Ep. 060: From Military Service to Multifamily Success: How Lupei Chou Built Her Investing Career
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In this episode of On The Move, Dustin sat down with Lupei (“Lupe”) Chou of Nexvia Capital to unpack her path from growing up in Taiwan, to serving 23 years in the U.S. Navy, to becoming a full-time multifamily investor and capital raiser.
Her story is a strong example of how early, unplanned experiences in real estate can evolve into a disciplined, relationship-driven investing business.
From Taiwan to the U.S. Navy
Lupe’s journey into real estate wasn’t mapped out from the start.
She moved to the United States at 17, completed high school, and soon after joined the military—eventually serving 23 years in the U.S. Navy before retiring in 2024.
Throughout her career, real estate was never the plan—it was something she stepped into along the way.
“I used to juggle my full-time military job and real estate, and now I’m doing this full time… and love it.”
The “Accidental” First Investment
Like many investors, Lupe’s first deal wasn’t strategic—it was situational.
While stationed in California, she purchased a home. When she was later transferred, she decided to rent it out to a friend instead of selling.
There was no formal system, no property management playbook—just a simple arrangement that worked.
“He was there for almost 10 years… I never worried about anything.”
Years later, she sold the property while stationed overseas. Thanks to favorable tax treatment for military homeowners, she was able to walk away with a significant gain—capital that would ultimately launch her investing journey.
Building a Foundation with Small Rentals
With that initial capital, Lupe moved quickly into small rental properties.
Over the next two years, she acquired roughly six units—primarily older, C-class properties. They weren’t glamorous, but they provided something more valuable: real-world experience.
During this phase, she learned:
How to manage tenants and operations
The realities of property management
The importance of networking and community
These early deals became the training ground that prepared her for multifamily.
First Multifamily Deal: Learning Through Action
Lupe’s entry into multifamily came through a joint venture—an 18-unit property in Miami with four partners.
They held the asset for just over two years.
“We did okay… nothing major bad happened. It was a good experience.”
The deal wasn’t about outsized returns. It was about gaining confidence, building a track record, and understanding how multifamily works at a larger scale.
Why Experience Comes First
As Lupe became more active, people in her network began asking how they could get involved.
That’s when she stepped into capital raising—but only after building a foundation.
“I had done quite a bit before I started going into the capital-raising space.”
Her approach was intentional:
Participate in smaller joint ventures
Invest as a limited partner in other deals
Commit her own capital alongside investors
She believes strongly in alignment—showing others she’s willing to invest in the same opportunities she presents.
Serving the Military and Government Community
Over time, Lupe’s network naturally shaped her investor base.
Many of her investors are:
Active-duty military
Veterans
Government employees
These individuals often have stable income and strong retirement plans, but are looking for:
Diversification beyond traditional accounts
Tax advantages through real estate
Passive income opportunities
For many, multifamily fills that gap—especially for those already familiar with owning single-family rentals from past relocations.
Building a Business Through Partnership
A key part of Lupe’s growth has been her partnership with Tiffany Span.
They first connected through a women’s real estate meetup in Washington, DC, where they co-led events and built a working relationship before formally partnering.
“We really got to know each other before becoming partners.”
Today, they operate with clear roles:
Tiffany focuses on operations—marketing, systems, and infrastructure
Lupe leads investor relations and acquisitions
That division allows them to scale while staying focused on their strengths.
Navigating Today’s Market
Like many operators, Lupe has felt the impact of a more challenging market environment.
Deal flow has slowed, and underwriting has become more disciplined.
Instead of forcing deals, she and her team have focused on:
Strengthening broker and local relationships
Expanding their network through business organizations
Raising capital selectively for high-quality opportunities
Tightening deal criteria to protect investor outcomes
“Any deal we present… it has to perform.”
They’re using this period to build momentum behind the scenes—positioning themselves for the next wave of opportunities.
Looking Ahead
Lupe remains optimistic about what’s ahead, particularly as market conditions shift and new opportunities emerge.
Her strategy is simple: stay disciplined, stay connected, and be ready.
Final Thoughts
Lupe’s journey highlights a powerful truth—there’s no single path into real estate.
What started as an “accidental” rental turned into a full-time business built on experience, relationships, and consistency.
For anyone looking to grow in multifamily, her story is a reminder to start where you are, learn by doing, and build credibility over time.
