Multifamily Rockstars Podcast: Warrior Rasool Mutawakkil’s Journey to $10M in Multifamily Assets in 1 Year
Warrior Rasool Mutawakkil is a financial wizard! He specializes in financial analysis and underwriting to determine an investment’s potential. As a U.S. Army veteran intelligence operative, his attention to detail, work ethic, and desire to serve others with pertinent financial insights drive his success.
Topics Covered in This Episode
- The value of sales training
- How to network effectively
- Mailbox money and passive income
- Stress testing a property
- The impact of your peer group
- A shift in mindset for real estate success
- Maximizing investment opportunities
- Overcoming analysis paralysis
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Full Transcript Below
Podcast Intro
Rod Khleif: Hi, my name is Rod Khleif, and I’m the host of The Lifetime Cash Flow Through Real Estate Investing Podcast. Every week, I interview Multifamily Rockstars who have built incredible wealth for themselves and their families through multifamily real estate.
Hit the like and subscribe button to get notified every Monday when a new episode drops! Now, let’s get to it.
Podcast Episode Begins
Rod Khleif: Welcome back to Multifamily Rockstars! This is where we interview investors crushing it in multifamily real estate, giving you an inside look at their journey and strategies.
As always, I have my co-host, Mark Nagy, the director of our Massive Action Team for the Warrior Mentorship Program. Mark, how are you doing?
Mark Nagy: Hey Rod, doing great! I’m super excited for this episode because we’re about to hear an incredible success story.
Our guest today started just one year ago in multifamily investing. Now, he’s built 166 doors and $10 million in assets under management—it’s an amazing journey!
Rod Khleif: Yeah, today we’re talking to Rasool Mutawakkil, a financial analysis expert and a U.S. Army veteran intelligence operative. He’s been a Warrior for less than a year, and he’s already crushing it.
Welcome to the show, brother!
Rasool Mutawakkil: Hey, thanks for having me, Rod and Mark! I really appreciate it.
Rasool’s Journey into Multifamily Real Estate
Rod Khleif: Let’s start with your backstory. How did you transition from military intelligence to multifamily investing?
Rasool Mutawakkil: It’s crazy to think that less than a year ago, I knew nothing about commercial multifamily real estate.
A buddy of mine, Marvin Mitchell, who’s also a Warrior, introduced me to your program. At first, I was just in the free Facebook group but never attended any meetups or boot camps. Then Marvin encouraged me to check it out, so I took the leap.
Once I went through the course material, it completely changed my mindset. I had already dabbled in real estate—I owned a duplex Airbnb—but managing it was a nightmare.
I was making good money, but it was constant stress. I kept thinking, There’s gotta be a better way. Then, I discovered how people scale through multifamily investing by working as a team.
That’s what I needed. Managing properties with just my wife was exhausting, especially with a young child and another baby on the way. The ability to leverage partnerships in multifamily was a game-changer for me.
The Power of Networking in Multifamily Real Estate
Rod Khleif: One thing I noticed about you, Rasool, is that you’re always networking and building relationships.
Rasool Mutawakkil: Absolutely! The biggest key to my success has been staying connected.
I make it a point to meet people in person, whether they’re visiting my area or I’m traveling to see them. I’ve met up with Warriors in different cities at least 10 times.
Rod Khleif: That’s huge. My most successful Warriors are the ones who stay engaged and build strong relationships.
From Military Intelligence to Financial Analysis in Real Estate
Rod Khleif: Let’s talk about your background before real estate. You were a military intelligence operative, right?
Rasool Mutawakkil: Yeah! I graduated high school in 2001, and at the time, I had a 4.3 GPA with scholarships to FSU. But something told me college wasn’t the right path for me.
Then, 9/11 happened, and I decided to join the military. I had just watched Full Metal Jacket and thought, It’s my time. I gotta step up.
But joining right after 9/11 was intense. I had no idea what I was signing up for, but I wanted to serve my country and toughen myself up.
After the military, I went back to school and pursued a degree in video game programming.
Rod Khleif: Oh wow! I took my daughter to Full Sail University in Orlando—it’s a great school!
Rasool Mutawakkil: That’s where I studied! It was awesome, but eventually, I realized I wanted to do something bigger.
Lessons in Multifamily Investing & Scaling Up
Rod Khleif: You went from managing two Airbnb units to 166 multifamily doors in less than a year. What changed?
Rasool Mutawakkil: Two things:
- Understanding the power of multifamily real estate and teamwork
- Shifting my mindset and taking massive action
Once I saw how large-scale investors operate, I knew I needed to surround myself with the right people. That’s why I joined the Warrior Program, connected with experienced investors, and took consistent action.
Rod Khleif: That’s what it takes! So, what’s next for you?
Rasool Mutawakkil: Keep scaling up, continue networking, and help others break into multifamily real estate.
Breaking into Sales and the Power of Influence
Rasool Mutawakkil: Okay, that’s awesome! It was really cool. I hated it! Video games are nowhere near as fun as playing them. But I had this field, and I did really well in it, so it definitely helped set me up for the future. That was right around the time of the Great Recession. You know, I’ve heard your story tons of times, Rod, where you talk about everything that you lost. I couldn’t even get a job as a programmer back then.
So, you know, necessity is the mother of all invention. I actually went to a cattle call for a sales job selling life insurance. And I was like, I gotta pay my rent. So I gotta do something. So I ended up getting my life insurance license, and that’s how I got into sales. And I think, of everything that I’ve done in my life, learning sales is probably the most crucial skill that I’ve ever mastered.
Rod Khleif: Guys, I hope you heard what he just said. That’s absolutely the truth. Your ability to influence is probably one of the most important precursors to success. Sales is influence. I saw you even did some door-to-door insurance sales.
My son just started working for my brother selling roofing. He’s knocking on doors, and I told him, fantastic! Because that’s how I learned too—knocking on doors in foreclosure neighborhoods trying to buy houses. It’s such a valuable skill set. Thank you for bringing that up.
Rasool Mutawakkil: Absolutely! Builds character for sure.
Doing What Others Won’t in Multifamily Real Estate
Mark Nagy: That was one thing I wanted to ask you about because, obviously, knocking on doors is not something that a lot of people do—even in the sales industry. And I know we talk about this a lot in multifamily: be willing to do things that other people aren’t willing to do.
So, tell us about some things that you’ve been willing to do in multifamily that you feel most people wouldn’t—and that have helped get you to where you are today.
Rasool Mutawakkil: Well, Rod touched on it a bit—getting myself out there and networking. Anytime I can get someone to sit still, I ask them, What do you do? What’s your investment plan? Do you invest in real estate?
I talk to everybody. I think my wife at this point is a little tired of it. She’s like, Oh my God, there he goes again.
We were on vacation, just relaxing in the pool, and these guys came up to me. They asked what I do, and I said, Oh, I buy apartment buildings. What do you guys do? They told me they were in construction, and I thought, Perfect! Some of my properties are in Ohio, where these guys live.
It just seems like everybody I talk to is either very interested in investing or has no idea how to start. They always say the same three things—tenants, termites, toilets—and think real estate is a hassle.
So, I explain how they can be passive investors, get mailbox money, and suddenly their ears perk up. They’re like, Wait, I don’t have to deal with all that headache stuff? And I tell them, Nope! You can get double-digit returns. What’s your bank account paying you right now?
Rod Khleif: Right.
Rasool Mutawakkil: Probably zero point something percent. Well, my target minimum is 10% cash-on-cash returns, and I aim for a 50% ROI for my investors.
And at that point, they’re like, Yeah, here’s my number. Give me a call.
Rod Khleif: I love it.
Balancing Analysis and Networking in Real Estate
Rod Khleif: Let me ask you this, Rasool. You’re analytical, but you’re also very outgoing. Would you say you’re more of an introvert or an extrovert?
Rasool Mutawakkil: I’m a little bit of both. But if I had to pick one, I’m a homebody, man.
Rod Khleif: So, you’re an introvert. That’s really unique, and it makes your success even more admirable. Because I know introverts get energy from being alone, while extroverts thrive on being around people.
So, what role are you playing in your multifamily teams? Are you the connector, the analyzer, or both?
Rasool Mutawakkil: My primary role is capital raising.
After going through the course material, I broke down deals into three essential components:
- Experience – You need someone who knows what they’re doing.
- Boots on the ground – Someone local to oversee operations.
- Capital – You need money to fund the deal.
And I realized, I can be the capital guy. That’s where I fit best.
Rod Khleif: Right.
Building a Virtual Investing Strategy
Rasool Mutawakkil: By virtue of me being brand new, I don’t have experience. I live in Miami, so I don’t buy anything down here—it’s crazy expensive. My backyard is extremely difficult to get involved in.
So, I started networking virtually. Everything I’ve done is virtual. I haven’t even left Miami to do these deals, but I’ve got a deal in St. Louis, one in Cleveland Heights in Ohio, I’m looking at Cumberland, Maryland, and I’m also looking at San Antonio right now. It’s all over the U.S.
Everything is virtual, and I have trusted investors in those cities. When they hit me up, they’re like, Hey, I’ve got this deal under contract—take a look. So, I do the underwriting. I make sure the metrics are there, and I am extremely conservative because, personally, this market terrifies me.
I don’t want my first forays using investor money to go sideways. So, I have a whole bunch of buffers for conservative underwriting in that regard.
Rod Khleif: Nice.
Rasool Mutawakkil: But yeah.
The Importance of Stress Testing in Real Estate Deals
Rod Khleif: Why don’t you speak to that for a moment? Talk about the stress testing and the buffers you’re using right now because that’s a fascinating topic.
So guys, what I’m talking about is when you’re looking at a deal, you do what’s called stress testing—it’s where you check at what point you break even. That’s a stress test. So go ahead and speak to yours.
Rasool Mutawakkil: Yeah. A couple of things. The first thing I start with is the rent roll. I see how much money it’s currently bringing in and what it can do. That’s going to be a very heavy indicator on my purchase price.
Rod Khleif: Right.
Rasool Mutawakkil: I want to buy it at a price where I’m cash flowing. I don’t want to purchase a property that’s bleeding money unless I have to take a bridge loan. I will do it if the deal is right, but typically, I underwrite all my deals to cash flow at 8% day one—that’s the beauty of the Midwest, I guess.
The next thing I do is look at the market. I check potential rents and current market rents. I don’t just consider newly renovated units but what I can reasonably expect to get after our repositioning.
At that point, I only consider 90-95% of that amount. I don’t want to underwrite at full market rent, even though I have a good chance of getting it, especially with renovated units.
Rod Khleif: Right.
Rasool Mutawakkil: Then I look at rent escalations. Some people use 3-4% annual rent growth, depending on the market. I actually underwrite at zero percent for year one, one percent for year two, and two percent for year three.
Rod Khleif: Wow!
Rasool Mutawakkil: Yeah.
Rod Khleif: That’s very conservative. We’ve got a deal in San Antonio right now, and we’re also conservative, but we’re at 3% rent growth based on historical data in that market.
But do you do a break-even analysis as part of your stress testing?
Rasool Mutawakkil: Oh yeah. I want to see at what point my debt service coverage ratio hits 1.0—meaning, at what occupancy rate do we break even?
Rod Khleif: Right.
Rasool Mutawakkil:A lot of times, I’m looking at 50-60% occupancy break-even because I can only get into really good deals based on how conservatively I underwrite.
I expect to be more aggressive when I’ve done more deals or when the market presents a big opportunity for large-scale acquisitions.
Rod Khleif: That’s a really good point. In our San Antonio deal, we break even at 59% economically occupied, which is very conservative.
Rasool Mutawakkil: That’s awesome.
Rod Khleif: Yeah. It’s a screaming deal.
Adding Value by Converting Storage Units into Apartments
Mark Nagy: Rasool, you mentioned you’re working on a 14-unit property where you’re looking to add four additional units. That’s unique. We don’t hear about that very often.
For listeners who might want to do something similar, what made you decide to build brand-new units as part of this deal?
Rasool Mutawakkil: It’s actually a lot more straightforward than you’d think. The seller has 14 units, but four additional units are being used for storage.
The space already has plumbing and running water. All we need to do is convert them into studio or efficiency apartments—windows are already in place.
That simple change is going to increase the property’s NOI by 30%. It was a no-brainer.
Rod Khleif: Nice.
Mark Nagy: Let’s back into that. How did you even find this opportunity? Most people listening are probably thinking, Wow, that’s a huge value-add. How did you find a deal where the seller wasn’t maximizing potential like that?
Rasool Mutawakkil: I might be giving myself away here, but I don’t actually look for deals.
They all come to me.
When I started, I used to make calls all day—talking to wholesalers, bird dogs, going direct to sellers. I was on the phone for hours every night.
I’d work my six-to-two-thirty job, hand my kid off to my wife, lock myself in my office, and grind until 11 PM.
Rod Khleif: Wow!
Rasool Mutawakkil: I was doing what others won’t do.
Rod Khleif: I’m really impressed because I thought you were already full-time in real estate based on how prolific you are with your networking.
So, if I’m translating what Mark just asked, your answer is that you’ve built so many connections that deals now come to you.
Rasool Mutawakkil: Yeah.
Rod Khleif: Guys, again, this business is a team sport. It’s a connection sport. Here’s a perfect example of someone who wasn’t naturally an extrovert but pushed himself to build these relationships.
By the way, if you’re interested in our Warrior Mentorship Program, check it out. There’s an application process, but just text “CRUSH” to 72345 and we’ll set up a call to see if it’s a good fit.
Rasool Mutawakkil: I have to say, for those of you listening, I 100% believe that all of my success in commercial real estate is because of Rod’s program and the team that provides support.
I had a coach walk me through deals when I was underwriting and trying to figure everything out. When I talk about underwriting now, I had zero knowledge when I started.
I mean zero.
The program gave me the foundation I needed. I went all in, studying 3-4 hours every night after work.
I took 57 pages of notes just from the course, and it took me two and a half months to go through it all.
Rod Khleif: With a full-time job and kids.
Rasool Mutawakkil: And a kid, yeah.
The Importance of Relationships in Business
Rod Khleif: And I see pictures with you and your kids. You’re not like an absentee dad by any stretch of the imagination. I see that on Facebook. So what do you love the most about this business?
Rasool Mutawakkil: People.
Rod Khleif: Yeah.
Rasool Mutawakkil: I know—that’s why I said, you know, it’s a toss-up. I’m an introvert and I’m an extrovert. It depends on the scene, with other people, to being extroverted, but when I’m around other like-minded individuals, it’s very energizing. I don’t like to go out and socialize and just party and drink for the sake of doing that. But like, I went to that Secret X trip earlier this year.
Rod Khleif: Yeah.
Rasool Mutawakkil: It was amazing! A whole bunch of people who have the same goal, same mindset, they think the same way. It’s extremely refreshing to be out in an environment like that, and it charges me up and it gives me the motivation to continue finding more people like that and helping more people like that, adding value.
Rod Khleif: Well, you may be an extrovert then. You know, I’ll tell you, you may actually be an extrovert, but bottom line is, the secret to success in this business is those relationships.
And if you truly are listening and you truly are an introvert and you’re like, Okay, I don’t want to do that, then you just align with someone that’s not afraid to build those connections and make those things happen.
And one thing he just talked about, which is super important, is the power of your peer group. You know, whether you joined the Warriors or not, he was talking about another event that I actually went to as well, put together by some of my students, that went to Costa Rica, which was very cool, and the year before we went to Jamaica.
Because again, you want to be around people that expect big things of you, that hold you to a higher standard, that aren’t intimidated, fearful, or jealous of your success, that aren’t going to hold you back.
And you know, who you hang out with is who you become, guys, so choose carefully. Most people, you know, default to the people they work with or went to school with. But you’ve got to be proactive and pick people that frankly think what you think is hard is easy.
And you know, that’s why I started my mastermind, and, you know, where Rasool and I went—it was a mastermind, bottom line. So, you know, be cognizant of that and get around people that want more.
Overcoming Challenges and Taking Action
Mark Nagy: And one other thing on that topic, by the way—that’s why I love these Multifamily Rockstars episodes so much. Obviously, the Warrior group takes it to a whole other level, but just listening to somebody who says, I’ve got kids, I’ve got a family, I literally knew zero when I started this, and a year later, look where I’m at, it just gives you the confidence, right?
Other people that are listening right now, that are maybe in that exact same situation—you can walk into this knowing that, with the right help, absolutely you can do it as well.
And on that topic, Rasool, I’d love to get your opinion. Obviously, you’re very good at networking now, that’s your skill set. But what are some skill sets or even mindsets that you think everybody should have getting into this business?
Rasool Mutawakkil: Yeah, the first thing about mindset—I think the mindset itself is just really crucial.
So, I grew up in not the best part of Miami, a place called Perrine, if you guys are familiar with the Cutler Ridge area, something like that. And a lot of times, you know, opportunity is not really shown to us growing up.
If it wasn’t for my dad being the entrepreneur that he is, I would never have even thought to own my own business one day or anything like that. You know, my whole entire vision of success was the same as everybody else:
- Get a good job
- Go to college
- Buy a house with a white picket fence, 2.5 kids
- Put money into the stock market for 30 years
- Hopefully have enough money left when you retire
Like, that’s what I thought success was.
And when you have that shift in mindset—I mean, I’m like everybody else, guilty. It’s kind of cliché to say it, but when I got out of the military in 2006, I read Rich Dad Poor Dad, and that was the first time it planted a seed in my mind, like, Oh, something’s a little bit different.
I never thought about doing something like that. That was 2006. I didn’t buy my first property until 2018. Right?
So it’s really important to take action. Don’t just get the knowledge. I slept on it for 12 years.
Rod Khleif: Wow! But imagine where you’d be if you’d freaking started earlier. Probably 2006 would have been bad, but if you’d started in 2009, oh my God—you’d be in the thousands of units by now. And you will be.
Let me ask you—on that topic, what’s the driver, brother?
You just talked about your dad. You just gave your dad credit, which is cool as hell. I just saw something on Facebook or Instagram where somebody gave their dad a Ferrari. That’s freaking cool—like their dream car.
So, what about you? Do you have any giant bucket list goals that involve other people?
Rasool Mutawakkil: Absolutely! You know, for the record, my dad doesn’t want a Ferrari. He wants a Rolls-Royce Ghost.
Rod Khleif: Okay.
Rasool Mutawakkil: I told my parents, Mom, Dad, what do you guys want? I’m gonna make it happen. Whatever it is, just tell me what you want, and I’m going to set the goals to get it.
It’s going to take a certain amount of time.
My wife wants an Infiniti QX80. Okay, sure—throw it in the bag.
And I’m not thinking about how much it’s gonna cost. I’m thinking, How many doors do I need? Based on my cash flow and investment strategy, how much is required to generate the passive income that will cover these goals?
That’s how I look at money now.
Now, when I think about finances, I ask myself, How much can my passive income buy me?
Beyond just providing for my life, I just need to grow my passive income streams—and that’s literally it.
And you know, people talk about Dave Ramsey with the debt snowball, paying that down. But you can actually create an investment snowball that keeps growing upward, to a point where it’s self-sustaining perpetually—forever.
And I think it’s not just the cars and the house. My wife wants a new house, obviously. We have a nice, huge house right now, but we need to get something ridiculous, right?
Rod Khleif: You know.
Rasool Mutawakkil: But beyond the material things, I want to be able to give my kids opportunities.
I want them to understand what’s possible—how they can live a life of abundance, freedom, and opportunity.
But more than that, I don’t want to reach the end of my life at 75 years old and look back and wonder:
“Did I maximize my opportunities?”
That’s what drives me.
Rod Khleif: Love it, man. Freaking love it.
Bad Advice to Avoid in Multifamily Underwriting
Mark Nagy: Yeah. So Rasool, through this whole multifamily journey, what’s some bad advice you’ve gotten along the way that you think the listener should maybe look out for and avoid?
Rasool Mutawakkil: Absolutely! Underwriting. Bad advice. I’ve seen this so many times—please do not change numbers just to make the deal work.
I’ve seen rent escalations where somebody pitched me a 30 percent IRR on a full gut rehab on this deal in Houston. In Houston? 30 percent? Okay!
And I looked at the underwriting. I was like, well, the numbers are, they’re okay. What’s happening here? There’s something I’m missing.
I dug deeper, and on one of these hidden tabs, I opened it up and saw that their rent escalator was set at 10 percent for 10 years straight! Oh, okay.
So don’t do that. The numbers are what the numbers are.
I’m going to tell you right now—I’ve underwritten personally over 100 deals that I sourced myself, and not a single one of them worked.
Rod Khleif: Yeah.
Rasool Mutawakkil: And of the deals that I have right now, four of them worked—but they were brought to me by other people.
I don’t even know how many hundreds of deals they had to go through to find those. So, it really is finding a needle in a haystack.
But the only thing you have to do is just don’t stop looking—you’ll eventually find it.
Rod Khleif: Well, you learn from looking anyway. How the heck are you going to learn if you don’t look at a lot of deals?
You have to kiss a lot of frogs—that’s how you learn.
I hear people bemoaning the process, but that’s how you get to the point where you can smell if a deal is good.
So don’t avoid it, don’t complain about it—just go through the process, learn, grow, and become more.
And you’re a perfect example of that, man.
Overcoming Analysis Paralysis and Taking Action
Rod Khleif: So, Rasool, I’ve really enjoyed this episode with you, buddy. You’ve added tremendous value and just shown what’s possible.
If you had one thing to tell someone listening who hasn’t taken action yet—maybe they’re afraid, maybe they’re stuck in analysis paralysis, what would you say to that person?
Rasool Mutawakkil: Do it!
Honestly, analysis paralysis is the definition of how I used to be.
Like I said, I started reading real estate books back in 2006.
I had the knowledge. I knew.
I read The Millionaire Next Door. I knew how people were buying homes, building equity, doing cash-out refinances, and scaling their investments.
I had all the information.
But if I could go back to myself at 23 years old, when I got out of the military…
I got out of the military without spending a dime.
I was an introvert back then, really shy.
I had $40,000 saved up—on an $18,000-a-year salary—and I blew it all clubbing and drinking!
In two years.
It was crazy.
But the biggest takeaway? Take action.
Even if you don’t know everything that you need to know about how a deal works, the only thing you need to know is the next thing to do.
Rod Khleif: Yeah.
Rasool Mutawakkil: Take that next step. Then figure out the next step after that.
If you don’t know what to do next? Call me. Call Rod. Whatever. Right?
Rod Khleif: Yeah.
Like Dr. Martin Luther King said, “Take that first step. The next step will be revealed.”
That’s just how it works.
You can drive all the way across the country only seeing 50 feet in front of you, and you’ll make it.
You’ll hit some obstacles, sure. But other people have done it, and that’s exactly how it works in this business as well.
Embracing Failure and Learning Through Experience
Rasool Mutawakkil: Oh, and that’s great. I do want to say this too—when you hit those obstacles, that fear of failure is completely pointless.
Because failures are how you learn.
I made so many mistakes with my Airbnb business.
But it still made us multiple six figures.
And I mean, every mistake you could think of—
- Flat roof issues
- Water damage
- Bad plumbing
- Everything that could go wrong with a property went wrong
We had a whole bunch of “seminars” going through all those challenges.
But everything we learned made us stronger.
Like you said, Rod—what’s hard for someone else feels easy to me now.
The things that other people complain about, I don’t even blink at anymore.
But you have to go through it.
You have to look for failure.
Not that you’re trying to fail, but don’t be afraid of those lessons.
Because those lessons teach you what you need to know to reach the next level.
Rod Khleif: Yeah.
We fail our way to success, you know.
I will tell you—if you’re not having setbacks, if you’re not struggling, then you’re not trying.
Let’s just be real about it.
You know who you are, listening right now.
If you’re not having setbacks or failures, then you’re not trying hard enough.
And that’s how you grow, that’s how you become more.
And when you lose more than $50 million, come talk to me—so I feel better about my $50 million dollar seminar.
I’ve had multiple “seminars” throughout my life, and that’s how you grow, learn, and level up.
Final Thoughts & Next Steps
Rod Khleif: Well, listen—great to see you, brother.
We’ve got a Warrior-only event coming up really soon, so we’ll all be getting together again.
Looking forward to seeing you there, and talk soon, my friend!
Rasool Mutawakkil: Thanks, Rod!
Want to Learn More?
Rod Khleif: I know a lot of our listeners are looking to take their multifamily investing to the next level.
We’ve been helping our Warrior students do just that using the ACT Methodology—Awareness, Close, and Transform.
If you want to learn more about how you can partner with us, raise equity, find deals, and scale your business, apply to work with us at:
🔹 MentorWithRod.com
🔹 Or text “CRUSH” to 41411
We’re looking for people who want to follow a proven system and leverage our network to find success—in any market cycle.
Let’s get after it! 🚀
