How He Bought A $2.8M Retail Center With Zero Down (Now Worth $5M)

Long Term Care Facility Investing with Onyi Odunukwe

Long term care facility investing is emerging as a powerful niche for sophisticated investors seeking recession resistant, needs based real estate. In this episode, Onyi Odunukwe breaks down how long term care facility investing differs from traditional multifamily and why it offers compelling opportunities for high income professionals and business owners looking to diversify beyond apartments. With strong demographic tailwinds and operational upside, this asset class is gaining serious traction in 2025.

Why Long Term Care Facility Investing Is Gaining Momentum

Onyi explains that long term care facility investing is driven by demographic inevitability. Every day, thousands of Americans age into the 65 plus category, increasing demand for skilled nursing, assisted living, and specialized care facilities. Unlike conventional multifamily, these properties generate revenue not just from rent but from care services, which can significantly increase income per unit.

For experienced investors, this creates a unique value proposition:

• Higher revenue per resident compared to traditional apartments

• Demand based on healthcare necessity rather than economic cycles

• Opportunities to improve operations and increase net operating income

This combination of real estate and healthcare operations creates multiple levers for value creation.

The Operational Edge in Long Term Care Facility Investing

One of the most important themes Onyi highlights is that long term care facility investing is fundamentally an operational business. Success depends on strong management, regulatory compliance, and delivering high quality care. Investors who partner with experienced operators can improve occupancy, optimize staffing, and implement better systems that directly impact profitability.

Unlike passive rent collection in traditional multifamily, this niche requires hands on oversight at the management level. However, that operational complexity also creates barriers to entry, which can limit competition and enhance returns for knowledgeable investors.

Risk Management and Due Diligence

Onyi emphasizes that underwriting long term care facility investing requires a conservative approach. Investors must carefully analyze licensing requirements, state regulations, reimbursement structures, and labor costs. Proper due diligence includes evaluating historical occupancy trends, payer mix, and the operator’s track record.

When executed correctly, repositioning an underperforming facility can dramatically increase net operating income and overall asset value. The key is aligning with strong partners and maintaining disciplined underwriting standards.

About Onyi Odunukwe

Onyi Odunukwe is a real estate investor focused on long term care facility investing and healthcare related assets. She specializes in identifying underperforming facilities, improving operations, and creating long term value through strategic repositioning and strong operator partnerships. Her approach combines business acumen with a deep understanding of the operational demands unique to senior and healthcare housing.

Long term care facility investing represents a compelling alternative for investors looking beyond traditional multifamily into an asset class supported by powerful demographic trends. If you want to hear the full conversation and detailed insights, watch the podcast video or read the complete transcript below.

Long Term Care Facility Investing FAQ

What is long term care facility investing?

Long term care facility investing is a real estate strategy focused on acquiring and operating skilled nursing facilities, assisted living communities, or other long term healthcare properties. Investors generate income through a combination of housing payments and healthcare related services provided to residents. This asset class blends real estate fundamentals with healthcare operations, creating opportunities to increase net operating income through both occupancy growth and operational improvements.

Why is long term care facility investing attractive in 2025?

Long term care facility investing is gaining momentum in 2025 due to strong demographic demand and limited new supply. Thousands of Americans turn 65 every day, increasing the need for skilled nursing and long term healthcare services. At the same time, many existing facilities are outdated or poorly managed, creating value add opportunities for experienced investors who can improve operations and reposition assets.

How does long term care facility investing increase property value?

Property value in long term care facilities is largely based on income performance. When investors improve occupancy rates, optimize reimbursement strategies, enhance care services, and reduce operational inefficiencies, net operating income increases. Because healthcare real estate is typically valued using income based approaches, higher net operating income directly translates into higher appraised value at refinance or exit.

What types of properties are included in long term care facility investing?

Long term care facility investing can include skilled nursing facilities, assisted living communities, memory care centers, and specialized rehabilitation facilities. Some investors focus on transitional care or post acute facilities that work closely with hospitals. Each property type has different reimbursement models, regulatory requirements, and operational complexities that must be carefully evaluated during due diligence.

What role does the operator play in long term care facility investing?

The operator is one of the most critical components of success in long term care facility investing. These assets rely heavily on staff performance, regulatory compliance, and quality of care. An experienced operator can improve occupancy, manage labor efficiently, maintain compliance with state and federal regulations, and enhance resident satisfaction. Strong operations directly impact revenue, reputation, and long term asset value.

How is long term care facility investing financed?

Financing for long term care facility investing may include commercial loans, agency backed healthcare financing, bridge loans, private equity, or joint venture structures. Some investors use short term financing during repositioning and refinance into permanent debt after stabilizing occupancy and income. Capital is often raised through syndications where passive investors provide equity while the sponsor team oversees operations.

What are the biggest risks in long term care facility investing?

Key risks include regulatory changes, reimbursement adjustments, staffing shortages, rising labor costs, and unexpected capital expenditures. Long term care facilities must comply with strict healthcare standards, and noncompliance can result in fines or operational disruption. Thorough due diligence, conservative underwriting, and partnering with experienced healthcare operators are essential to mitigating these risks.

How does long term care facility investing compare to multifamily investing?

While both strategies rely on increasing income to drive value, long term care facility investing involves a significantly higher operational component. Multifamily primarily focuses on rent growth and expense control, whereas long term care includes healthcare services, staffing management, and regulatory oversight. However, long term care facilities can offer higher revenue per resident and demand driven by healthcare necessity rather than purely economic factors.

Is long term care facility investing suitable for passive investors?

Yes, long term care facility investing can be suitable for passive investors when structured through experienced sponsors and operators. Passive investors typically participate through syndications or joint ventures, providing capital while the general partner team manages day to day operations and compliance. This allows investors to access the potential upside of healthcare real estate without directly handling operational responsibilities.

How long does a long term care facility investing project typically take?

Project timelines vary depending on the scope of improvements and the condition of the facility at acquisition. Operational stabilization often takes 12 to 24 months as occupancy increases and management changes take effect. Full value realization may occur over a three to five year hold period, depending on market conditions, reimbursement environment, and exit strategy.

Disclaimer: This summary was written with the help of AI and reviewed by Rod’s Team.

01:20:07:26 – 01:20:34:11
Rod Khleif
Welcome to another edition of Life Time Cash Flow through real estate investing. I’m Rod Khleif, and I’m thrilled you’re here. And you’re going to get tremendous value from the very interesting gentleman. That’s on the show today. His name is Any Other way. And, he’s, he’s got a, you know, I’m, I’m going to try to do his background any justice, but a lot of real estate, business, build to build a big company, a wellness brand, which I’m interested in hearing about because I’m all about that.

01:20:34:11 – 01:20:44:01
Rod Khleif
So, we’re gonna have some fun. Welcome. Good people. Yeah. No. Absolutely. So why don’t you, do a much better job than I did? Introducing yourself, who you are and where you came from.

01:20:44:01 – 01:20:50:22
Onyi Odunukwe
Yeah, absolutely. So my name is on our new way, 38 years old. Been in business since I was 21.

01:20:50:24 – 01:20:51:09
Rod Khleif

01:20:51:17 – 01:20:55:25
Onyi Odunukwe
Started a brand called, Glow Tanning. We have glow tanning.

01:20:55:25 – 01:20:56:24
Rod Khleif
Yes. Okay.

01:20:56:26 – 01:21:20:10
Onyi Odunukwe
We have, between opening and currently in development, we have, 360, locations in 30 states. And started franchising in 2019, and went from two to, you know, obviously to where we’re at right now in the last, probably 6 or 7 years.

01:21:20:10 – 01:21:37:25
Rod Khleif
Wow. That’s explosive growth. So your franchise and and these are tanning beds in a in a retail location, is that. Yes, pretty much it. Okay, interesting. And and then why real estate. And because I understand you own quite a few strip centers as well. Retailers are big thing. Yeah.

01:21:37:25 – 01:21:59:05
Onyi Odunukwe
So on almost 30 strip centers, every service center that I have has a glow in it. Okay. So I’m really big on verticals. So I have 18 businesses. Glow is one of them. The commercial real estate. Another one. So that’s two of the two of the 18. So the way I kind of look at it is, anything where I can be the biggest customer or one of the customers makes sense.

01:21:59:05 – 01:22:12:10
Onyi Odunukwe
So it’s the same thing. The vertical integration with commercial real estate made a lot of sense. In addition to that, the stores are really, really good cash flow. But I look at real estate as more just like, the wealth builder.

01:22:12:12 – 01:22:27:28
Rod Khleif
You know, I love it. So, so. And I love what you just said. When when you’ve got one business that can feed another one, it’s kind of a no brainer. Like, you know, I used to own a carpet cleaning business for my when I had, you know, thousands of houses and, you know, they feed each other.

01:22:28:01 – 01:22:46:06
Rod Khleif
And I’m assuming that’s how you discovered all the retail locations while you’re building your glow thing, you know, you come across a lot of potential deals. That’s a. Well, you know what? Let’s do this. Let’s focus on retail for for this show because we never talk about it. Okay. And I’m teaching other asset classes. I could easily teach retail because I know a lot about it.

01:22:46:08 – 01:22:55:07
Rod Khleif
You know, talk about let’s start with what you look for when you’re looking for a retail center. What what what are you what are you looking to identify? What’s things?

01:22:55:10 – 01:23:18:16
Onyi Odunukwe
So there’s people’s on. Of course, real estate brokerage as well. And there’s people that most people who are in the market for, for retail, they’re looking for, you know, nice properties, nice tenants, fully occupied and, you know, in the Dallas market and even in the Tampa market, you’re looking at probably like a six cat, right? So a six cap is a 6% return on your money.

01:23:18:16 – 01:23:35:08
Onyi Odunukwe
If there’s no debt on it. Right. That’s not what I’m looking for. Right. What I’m looking for is I’m looking for a property in a good area that looks like shit. Right. And potentially has some vacancies or leases that are months a month are coming up soon. Renovate. One of my other businesses is a, commercial contracting company.

01:23:35:11 – 01:23:45:26
Onyi Odunukwe
So I have a company that can renovate it for, you know, pennies on the dollar and for cost. Yeah, for cost. And, so renovate, make the buildings look really good. So. So you do.

01:23:45:28 – 01:23:54:22
Rod Khleif
You do this nationally. So I know commercial real estate. Definitely national for sure, but the but the construction business, that’s a little more challenging. How do you overcome that hurdle?

01:23:54:24 – 01:24:00:13
Onyi Odunukwe
So obviously it’s pretty easy obviously in the tri state area. Right. But then when you’re going, when you’re going out like.

01:24:00:13 – 01:24:02:29
Rod Khleif
Well, from there you go to Tampa, what do you what do you do. Yeah.

01:24:02:29 – 01:24:12:09
Onyi Odunukwe
So I have, I mean, Florida sucks when it comes to licensing, right. But there’s a lot of, like, I’m building a couple in, Michigan right now. Okay. Also North Carolina.

01:24:12:13 – 01:24:14:14
Rod Khleif
Building or from the ground up.

01:24:14:16 – 01:24:17:11
Onyi Odunukwe
No, building, locations, like inside.

01:24:17:11 – 01:24:21:18
Rod Khleif
Of for your tenant. Tenant finish on one on your retail. Yes.

01:24:21:20 – 01:24:39:03
Onyi Odunukwe
I do have some ground up builds I’m doing, but that’s a that’s in Texas. Okay. So when it comes to the construction part of it, really what I do is I have, partners, where, you know, they have a license or they’re on the ground and they might take a tri state area. So, like, I have a partner in Arkansas.

01:24:39:03 – 01:24:41:24
Onyi Odunukwe
He does Arkansas, Tennessee, Georgia.

01:24:41:26 – 01:24:43:26
Rod Khleif
Mississippi. He does. Your interior finishes.

01:24:43:28 – 01:24:49:26
Onyi Odunukwe
Yeah, he can do anything. Okay, so, so. But he’s also licensed because there’s a lot of, reciprocal states. Right. Yeah.

01:24:50:00 – 01:24:58:13
Rod Khleif
So Florida’s a pain in the ass. My son is trying to get his roofing license, and he’s got like six books that are, like, two feet tall. He has to go through. It’s a it’s ridiculous.

01:24:58:17 – 01:25:04:14
Onyi Odunukwe
No, it’s it’s crazy. So I just started roofing company, recently as one of the city and like, Texas, it’s just it’s easy.

01:25:04:16 – 01:25:19:04
Rod Khleif
All right, well, I got to ask you this. How do you manage multiple businesses? And because focus is power, for sure. And you have a lot of different things going. Whenever I’ve tried that, it’s diluted my focus and things have suffered. How do you overcome that?

01:25:19:06 – 01:25:33:04
Onyi Odunukwe
Yeah. So most people are greedy, right. And I’m the opposite of that okay. So what I would do is somebody like your son, I would say, okay, I own all these strip centers.

01:25:33:07 – 01:25:33:22
Rod Khleif

01:25:33:24 – 01:25:51:23
Onyi Odunukwe
I have to like, you know, in the last six months, I’ve changed two roofs on two different chip centers. Right? A couple hundred thousand dollars, right. So now becomes where there’s a need. So that’s why I create it. So I would do is I go find somebody that’s like your son and I say, hey, listen, we partner, you’re the operator.

01:25:51:25 – 01:26:08:04
Onyi Odunukwe
I put the money up, okay? Right. And me putting the money up does not mean that I’m actually physically putting the money up. I’m just, you know, if I have you know, a quarter billion dollars in assets, I can go to any bank and just say, sure. Hey, I want a $500,000, you know, line of credit, and a signature loan.

01:26:08:04 – 01:26:14:07
Onyi Odunukwe
And they just they’ll give it to. Sure. So I put that money up that I also use my operational expertise,

01:26:14:10 – 01:26:15:15
Rod Khleif
To help guide the business, to help.

01:26:15:15 – 01:26:30:14
Onyi Odunukwe
Guide the business. I own a marketing agency, so my marketing is the one making the the, you know, the website and the materials and all these things. So and I have, you know, I have like a thousand, you know, employees. So I have employees that handle, you know, setting up the Google.

01:26:30:16 – 01:26:36:16
Rod Khleif
You have 1000 employees. Yeah. Like, I’m assuming these are overseas. A lot of them, yes.

01:26:36:19 – 01:26:41:07
Onyi Odunukwe
No. No, no, I have 550 in the Philippines. I have a call center in the Philippines.

01:26:41:07 – 01:26:44:07
Rod Khleif
Okay. Yeah. Wow. Okay.

01:26:44:10 – 01:27:03:07
Onyi Odunukwe
So so, so basically, I have some money for everything, right? So I’m a master delegator. Okay. So I just kind of like, focus on at the beginning of a business, that’s when my expertise is needed. And I can help, like, so for him, if he’s an expert. So what I need is I would need for so let’s say I’m partnering with your son on the roofing company.

01:27:03:12 – 01:27:14:04
Onyi Odunukwe
I would need him to be the expert on roofing. Right. That I am the expert on everything else. But I am now having. I have people, you know, I have a marketing team that’s, you know, 20 people.

01:27:14:10 – 01:27:38:08
Rod Khleif
So you can you can you can bring the, the resources to, to to ramp whatever business to get involved. Yes. So you’ve got the marketing piece, you’ve got a construction piece which is valuable. You’ve got the real estate piece. If there’s going to be a real estate component. So you’ve got a marketing company, you’ve got this, this glow, which is the tanning beds, you’ve got commercial real estate that you’re getting into a little bit of multi but mostly retail.

01:27:38:11 – 01:27:39:07
Onyi Odunukwe
Property management company.

01:27:39:07 – 01:27:40:08
Rod Khleif
Property management companies.

01:27:40:10 – 01:27:46:07
Onyi Odunukwe
And so on. And so, so one of the yeah if you own a on here and we’re property managing it, you need a new roof. Who are we going to go to.

01:27:46:11 – 01:27:46:23
Rod Khleif
Okay.

01:27:46:23 – 01:28:03:29
Onyi Odunukwe
Right. And we’re not gouging anybody. We’re actually more cheaper right than everybody else. But we’re still making a margin right. Gotcha. So it’s just more of a volume play. But I think the biggest thing is, you know, after the initial like kickoff of everything, now your son is doing 95% of the work, right?

01:28:04:02 – 01:28:04:20
Rod Khleif
Okay.

01:28:04:20 – 01:28:05:28
Onyi Odunukwe
So so I’m giving that’s.

01:28:05:28 – 01:28:08:16
Rod Khleif
That’s what you do and that’s how you get these other businesses. Yes.

01:28:08:19 – 01:28:13:24
Onyi Odunukwe
So so I’m giving people an opportunity and then and then allowing them to do the work.

01:28:13:24 – 01:28:26:19
Rod Khleif
So let’s get back to retail. So you’re looking for you’re looking for a good area. But a beat up center have something that you can maybe put a new facade on. Something that’s got some vacancy that you can buy based on current NOI.

01:28:26:21 – 01:28:29:07
Onyi Odunukwe
Exactly. Okay. Sometimes I’ll overpay, okay.

01:28:29:07 – 01:28:35:23
Rod Khleif
Because you know, you can you can boost it. Yeah. You get one good big tenant and you can double the value of a freaking strip center.

01:28:35:25 – 01:28:37:07
Onyi Odunukwe
And and close that big tenant.

01:28:37:08 – 01:28:38:29
Rod Khleif
Yeah. Although you can’t. Yeah.

01:28:39:01 – 01:28:42:12
Onyi Odunukwe
I just bought one last week in Athens, Georgia. It’s 50% vacant.

01:28:42:15 – 01:28:45:00
Rod Khleif
And it’s a franchise. So someone else has put the money in the fridge.

01:28:45:00 – 01:28:58:25
Onyi Odunukwe
I have a franchisee. Okay. If we’re going to drop the video next week, on it closing. And then also when I flew out to Athens, I met with the franchisee. So franchisees coming in, fill in the vacancy. So we and what we do is a lot of times as we come in and we sound.

01:28:58:25 – 01:29:04:17
Rod Khleif
Like McDonald’s, man, you’re buying the land. That’s kind of like McDonald’s. Yeah. Right there. That’s Crocs.

01:29:04:17 – 01:29:12:13
Onyi Odunukwe
But yeah, but but the but I appreciate that. But, I, I do it less forcefully in the sense of gotcha.

01:29:12:15 – 01:29:14:16
Rod Khleif
If, if, if the opportunities there you do it.

01:29:14:16 – 01:29:31:16
Onyi Odunukwe
Yeah. We look we look for places to lease. There’s not the lease. Right. Or there’s nothing that we wanted to lease. The franchisee said, hey, I love this location. It was a cheap strip that I mean, $1.5 million deal. That’s cheap. Yeah, yeah. So cheap. Strip center. Cool. Went to the bank, said, hey, we’ll be a quarter million dollars of renovations.

01:29:31:18 – 01:29:39:06
Onyi Odunukwe
They financed that in. We gave them the lease, went to the franchisee. He said, because I don’t give franchisees any t okay.

01:29:39:09 – 01:29:51:02
Rod Khleif
Anyway, that’s tenant improvements. And what he means by that is, you know, when a retail tenant goes into a space, very often they’ll they’ll ask for things, improvements to be made. They may need a bathroom put in or something like that. That’s called tie. Yeah. Okay.

01:29:51:07 – 01:30:02:22
Onyi Odunukwe
So we don’t give any t tie money. And I don’t but I also don’t take a deposit from them. No. They get free rent until they open. So it’s it’s a lot less formal. Right. Right. But, but.

01:30:02:24 – 01:30:06:02
Rod Khleif
But you check them out, make sure they can pay. If something goes, they’ve got.

01:30:06:02 – 01:30:15:11
Onyi Odunukwe
Something. If something goes wrong, I can always just take over myself. Right. Okay, so because I’m the CEO of the business that they’re franchising, so, so obviously I’m invested in their self-interest.

01:30:15:11 – 01:30:16:19
Rod Khleif
And in their successes and their.

01:30:16:19 – 01:30:33:29
Onyi Odunukwe
Success. Yes. Right. So, so and you’re going to pay market or even above market, rate, but you know that the center is going to be. So every single franchisee that I have in a center, they’re basically like the property manager, because we’re probably managing all these, these buildings across the country. Right. But all these buildings have a flow.

01:30:33:29 – 01:30:39:04
Rod Khleif
And if there’s a problem, the owner of the globe or the franchise owner is going to say, hey, you need to deal with this. Yeah. Fucker over here.

01:30:39:04 – 01:30:43:15
Onyi Odunukwe
Exactly, exactly. But you know, the lights are out over here. The landscaping looks like shit. Yeah.

01:30:43:15 – 01:30:45:14
Rod Khleif
They’re going they’re not cleaning in the parking lot there.

01:30:45:14 – 01:30:47:27
Onyi Odunukwe
Let me know. Right, right. So we basically have eyes on the.

01:30:47:29 – 01:31:03:23
Rod Khleif
Oh, that’s that’s that’s that’s that’s that’s a that’s a win win right there. Never even thought about that. Yeah. You’ve got eyes on the place now. Oh, God. I just thought of a question and I lost it. Oh. How many square, square feet is a typical glow? Just out of curiosity for my own cure of.

01:31:03:24 – 01:31:05:17
Onyi Odunukwe
Corruption on,

01:31:05:20 – 01:31:06:23
Rod Khleif
Or.

01:31:06:26 – 01:31:07:16
Onyi Odunukwe
Ideals.

01:31:07:16 – 01:31:08:27
Rod Khleif
How many beds and ideals?

01:31:08:27 – 01:31:15:05
Onyi Odunukwe
20, 514 beds. But we have some that are 5000ft². Oh, wow. I like the Columbus, Ohio ones and be 5000ft².

01:31:15:08 – 01:31:17:11
Rod Khleif
With how many people that need a ten?

01:31:17:13 – 01:31:26:14
Onyi Odunukwe
Yeah, I mean, it’s just not a saturated market, like, so like we said, we have one in South Tampa. We have one in Bradenton. Oh no kidding. The University Plaza up here.

01:31:26:14 – 01:31:27:05
Rod Khleif
Okay.

01:31:27:07 – 01:31:34:11
Onyi Odunukwe
In between breaks in Sarasota. In Bradenton. Sarasota. There might be three salons total.

01:31:34:16 – 01:31:35:01
Rod Khleif
Okay.

01:31:35:03 – 01:31:41:09
Onyi Odunukwe
Ryan, what is that, quarter million people. Wow. Yeah. So it’s just it’s just, you know, it’s just not a saturated market.

01:31:41:12 – 01:31:46:09
Rod Khleif
And people, people go to a tanning bed in frickin Florida. It’s the most sunshine state.

01:31:46:14 – 01:31:49:29
Onyi Odunukwe
Is the most, consistent state that we’re in.

01:31:49:29 – 01:31:50:20
Rod Khleif
No kidding.

01:31:50:20 – 01:31:55:27
Onyi Odunukwe
Yeah, it’s not that it’s the highest revenue, but you know, other states, we have a busy season. We have.

01:31:56:02 – 01:31:58:17
Rod Khleif
What’s your best state? Just accuracy.

01:31:58:19 – 01:31:59:29
Onyi Odunukwe
Oklahoma. Arkansas. Colorado.

01:31:59:29 – 01:32:20:12
Rod Khleif
Really? Up there. Cold where? It’s cold. Yeah. I’m from Denver, so. Yeah. Okay. Yeah. Interesting. So, so you look for a beat up center and in give people an idea of what’s possible when you buy a center. Because because again, like multifamily, the value is based on a multiple the net income, tell me about your biggest win.

01:32:20:12 – 01:32:28:19
Rod Khleif
Okay. You bought a strip center and you brought in. Maybe you brought in a big national tenant or some big tenant. And and what did do to the value? Just just. Yeah.

01:32:28:21 – 01:32:31:07
Onyi Odunukwe
So I probably have two.

01:32:31:08 – 01:32:31:25
Rod Khleif
Okay.

01:32:31:27 – 01:32:32:23
Onyi Odunukwe
And or three.

01:32:32:23 – 01:32:33:12
Rod Khleif
Actually. Okay.

01:32:33:12 – 01:32:42:11
Onyi Odunukwe
So one is, one of my first centers. I buy, purchased for 2.8 million. I actually overpaid for it purposely.

01:32:42:11 – 01:32:43:00
Rod Khleif
Okay.

01:32:43:02 – 01:32:58:12
Onyi Odunukwe
But the reason I paid for it was because the owner on the state farm in the plaza, there’s already glow in the plaza on the state farm in the plaza. He basically was in a pickle. I gave him what he wanted, even though I could have gotten less. I don’t want to take advantage of people. Old guy.

01:32:58:12 – 01:33:09:20
Onyi Odunukwe
He actually just passed, like, six months ago. Oh. But, gave him what he wanted. But part of the condition of that was that he had to owner’s finance the down payment. Right. So the bank. Right.

01:33:09:22 – 01:33:23:29
Rod Khleif
So you were creative. You pay, you when you, you know, that’s called you can have what’s called a multiple offer strategy, guys, when you offer a lower price, you know, if you have to finance it yourself, but, but you can go higher and you even finance the down payment.

01:33:23:29 – 01:33:37:03
Onyi Odunukwe
Yeah, exactly. So so so got that. So I got the bank to do 15%. This was 2021. So interest rates were like 4% at that time. So the little bank loans 4%. That loans was a 20 year and that’s five year.

01:33:37:04 – 01:33:39:01
Rod Khleif
Yeah. It’s come and do this. Go get your five year.

01:33:39:08 – 01:34:04:28
Onyi Odunukwe
Yeah 4% right now. Right. So basically got the bank to do 15% down, got him to hold the 15%. Well at 0% interest. Wow. And so the bank payment was it’s $14,640, and then his payment for five years, like, I think it was 560,000 was the 15% or 7000 for five years, right. So that’s a total of like 21,000, whatever.

01:34:05:00 – 01:34:23:22
Onyi Odunukwe
So the, a lot of the leases were, coming up. And I knew that the place in retail and if somebody owns a business who’s listening to this, you’ll understand that it makes more sense for you to pay 20% more in your rent than it makes for you to move, because the cost of moving is 100 to $200,000.

01:34:23:22 – 01:34:32:12
Onyi Odunukwe
Sure, it’s sometimes even more for some businesses. So how long does it take you to pay back that investment? Right. And also the investment of the marketing to tell people that you moved.

01:34:32:14 – 01:34:35:11
Rod Khleif
Here and you and you communicate that once you raise the rents. Exactly.

01:34:35:16 – 01:34:41:07
Onyi Odunukwe
So me understanding that when renewals come up and people are they’re paying way under market, which is what we love and value.

01:34:41:12 – 01:34:42:03
Rod Khleif
Sure.

01:34:42:06 – 01:35:05:03
Onyi Odunukwe
So people are paying $12, $15 a foot. And I said, hey, minimums can be $20, you know, plus increases. Oh my leave I don’t care. Oh right, right. Got everybody basically on essentially new leases. Not one person left. Wow. So instead of bringing in what he was bringing in, which was I think was 18 a month, brought up to 30 2KA month, the payments were 21 K, right.

01:35:05:03 – 01:35:23:19
Onyi Odunukwe
He’s paid off now. The payments are 14 k k. So it’s cash flowing like 25 K. On paper. But after that services cash flowing like 16 K. It’s fantastic. And and the reason why that was such a good deal was not only did I have to bring nothing to close, I actually got a check back at closing.

01:35:23:20 – 01:35:24:07
Rod Khleif
Nice.

01:35:24:09 – 01:35:28:00
Onyi Odunukwe
Because he had to pay, prorated rents and.

01:35:28:00 – 01:35:32:03
Rod Khleif
Yeah, sure. Yeah. Depending on when you close. Yeah. You’ve closed the first part of the month. Yeah. You’ve got to.

01:35:32:03 – 01:35:44:18
Onyi Odunukwe
Close on like the 21st or something. So. So he had to pay the prorated rents, right. Plus the deposits right at that time. Right. So I think I got like after you take closing costs and everything else, I think I got a check for like a little over seven grand.

01:35:44:20 – 01:35:48:26
Rod Khleif
So beautiful thing man. Yeah. So beautiful. What do you think the value of that thing is now?

01:35:48:28 – 01:35:49:22
Onyi Odunukwe
It’s over 5 million.

01:35:49:23 – 01:35:52:20
Rod Khleif
5 million? You pay 2.82 on it. And tastic. Man.

01:35:52:21 – 01:35:53:06
Onyi Odunukwe
Five years ago.

01:35:53:06 – 01:35:53:26
Rod Khleif
Home run.

01:35:53:28 – 01:35:56:04
Onyi Odunukwe
Home run. A little less. July’s five years.

01:35:56:04 – 01:36:14:13
Rod Khleif
Yeah. So, guys, retail is a fantastic play. Now. You know, there was a lot of fear around the Amazon dynamic. You know, with people going and, you know, the but but what I’ve seen is, I mean, and then really nicer centers is a change in the tenant demographic. Like, you see a lot of these big, fitness centers go in.

01:36:14:13 – 01:36:20:02
Rod Khleif
You’ve seen a lot of that. More restaurants going in. Well, I mean, what’s your what’s your experience? Been with the tenant experience.

01:36:20:07 – 01:36:24:16
Onyi Odunukwe
Yeah. So that was probably what I’d buy a decade ago. And a very same retail is dead, right?

01:36:24:22 – 01:36:26:02
Rod Khleif
Right, right.

01:36:26:05 – 01:36:30:04
Onyi Odunukwe
Since then retail has retail probably at the strongest it’s ever been.

01:36:30:08 – 01:36:32:01
Rod Khleif
Really, Interesting.

01:36:32:01 – 01:36:53:11
Onyi Odunukwe
Why? Why so so a couple things there. Any place that is even online based, like, say, a Fabletics, right, right. Online people are now starting to have retail stores because people want to have a place to return things and try things on, you know, to try on. They still want that experience. So that’s why Amazon bought a Whole Foods, right?

01:36:53:11 – 01:37:00:29
Onyi Odunukwe
They needed a return center. They needed a hub. Right. And, so even Amazon went into retail.

01:37:01:00 – 01:37:06:11
Rod Khleif
Yeah. You know, that’s funny. I’ve returned many things to my Whole Foods. There in Brickell where I have a place is funny. Exactly.

01:37:06:11 – 01:37:06:25
Onyi Odunukwe
Yeah. So.

01:37:06:27 – 01:37:17:11
Rod Khleif
So even. Oh, and it’s like a shit show, man. I mean, there’s, like, boxes everywhere. I, I even told the poor woman taking. I’m like, oh, my God, you seem overwhelmed with so many packages coming back.

01:37:17:13 – 01:37:22:21
Onyi Odunukwe
Because Amazon doesn’t make any money on on Whole Foods. Right. They wanted that for, for retail.

01:37:22:22 – 01:37:27:28
Rod Khleif
I thought, you know, I thought they did it so they could start doing the home delivery for food. So that was my thought process.

01:37:28:01 – 01:37:30:15
Onyi Odunukwe
There’s two those two parts okay okay okay.

01:37:30:15 – 01:37:30:28
Rod Khleif
So so.

01:37:30:28 – 01:37:33:25
Onyi Odunukwe
Amazon Grocery right Amazon Grocery and then the hub.

01:37:33:25 – 01:37:34:29
Rod Khleif
Okay. Well you know.

01:37:35:02 – 01:37:43:14
Onyi Odunukwe
Because they’re because they also have franchised retail centers which has just returned. So so even Amazon is just running 1500 square foot spots like a just.

01:37:43:14 – 01:37:44:06
Rod Khleif
For returns.

01:37:44:06 – 01:37:51:18
Onyi Odunukwe
Just for returns and shipping. And you know, things like that. So, so even places that are online based still need a retail, a retail spot.

01:37:51:24 – 01:37:52:08
Rod Khleif

01:37:52:19 – 01:38:10:26
Onyi Odunukwe
In addition to that, I any nice because, you know, sometimes under my, my Instagram comments or whatever, people are like, oh, retail’s dead and it’s like, you’re a fucking idiot. Well, excuse my language. Yeah. But because if you go to any good center in any town, there are no vacancies, really. And if there are vacancies, it’s very like Dallas is like 96% occupied.

01:38:10:27 – 01:38:11:15
Rod Khleif
No kidding.

01:38:11:15 – 01:38:15:28
Onyi Odunukwe
Yeah. And the ones that are unoccupied or 50% vacant, it’s because it looks like crap.

01:38:16:00 – 01:38:35:23
Rod Khleif
You know, we’ve seen I’ve seen I’ve seen a lot of retail Covid crushed a lot of retail. I mean, I saw it, you know, I go down Lincoln Road in South Beach and some of these iconic places that were there forever. Next Cafe Balan, you know, Sushi Samba, all these restaurants closed down from Covid. I am still seeing some vacancy there.

01:38:35:23 – 01:38:53:18
Onyi Odunukwe
But this is the problem, right? Okay. Because I’ve looked at I’ve looked at, Brickell and, and these areas Wynwood and all that. So, we’ve had people interested in opening and I won’t open in those areas for my business. And we have stores that are, you know, in Boca and in Coral Springs and, you know, all through Florida.

01:38:53:20 – 01:39:01:04
Onyi Odunukwe
Why, when I open in that area. Because it’s not that retail is, is is hurt in that area that the landlords are greedy.

01:39:01:10 – 01:39:01:27
Rod Khleif

01:39:01:29 – 01:39:04:25
Onyi Odunukwe
So it’s like $120 a foot.

01:39:04:27 – 01:39:06:14
Rod Khleif
Holy shit. Wow.

01:39:06:14 – 01:39:13:04
Onyi Odunukwe
So a place that’s the size of this room. Wow. This is probably 1500 square feet whatever. Right. Or about 15ft². You’re paying 20 K a month.

01:39:13:05 – 01:39:14:05
Rod Khleif
Oh that’s insane.

01:39:14:05 – 01:39:15:02
Onyi Odunukwe
So so does it.

01:39:15:04 – 01:39:15:29
Rod Khleif
So does that make sense?

01:39:15:29 – 01:39:30:25
Onyi Odunukwe
So doesn’t think you got it. So if I it if I take a hit and these landlords are cocky enough to where they think like, oh I’m just gonna be able to fill this up. And then they keep the price lesser because, you know, with retail pretty much on average there’s 3% increases in leases, right?

01:39:30:25 – 01:39:34:26
Rod Khleif
3%. Yeah. So average yearly increase is 3% guys for retail. Right.

01:39:34:26 – 01:39:37:16
Onyi Odunukwe
And they’re trying to basically you know stay with inflation.

01:39:37:16 – 01:39:50:11
Rod Khleif
Do you do any percentage leases. No. Okay. By the way percentage these guys as well. They’ll they’ll take a look at the PNL for the business. Sometimes they’ll do it with restaurants and and they pay a percentage of the of the profits. So anyway, so you don’t do any of that, you know.

01:39:50:18 – 01:40:03:27
Onyi Odunukwe
Something like these big centers, if you go like malls. Right. Or we just did one in Tempe. Okay. Place, which is the best center in Tempe or whatever they wanted to percentage to lease after a certain break even or whatever. Right? I never agree to them and neither do I. I actually personally do them. Okay.

01:40:04:00 – 01:40:04:25
Rod Khleif
Got it, got it.

01:40:04:25 – 01:40:27:13
Onyi Odunukwe
But, a lot of these places, like you got to think about if you have a 3%, a 3% increase, let’s just say 5%, 5% increase on a $20 square foot lease is basically a dollar foot every year. That’s not that’s not affecting too much, right? A 5% increase on, a $70 foot space, right? Yeah. Is $3.50.

01:40:27:14 – 01:40:37:09
Onyi Odunukwe
Wow. So after five years, you’re sitting at, like, almost $85 a foot. Well, it’s not sustainable. Gotcha. So at a certain point, like if you go to Uptown Dallas, you go to Brickell, right? And things like that.

01:40:37:15 – 01:40:38:06
Rod Khleif
South beach.

01:40:38:10 – 01:40:39:07
Onyi Odunukwe
South on like.

01:40:39:10 – 01:40:43:20
Rod Khleif
How you how you can’t afford it. No. No restaurant. Rodeo drive.

01:40:43:21 – 01:40:58:04
Onyi Odunukwe
Right. Rodeo drive there. They’re their rents are probably 100 K a month plus. No shit. Right. Well, so who can who can be there? Gucci. Yeah. Prada. And those people who are there. The point I’m making money is just that I have to be their visibility.

01:40:58:04 – 01:40:58:09
Rod Khleif
Yeah.

01:40:58:10 – 01:41:05:19
Onyi Odunukwe
Exactly. Yeah. So so so the average if you’re if you are a restaurant and you have one bad month and you’re in that area.

01:41:05:22 – 01:41:15:07
Rod Khleif
You’re done. No, you’re done. Well that’s what happened in Lincoln Road. Yeah I mean these were, these were I mean world class freakin restaurants because I, you know, I used to go there all the time and I’m like, Holy shit.

01:41:15:09 – 01:41:16:12
Onyi Odunukwe
The landlord didn’t work with.

01:41:16:12 – 01:41:17:20
Rod Khleif
Them. Yeah. Because the stupid.

01:41:17:26 – 01:41:30:10
Onyi Odunukwe
Landlords do part. They, they, they work with their tenants. Right, right. And a lot of landlords just said, get the hell out. Yeah. And why? Because for ten years, they never had a vacancy, right? People were knocking on the door to get it right. So they thought that that was gonna continue. Yeah. And then they.

01:41:30:10 – 01:41:38:08
Rod Khleif
Were I mean, there was a lot of freaking papered windows when I, you know, on Lincoln Road, there’s still quite a few, honestly.

01:41:38:11 – 01:41:39:24
Onyi Odunukwe
Landlords that are not willing to just how.

01:41:39:24 – 01:41:43:13
Rod Khleif
Did you how did you handle Covid? Did you have any hiccups with Covid?

01:41:43:19 – 01:41:45:23
Onyi Odunukwe
No, I think the I think Covid was just that.

01:41:45:24 – 01:41:48:07
Rod Khleif
You have any restaurants in your in your centers.

01:41:48:09 – 01:41:49:01
Onyi Odunukwe
I few.

01:41:49:02 – 01:41:50:04
Rod Khleif
Okay.

01:41:50:06 – 01:41:57:16
Onyi Odunukwe
And you know what’s crazy. So this is, this is why I didn’t have to deal Covid, okay? The first person I ever bought was September 2020.

01:41:57:23 – 01:41:59:19
Rod Khleif
Okay, I know right after.

01:41:59:19 – 01:42:13:20
Onyi Odunukwe
So. So I didn’t have to deal with Covid on that aspect. I had to deal Covid more as a, a renter, a tenant of, of strip centers. Okay. And some landlords, you know, deferred rent, things like that or whatever. Right. But but.

01:42:13:20 – 01:42:15:01
Rod Khleif
The smart ones did. Yeah.

01:42:15:03 – 01:42:24:17
Onyi Odunukwe
Right. But but, you know, I, I think that for us, the probably the worst part of Covid, business wise was just the uncertainty, you know.

01:42:24:17 – 01:42:48:25
Rod Khleif
Yeah. Scary. Yeah. Yeah, it was scary for sure. Certainty. So you go in, you’ll buy a center, you’ll you’ll you’ll fix it up, make it look better, you know, cover the parking lot, put in some trees, maybe put some facade up and and throw in one of your glows and boom, you’re off to the races, and you and you and do you, do you, like, attend things like, ICS to meet retailers and things like that, to try to get them in your centers?

01:42:48:25 – 01:42:52:18
Rod Khleif
Or do you do any of that? You don’t need to do the big national retailers. No.

01:42:52:18 – 01:42:56:05
Onyi Odunukwe
Okay. Big national retail still, you know, apply.

01:42:56:05 – 01:42:58:07
Rod Khleif
Or or they find you anyway.

01:42:58:07 – 01:43:00:14
Onyi Odunukwe
Find us. You okay? We’re on costar loop that.

01:43:00:15 – 01:43:01:13
Rod Khleif
Oh, you are okay.

01:43:01:13 – 01:43:22:12
Onyi Odunukwe
Things. Okay. But yeah, that that that one that I told you about that was that’s that was one big win. And I think another one is a center in, Dallas, where I purchased it for 5.5 million, actually in December 2024. And Glow was already in it. All place looks like.

01:43:22:12 – 01:43:26:06
Rod Khleif
Franchise glow or your company or it was one of your company. Okay.

01:43:26:08 – 01:43:39:19
Onyi Odunukwe
And, purchased the building. Looks like crap. Really? It was probably the worst it had. Not. Probably it was the worst looking building that we were in. But the thing was, the location is amazing. Okay. Right. 40,000 cars this way, 40,000 cars.

01:43:39:22 – 01:43:42:03
Rod Khleif
What did you do to spruce it up?

01:43:42:06 – 01:43:44:20
Onyi Odunukwe
Complete, facade redo with stucco.

01:43:44:26 – 01:43:48:10
Rod Khleif
Where you put you take the front up here and you make it look.

01:43:48:13 – 01:44:11:29
Onyi Odunukwe
On two of the ends. This one’s, 34,000ft², 11 tenants. Dennis, on one side, it was a hookah bar. On the other side. Entrance main one. Kick them out. Mexican restaurant guy went in, and, And then I added four businesses that I own. Three other concepts, that I have in the center, released some of the spaces, retail concepts.

01:44:11:29 – 01:44:16:11
Rod Khleif
Yeah. All right. Okay. Now, now, now you open that door. Well, tell me what they are.

01:44:16:14 – 01:44:20:08
Onyi Odunukwe
One’s called, RF Nail Spa. It’s a, a nail,

01:44:20:10 – 01:44:20:27
Rod Khleif
A nail spot.

01:44:20:27 – 01:44:25:19
Onyi Odunukwe
A nail spa, but it’s a completely different concept. So, this one is a membership based.

01:44:25:22 – 01:44:26:14
Rod Khleif
Oh, interesting.

01:44:26:19 – 01:44:29:24
Onyi Odunukwe
$139 unlimited mani pedis.

01:44:29:24 – 01:44:34:04
Rod Khleif
No, 129 a month on a month? No. Well, got women gotta love that. Yeah.

01:44:34:04 – 01:44:35:15
Onyi Odunukwe
So. Wow. So that one.

01:44:35:15 – 01:44:36:21
Rod Khleif
That’s a cool concept, man.

01:44:36:21 – 01:44:45:28
Onyi Odunukwe
Yeah. No, that’s where it’s not going to be a franchise. Okay. What do you have a ton of people interested in doing it. But I like to open four locations before we start franchising. So probably be a couple of years.

01:44:45:29 – 01:44:47:02
Rod Khleif
That’s cool. Okay.

01:44:47:02 – 01:44:51:21
Onyi Odunukwe
But that one and that’s completely different. You know, currently no nail salons.

01:44:51:24 – 01:45:00:09
Rod Khleif
Did you did you find an operator? It’s same thing, like my son with the roofing and hey, you go do this and I’ll fund it and get it going. Yep. I love it, man. Yeah. Love it.

01:45:00:12 – 01:45:09:26
Onyi Odunukwe
The guy down there is actually my my other partner, I mean, and then we said, we have to meet me, him, and then the operator, who’s, she’s Vietnamese, but.

01:45:09:27 – 01:45:13:17
Rod Khleif
Oh, of course she grew. That was racist. But no no no no.

01:45:13:19 – 01:45:14:26
Onyi Odunukwe
No, they they run the nails.

01:45:15:02 – 01:45:18:29
Rod Khleif
They do. Asians. Asians. Yeah. You so pretty.

01:45:19:00 – 01:45:19:13
Onyi Odunukwe
Yeah, yeah.

01:45:19:13 – 01:45:20:19
Rod Khleif
That boyfriend. Yeah.

01:45:20:19 – 01:45:39:24
Onyi Odunukwe
So they run the dealership and, so she. But she grew up here when she from like five, like, you know, whatever. So she’s very, like Americanized. And the thing with so she, she actually owns one of the nicest nail salons in Dallas, uptown Dallas. And the thing with the nail industry is the nail industry is run by Vietnamese immigrants.

01:45:39:27 – 01:45:41:12
Onyi Odunukwe
And.

01:45:41:14 – 01:45:45:11
Rod Khleif
I think she’s proud of them. You know, they came here, they kicked ass. Whatever.

01:45:45:13 – 01:46:02:28
Onyi Odunukwe
Yeah, the thing is, is that they’re just behind in times, right? And it’s hard for immigrants. Both my parents are immigrants, right? It’s harder for immigrants to make changes. So the times is everything is subscription based. Your car wash, your gym, your tanning salon, your your TV, everything is.

01:46:02:28 – 01:46:04:21
Rod Khleif
Subscription. That’s all your businesses.

01:46:04:22 – 01:46:06:10
Onyi Odunukwe
Though pretty much is.

01:46:06:12 – 01:46:06:28
Rod Khleif
Interesting.

01:46:06:28 – 01:46:07:15
Onyi Odunukwe
Every single one.

01:46:07:16 – 01:46:09:06
Rod Khleif
Well, that’s that’s that’s recurring revenue.

01:46:09:10 – 01:46:15:00
Onyi Odunukwe
Yeah. Exactly. So, so and I mean it retail right. Or any, any real estate is recurring. Right.

01:46:15:02 – 01:46:15:29
Rod Khleif
Sure.

01:46:16:02 – 01:46:19:18
Onyi Odunukwe
So so basically doing that is going to revolutionize the. No.

01:46:19:21 – 01:46:21:12
Rod Khleif
All right. So that’s one of them. What else do you throw.

01:46:21:12 – 01:46:22:01
Onyi Odunukwe
In the shop?

01:46:22:01 – 01:46:22:23
Rod Khleif
Coffee shop.

01:46:22:23 – 01:46:24:23
Onyi Odunukwe
Also has a distribution base as well.

01:46:24:25 – 01:46:27:29
Rod Khleif
A subscription based coffee shop. Please please.

01:46:27:29 – 01:46:51:23
Onyi Odunukwe
Elaborate. So it’s a nice coffee shop is completely different than the typical. Everybody’s doing the drive through quick fast, you know, seven brew scooters, all that, Dutch bros. This one is an actually a sit down coffee shop. We want you to stay there as long as possible. Okay. We basically open a tab, almost like a restaurant, and then come and check on you to so that you’re ordering more, right?

01:46:51:27 – 01:46:58:12
Onyi Odunukwe
Okay. But $50 membership gets you $75 in basically credit to you. So some.

01:46:58:16 – 01:46:59:03
Rod Khleif
Monthly.

01:46:59:04 – 01:47:03:17
Onyi Odunukwe
Monthly recurring and you get $75 in credit, in the coffee shop.

01:47:03:22 – 01:47:08:20
Rod Khleif
Wow, wow. And they typically could spend more than 75 because they’re longer.

01:47:08:21 – 01:47:11:21
Onyi Odunukwe
And you’re more likely to come back because. Right now a coffee shop.

01:47:11:21 – 01:47:13:14
Rod Khleif
And you treat them well. It’s like home.

01:47:13:14 – 01:47:16:27
Onyi Odunukwe
Yes. Because because people with coffee shops, you just jump around. Right.

01:47:17:04 – 01:47:23:24
Rod Khleif
So so obviously not everything, not everything works. Tell me about a failure. Tell me about something you tried. Didn’t work.

01:47:23:27 – 01:47:24:10
Onyi Odunukwe
So I.

01:47:24:12 – 01:47:25:15
Rod Khleif
I call them seminars. Yeah.

01:47:25:15 – 01:47:28:01
Onyi Odunukwe
So I was a franchisee of a brand called Dirty Dough.

01:47:28:08 – 01:47:29:01
Rod Khleif
Dirty dough?

01:47:29:01 – 01:47:36:25
Onyi Odunukwe
Yeah. So what do you brand? Cookie? Oh, yeah. It’s like. It’s like crumble, but okay. As crumbles. Biggest competitor. Okay. And, just trash it.

01:47:36:26 – 01:47:38:11
Rod Khleif
Really? Okay. It just didn’t work.

01:47:38:12 – 01:47:39:02
Onyi Odunukwe
Yeah. So.

01:47:39:10 – 01:47:41:09
Rod Khleif
And that’s how you got the franchise book to.

01:47:41:12 – 01:48:00:04
Onyi Odunukwe
No, no, no, I was already, I already I’m on a franchise. Okay. The way I looked at it was I wanted to, this is in the last like 3 to 4 years, so I wanted to, And I’ve been glo I’ve had for 16 years. So I wanted to have another business to put into my, my centers to backfill vacancies.

01:48:00:05 – 01:48:00:27
Rod Khleif
Gotcha. So this was.

01:48:00:27 – 01:48:13:12
Onyi Odunukwe
My idea because there was a cookie craze at one point. Okay. Post Covid, and, it just I learned so many lessons. I probably lost, close to $1 million. Well, I just took a big hit. I still had one location open.

01:48:13:16 – 01:48:14:21
Rod Khleif
Oh, you did more than one.

01:48:14:23 – 01:48:15:20
Onyi Odunukwe
Two, three, three.

01:48:15:21 – 01:48:16:28
Rod Khleif
Okay. Yeah.

01:48:17:00 – 01:48:26:08
Onyi Odunukwe
The good thing is, I don’t own all the real estate, so that’s. Oh, well, that’s good. But, But now I learned a lot of lessons. I lost about a million bucks, but I know a lot of lessons.

01:48:26:09 – 01:48:40:04
Rod Khleif
Well, that’s it, that’s a it’s a seminar, dude. I opened a couple of I had I’ve had a couple frozen yogurt shops. I’ve had to go buying businesses. I could, we could go on and on, but but yeah, I mean that’s you learn and that’s you. You come back, you become better. So I think that was two of the four.

01:48:40:04 – 01:48:42:01
Rod Khleif
What else do you throw in there?

01:48:42:03 – 01:48:46:20
Onyi Odunukwe
I, my wife has a, my wife.

01:48:46:21 – 01:48:51:21
Rod Khleif
Is that your wife downstairs? Yes. As you. And that’s your little a little baby. Yes, yes. That’s beautiful.

01:48:51:23 – 01:48:53:24
Onyi Odunukwe
I hope I would not be with a random woman.

01:48:53:27 – 01:49:00:06
Rod Khleif
Well, I didn’t know if it’s Cedric’s, you know, so I didn’t know if it was his lady or not. Yeah, yeah. Okay. Okay.

01:49:00:08 – 01:49:01:00
Onyi Odunukwe
How’s it over in the.

01:49:01:00 – 01:49:03:18
Rod Khleif
Women’s, right? Right. So your baby’s adorable.

01:49:03:18 – 01:49:13:10
Onyi Odunukwe
Yeah. Appreciate it. Yeah. So, the. She has a, hair, boutique and salon suite kind of concept, so it’s. Oh, basically, like.

01:49:13:12 – 01:49:17:25
Rod Khleif
I know what salon suites are. Yeah, I was almost, almost did them. Yeah. It’s a great concept.

01:49:17:25 – 01:49:18:27
Onyi Odunukwe
My God. I mean, it’s.

01:49:18:27 – 01:49:21:19
Rod Khleif
Basically you should throw those in every one of your freaking centers.

01:49:21:20 – 01:49:23:08
Onyi Odunukwe
Just. It’s just land. So you’re just a landlord?

01:49:23:10 – 01:49:25:20
Rod Khleif
Oh, God. Yes. What a model that is.

01:49:25:20 – 01:49:38:29
Onyi Odunukwe
Yeah. So she has that. And then the other, the other thing that I put in there is I wouldn’t really call it a concept, but it’s the real estate brokerage offices there. Okay, perfect. But I have two, one in Dallas and the one in Oklahoma City.

01:49:39:01 – 01:49:40:25
Rod Khleif
Oklahoma City. Oh, interesting. Okay.

01:49:41:02 – 01:49:41:28
Onyi Odunukwe
Because I have a lot property there.

01:49:41:28 – 01:49:52:13
Rod Khleif
Wow. Dude, I don’t know how you keep it all together. So, besides, Cedric, do you have. Do you have. I’m sure you’ve got some employees that help with with managing things. Well, tell me about your team.

01:49:52:15 – 01:49:55:14
Onyi Odunukwe
Yes, I have, I have a chief of staff. She’s amazing. Okay.

01:49:55:16 – 01:49:59:01
Rod Khleif
Chief of staff. So what? What is her? What does that mean?

01:49:59:03 – 01:49:59:07
Onyi Odunukwe
Like.

01:49:59:07 – 01:50:00:22
Rod Khleif
A director of operations. Kind of a.

01:50:00:23 – 01:50:06:06
Onyi Odunukwe
No. She, like, keeps my calendar. She’s like the person that, like everybody.

01:50:06:06 – 01:50:08:14
Rod Khleif
It sounds like an executive assistant.

01:50:08:16 – 01:50:10:24
Onyi Odunukwe
It it’s a it’s a mix. Used to be.

01:50:11:01 – 01:50:11:04
Rod Khleif
Like.

01:50:11:11 – 01:50:15:10
Onyi Odunukwe
Okay, but but she, she handles like, payroll.

01:50:15:12 – 01:50:15:24
Rod Khleif
Okay.

01:50:15:26 – 01:50:21:00
Onyi Odunukwe
She, you know, just just a bunch of, like, random, like anybody who wants to get to me, like, she texted me.

01:50:21:00 – 01:50:21:23
Rod Khleif
They go through her.

01:50:21:24 – 01:50:24:09
Onyi Odunukwe
Yeah. She’s the one who, like, helps schedule this.

01:50:24:13 – 01:50:40:05
Rod Khleif
Okay. You know? Okay. Gotcha. Oh. She’s invaluable. Yeah. She’s like your right arm. Yeah, yeah. And so those those people are invaluable when people ask me, what’s the first person I should hire? I always tell me every single time. Executive assistant. Because they give you your life back. Yeah, right. Yeah. Love it. Who else? What else you got?

01:50:40:07 – 01:50:42:25
Onyi Odunukwe
So I’m my CEO for globe.

01:50:42:29 – 01:50:43:11
Rod Khleif
Okay.

01:50:43:11 – 01:50:44:17
Onyi Odunukwe
She basically runs it.

01:50:44:17 – 01:50:45:19
Rod Khleif
Yeah. Nice. Nice.

01:50:45:26 – 01:50:48:19
Onyi Odunukwe
Obviously. Kind of checks in with me on certain things. Sure.

01:50:48:19 – 01:50:49:08
Rod Khleif
Of course.

01:50:49:11 – 01:51:02:24
Onyi Odunukwe
I controller who controls all company financials. So any. That’s the one thing that’s like my, you know, non-negotiable. So if I was to partner with your son on the roofing company, he would have to be the one that does the books.

01:51:02:26 – 01:51:03:14
Rod Khleif
Gotcha.

01:51:03:16 – 01:51:06:08
Onyi Odunukwe
So. And he works for the case, loyal to the company.

01:51:06:11 – 01:51:14:10
Rod Khleif
So he’s managing a bunch of books. Yes. Okay. Yeah, that’s the same with my. Same with mine. I’ve got more at various companies as well, but it’s the same thing and it’s it’s complex. Yeah.

01:51:14:12 – 01:51:15:27
Onyi Odunukwe
And he has 4 or 5 employees.

01:51:15:27 – 01:51:16:29
Rod Khleif
Okay. Gotcha. Callan.

01:51:17:01 – 01:51:19:00
Onyi Odunukwe
So he’s the one who’s, you know.

01:51:19:00 – 01:51:19:13
Rod Khleif
Good at.

01:51:19:13 – 01:51:20:10
Onyi Odunukwe
Tracking and doing everything.

01:51:20:10 – 01:51:21:12
Rod Khleif
Got it.

01:51:21:15 – 01:51:22:27
Onyi Odunukwe
So I think those in terms of.

01:51:22:27 – 01:51:40:19
Rod Khleif
Like that sounds like that’s enough. That’s everybody. Yeah. You got operations, you got your back office accounting. And how’s your growth handles? Like like, I mean, you play a big role in that, I’m sure. But like building Glo, do you have do you have some sort of a team that’s doing that or is it just SEO. Oh handle that.

01:51:40:22 – 01:51:50:09
Onyi Odunukwe
No more focus on just like the actual operations. Right. I have a team that’s focused strictly on, like, just expansion. Expansion? Franchise teams.

01:51:50:09 – 01:51:57:08
Rod Khleif
Do you know, do you, do you get a lot of people through your social media do a lot of interest that way? Yeah. And what’s your social just so sweat pants.

01:51:57:10 – 01:51:58:21
Onyi Odunukwe
Sweat pant, underscore millionaire.

01:51:58:21 – 01:51:59:16
Rod Khleif
It’s one more time.

01:51:59:17 – 01:52:00:12
Onyi Odunukwe
Sweat pants.

01:52:00:17 – 01:52:01:19
Rod Khleif
Sweat pants.

01:52:01:19 – 01:52:02:10
Onyi Odunukwe
Underscore.

01:52:02:13 – 01:52:23:00
Rod Khleif
Underscore millionaire. Yeah I love it, man. It’s awesome. Sweat pants. You got leather pants on here. But sweatpants underscore millionaire I love it. Well, listen, this has been a really fun conversation for me because I honestly, I love entrepreneurship as much as I love real estate. I typically just talk about real estate. But we you know, we talked about retail, we talk about business talk, you know, do this.

01:52:23:00 – 01:52:43:08
Rod Khleif
So, you know, I got so many people that know they need to freaking do something. I mean, I is going to eliminate a lot of jobs. And you know, if that’s you listen up. You know, you got to reinvent yourself. You know, give them some words of wisdom, give them some advice. You know, you know, if they’re sitting on the sidelines, they haven’t done anything yet.

01:52:43:10 – 01:52:46:09
Rod Khleif
You know, speak to speak to those people for a minute.

01:52:46:15 – 01:52:58:29
Onyi Odunukwe
Yeah. So I think that I, I is going to do a lot. I actually think that we’re probably going to in this country a lot changing. And in this country we’re probably not for UBI universal basic income.

01:52:58:29 – 01:53:00:23
Rod Khleif
Just. Yeah. Elon talked about.

01:53:00:23 – 01:53:11:15
Onyi Odunukwe
Yeah. Just for people to survive. Right, right. And then anybody who wants and it’s going to have to be one of those politically. That has to be one of those things where you have to give it to everybody, whether you’re a billionaire, right. You’re not gonna be able to, or it’s going to go.

01:53:11:15 – 01:53:14:12
Rod Khleif
Away or screen it. It’s going to be impossible. Yeah, I agree.

01:53:14:13 – 01:53:22:03
Onyi Odunukwe
He’s had to get everybody right. And then and then the people who who are good with that, they’re good. And you can eliminate all, social safety net. Right. So you know.

01:53:22:03 – 01:53:24:13
Rod Khleif
All the all the section eight, all that shit’s gonna go.

01:53:24:15 – 01:53:38:26
Onyi Odunukwe
Right. It’s gone. Right. Everybody gets $2,500 a month, right? And whatever. If you’re okay with that and be okay with that. Right. If you if, if you want beyond that at this point now, it’s basically an economy where it’s an economy of entrepreneurs and then.

01:53:38:29 – 01:53:41:05
Rod Khleif
Hustlers. Yeah. You gotta you gotta want it.

01:53:41:07 – 01:53:45:29
Onyi Odunukwe
And a few workers. Yeah. And then and then everybody else is just kind of, you know, lost out to dry.

01:53:45:29 – 01:53:50:06
Rod Khleif
Where did you get your freaking drive, man? You are one driven S.O.B..

01:53:50:09 – 01:53:54:23
Onyi Odunukwe
Man, that is good question. Sometimes I feel like it’s a sickness, actually. Right.

01:53:54:25 – 01:53:55:23
Rod Khleif
You enjoy it, though?

01:53:55:23 – 01:53:56:02
Onyi Odunukwe
Yeah. No.

01:53:56:02 – 01:54:02:27
Rod Khleif
I knew when you love what you do, work is play. So. But but what’s the what’s the why? I mean, I saw the beautiful family downstairs, but beyond that,

01:54:02:29 – 01:54:26:10
Onyi Odunukwe
Yeah. So, so, I just, I enjoy building things. Right. So that’s the reason why, even with the real estate thing that I love, and because I’ve been acquiring about 6 to 7, commercial strip centers a year. Right. And, and it’s like, you know, when I first when I got my first one, I said, if I can get five in my lifetime, I’m set for life.

01:54:26:16 – 01:54:29:17
Rod Khleif
Sure. I’m sure, sure. And then you’re like, okay, well, that’s five.

01:54:29:17 – 01:54:34:02
Onyi Odunukwe
Yeah. No more than five a year, right? Right. And then it looks and you say.

01:54:34:02 – 01:54:37:10
Rod Khleif
But what’s the why? I just dig.

01:54:37:11 – 01:54:50:16
Onyi Odunukwe
Deep. So there’s no, there’s no I don’t think there’s a, there’s a real it’s just enjoyable because you just love any. Yeah. Okay. Because there’s not, you know, there’s a big difference. Like a lot of times we look at money and just like.

01:54:50:16 – 01:54:57:15
Rod Khleif
Well, you, you obviously you get social cred from it. You get proof. I mean, you get it helps with the ego for sure. Yeah. You know, and all that.

01:54:57:15 – 01:54:58:14
Onyi Odunukwe
Yeah. But I tried.

01:54:58:14 – 01:55:00:07
Rod Khleif
Out some cool stuff. I’m sure.

01:55:00:09 – 01:55:00:26
Onyi Odunukwe
I try to I.

01:55:01:03 – 01:55:05:08
Rod Khleif
By the way, he’s got a, I don’t know, a $50,000 watch on. I have one which I love the app.

01:55:05:08 – 01:55:14:09
Onyi Odunukwe
Yeah, yeah I try to, I try to, I, I say I don’t have an ego. I’m prideful people at some times people don’t know the difference. So so not really the.

01:55:14:09 – 01:55:21:23
Rod Khleif
Oh no, I’ve, I’ve heard me go. Yeah, respectfully. And I have one too. I’m good at hiding it. I’m older than you are, so I’m better hiding it.

01:55:21:25 – 01:55:24:27
Onyi Odunukwe
Yeah. I mean, a lot of times people confuse ego and pride, though, right?

01:55:24:27 – 01:55:29:28
Rod Khleif
Okay. Fair enough. They’re not very prideful. Okay. Well, okay. Yeah. Yeah, I will totally go with that.

01:55:29:28 – 01:55:33:11
Onyi Odunukwe
Yeah. So so so ego is like thinking that you can go alone. He was like thinking, you know.

01:55:33:16 – 01:55:35:21
Rod Khleif
Oh okay. Okay. Fair enough. Yeah, yeah.

01:55:35:27 – 01:55:37:03
Onyi Odunukwe
Pride is like, I’m proud of who I.

01:55:37:05 – 01:55:37:17
Rod Khleif
Got you.

01:55:37:19 – 01:55:38:14
Onyi Odunukwe
And what I love it, I.

01:55:38:19 – 01:55:39:08
Rod Khleif
Love it.

01:55:39:10 – 01:55:48:08
Onyi Odunukwe
So, so for me, it’s definitely not ego, not money. Because if you can, you can give me, give me $5 million more a year than what I make now. And it makes no difference at all.

01:55:48:09 – 01:56:13:01
Rod Khleif
Oh, we’re the same. Yeah. So, pride. No good answer, buddy. Good answer. Yeah, absolutely. I totally resonate with that. Well, listen, I appreciate you coming down here, man, I really do. And and, and you’ve added tremendous value, and, you know, love the conversation. In fact, let’s plan to circle back in a year or so and see where the hell you’re at, because it’s just, you know, it’s it’s really admirable to see what you’ve accomplished.

01:56:13:01 – 01:56:32:03
Rod Khleif
And, and your and your, your business model is fantastic, too. You know, where you go in. Because, guys, this incredible opportunity to buy businesses right now, there’s 10,000 people a day turning 65. And they and a lot of them own businesses. And your models is a great way to go in there, find somebody that knows what they’re doing to partner with, you know, figure out a way to finance it.

01:56:32:03 – 01:56:34:12
Rod Khleif
So a lot of them will self-finance it. You agree?

01:56:34:18 – 01:56:37:26
Onyi Odunukwe
Yep. And a lot of them actually have the real estate with the business, right.

01:56:37:26 – 01:56:43:00
Rod Khleif
There you go. So. Well listen, brother, I appreciate you coming in. It’s been a lot of fun for me.

01:56:43:00 – 01:56:44:03
Onyi Odunukwe
Perfect. Thank you so much.

01:56:44:03 – 01:56:44:15
Rod Khleif
You bet.