From IT Executive to Real Estate Syndicator: Jens Nielsen’s Path to Scaling with Purpose

In this episode of the Major League Real Estate Podcast, Nathan Sosa and Matt Hamilton sit down with Jens Nielsen, founder of Open Doors Capital and co-founder of Incrementum Equity Partners. Jens shares how he transitioned from a long career in IT into real estate investing, what drove him to take action quickly, and how he grew from buying small multifamily properties to syndicating larger deals. The conversation also covers fundraising, partnerships, trust, market shifts, and how his strategy has changed in today’s environment.

Why Jens Left IT for Real Estate

Jens came to the United States from Denmark about 30 years ago and built a successful career in telecommunications and IT. Over time, he worked across startups, corporations, government, and tribal organizations, eventually settling in the Southwest. But by his mid-40s, he realized that the traditional career path was no longer giving him the flexibility or lifestyle he wanted.

He describes feeling stuck in the cycle of working all week, saving for retirement, and waiting until later in life to enjoy more freedom. Real estate stood out because it seemed like one of the few paths that could truly separate time from income.

The Fast Start: From Book to Action

Unlike many investors who spend years researching before doing their first deal, Jens moved quickly. After listening to a real estate investing book, he came back from a walk with his dogs and told his wife that they needed to start investing in real estate. That same year, they purchased two fourplexes and an additional 11-unit property in Albuquerque.

That urgency was driven by pain and clarity. Jens knew he wanted out of the traditional path, and that motivation pushed him to act. He also did not jump in blindly—he surrounded himself with books, podcasts, experienced investors, and local broker relationships before making his first purchases.

From Small Deals to Syndication

After those first deals, Jens ran into a common scaling issue: he was running out of his own capital. That led him to start thinking more seriously about partnerships. In 2018, he completed a 38-unit deal with joint venture partners, which opened his eyes to a larger business model.

He realized that many people wanted to invest in real estate but had no desire to source deals, underwrite properties, or manage operations. That insight became the foundation for his transition into syndication. By 2019, after getting around more experienced operators and joining mentorship programs, he began syndicating larger deals.

What Fundraising Looked Like Early On

When asked how he initially approached fundraising, Jens emphasized that it started with identity and communication. He believes you have to fully own the role you are growing into and talk about it consistently. He shared that even while he was still employed, his boss and his boss’s boss invested with him because they had heard enough about what he was building and trusted him.

His early fundraising came from friends, referrals, coworkers, and people already in his network. Rather than needing hundreds of investors, he focused on building relationships with a smaller group of people who could invest repeatedly over time.

Why Repeat Investors Matter

Jens explained that some of his best investors have participated in many different deals, which creates better alignment and spreads risk across multiple projects. He prefers working with investors who can build a long-term relationship instead of putting all their capital into one single transaction.

That has made relationship-building a central part of his business. He continues to host meetups, network in new markets, and stay active in conversations with potential investors because capital raising is always an ongoing process.

Why He Started With Joint Ventures

Before jumping fully into syndications, Jens did a number of joint ventures. He likes JVs for their simplicity and flexibility, especially on smaller deals. They typically require fewer legal costs, fewer moving parts, and can work well when a small group of aligned partners comes together on a property.

At the same time, he acknowledges that JVs usually limit deal size and require the operating partners to contribute capital themselves. Syndications created a path to scale much further, but JVs still played an important role in how he learned and built confidence.

What He Learned About Operations and Systems

As Jens scaled, he realized that buying a property is only the beginning. Actually running deals requires systems, scorecards, accountability, and strong operational oversight. Drawing on his IT background, he became a big believer in using business operating systems and frameworks like EOS to bring more structure to the business.

From his perspective, operators need to stay closely focused on the fundamentals: occupancy, collections, rent growth, utilities, expenses, and overall operational accountability. One of the big mistakes he sees is people assuming they can buy the property, hand it off to a manager, and step away entirely.

Lessons From the Market Shift

Jens was candid about the fact that some of the assumptions that worked during the low-interest-rate years no longer work today. He admitted that in the faster-moving years, many operators—including himself—did not fully appreciate how much changing interest rates, aging mechanical systems, insurance costs, and refinancing pressure could impact a deal.

He shared that one deal had to be sold at a significant loss after the numbers no longer worked under new financing conditions. Experiences like that changed how he thinks about underwriting, leverage, and long-term risk.

Why He Pivoted Into Industrial

As the multifamily market became more difficult, Jens slowed down and shifted part of his focus into smaller industrial warehouse deals in his local market. He said these deals have been attractive because they are simpler, easier to manage, and often trade at cap rates that work better in a higher-interest-rate environment.

That does not mean he is done with multifamily. In fact, he still believes there will be strong opportunities in the sector, especially as excess supply gets absorbed and distressed properties become available. But today, he is much more selective and is only pursuing projects that genuinely interest and inspire him.

What He Looks For in Partners Now

One of the strongest themes in the episode is trust. Jens said he has learned the hard way that money alone is not a good enough reason to choose a partner. In some cases, he ignored his gut because someone brought capital to the table, only to regret that decision later.

Now, he is far more cautious. He wants to know who someone is, how they operate, and how they respond under stress before entering into a business relationship. He emphasized that many partnerships look great when everything is going well, but the real test comes when deals become difficult.

His View on Tax Strategy

From a tax perspective, Jens highlighted the continued value of cost segregation and bonus depreciation, especially for investors who can actually use the losses. He also noted the importance of structuring entities correctly, with the right combination of LLCs, partnerships, and S corporations depending on the type of income involved.

His broader message was that real estate operators need tax advisors who actually understand the business of real estate, not just general tax preparation.

How He Uses AI Today

Jens said he is not using AI heavily for underwriting yet, but he is increasingly using it for investor communications, meeting summaries, presentations, and reviewing deal documents. He specifically mentioned experimenting with tools like NotebookLM to analyze underwriting packages and generate insights more efficiently.

His view is that AI is becoming increasingly useful as a consumer tool, especially for communication and document analysis, even if it is not yet replacing core investment judgment.

Final Thoughts

Jens’s story is a strong example of what can happen when someone combines urgency, action, and long-term learning. He moved quickly into real estate because he wanted freedom, but the bigger lesson from the episode is that scaling successfully requires much more than just buying deals. It requires partnerships, trust, operational discipline, and the willingness to adapt when the market changes.

For investors and operators alike, his journey is a reminder that real estate is not a shortcut—it is a business that rewards patience, relationships, and strong decision-making over time.

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Disclaimer: This podcast summary was generated from the transcript and may contain some errors or miss key points from the audio recording. Any mention of third-party vendors, products, or services does not constitute an endorsement or recommendation. You should conduct your own due diligence before engaging with any vendor.