The Best Ever CRE Show JF 4194: Why Relying Only on Deal Analysis Can Limit Your Multifamily Growth ft. Mitchell Rice
Feb 28, 2026
Mitchell Rice, Managing Partner at Elkstone Capital and multifamily investor with underwriting and door-to-door sales roots. He discusses how sales skills power capital raising. He explains yield on cost, buying 20–100 unit value-adds, and balancing appreciation vs cash flow. He stresses touring properties and building broker and seller relationships for sourcing and scaling deals.
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Boardroom Training Built His Underwriting Confidence
- Mitchell Rice learned commercial underwriting as senior analyst for the LDS Church's for-profit real estate arm and presented ground-up projects to an investment committee.
- That boardroom experience gave him the confidence and checklist to evaluate large projects and defend underwrites in real-world deals.
Door to Door Sales Started His Capital Skills
- Mitch funded himself through college with door-to-door sales in security and pest control, which taught resilience and how to handle rejection.
- He combines that sales grit with underwriting skill to confidently approach LPs and show pro formas live on calls.
Show The Excel Model To Build Investor Trust
- Do walk investors through the underwriting and pull up the Excel model during calls to show transparency and assumptions.
- Mitch says showing the model—even if LPs don't understand Excel—builds trust and demonstrates you're not hiding numbers.