How Blue-Collar Investors Build Wealth
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**Land to Legacy: Building Real Estate Success One Connection at a Time with Elijah Iung **

What happens when a former waste management entrepreneur transforms his network of blue-collar millionaires into a multifamily investment powerhouse? In this episode, Elijah Iung shares his journey from buying farmland solo to raising capital for value-add multifamily syndications tailored to a working-class investor base. He and Eugene discuss why “killing the deal” is often the first step to success, how Elijah evaluates operators by investing his own capital first, and why he believes time in the market—and a clear vision—are the best allies for young developers. 

Elijah also shares insights into development pitfalls, including why a 20-unit Michigan project didn’t pencil out despite promising incentives. Their conversation spans construction costs from Seattle to Detroit, strategies for weathering market volatility, and the underappreciated power of buying with cash in today’s climate. 

**Guest Bio **

Elijah Iung is the founder of Legacy Way Holdings and a long-time entrepreneur with a strong track record of success. He built and operated a service business for 11 years, which he exited with a multiple seven-figure sale. Leveraging the proceeds and experience from that venture, Elijah began investing in real estate across a diverse range of asset classes over the past eight years—from vacant farmland and a service station to multifamily syndications in markets spanning Texas to South Carolina. 

Today, Elijah specializes in raising capital for value-add multifamily projects, focusing on serving a unique network of blue-collar millionaires. He is committed to helping hardworking business owners grow wealth and build generational legacies through thoughtful, passive investment strategies. His approach is rooted in transparency, trust, and deep relationship-building. 

Episode Highlights and Chapters 

00:01 Elijah shares his background and transition from farmland and waste management to real estate investing  02:00 Building an investor base: “blue-collar millionaires” and tailoring syndications to their needs  03:00 Why a 20-unit development deal in Michigan didn’t pencil out despite incentives  06:00 EG on deal analysis strategy—“killing the deal” as a first step  08:00 How Elijah vets operators with his own money before bringing in LPs  09:30 Red flags in proformas: unrealistic rent growth and operating expense assumptions  11:00 Seattle vs. Michigan: construction cost comparisons and development challenges  13:00 Market timing: why now may be the best time to entitle and prepare new developments  15:00 Elijah on “affordable” housing and the inefficiencies of subsidized models  16:30 How early-career developers can find capital: importance of meetups, vision, and relationship-building  18:00 From cold calls to partnerships—Elijah’s story of building trust with a broker  21:00 Investing during COVID dips and testing the short-term rental market  22:00 Elijah’s preferred asset class: value-add, garden-style multifamily  23:00 Geographic focus: Michigan roots, Sunbelt investments, and testing partnerships in Louisville  24:00 Horror story from a past business: losing money speculating on heavy equipment  25:00 Exploring cash-only acquisitions in today’s high-interest environment  26:00 Shared vision: EG and Elijah on acquiring distressed assets and structuring refinance-driven returns 

**Contact Information **

Learn more about Elijah Iung and Legacy Way Holdings at https://legacywayholdings.com). Fill out the contact form on the site to join the newsletter and discover more about their multifamily investment strategies. 

Connect with Elijah on LinkedIn: https://www.linkedin.com/in/elijahiung/) 

For more episodes and insights, visit Eugene Gershman at https://giscompanies.co/podcast/)