actively involved in Real Estate for 25+ years. From residential ‘spec' and custom homes to commercial development, construction, acquisition, and management. He brings a creative approach to see the value add opportunities other miss, and is not afraid to roll up his sleeves to see projects to successful completion. Key Highlights- From Home Building to Self-Storage- Self-Storage as a means to be financially free- Erik shares the business model with his self-storage investments- Converting vacant buildings to renting units- Mitigating labor shortages and material costs- Raising capital, Exit plan on self-storage propertiesBook Recommendations- Rich Dad Poor Dad- Cashflow Quadrant- The One Thing- TractionConnect with Erik HEmail: erik@nomadcapital.usWebsite: www.nomadcapital.usConnect with Rama KEmail: info@ushacapital.comWebsite: www.ushacapital.com

Erik Hemingway traveled the world with his family for years. They've lived in Costa Rica, sailed through the Mediterranean, and sailed across the Atlantic Ocean. All of their travels were made possible because of Erik's passive income from self-storage. In this episode, Erik shares his strategy for locating self-storage deals, assessing the market, and analyzing the risk on these deals. Erik Hemingway | Real Estate Background Founder of Nomad Capital which focuses on heavy value-add properties, bringing an in-house general contractor component to projects such as self-storage conversions, ground up development, boutique hospitality, and commercial retail asset classes. Portfolio: $35M in CRE, primarily in self-storage properties. Erik used passive investing to leave the ‘9-5' life and take his family on adventures, including living in Costa Rica for 1.5 years and sailing through the Mediterranean and across the Atlantic Ocean. Based in: Wilmington, NC Say hi to him at: www.nomadcapital.us | erik@nomadcapital.us Best Ever Book: Traction: Get a Grip on Your Business by Gino Wickman Click here to know more about our sponsors: Deal Maker Mentoring | PassiveInvesting.com | FollowUp Boss

Erik Hemingway has an amazing story of what’s possible using the power of real estate investing. In 2008, Erik transitioned from a home builder to owning a self storage facility, that gave him the opportunity to go live in Costa Rica for over a year, and then transitioning to living on a sailboat in the Mediterranean for 3 years with his wife and 6 kids! Read Full Transcript (#) Neil Henderson [0:00] I’m Neil and I’m Brittany. We are a family on a journey towards financial and location independence. Each week we interview successful real estate entrepreneurs about their chosen investment strategy, and rated based on how much money it took to get started, how long it took to educate themselves. Passive it is and whether or not they could do it from anywhere in the world.   Brittany Henderson [0:19] Welcome to the road to family freedom.   Neil Henderson [0:21] This week, we sit down with Eric Hemingway, a general contractor who escaped the rat race and spent three years sailing the Mediterranean with his family. He’s built financial freedom for himself, largely using a portfolio of self storage facilities.   Brittany Henderson [0:34] If you like our show, the easiest way for you to give back is to leave us a rating and review on iTunes head on over to road to family freedom comm slash review for links and instructions on how to do that we would be so grateful. All right, enough out of us. Let’s hit the road to family freedom.   Neil Henderson [1:00] Welcome to the road to family freedom.   Erik Hemingway [1:01] Great. Thanks for having me on. Of course, it’s always great talking to you.   Brittany Henderson [1:06] to have you here.   Erik Hemingway [1:07] Oh, thanks. Thanks. A quick update.   Neil Henderson [1:10] You just survived the hurricane everything okay, there. Yes,   Erik Hemingway [1:13] Hurricane Florence just came through two weeks ago. And yeah, so we’re still in the midst of picking up the pieces. But yeah, doing okay. Thankfully, we made through Okay, and a lot of other people, you know, had a lot worse damage than we did. So we’re, we’re pretty grateful. Great. Glad to hear that.   Neil Henderson [1:27] Well, let’s let’s get right to it. So do you recall an aha moment for you when it came to real estate?   Erik Hemingway [1:34] I think for me, it was I’ve been in real estate for in some way or another for probably 25 years, my dad and I started a business in northern Arizona together not in construction, it was a retail store. And after about a year, we we realized that it wasn’t quite enough to support both of our families. So I branched out and got into construction started literally on the ground floor, sweeping out jobs and digging ditches and all that kind of thing and slowly worked my way up to Super intending and project managing and then the guy that I was working with, he had an investor who would come into town, buy some properties, and then you know, leave and we would build the properties and spec houses and that kind of thing. And it was then I think that it started clicking like this is this is a you know, ready to make a real a decent living. And it’s, you know, it’s a need is always going to be a need housing and that kind of thing. And so in 2001, I left that company and started my own contracting firm and just started, you know, started kind of basic, and in one spec and then eventually to specs. And yeah, so after being in construction for a little while I realized, you know, this is something I’d probably like to try on my own, you know, my thoughts were so I left that company and started my own construction company in 2001. And the thought was, you know, do a spec house, make a pretty good chunk of change off that and then maybe take a couple three months off,...

This week I'm focused single-mindedly on the new version of the Radical Personal Finance website. So, I'm releasing some alternative content to you for your listening pleasure. This is Part 2 of an interview I gave on the Family Adventure Podcast with Erik Hemingway. It was released in November 2014. The interview is an introduction to a bunch of concepts on how to focus your budget so that you can afford long-term adventure travel. It's super fun. Erik has a great podcast that my wife and I enjoy listening to together.  Enjoy! Joshua The original post on Erik's site: http://www.familyadventurepodcast.com/budget2/ Subscribe to Erik's show if you're interested in more super fun interviews on family adventure! https://itunes.apple.com/us/podcast/family-adventure-podcast-erik/id806349037?mt=2 Support Radical Personal Finance on Patreon: http://radicalpersonalfinance.com/patron

This week I'm focused single-mindedly on the new version of the Radical Personal Finance website. So, I'm releasing some alternative content to you for your listening pleasure. This is Part 1 of an interview I gave on the Family Adventure Podcast with Erik Hemingway. It was released in October 2014. The interview is an introduction to a bunch of concepts on how to focus your budget so that you can afford long-term adventure travel. It's super fun. Erik has a great podcast that my wife and I enjoy listening to together.  Enjoy! Joshua The original post on Erik's site: http://www.familyadventurepodcast.com/radicalfinance/ Subscribe to Erik's show if you're interested in more super fun interviews on family adventure! https://itunes.apple.com/us/podcast/family-adventure-podcast-erik/id806349037?mt=2 Support Radical Personal Finance on Patreon: http://radicalpersonalfinance.com/patron

Erik Hemingway is a father, sailor, traveler, and host of The Family Adventure Podcast where he shares the adventures of families who travel together and live to tell the tale. The story of his own family’s incredible journey has been featured on NBC, FOX and Today. In this episode we talk about the spark that led to a journey of 16,000 miles aboard a 37 foot Dean catamaran with his family of seven (and in the middle of the adventure becoming eight), and why putting the deposit down on the boat was even scarier than crossing the Atlantic Ocean in it. I am really excited to have Erik on the Podcast for two reasons. He has been on an adventure that many people dream about but never find the time or courage to take. He has also started a podcast to share the stories of other families like his who are traveling on their own terms. IN THIS EPISODE: Why he was ready for an adventure What it was like to drop anchor for the first time Homeschooling on the boat Sailing up a river in Africa and seeing hippos in the wild How he crossed the Atlantic Ocean in 16 days with his family of 8 Why he started his podcast DISCOVERY QUOTE: “If we can do what we’ve done, then absolutely anybody can do it. ” [Tweet This] CONNECT WITH ERIK: FAMILYADVENTUREPODCAST.COM | FACEBOOK | TWITTER |INSTAGRAM | PINTEREST

I love adventure and really love to hear adventure stories from people who have  gone out and fully embraced a unique adventure. I’m especially interested in how to fund these adventures. My new friend Erik Hemingway, the host of the Family Adventure Podcast tells a great story and spills the beans about how he and his family […]

Erik Hemingway is the host of the Family Adventure Podcast which makes him the perfect fit for Family Week at the Daily Travel Podcast, in which I'm out to crush the mindset that having kids means you can't travel, or even that life is no longer interesting or sexy. In fact, it's the complete opposite. Having already interviewed dozens of families out to explore the world together, Erik is the perfect person to help shine some light on what sort of travel is possible with kids in tow. In 2002, Erik found himself over-invested in life - too many things, stress, and not enough time or happiness. So, he uprooted his family to Costa Rica before taking the plunge to pursue his dream of learning how to not just sail, but give his children the opportunity of a lifetime. Subscribe on iTunes, Stitcher Radio, Soundcloud or TuneIn Words from an Explorer: Why Erik and his family left a stressful life in the United States to try their hand living on a sailboat in Europe. How they came to the decision to sail across the ocean while sailing to over a dozen countries in the Mediterranean How they were able to manage as a family on a boat, and while adventuring across the ocean How to parent infants and teenagers on a sailboat where you don't have room for all the of "the stuff" Words from an Explorer: "Travel takes you out of your comfort zone and forces you to address the things that are easy to sweep aside and get lost in the busyness." Explore Further: The Family Adventure Podcast Credits Music: Imogen Heap – Wait It Out (Artec Remix), Intrepid Journey, by Aaron Static Like the show? I’d love a rating and review! Take action and please share the show! All you have to do is click one of the social sharing buttons at the top of this post. Also please leave a rating or review on iTunes! It just takes a second and you can help the show increase its rankings on iTunes just by this simple and quick gesture. If you do, click here to let me know so I can personally thank you! Thank you so much for your support! See you next time! The post 64: Sailing Your Family Across the Atlantic with Erik Hemingway appeared first on The Daily Travel Podcast.