Why Mobile Home Park Investing Attracts Serious Investors
Mobile home park investing strategies continue to gain attention from experienced investors looking for stability, cash flow, and downside protection. In this episode, Carson explains why demand for affordable housing continues to rise while supply remains constrained. Unlike many other real estate asset classes, mobile home parks benefit from low tenant turnover, strong occupancy, and predictable operating expenses. These fundamentals make the asset class especially attractive during uncertain economic cycles.
The Economics Behind Mobile Home Park Cash Flow
Carson breaks down how mobile home park investing strategies differ from traditional multifamily ownership. In many parks, residents own their homes and rent the land, which significantly reduces maintenance costs and capital expenditure risk for owners. This structure creates consistent income while limiting exposure to interior unit repairs. Investors who understand these dynamics can improve margins without relying solely on aggressive rent increases.
Finding and Structuring the Right Deals
A major theme of the conversation centers on deal sourcing and execution. Carson emphasizes that successful mobile home park investing strategies often come from off market opportunities, direct owner outreach, and relationship driven acquisitions. Conservative underwriting, realistic expense modeling, and long term financing play a critical role in protecting investor capital. The episode also highlights why operational discipline matters more than chasing short term returns.
Scaling With the Right Mindset and Team
Beyond numbers, Carson shares insights on mindset, partnerships, and education. Building a strong team and surrounding yourself with experienced operators allows investors to scale responsibly while avoiding costly mistakes. Mobile home park investing rewards patience, discipline, and long term thinking more than rapid speculation. Investors who respect the fundamentals tend to outperform over time.
About the Guest
Carson is a seasoned real estate investor and educator known for his hands on experience and practical approach to investing. He has worked across multiple real estate strategies and is recognized for his ability to simplify complex concepts for investors at all stages. His focus on fundamentals, mindset, and execution has helped many investors build sustainable portfolios.
If you want to hear the full conversation and detailed insights, watch the podcast video or read the complete transcript below.
Mobile Home Investing FAQ
What are mobile home park investing strategies?
Mobile home park investing strategies focus on acquiring, operating, and improving communities where residents typically own their homes and rent the land. Investors emphasize stable cash flow, low turnover, and efficient expense management rather than heavy renovations. These strategies prioritize long term income durability and downside protection.
Why are mobile home park investing strategies attractive to investors?
Mobile home park investing strategies are attractive because affordable housing demand continues to grow while new supply remains limited. Parks often maintain high occupancy even during economic downturns. Lower maintenance costs and predictable expenses make returns more resilient than many other real estate asset classes.
How do investors generate cash flow with mobile home park investing strategies?
Cash flow is generated through lot rent, utility reimbursements, and operational efficiencies. Investors improve performance by tightening expense controls, professionalizing management, and gradually adjusting rents to market levels. Because residents rarely move their homes, income tends to remain stable over time.
What risks should investors understand with mobile home park investing strategies?
Key risks include regulatory changes, deferred infrastructure maintenance, and poor management practices. Successful investors mitigate these risks through thorough due diligence, conservative underwriting, and proactive capital planning. Understanding local zoning and rent regulations is also essential.
How do mobile home park investing strategies differ from multifamily investing?
Mobile home park investing strategies differ because owners typically maintain the land and infrastructure, not the individual homes. This reduces repair costs and capital expenditures compared to multifamily properties. Tenant turnover is also significantly lower, which stabilizes income and reduces leasing costs.
What role does property management play in mobile home park investing strategies?
Strong property management is critical to executing mobile home park investing strategies successfully. Effective managers handle rent collection, rule enforcement, and community relations while maintaining infrastructure. Good management directly impacts occupancy, resident satisfaction, and long term asset value.
Are mobile home park investing strategies suitable for passive investors?
Yes, many passive investors participate through syndications or partnerships with experienced operators. These structures allow investors to benefit from mobile home park investing strategies without handling daily operations. Due diligence on the operator and business plan remains essential.
How can beginners get started with mobile home park investing strategies?
Beginners often start by investing passively, partnering with experienced operators, or acquiring smaller parks. Education, mentorship, and reviewing multiple deals help build confidence and underwriting skills. A disciplined approach reduces risk and supports long term success.
Disclaimer: This summary was written with the help of AI and reviewed by Rod’s Team.
01:19:42:03 – 01:20:07:19
Intro
Welcome. This is the Lifetime Cash Flow Through Real Estate Investing podcast. This is where you’ll learn strategies to help you achieve lifetime financial freedom through real estate investment. Your host, Rod Khleif, has owned over 2000 homes and apartments, and he brings experts in all aspects of real estate investment and management onto the show. Now, here’s your host, Rod Khleif.
01:20:07:25 – 01:20:26:29
Rod Khleif
Welcome to another edition of Lifetime Cash Flow through real estate investing. I’m Rod Khleif, and I’m thrilled you’re here. I’ve got a really interesting gentleman in here today that came in from Atlanta. His name is Carson Olinger, and Carson has seven mobile home parks. Bought a total of about 200 units. And he’s got some other property as well and came down here just to add value.
01:20:27:00 – 01:20:39:17
Rod Khleif
You know, I asked people why they, why they wanted to get on the show, and usually it’s to get investors so this and that and use his he came in here just to add value, which I absolutely admire. Welcome to the show, bro.
01:20:39:19 – 01:20:41:02
Carson Olinger
Thank you. Appreciate being here.
01:20:41:07 – 01:21:00:15
Rod Khleif
I appreciate you being here. And so you know, and you’ve been at this a good bit. You’ve been at this for about seven years now. And so, why don’t you give us a little background. Because you’ve got quite a transition I think you did. You did some wholesaling, you did some other things. So why don’t you let us give us a little background on, on your history in real estate.
01:21:00:22 – 01:21:09:14
Carson Olinger
Well thanks, Ron. I’ll, I’ll be happy to. So I got started in 2017. I was working in the corporate environment for quite a long time and felt like my.
01:21:09:18 – 01:21:10:10
Rod Khleif
What the capacity.
01:21:10:13 – 01:21:29:13
Carson Olinger
I was in sales. I worked for a packaging company out of Indiana, so I was more or less autonomous and I just felt I was on the road. My kids were growing up on Skype back in the day when we had Skype, right? And I just needed to be home. And my wife was home alone quite a bit as I was traveling, and we did a lot of prayer to figure out where we needed to go.
01:21:29:13 – 01:21:48:17
Carson Olinger
And I found another opportunity to work at home. But it was in another packaging business which I bought into and still own today is kind of an ancillary side gig, but I really wanted to get into real estate, and when that packaging business started to go south, I recognized very quickly that this wasn’t going to sustain our lifestyle.
01:21:48:17 – 01:22:06:10
Carson Olinger
So my wife turned to me and said, you know, I’ve been praying a lot about you getting into real estate and you need to do it. And she gave me a lot of confidence to do that. And quite honestly, rod, I was scared and I was scared to get into it. I tried to do it with a partner back in oh eight, and that was the worst time to try and do it, and I’m glad we didn’t.
01:22:06:13 – 01:22:20:28
Carson Olinger
But I knew I had to have a plan, so I made some goals. I said, If I’m going to do this, I’m not jumping in feet first. I’m going in headfirst and we’re going to have a one year plan, a three year plan, and a five year plan. And I knew that this is a people business just like any other business.
01:22:20:28 – 01:22:29:24
Carson Olinger
And that’s what I did with sales. So I said I need to meet people. So I went to every single Reia that I could find in 30, 40, 50 miles in every direction.
01:22:29:26 – 01:22:42:18
Rod Khleif
By the way, guys, you know what a Reia is? It’s basically the predecessor to meet up groups. Okay. And so real estate investor Association meetings is what that stood for. And that’s where everybody started back in the day. Please continue.
01:22:42:23 – 01:23:04:14
Carson Olinger
So I went to all these Rias and I was just meeting people. And I was getting involved and I was asking all the silly questions because I didn’t know the language. I didn’t know real estate. I was like, hey, what’s two plus two? People would answer me and they would be willing to do so. And I found that fascinating that all these people that were involved with it, that had these great stories, had properties, been doing it for years, they’d probably forgotten more than I knew.
01:23:04:16 – 01:23:23:00
Carson Olinger
And they were answering my questions. And I recognized immediately there was a great network of people out there. So I cultivated that. I tried to find investors I could put on lists, and then I also tried to go out and find properties. But one of the things I recognized early on, rod was you had to have credibility. You had not only in your integrity but in your numbers.
01:23:23:00 – 01:23:40:00
Carson Olinger
You needed to know what you were going to do. And I didn’t know some of these things. So I reached out to some people I knew and I said, hey, I’m going to go look at this house. Will you walk it with me? Tell me what this house is needs in a rehab value. And then I’m going to tell you what I think it needs, and then we’ll figure out where I’m wrong.
01:23:40:03 – 01:23:51:22
Carson Olinger
And as a result, I’ll give you some money on the back end after I wholesale it. So I was getting an education without really having to pay for it, but I was sharing the profits and I recognized that’s the way to do it, because I didn’t have a lot of money.
01:23:51:22 – 01:23:52:20
Rod Khleif
So that worked.
01:23:52:22 – 01:24:00:13
Carson Olinger
It worked very well. Yeah. I mean, the first house I remember specifically I came out $7,500 is what I thought. And he was like, no, it’s more like 35,000.
01:24:00:16 – 01:24:01:09
Rod Khleif
Oh holy crap.
01:24:01:09 – 01:24:11:10
Carson Olinger
Yeah. It was way off. And I said, what am I missing? And he went through it all and I picked it up. So I understood concepts very well. Matter of fact, that first deal is a subject to acquisition. No kidding. Yeah.
01:24:11:10 – 01:24:27:28
Rod Khleif
And I love okay, so let’s just stop there for a second. All right. So, you’ve you’ve said a lot very quickly, one of the things you said was you did goals, okay, one, three and five year goals, which is one of the first things we do. I mean, is the first thing you do at one of my boot camps, okay.
01:24:28:00 – 01:24:43:09
Rod Khleif
And I mean, literally, how do you do how do you get anything? You know what it is. You know what the hell you want and why you want it. So. So you did it. Just just you just knew you had to do it, and you did A13 in a five year plan. That’s part of my goal setting workshop as well as I tell people, put a number how long it’s going to take you to achieve those goals.
01:24:43:09 – 01:24:58:24
Rod Khleif
And and we work through that process. So I’m really glad that you brought that up. So guys, those of you listening, if you haven’t done your goals, go to Rod’s lynx.com and go to the bottom. I’ve got my goal setting workshop there. I’m not gonna try to sell you anything. Go do it. Have your spouse do it. Have your kids.
01:24:58:24 – 01:25:14:08
Rod Khleif
If they’re over ten years old, do it. Set them up right to get going. But you got to get your goals done. All right? Now let’s talk about subject two for a minute because I I’ve done some subject two deals. And you have to be very careful what subjects you deals. So go ahead and talk about what that is.
01:25:14:10 – 01:25:23:15
Carson Olinger
So you’re right. Right. You have to be very careful because you not only have to protect your interest, but you also have to protect the seller. Right. And if you have any type of integrity whatsoever, you need to make sure that everybody is.
01:25:23:21 – 01:25:34:29
Rod Khleif
Well, you can go to jail. I’m sure there’s some federal laws now around subject two. You gotta be careful. They put people in jail back in oh nine and ten. What they called equity skimming were so. So describe what subject two is rather than have me tell them.
01:25:35:02 – 01:25:46:01
Carson Olinger
So basically you’re taking over a mortgage that somebody else has. Right. And typically those mortgages are somewhat upside down. So you may have to catch them up. So we would work with them to get those numbers to where we knew what the cats.
01:25:46:01 – 01:26:04:17
Rod Khleif
Were behind on their payments to catch up their payments. And then you’d basically step in and take over their payments. Correct. The difference between that and assuming a loan through an assumption is the lender really doesn’t know that it’s happened very often. You’ll use some mechanisms to kind of keep that on the DL. Like, a lot of people use land trusts and things like that.
01:26:04:18 – 01:26:22:04
Rod Khleif
We do. You do that, okay. So you throw it in a land trust, maybe in the name of the the person, the seller and the address of the property. And then you can transfer that beneficiary of the interest in the land trust, and mitigate the potential for what, lenders call a do on sale clause. Correct. You still have to be careful.
01:26:22:04 – 01:26:37:24
Rod Khleif
But, you know, I’ve, I’ve, I don’t think I’ve ever seen a lender do a do on sale for a transfer like that. Not to say they couldn’t. Right. But, but where people got in trouble. And I want to bring this up, if you don’t mind. Sure. My job is to protect yourself as much as it is to help you grow.
01:26:37:26 – 01:26:47:18
Rod Khleif
Is if you do one of these subject twos and you don’t make the payments and you collect the rents, it’s called equity skimming. And it’s a federal crime now, right? Just you get a you don’t screw around with that is my point.
01:26:47:18 – 01:26:48:27
Carson Olinger
And this goes back to ethics, right? Yeah.
01:26:48:28 – 01:27:11:20
Rod Khleif
Well it does yeah. Bottom line our number one core values integrity and all my companies. And but I just want to bring that up. So you talked about credibility circle back to what actually you talked about language as well. So that’s another thing. You got to learn the norm and claim you’re like, you know, if you come to one of my boot camps at the back of the manual that you get us all the there’s a glossary of all the terms you got to memorize and you got to you’ve got to know what a pref is.
01:27:11:20 – 01:27:30:22
Rod Khleif
You need to know what an Loi is. You need to know what a PSA is. By the way, the preface, the preferred return on investment, the is a letter of intent which starts the conversation with the seller, and the PSA is the purchase and sale agreement, which you got to know all that stuff. Absolutely right. So you got to learn the language and you learn that by being around people that do it right, by going to these Reia meetings and talking with them.
01:27:30:22 – 01:27:34:14
Rod Khleif
And you’ll learn the nomenclature, talk about credibility.
01:27:34:16 – 01:27:52:15
Carson Olinger
So credibility is twofold. One, obviously your handshake, you got to be a credible person. You got to know what you’re talking about. Right. The other thing is you have to know the numbers. And I got into wholesaling. My first goal was get into the business and wholesale. But as you know, wholesaling is an easy barrier to entry. There’s nothing really you going to put into it that there’s some time.
01:27:52:17 – 01:28:06:10
Carson Olinger
But I knew that if I wanted to have credibility for my two and three and five year plan, that I had to come out of the gate were the people that I’m going to to sell these properties wholesale. They’re going to want to come back to me later to do a fix and flip, or maybe borrow money from.
01:28:06:12 – 01:28:16:11
Carson Olinger
So if I’m going to bring an investor out, that probably knows more than I do at that time, they got to know that the numbers I’m giving them are accurate. The RV, the rehabs are not wasting their time.
01:28:16:11 – 01:28:36:02
Rod Khleif
By the way, RV is after a paired value, which is a common term in this space. We’re kind of talking in the single family space right now, but we’re talking about his history. But I think it’ll add value to you to to go ahead and continue this conversation. But but yeah, that’s one of the things you got to calculate when you do a flip or a wholesale is what’s it going to be worth after you fix it up, plus the RV.
01:28:36:02 – 01:28:36:12
Rod Khleif
Okay.
01:28:36:12 – 01:28:43:17
Carson Olinger
So that was the credibility aspect of it. I knew that if I can establish credibility by having the numbers right, that I would gain credibility in the market.
01:28:43:17 – 01:28:52:23
Rod Khleif
So that’s how you got the credibility was Rose by offering people a piece of the deal to come help you walk through it. The hands on. Got it. Okay. Perfect. Okay. Keep going.
01:28:52:26 – 01:29:14:02
Carson Olinger
So with that being said, I then evolved through the wholesaling process and to fix and flip my first fix and flip was a wholesale property. I couldn’t move and I had an investor come in and say, hey, I’ll buy it for your contract price, but I’ll pay for the entire renovation. You run it. Education. Right. And I’m like, I’m thinking, great, I’m not going to lose the contract.
01:29:14:02 – 01:29:19:09
Carson Olinger
I’m not going to make any money on the front end. But there’s opportunity to learn and an opportunity to make money in the back end.
01:29:19:09 – 01:29:21:01
Rod Khleif
Oh so he’s going to share a little in the back end.
01:29:21:04 – 01:29:23:00
Carson Olinger
He shared 50% of the deal 5050.
01:29:23:00 – 01:29:24:02
Rod Khleif
That’s a hell of a guy. It was.
01:29:24:02 – 01:29:40:06
Carson Olinger
Great. And he saw that I had some potential I guess. And we did other things together down the road. But it gave me an opportunity. And a lot of people say, well, I’m not going to take that. I’m not going to make any money. But I saw the potential there to gain make any money. We did. We were actually wind up making about 10,000 each.
01:29:40:08 – 01:29:40:29
Rod Khleif
Fantastic.
01:29:40:29 – 01:29:43:02
Carson Olinger
Yeah, I thought so is better than anything you.
01:29:43:02 – 01:29:51:24
Rod Khleif
Learn and you learned rehab. I’m sure you stub your toe a few times. Oh, yeah. We’re going to talk about that later. But we’re talking about some failures. I know you’ve got a YouTube channel that focuses on failures, right?
01:29:51:27 – 01:29:53:00
Carson Olinger
We’ll have a Facebook channel or.
01:29:53:00 – 01:29:53:21
Rod Khleif
Facebook or.
01:29:53:24 – 01:30:02:28
Carson Olinger
YouTube stuff. I would do a lot of educational stuff back when I was doing a lot of the fixes. So I would show people what not to do and how to do it, and what to look out for when you’re doing certain things.
01:30:02:28 – 01:30:09:12
Rod Khleif
Yeah, right. Well, you talked about Rias, and I know that you formed your own Ria, that you kind of let go, but you’re thinking about reinstituting it. What was it called again?
01:30:09:12 – 01:30:30:26
Carson Olinger
Front called Northpoint. Ria. It’s in the north side of Atlanta, but it’s an educational Ria. It was totally free, and we just wanted to help educate people and also grow our network. So we bring value to people coming in there from tax advice to right social networking, what have you. And then concepts of, you know, subject to acquisition, whether it’s, you know, deal structure, how to analyze deals, those types of things.
01:30:30:26 – 01:30:31:15
Carson Olinger
Sure.
01:30:31:17 – 01:30:37:04
Rod Khleif
Sure. That’s that sounds really good. Okay. So you started fixing flipping. You did that first one. Continue from there please.
01:30:37:04 – 01:30:48:23
Carson Olinger
So we fixed and flipped, I don’t know, teens 20 something in that range. We got into doing that and I recognized, hey one following my path my goals. This is a job I don’t want a job. I want a business.
01:30:48:23 – 01:30:52:12
Rod Khleif
Flipping and wholesaling as a job. It was you. Every January 1st you go back to work.
01:30:52:12 – 01:30:52:25
Carson Olinger
You got.
01:30:52:26 – 01:31:02:14
Rod Khleif
Which is why we’re here, because the name of my podcast is Lifetime Cash Flow for a reason. And that means you create annuities. Basically, you’re buying assets that throw off cash flow for life.
01:31:02:14 – 01:31:02:23
Carson Olinger
Yep.
01:31:02:25 – 01:31:04:10
Rod Khleif
So you got the memo.
01:31:04:17 – 01:31:22:05
Carson Olinger
I did well, I got it early on. And that was part of my goals. I wanted to wholesale to get into the business, fix and flip to make significant money. Right. And then save the money and then get into long term buy and hold, which is what we started doing. I bought my first duplex in 2019 and it was a wreck, but I renovated it.
01:31:22:05 – 01:31:25:29
Carson Olinger
I got it for like $70,000. Nice. And we put 30 in it in.
01:31:25:29 – 01:31:26:11
Rod Khleif
Atlanta.
01:31:26:11 – 01:31:43:18
Carson Olinger
Somewhere. It’s in a northern suburb. It’s a submarket of an okay, in a little town called Khleifland. But it’s just outside the mountains. Great little area, but long term tenants. And then I’ve had some tenants in there for the whole time. Well, but, it’s now probably worth you know, 300, 220,000. Nice. It’s so it’s doing well.
01:31:43:18 – 01:32:01:27
Carson Olinger
I’m holding on to that asset. And then I bought a single family home and rented it as well and did well. I’ve since, got rid of that asset, but then I found a mobile home park. And so one thing I did was I did things that other people didn’t. I recognize that people are buying lists to find properties.
01:32:01:27 – 01:32:21:04
Carson Olinger
People are looking through the tax records and and doing all these things that are easily accessible. The low hanging fruit. And I found myself calling the same people. These other people were calling and I said, I need to do something different. So we focused on dispossess trees. I went and looked at evictions. I physically went down to the courthouse, pulled evictions, and I.
01:32:21:04 – 01:32:22:08
Rod Khleif
Called those owners, called.
01:32:22:08 – 01:32:22:15
Carson Olinger
Those.
01:32:22:15 – 01:32:37:11
Rod Khleif
Owners. I teach this crap at my boot camp, and I finally met someone that actually does it. I love it. I mean, this is one of the strategies I talk about for finding deals. Very see, and I and I pre frame this by saying if you’re willing to do what other people won’t, you will always be a success.
01:32:37:11 – 01:32:58:04
Rod Khleif
Yes. Like me knocking on doors of people in foreclosure, you know, 30 years ago or 40 years ago and bought hundreds of houses that way. And so you just went to the evictions. Listen, when a seller is evicting or an owner is evicting someone, they’re not a happy person. No. How did you ever go to eviction court and watched the glee on a on a judge’s face when he realized they did the paperwork wrong, and he starts them all over again?
01:32:58:04 – 01:32:58:24
Carson Olinger
I never did.
01:32:58:24 – 01:33:13:01
Rod Khleif
That. Oh, I’ve been a part of it. If you’re masochistic or if sadistic, a matter which which it is. But if you want to see, oh, the judges love it when somebody screws up the paperwork, right owner and they have to start all over again. You want to talk about a pissed off owner? That’s okay. But yeah, you’re catching them when they’re motivated.
01:33:13:01 – 01:33:26:07
Rod Khleif
Motivation is everything. And I get people to call me and say, you know, I can’t get this. I can’t get the seller motivate. I’m like, you’re not going to motivate somebody. It has to be their divorce, death. You know, evictions, you know, tired, sick, whatever.
01:33:26:07 – 01:33:36:07
Carson Olinger
Yeah. And that’s what we focused on was motivation. Yeah. And I recognized early on I said, if I go spend the time and look for these dispossessed trees, they’re going to change every week. Every month I’m getting new.
01:33:36:07 – 01:33:36:21
Rod Khleif
Newly.
01:33:36:21 – 01:33:52:13
Carson Olinger
New leads, but I get something out of the call. I have their phone number, so I’m not doing letter campaigns. I’m calling these people directly and they’re usually typically, you know, as well as I do, most of these owners are probably some of the inherited property. Once you choose you kind of stuff, but a lot of them may have more properties.
01:33:52:20 – 01:33:54:25
Carson Olinger
So I either got to deal with them.
01:33:54:25 – 01:33:56:16
Rod Khleif
How many properties do you think you got that way?
01:33:56:23 – 01:34:06:00
Carson Olinger
Well, my first mobile home park. No way. I called on a single dispossessed tree and I said, would you be willing to sell that unit? And he goes, no, but I’ll sell you the mobile home park. And I was like, that.
01:34:06:00 – 01:34:06:25
Rod Khleif
Was a seven unit.
01:34:06:25 – 01:34:08:15
Carson Olinger
You talked 2727.
01:34:08:15 – 01:34:08:23
Rod Khleif
Unit.
01:34:08:23 – 01:34:10:24
Carson Olinger
That was my first actual mobile home park. No.
01:34:10:25 – 01:34:12:02
Rod Khleif
27 good for you.
01:34:12:02 – 01:34:16:19
Carson Olinger
And then we structured that whole thing with bank and owner financing and some money down.
01:34:16:19 – 01:34:18:01
Rod Khleif
So we did some creative stuff.
01:34:18:04 – 01:34:20:25
Carson Olinger
Very much so. And that’s really what we do now is a lot of dealer.
01:34:20:29 – 01:34:23:01
Rod Khleif
You got some bank financing on it I did.
01:34:23:03 – 01:34:24:19
Carson Olinger
Well I did it was really.
01:34:24:19 – 01:34:27:01
Rod Khleif
That can be tough on on smaller mobile home parks. But it.
01:34:27:01 – 01:34:29:19
Carson Olinger
Was and we only got a 50% loan to value from the bank.
01:34:29:20 – 01:34:32:03
Rod Khleif
Then. Yeah 50% they’ll typically feel comfortable with.
01:34:32:05 – 01:34:39:27
Carson Olinger
They did. But the nice thing was I didn’t have any experience. But the man who sold it to me wanted to stay on as the on site manager.
01:34:40:02 – 01:34:41:25
Rod Khleif
Oh, wow. Yeah. So I lived there.
01:34:41:25 – 01:34:50:06
Carson Olinger
He lived there and I gave him his rent for free. He did all the maintenance for free. Other than just paying for the actual materials, it’s still to this day.
01:34:50:07 – 01:34:51:04
Rod Khleif
He’s there to this day.
01:34:51:04 – 01:34:53:20
Carson Olinger
To this day. Oh that’s crazy. Bought it in 2019.
01:34:53:20 – 01:34:58:27
Rod Khleif
No kidding. That’s crazy. Well,
01:34:59:00 – 01:35:04:23
Rod Khleif
I, I kind of want to talk about mobile home parks a little bit, but I sure you still have more to your story. We could circle back to that.
01:35:04:25 – 01:35:06:06
Carson Olinger
Well, that’s really the evolution.
01:35:06:08 – 01:35:07:09
Rod Khleif
That’s that’s okay.
01:35:07:14 – 01:35:09:23
Carson Olinger
Wholesaling to flipping to right into the. Yeah to the.
01:35:09:23 – 01:35:11:18
Rod Khleif
Multi-Site. I know you want to go larger.
01:35:11:18 – 01:35:19:24
Carson Olinger
Now we are going and we just bought a bought a better asset. We did a 1031 exchange from a mobile home park into an apartment complex.
01:35:19:24 – 01:35:27:19
Rod Khleif
How many units? 14 or 14. Okay, just small apartment complex. Yeah. He told me he wanted to go larger. I’m like, dude, if you’re in the right spot for that, we’re trying.
01:35:27:19 – 01:35:29:07
Carson Olinger
Yeah, yeah, we’re trying to get tell me.
01:35:29:07 – 01:35:49:25
Rod Khleif
He’s been suffering and suffering through my podcast started at number one and done a whole bunch of podcasts, like, man, that sounds painful to me. But, anyway, so mobile home parks. Now, I know a lot about the business. My brother owns several large parks. One of my best friends is Kevin Bob. I don’t know if you know that name, but no do.
01:35:49:26 – 01:36:19:07
Rod Khleif
Oh, he’s got thousands and thousands of pets. And, and you said that you have all park owned homes. The majority. Yeah. The majority. See, the strategy for most operators is they’ll buy a park and they’ll sell the park owned homes to the residents. So they’re just renting land. Yep. And and that’s the most popular strategy because, you know, if you own the if you own the home, you know, those things aren’t made that well and they break down and depreciate.
01:36:19:07 – 01:36:34:08
Rod Khleif
You’re talking about the toughest demographic probably that rents right now. And so they’re not easy on them either. And they have no pride of ownership if they don’t own as well. So you have that component. So tell me how you get around all of those issues. Well, we.
01:36:34:08 – 01:36:50:12
Carson Olinger
Actually try and buy value at. So we’re looking at these to cash flow day one okay. We’re not buying on equity long term. But that does happen. We want to make sure we’re getting these things at the right price okay a lot of these as you well know rot are not managed properly. So they’re just back of the napkin kind of stuff.
01:36:50:18 – 01:37:06:03
Carson Olinger
So we’re buying them typically in the teens cap rate. So okay we’re getting value there I think. And then obviously they come with inherent problems. So what we try to stabilize the property. Then once we get it stabilized we then go to the tenants assuming we don’t have a lot that are in.
01:37:06:03 – 01:37:06:29
Rod Khleif
So you convert them.
01:37:07:04 – 01:37:07:25
Carson Olinger
We try to then.
01:37:07:25 – 01:37:26:15
Rod Khleif
You try to sell them the homes. Good good good. See you’re doing the model right. You just do it. Just doing a little slower maybe, than some of these larger operators that pop in and immediately put everything up for sale. Okay. Got it. Okay. Yeah. Because that is that is the the most successful I think in profitable model is to is to convert them and and basically you can sell them the home and they make payments on the home.
01:37:26:15 – 01:37:43:00
Rod Khleif
And they can be paying the same amount of money to monthly as if it were if, if you owned it. Right. Maybe. But they might even be paying a little more when you sell it to them, and you’re basically loaning them the money to, to to buy that home. So they’re paying you lot rent, plus the home price paid out, you know, amortized.
01:37:43:00 – 01:37:47:06
Rod Khleif
Sure. And so it could be about the same amount of money. But then they have pride of ownership like they.
01:37:47:07 – 01:37:48:22
Carson Olinger
They take care of the problem take care of it better.
01:37:48:22 – 01:37:49:28
Rod Khleif
Yeah of course they do. Yeah.
01:37:49:29 – 01:37:58:24
Carson Olinger
And then what’s interesting about that on the back side right is a lot of them when they have to move, we have a right of first refusal to buy it back. Right. So then we can get the property back and then do it again.
01:37:58:24 – 01:38:23:16
Rod Khleif
Get get the get the home back exactly. Home back on the on the on in the mobile home park. So, so you were completely self-taught in this. You didn’t, like, do any courses or anything like this? This is all. So you just went to Rias and and talked to people. It’s a great way to learn. You know, I tell my warriors, my coaching students, getting connected with other warriors and building relationships is more important than learning the business and going suffering through my course that they get access to.
01:38:23:20 – 01:38:46:22
Rod Khleif
You know, it’s more important that they make connections. And they’re like, are you serious? Yeah. I’m like, yeah, that’s more important than learning right now is those connections. So now you just did it, organically. So, talk about some of the, some of the seminars, you know, I call them seminars. Talk about some of the seminars or failures or setbacks or you got your butt kicked on some of these deals because everybody’s got them.
01:38:46:23 – 01:38:47:08
Rod Khleif
We do in this.
01:38:47:08 – 01:39:04:13
Carson Olinger
We got them. Some of them weren’t as painful as I’ve heard that right. They had their own own pain levels. My first one I mentioned to you a little while ago, the one where the wholesale deal turned you flip. So we were trying to move through it. We did not do a termite inspection, and the crawl space was accessible on one side of the house.
01:39:04:21 – 01:39:27:03
Carson Olinger
But as you went to the other side, it got too narrow and neither one of us wanted to crawl up in there right? It turns out there was termite damage that that that compromised the, the substructure of the home and a lot of the floorboards and stuff. And so we wound up having a about another $10,000 that we didn’t expect to spend that we had to deal with because the termite inspection, which we did not do on the front end, came up negative.
01:39:27:03 – 01:39:30:21
Rod Khleif
Okay. There’s there’s there’s seminar number one. We would termite inspection.
01:39:30:25 – 01:39:35:13
Carson Olinger
So we’ve always just self you know, we’ve done all of our own due diligence.
01:39:35:13 – 01:39:56:06
Rod Khleif
Oh you do your own termite inspection okay. That’s fantastic. Now let me let me say something else guys. Because you know, in in our world you will do seller finance deals. And now lender will always require a termite, but they’ll also always require a phase one environmental report I’m going to tell you. So I’m just going to take 30s from this great interview to tell you something important.
01:39:56:11 – 01:40:21:27
Rod Khleif
First, you’re going to get tons of great information from listening to my show. If you really want to learn real estate, but you’re not going to get all the specific nuances, you need to be able to go actually take action in this business. But you will get all that. And my virtual bootcamp that’s coming right up now. I teach every important aspect of this business there, from building your team to picking your market to finding deals, to evaluating those deals, to financing those deals, to raising all the money you need for them, and just a lot more.
01:40:21:29 – 01:40:39:11
Rod Khleif
And because you have to take action with what you learn, you know what I’m going to spend time on helping you build the mindset to take massive freaking action so you can create that life you and your family deserve. And also, for a short time, I’m including over $3,000 in bonuses with your $47 ticket. Yeah, $47 less than the price of a lunch.
01:40:39:15 – 01:40:57:29
Rod Khleif
You can come spend two days with me. I don’t sell anything and you can get started immediately. So make a decision that you’re going to go out there and build lifetime cash flow for yourself and your family. Text the word bootcamp to seven, two, 345 or go to Rod’s bootcamp.com right now. I promise you’ll be glad you came again.
01:40:57:29 – 01:41:18:11
Rod Khleif
Text bootcamp to 72345 and I’ll see you soon. Even if you’re doing a seller finance deal and they’re not requiring either of those things, you should always do them because especially them. The phase one. If you buy a property that at one time could have been 50 years ago, was it was, you know, a gas station or a dry cleaner or whatever.
01:41:18:17 – 01:41:38:13
Rod Khleif
You know, I don’t care if you just bought that property yesterday and they find something that’s dangerous. EPA find something you’re paying for. It doesn’t matter if you just bought the property. So, yeah, you always should do those two things. Now you can inspect yourself for termites. Sure. That’s not rocket science. I tell the story. Fixing it can be rocket science because I tell the story.
01:41:38:13 – 01:41:51:23
Rod Khleif
I have a guest house here, and I have this beautiful tree behind the guest house. And I saw termites coming out of the door in the guest house when I sit in my patio. So I’m like, okay, I can fix this. So we dug a trench all the way around this thing, and I poured the termite solution. I killed this beautiful tree.
01:41:51:26 – 01:42:01:06
Rod Khleif
Yeah. So anyway, I digress, but anyway. So so, okay, so that was the first one to talk about another one, because I know you’ve got that. You’ve got that Facebook group with seminars and failures on there.
01:42:01:06 – 01:42:20:18
Carson Olinger
Right. So another one was we so I had the termite issue, but we had a property we just got out of about a year and a half ago, and we had a lot of issues with our contractors during Covid, and it delayed us and delayed us and delayed us. And one of the problems you run into is understanding when you need to order material.
01:42:20:20 – 01:42:39:26
Carson Olinger
So doors and windows take longer, I guess, than most other products. Yeah, right. And we didn’t see that and we ordered our doors too late. And what happened is it held up our flooring and everything else that needed to go in, because all of our door jambs needed to go in. And it was a real headache and it pushed us back too much.
01:42:39:28 – 01:42:57:22
Carson Olinger
And what happened as a result of that is the market shifted. We were hoping to get in the market like in June. We didn’t get on the market till August, and when that happened, the interest rates were up, the craze and the industry was down, and we lost probably 2 to $300,000 worth of potential equity. We still made money on the house, right?
01:42:57:23 – 01:43:02:08
Carson Olinger
But it was not smart on our part. We should have thought that through a little bit better.
01:43:02:08 – 01:43:20:03
Rod Khleif
Just the sequence of the of the construction. Yeah. I mean, guys, if you’re going to do a rehab like that, by God, you better have a GC helping you or somebody that’s done it before that knows these things. Because, you know, if you know and you’ll see, you’ll see some of these guys that will come in a remodel will come in and they won’t do the sequence right.
01:43:20:03 – 01:43:40:16
Rod Khleif
Like they’ll, they’ll, they’ll paint after the floors are in or they’ll paint after the new light fixtures or, and they get paint all over everything. And that’s very common. So it’s got to be sequenced properly. And yeah, certainly material purchasing is another big thing. So as you as you’re going through this, this evolution that you went through in the business, talk about some epiphanies that you had.
01:43:40:16 – 01:43:44:22
Rod Khleif
Talk about some moments. You’re like, okay, I know, I know what I need to do.
01:43:44:25 – 01:43:47:22
Carson Olinger
So we were just talking before the show that.
01:43:47:24 – 01:43:48:08
Rod Khleif
Once.
01:43:48:08 – 01:44:04:00
Carson Olinger
You realize you need to hire somebody, you might not have the financial means to do it, but if you’re recognizing that fact, you need to do it. And I didn’t recognize that I was hesitant to do so. I was fearful that how am I going to pay somebody to join my team when I don’t have the new business to get there?
01:44:04:00 – 01:44:05:28
Carson Olinger
But I need the new person on my team to.
01:44:05:28 – 01:44:10:06
Rod Khleif
Get to do this right. It’s that it’s the cart. The horse. Yeah, exactly.
01:44:10:09 – 01:44:14:19
Carson Olinger
So I now am not fearful. I don’t let fear hold me back.
01:44:14:19 – 01:44:17:20
Rod Khleif
And then let’s talk about fear for a minute. You told me you were fearful before.
01:44:17:20 – 01:44:18:04
Carson Olinger
I was scared.
01:44:18:04 – 01:44:29:22
Rod Khleif
You first got into this business. You had that. You had that W-2 job. Bills were being paid, but not great. But I mean, you didn’t love. You were traveling a lot. How did you push through the fear?
01:44:29:24 – 01:44:48:21
Carson Olinger
My wife. A lot of prayer. My wife gave me a lot of support, which I to this day, she still does. And I think now she’s been listening to your podcast as well. So she’s giving me a lot of positive. You see it through different eyes. It’s great. But she’s been very supportive. So I pushed through because, you know, you always talk about you like, what’s her name?
01:44:48:29 – 01:44:49:23
Carson Olinger
Her name is Elizabeth.
01:44:49:28 – 01:44:52:25
Rod Khleif
Elizabeth, thank you for pushing him. Okay. Great job.
01:44:53:01 – 01:45:08:11
Carson Olinger
But you know, through a lot of prayer as well. We really were trying to think where we need to be because our family is my why. We talk about that a lot, you know, why are we doing this? And I love real estate. I just loved it. I’ve always loved it and I wanted to do it. And so once I got that first deal, I said, you know, I can do this.
01:45:08:11 – 01:45:10:13
Carson Olinger
It’s just a matter of adding a zero at the end or.
01:45:10:13 – 01:45:27:02
Rod Khleif
You just you generalized it by doing it. Yeah. And, and you know, it’s it really we call it a courage muscle. You know, everybody, everybody that’s sat in that couch started with a house or a duplex. I mean, very few exceptions. I can maybe think of 1 or 2 that went right to 100 unit complex. It’s very unusual.
01:45:27:07 – 01:45:40:05
Rod Khleif
We have that courage muscle and you know, and I see it with my students as well when they’re going after a large deal. The law of the first deal, it’s the scariest. It takes the longest, it’s the most stressful. And then they get one. Next thing I know they have 3 or 4. I’m like, what the hell just happened?
01:45:40:08 – 01:46:03:05
Rod Khleif
Because it’s all psychological, right? But, so what do you think? You know, and so you’re in acquisition mode now. You want to start doing some larger deals. You just took down a 14 unit, maybe want to go bigger. What do you think is the most challenging part of your, of of what you’re doing right now? What do you think is the most challenging and maybe the least, fun?
01:46:03:08 – 01:46:07:27
Rod Khleif
And then I want you. I want you to tell me what you enjoy the most as well. But let’s start with the challenging first.
01:46:07:27 – 01:46:29:27
Carson Olinger
So the challenging thing right now is deal acquisition that I’m doing, which I’m responsible for, coupled with operations. We self manage and we’re able to do that effectively and save some money. But I’m finding myself spending a lot more time on operations because we’re building our team up, getting more proficient. So we’ve been focusing this year on operational efficiencies, which we’re getting better at.
01:46:30:00 – 01:46:52:22
Carson Olinger
And so knowing now that we want to scale up to larger properties, we need to be more effective so we don’t make larger mistakes, especially as we’re changing from mobile homes into apartments, into better asset classes. There’s less margin for error because you’re cap rates are a little bit lower, and you’ve got a lot more moving parts, typically because you’ve got singular roof structures under multiple tenants or over multiple tenants.
01:46:52:22 – 01:47:07:09
Carson Olinger
So I find it challenging right now to distance myself from the operations, but at the same time improve the operations. But then the analytics of these deals are a little bit more in depth from all the due diligence to the numbers. And we have a good IRR.
01:47:07:11 – 01:47:08:29
Rod Khleif
Analytical person on your team.
01:47:09:01 – 01:47:10:01
Carson Olinger
That’s me.
01:47:10:03 – 01:47:10:14
Rod Khleif
That’s you.
01:47:10:14 – 01:47:14:05
Carson Olinger
Well, and my other partner I’ve got I got two partners and we’re pretty good I.
01:47:14:05 – 01:47:32:04
Rod Khleif
Mean I mean you’re the mouthpiece I can see that right now. Right. You’re a great communicator like me, but I’ve partnered with a CPA and super analytical people on my team to to get through it, because it’s not me. I can read a spreadsheet. I don’t like it at all. You know them. You can throw an A in a room with a spreadsheet, throw a raw meat in once they’re happy.
01:47:32:04 – 01:47:34:13
Carson Olinger
You know, we’ve got a partner on our team that he’s really good.
01:47:34:13 – 01:47:58:10
Rod Khleif
Okay, good. Because you got to have that. I mean, it’s this business primarily empirical. It’s primarily numbers. You get the numbers right. You ask all the right questions. Pretty hard to make a major mistake. But, okay. So, so that’s your least favorite part is, is dealing is, is, is handling the operations while you’re handling acquisitions, by the way, back to back to something you said you were afraid to hire somebody.
01:47:58:10 – 01:47:59:27
Rod Khleif
What was your first hire? I’m just curious.
01:48:00:01 – 01:48:03:11
Carson Olinger
So we hired basically an assistant to run our operations.
01:48:03:13 – 01:48:25:09
Rod Khleif
That’s what I do. You were going to say, guys, I get this question all the time for my students. I get it from people that listen to the podcast. You know what? What should be my first hire? It’s always an executive or virtual assistant. Somebody. Somebody to help you with. I mean, listen, I love to ride my lawnmower around on my lawn and and and and and and do stuff with my hands.
01:48:25:09 – 01:48:41:24
Rod Khleif
But it’s not the best use of my time, right? Yeah. Swinging a hammer is not the best use of my time. And so, you know, you’ve you’ve got to look at the things that you do. And if you can leverage those things to an assistant or a virtual assistant or an executive assistant or personal assistant or whatever, that is usually always the best first hire.
01:48:41:25 – 01:48:43:04
Carson Olinger
And she was also my real estate agent.
01:48:43:04 – 01:48:59:02
Rod Khleif
Well, perfect. Perfect. There you go. Boom. Okay, so, so, you know, I, you know, I have a lot of listeners that want to do this, and I’m so grateful for you coming all the way down here to do this. Brother. I really appreciate that. Where your heart’s at and the why for you to come here. Because. Very unusual.
01:48:59:02 – 01:49:16:22
Rod Khleif
Usually people want something and and so, you know, speak to the those listeners that like you were just getting started haven’t, haven’t done a lot yet. Maybe you’ve done a house or two. Give them some words of encouragement and or, you know, we’ll just what would you say to them?
01:49:16:24 – 01:49:42:19
Carson Olinger
Have a purpose. What are you doing it for? I love the architecture, I enjoy it. Yeah, I find this do fun, and I don’t find myself working until I get into the operations. That’s a little bit of work, right? It can be stressful, but the deal architecture, analyzing deals, putting together contracts, structuring creative acquisition strategies. I love that and what that’s done for my family is created a mentality.
01:49:42:22 – 01:49:44:26
Rod Khleif
And are you kids work at it?
01:49:44:28 – 01:50:05:15
Carson Olinger
My son older son sees the value in having passive income. He just turned 18 okay. And my younger son really loves the business and he’s a the other sales guy. He’s going to probably get into it as well. So they’ve got the fever. It’s just a matter of cultivating that the right way. But we have a thing in our family we call the Rea life, the real estate investing life.
01:50:05:18 – 01:50:25:21
Carson Olinger
And that’s the name of my boat. I put real life on my boat. It’s on my wave runners. It’s my it’s my actually my network at my home. So it’s a mentality. It’s hey, we have the autonomy now to do the things we want to do as a family. We can travel, we could spend time together. We can do the things we want on our schedule.
01:50:25:21 – 01:50:41:27
Carson Olinger
For the most part, and it’s just going to get better and better as we scale up. But at the same time, we’re helping other people, whether it be my tenants in the homes, providing them a good place to live or whether it’s other investors that we’re able to give knowledge to. Because you mentioned a little while ago I did it on my own to some degree, yes.
01:50:41:27 – 01:50:57:25
Carson Olinger
But I had a lot of people that influenced me. They gave me the right direction and the right words of wisdom at the right time to help get there, and I learn from them. And I say this all the time. I learn from people that have forgotten more than I know because I surround myself with people like that.
01:50:57:27 – 01:51:14:11
Rod Khleif
If you want, if you want to play tennis, do you want to play someone better than you were? Worse than you? I mean, hello, right? I formed a mastermind is really the largest in the world of multifamily investors. Pray about 4045 billion in assets in there. I kind of slowed down on it because it’s just consuming. But I want to be around people think what I think is hard is easy, right?
01:51:14:11 – 01:51:31:05
Rod Khleif
Yeah. So I did it for the same thing you did. And, you know, I was I sometimes had to pinch myself that I’m leading groups of that have, you know, five, ten, 20,000 apartment units. And right at the time I didn’t have that. And so, you know, I had a lot of imposter syndrome, frankly. But but that’s how you learn Trial by fire.
01:51:31:05 – 01:51:57:05
Rod Khleif
You know, when I stand in front of a stage in front of a thousand people, I learn every single time I’m teaching this. And so, you know, but you got to get around it. You got to immerse yourself in it. Which is why the Reia group or meetup groups or whatever are so important. Guys, you got to get around people that want to do this, if nothing else, because of, you know, there’s so many people will default to a peer group that they go to school with or they work with, and those people may not have your best interests at heart.
01:51:57:05 – 01:52:01:06
Rod Khleif
They may love you, but they may hold you back out of their own fears or limiting beliefs.
01:52:01:06 – 01:52:01:24
Carson Olinger
Or absolutely.
01:52:01:24 – 01:52:34:23
Rod Khleif
Fear of failure or whatever. And sometimes it’s family, right? And I tell you, you love your family, but choose your freaking peers, right? So get around people that want more. So the reason my warriors, my coaching students kick ass, I mean, they’re over 200,000 units. It’s just blows my mind every day, almost in an hour. Facebook groups, somebody close in on something is crazy and and all those deals are done between warriors and or, for the most part done between warriors and and and so it’s it’s but you got to get around people that want more people that will encourage you and validate you and push you and praise you, rather than the ones that
01:52:34:23 – 01:52:42:05
Rod Khleif
will be scared and say, I remember my dad saying, you know, go get a real job. You know, he worked at Continental Airlines for 36 years and he got laid off.
01:52:42:05 – 01:52:43:01
Carson Olinger
Right? Right.
01:52:43:01 – 01:53:01:14
Rod Khleif
So what’s the real job? Right? Sure. You know, and, and and so, you know, my mom was always afraid of it, too, but but she pushed me, but, Yeah. So let me ask you this, as you’ve built these alliances with people because you’ve partnered on some of these deals, obviously that’s a part of this business is a partner.
01:53:01:14 – 01:53:12:25
Rod Khleif
And by the way, guys, if you’re going to think about doing this and get into a partnership, go to Rod’s links.com and download my book about the questions you ask before you get in a partnership. Have you had any partnerships fail?
01:53:12:27 – 01:53:13:12
Carson Olinger
I have.
01:53:13:12 – 01:53:15:03
Rod Khleif
Yep. See, we all have so hard.
01:53:15:03 – 01:53:16:05
Carson Olinger
A ship to steer. Yeah.
01:53:16:05 – 01:53:33:10
Rod Khleif
And is partnerships like a marriage. Easy to get into right. And hard to get out of. And I tell my warriors this to my students is like, you know, be careful. Do your homework on someone. Don’t get caught up in the emotion of it. Only do one deal to start you. Everybody, if everybody does have is a work ethic in their yeah, they have integrity and they do what they say they’re going to do.
01:53:33:10 – 01:53:35:16
Rod Khleif
But would you agree with all this? Absolutely. Yeah.
01:53:35:16 – 01:53:45:07
Carson Olinger
Yeah. I mean people wanted to give me a lot of money. Right. And I said let’s hold off, let’s walk before we run. Right. Make sure that we can do business together because it could go sideways either way. Yeah.
01:53:45:08 – 01:53:51:12
Rod Khleif
And it’s really important. And you also that it’s important to trust your gut. If your gut doesn’t feel right. Right. It. Would you agree with that?
01:53:51:12 – 01:53:51:29
Carson Olinger
Totally.
01:53:51:29 – 01:53:56:12
Rod Khleif
Yeah. Every time I’ve ignored it, I’ve had my butt handed to me, you know? And so, and.
01:53:56:12 – 01:53:56:25
Carson Olinger
My wife’s a.
01:53:56:25 – 01:53:58:22
Rod Khleif
Good. Oh, yeah, women are better at this. They have.
01:53:58:23 – 01:54:01:25
Carson Olinger
He tells me a lot of times you you think about that. I’m not getting a good feeling from them.
01:54:01:25 – 01:54:20:24
Rod Khleif
Yeah, yeah. And they could feel it. You know, your brain is so powerful, it can pick up on these micro nuances that you’re not consciously aware of. And, and, and it just trust it because it, your brain can see it if somebody is not congruent for example. So as you’re building your team now what is your team consist of.
01:54:20:24 – 01:54:26:11
Rod Khleif
Now you’ve got some partners. You’ve got a you’ve got some admins, you’ve got if you’re doing property management you probably have a couple people. Yeah I do.
01:54:26:12 – 01:54:43:11
Carson Olinger
Yeah. So we have two partners that we’re all in this together for the most part. And the properties we share, I have some properties I own by myself, but then we have two ladies that run all of our operations through different software programs. We’re using rent Manager, but we’re shifting over to Door Loop right now.
01:54:43:13 – 01:54:45:09
Rod Khleif
And the property management software.
01:54:45:09 – 01:55:02:00
Carson Olinger
Right. And then we’ve got a, VA out of India that’s helping us with one of our latest acquisitions, doing a lot of the calling and the follow ups on the, you know, because we get everything through the apps now. So that works really well. And then we’ve got a team of guys that can go from our properties because they’re not necessarily concentrated, but they’re in a decent enough area.
01:55:02:00 – 01:55:06:09
Carson Olinger
They’re only 30 minute drive, 40 minute drive, one way or the other. So we got a couple of guys that work.
01:55:06:09 – 01:55:07:15
Rod Khleif
For pretty.
01:55:07:15 – 01:55:22:19
Carson Olinger
Much. Yeah, yeah. But then some of the larger properties, like the one I mentioned to you earlier, we’ve got a guy on site that handles that. And then we inherited some people, quite honestly, from some of the acquisitions we kept him on. And then just, you know, whittled it down a little bit to make sure they were more, in line with what we wanted to do.
01:55:22:21 – 01:55:27:15
Rod Khleif
Yeah, that keep that seller. What a brilliant idea that way. Yeah. He gets to stay. And you, you own the place. That’s freaking.
01:55:27:15 – 01:55:31:09
Carson Olinger
Awesome. Can be my first foray into that business. I didn’t quite know what I was doing.
01:55:31:09 – 01:55:32:14
Rod Khleif
Yeah. So that perfect?
01:55:32:15 – 01:55:33:20
Carson Olinger
Yeah, I learned a lot.
01:55:33:22 – 01:55:50:22
Rod Khleif
Yeah. That’s fantastic. What a home run. So a win win really. And anytime you can do a win win it’s a it’s a home run. So you know knowing what you know now if you went back in time to 2017 when you started is there anything you might do differently?
01:55:50:24 – 01:56:12:23
Carson Olinger
I think so I, I would probably start off in the multifamily space duplex, just go right into buy and hold. Yeah, I think the only reason I did the other stuff was just to get name and credibility. And I guess out of my fear, knowing that there’s just a zero barrier to entry there, I didn’t have anything to risk, and I knew I could do it with other people’s money, which we have, but I didn’t know what risk that posed to me.
01:56:12:23 – 01:56:22:03
Carson Olinger
And what I found was there is risk, but it’s not as what we all think it is. Yeah, and I would have gotten started in the cash flow game a lot sooner than I did.
01:56:22:03 – 01:56:35:23
Rod Khleif
Now let me let me talk about credibility for a second because you brought it up a couple of times. I’m going to say this is why, again, a program like my warrior Group, and I’m not selling it right now because you can go do this on your own, but it’s so powerful because there are people in that group and there are people out.
01:56:35:23 – 01:56:47:12
Rod Khleif
If you go to Reia meetings, you’ll find people that own $200 300 doors, 400 doors. And that’s again, that’s the value of getting around people like that. Because if you can bring them a deal or bring them money for a deal, you’re in.
01:56:47:12 – 01:56:47:23
Carson Olinger
Yeah.
01:56:47:23 – 01:57:05:05
Rod Khleif
And you take down your first deal. Yeah. You won’t have the whole thing. Big deal. First of all, I would take ten, 20, 30, 40, 50% of something, over 100% of nothing any day. Number one. But number two, once you’ve taken down a deal or two, even if you only have 10% of it, 20% of it, then it’s on your resume and you have instant credibility.
01:57:05:05 – 01:57:21:10
Rod Khleif
But the other thing is, if you align with someone that’s got a few hundred doors, which is how my warriors do it, they go to somebody, say, yeah, and they and they align with them and they agree to work together. Say, yeah, well, we owned 500 doors. You use the keyword and you know, you don’t on them. It’s a, it’s a party to working with.
01:57:21:10 – 01:57:37:17
Rod Khleif
But you use the keyword and you’ve got instant credibility with sellers, with brokers, with investors. That’s how everybody does this. They they start with a sponsor that’s got some units and they or they align and join or start a team, but typically they’ll join a team to do their first deal or two. Sure. And they’ve got that instant credibility.
01:57:37:17 – 01:57:42:19
Carson Olinger
You mentioned earlier that you get 1 or 2 people. They give you some money.
01:57:42:22 – 01:57:43:08
Rod Khleif
Yeah.
01:57:43:11 – 01:57:59:03
Carson Olinger
I heard that early on. Hey, all you need is 1 or 2 investors and you’re thinking to yourself, well, they’re going to run out of money. The fact is they may run out of money, but if they made money, they’re going to tell for their friends. And really, we only have 2 or 3 investors and we’re cranking deals.
01:57:59:03 – 01:58:13:28
Carson Olinger
We’ve got 15 million in assets. Yeah. And it comes just from the leverage that we’re doing with banks. But we also have great relationships with our lending partners to make sure, of course. And then we’ve got all the creative stuff that we’re doing on top of the cash. So it’s just a it’s a machine that can just be scaled up.
01:58:14:00 – 01:58:21:02
Carson Olinger
And all you’re doing is adding a zero at the end. You know, you just move it from seven figures to eight figures and just keep going. Yeah, it’s just a number.
01:58:21:04 – 01:58:41:13
Rod Khleif
It’s a little scary on your first one. I will just tell you right now, when I was there for your first syndication, you’ll probably call me and freak out. And people do, but you get through it and it’s okay. So let’s talk about networking for a minute, okay? We talked about the fact that you went to all these Rias, and then you even did your own for a while, even though it wasn’t big yellow 15, 20 people at the time.
01:58:41:20 – 01:58:43:18
Rod Khleif
What was the benefit of that?
01:58:43:20 – 01:58:47:21
Carson Olinger
It was learning the language, because at first I was going to these Rias and I was like I said.
01:58:47:21 – 01:58:48:16
Rod Khleif
Earlier, I didn’t know, just.
01:58:48:19 – 01:58:51:20
Carson Olinger
Asking questions. And people were opening up and telling me.
01:58:51:22 – 01:58:53:06
Rod Khleif
What was the advantage on the networking.
01:58:53:08 – 01:59:07:26
Carson Olinger
Oh, from the networking side, everybody I met, I get a business card. Right now, it’s all digital, but I might literally get the business card I put them. I’d go back home the next day. I’d put them in a spreadsheet where I meet them. So I can always refer back years later and know where they were. And I got their email addresses and I put them on.
01:59:08:03 – 01:59:28:01
Carson Olinger
Or so at the time when I was wholesaling, I now had investors that would look to buy these deals. Okay. Over time, I got in front of I met my attorney through a Reia. I met, my accountant through a Reia, all these people that were interested in real estate insurance guys, all these different people that feed into the collective system of real estate in one shape or another.
01:59:28:04 – 01:59:38:00
Carson Olinger
My contractor, I met through another person at a Ria through a referral, and it just it kept building and building and building and the value there was it’s you can’t measure it.
01:59:38:00 – 01:59:40:18
Rod Khleif
It’s so now you’ve got a few thousand, a couple thousand people.
01:59:40:19 – 01:59:55:26
Carson Olinger
Yeah, I got a couple thousand people if I need to wholesale a deal tomorrow. Because, you know, one thing I wanted to do is create multiple streams of income. And just like the stock market goes up and down in different things, right now might not be the best time to be wholesaling and flipping, but cash flow has gotten us through the difficult times.
01:59:55:28 – 02:00:05:09
Carson Olinger
Yeah, and it’s a huge value if you’ve got that going for you and the ability to do some single family stuff on the side, you’ve got a lot of arrows in your quiver.
02:00:05:11 – 02:00:20:13
Rod Khleif
Yeah, no. No question. I mean, this business is a networking business. And that’s why, you know, that’s again that’s that’s why you need to get around people that are doing it and, and and that and you’ll learn that way. You’ll, you’ll, you know, it really is relation. It’s really who you know more than what you know it is.
02:00:20:15 – 02:00:30:24
Rod Khleif
And yeah. So what actions would you advise one of my listeners to take right now if they’re thinking about doing this?
02:00:30:27 – 02:00:38:18
Carson Olinger
It’s a great question. Find someone that knows more than you and tell them how you can bring value to their system.
02:00:38:20 – 02:00:39:22
Rod Khleif
Good. Yeah.
02:00:39:22 – 02:00:58:08
Carson Olinger
That’s good because in the long run, you’ll learn they’ll move something off of their plate under you that you can do. You know, you’ve got assets, you’ve got talents that they may not have, but you also have a lot of weaknesses. And maybe their strengths will build up your weaknesses. And collectively, you know, we’re all a team in this thing.
02:00:58:08 – 02:01:13:20
Carson Olinger
It’s it’s our people business. So go to people that you know are doing and say, what can I do to help your business grow? I have a deal. Maybe you’d like to fund it. I have a deal. Maybe you’d like to flip it. How can I can I manage the property for you? Can I learn the operations? What can you do to help them out?
02:01:13:20 – 02:01:20:00
Carson Olinger
And if you can do that, you’ll learn. And then you’ll bring value to somebody’s equation, and you’ll be brought into other deals.
02:01:20:02 – 02:01:21:00
Rod Khleif
Nice, nice.
02:01:21:01 – 02:01:27:05
Carson Olinger
But don’t be afraid. Like you said earlier, don’t be afraid to give up a part of the deal. Even if it’s yours. You’re bringing that to the table. There’s value there.
02:01:27:05 – 02:01:30:26
Rod Khleif
Absolutely. No. That’s how you start. That’s how you get going. That’s how everybody starts.
02:01:30:26 – 02:01:31:17
Carson Olinger
Yeah.
02:01:31:20 – 02:01:35:00
Rod Khleif
Well, I really appreciate you coming down. Thank you. Brother. It’s great to meet you.
02:01:35:02 – 02:01:35:19
Carson Olinger
My big.
02:01:35:19 – 02:01:39:07
Rod Khleif
Heart and, I you’ve added some tremendous value today. Thank you.
02:01:39:07 – 02:01:40:03
Carson Olinger
Well, thank you very much.
02:01:40:04 – 02:02:00:19
Intro
Thank you for listening to the Lifetime Cash Flow Through Real Estate Investing podcast. If you’ve enjoyed the show, please take a minute to visit iTunes and leave your comments. For more resources or to connect with us further, please visit our website at radcliff.com. Tune in next week for our next show.
