How Mitchell Rice Raised $7M to Save His First Deal, Closed $500M+ in Transactions, and Now Converts Hotels into Housing

Episode Summary

In this episode of Groundbreakers, Mitchell Rice, founder of Elkstone Capital, shares how he went from a sales intern to raising $7M for a $27M multifamily deal—before he ever quit his W2. Mitch walks through how that first deal gave him a seat at the table, what he learned working inside the LDS Church’s real estate investment division, and how he now approaches hotel-to-multifamily conversions across the U.S.

His story is a masterclass in resourcefulness, long-term thinking, and how to break into real estate by solving real problems for experienced operators.

To listen to this episode, follow this link to Groundbreakers on Spotify!

Key Points Discussed

• Breaking Into Syndication. Mitch’s journey started by cold calling sponsors and offering to help. When a deal was at risk of losing $350K in earnest money, Mitch stepped in and helped raise the missing $7M—earning a co-GP spot and kickstarting his career.
• Hotel-to-Multifamily Strategy. Through Elkstone Capital, Mitch focuses on converting extended-stay hotels into workforce housing. He breaks down the underwriting, entitlement, and capex strategies that make these deals work in today’s environment.
• What It’s Like Inside a $100B Real Estate Org. Mitch shares lessons from his time at Property Reserve, Inc., the real estate arm of the LDS Church. From underwriting standards to asset class diversification, this experience shaped how he evaluates deals today.
• Creative Capital and Hard Lessons. Whether it’s seller-financed deals at 4.5% interest or learning how to communicate fees to a $70M investor who walked away, Mitch shares candid stories about what works—and what doesn’t—when raising capital.

Guest Information

• Name: Mitchell Rice
• Role: Founder at Elkstone Capital
• LinkedIn: Mitchell Rice
• Website: Elkstone Capital

Conclusion

Mitchell Rice’s journey is proof that you don’t need decades of experience or a huge track record to add value and earn your place in this business. By staying resourceful, focused, and relentlessly helpful, Mitch carved out his own lane—and is now scaling it on his terms.

Connect with Mitch on LinkedIn or visit Elkstone Capital to learn more about his approach to hotel conversions and capital raising.