Today we’d like to introduce you to Andrew Parker.
So, before we jump into specific questions about the business, why don’t you give us some details about you and your story.
In 2013, I went on a trip to Austin, TX. I went to a park full of food trucks. Maybe, it was the Lone Stars but I thought it was great.
At that point, I was sort of bored and planned on starting law school in about a year, so I tried to start a similar food truck park in Chicago.
It never came to fruition, but in the process, I met real estate developers and started working for and learning from them.
I still went to law school at the University of Chicago but kept up with real estate throughout my time there. In partnership with several others, including my current business partner Tad Ritter, I purchased and rehabbed about twenty units of apartments in Chicago.
I had the incredible fortune to work with Ben Van de Bunt who is a mentor (in addition to my uncle!) Ben is a very successful entrepreneur who has always pushed me to think both big and strategically.
I wanted to be a real estate developer – we had been successful in our rehab projects. I had made a little bit of money and I thought I was ready for bigger projects. Ben told me that was wonderful but that he wasn’t interested in anything that didn’t improve the world or help solve a social issue.
At first, I was frustrated with this lofty mandate but Tad and I eventually found that we could provide a lot of real estate value to not for profits working within the intellectual and developmental disability space. I’m glad that Ben pushed us to look at things differently and find a corner of the market where we could make a disproportionate impact. It is better for business and it is also really inspiring to work alongside our not for profit partners every day.
Great, so let’s dig a little deeper into the story – has it been an easy path overall and if not, what were the challenges you’ve had to overcome?
No.
At first, the problem is money. I didn’t have any of it and even though I thought I had a good idea it wasn’t anything that potential investors hadn’t heard a thousand times before.
I spent two years taking the bus and my bike between Hyde Park, Lakeview, and Logan Square to oversee construction and look for properties to purchase. At one point I bought a car for $450 but it only lasted two weeks and I paid $300 for tickets because it wasn’t registered with the city.
Once we started Nestidd, Tad and I spent about a year going to not for profit offices and conferences – mostly embarrassing ourselves with lack of knowledge. We didn’t sign our first client for well over a year. I think the first potential client I asked them if they would consider selling us about 200 of their houses which we would then lease back to them. I believed, and still believe, that our proposal was a win for the client, but I hadn’t yet learned how to go slowly and build relationships.
My strategy has mostly been to just show up and try things – even though once in a while it backfires. When you are inexperienced, sometimes you don’t even know that what you are asking for is ridiculous. I’ve been virtually thrown out of a prominent private equity firm during a meeting where they thought I was asking for too much. I probably was, but I had no idea.
We’ve come a long way but the road hasn’t smoothed out much. What has changed is that know I expect the rocks along the way and I mostly learn from them. Sometimes, I’m even able to spot which rocks are those from which to learn and which are those which were inevitable and unavoidable.
Alright – so let’s talk business. Tell us about Nestidd – what should we know?
Home starts here.
Finding a good home in the community is essential for people with I/DD. But we know it’s one of the hardest parts of your job as a care provider. We’ve got a solution.
At Nestidd, we find and buy homes in safe neighborhoods, renovate and customize them to your specifications so they’re accessible, comfortable and move-in ready. In the process, we handle the neighbors and zoning issues and you take advantage of our affordable leasing options, which include best-in-class property management. Nestidd’s Simple Leasing approach can be a smart business decision for you. One that lets you spend less time dealing with real estate, so you can spend more time caring for those who count on you.
You can count on us too, because not only is this our core business, we do it for good, because we believe everyone deserves a home where they can thrive, no matter what their abilities.
Is there a characteristic or quality that you feel is essential to success?
I think sometimes people say “I’ll do X for 3 years even though I don’t love it because after 3 years, I will have the experience to do Y which is what I REALLY want to do.”
I don’t have the patience to do X and I am also honest with myself about what Y is. I think that’s been helpful.
Pricing:
- Our i/dd care provider tenants spend $60,000+ per year leasing a home from a random landlord off Craigslist. With Nestidd, they spend about $24,000.
Contact Info:
- Website: www.nestidd.com
- Instagram: @nestidd
- Twitter: @_nestidd
Getting in touch: VoyageChicago is built on recommendations from the community; it’s how we uncover hidden gems, so if you know someone who deserves recognition please let us know here.
