In this episode, Brad chats with Bruce Fraser, a Forbes Real Estate Council Member and Managing Partner at Elkhorn Capital Partners. Bruce shares his unique journey from running a successful hedge fund for over a decade to becoming a multifamily investor. He explains how his background in macroeconomics led him to focus on hard assets, specifically distressed multifamily properties, as a hedge against inflation. Bruce also provides incredible insight into why his firm is a go-to buyer for brokers and lenders, and why trust and discipline are paramount to success in real estate.
🔑 Key Topics Covered:
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Why Bruce pivoted from managing a hedge fund to investing in real estate.
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Elkhorn Capital's focus on distressed multifamily turnarounds and why they don't invest in Dallas.
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The "first deal" that yielded a 50% return in just 14 months and the lessons learned from the buyer who overpaid.
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The challenges of managing a "worst deal" with drug dealers and the importance of having a proactive plan.
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How being vertically integrated and financially incentivizing staff leads to stunning results.
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The "home run" deal that was a Freddie Mac foreclosure and the "good problems" of a successful recapitalization.
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Why reputation and certainty of close are invaluable with brokers and lenders.
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Bruce's outlook on inflation and why he continues to acquire hard assets.
💬 Memorable Quotes:
"You make the money on the buy... you just have to be disciplined." — Bruce Fraser
“You can't get emotional about winning a deal and overpaying. Then you're kind of stuck with an albatross.” — Bruce Fraser
"It's about bottom line... we're not just about expense minimization." — Bruce Fraser
"It's just numbers... All you have to do is pay attention to it." — Bruce Fraser
🔗 Connect with Bruce Fraser:
💼 LinkedIn: https://www.linkedin.com/in/bruce-fraser-8806295/
🌐 Website: https://elkhornpartners.com/
🎙️ Connect with Host Brad Weaver:
💼 LinkedIn: https://www.linkedin.com/in/bradweaver
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