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Podcast: Property Profits Real Estate Podcast
Episode: Creating Cheap Workforce Rentals from Old Hotels featuring Mitchell Rice
Description: In this episode, real estate entrepreneur Mitchell Rice shares how he's converting outdated hotels into affordable workforce housing—and why investors are excited about it. Coming from a background in underwriting dozens of these conversions, Mitchell now leads Elkstone Capital Partners with a growing portfolio of over 450 doors and big plans to hit 1,000 units this year.
Mitchell walks us through his recent Houston project: a 100-room independent hotel turned 109-unit apartment building aimed at blue-collar tenants. From fire code upgrades to creative financing and the unique economics behind the strategy, Mitchell explains how these conversions work, who th...