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:

• Why Bruce pivoted from managing a hedge fund to investing in real estate.

• Elkhorn Capital's focus on distressed multifamily turnarounds and why they don't invest in Dallas.

• The "first deal" that yielded a 50% return in just 14 months and the lessons learned from the buyer who overpaid.

• The challenges of managing a "worst deal" with drug dealers and the importance of having a proactive plan.

• How being vertically integrated and financially incentivizing staff leads to stunning results.

• The "home run" deal that was a Freddie Mac foreclosure and the "good problems" of a successful recapitalization.

• Why reputation and certainty of close are invaluable with brokers and lenders.

• 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

"I see the buyer of this asset... and I could tell he wanted to talk. I said, 'You want some of my advice?' And he said, 'Yeah.' And I said, 'Well, you just way overpaid for it.'" — 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