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Speaker 1: Then all you have to do is just figure out

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the last little bit I found to keep it in

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that order. That's the psychological difference between being able to

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buy a little bit of real estate or build a

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dollar by dollar, or just go like, Okay, let's find

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the opportunity first and tailor the money to it. And

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all of a sudden, the Papa raised it became very

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easy sell. Our financing became pretty intuitive, just because we

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just swapped the order.

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Speaker 2: You are listening to Carrie Let's Financial Survival Network, where

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you get valuable information you just can't find anywhere else

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to thrive in today's trying times. You need the Financial

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Survival Network now more than ever. Go to Financial Survivalnetwork

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dot com and get your free newsletter and gift. Financial

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Survival Network now more than ever.

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Speaker 1: And welcome.

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Speaker 3: You are listening to and watching the Financial Survival Network.

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I'm your host, Carrie Let's. Well, you know I love

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entrepreneurial success stories. You know the is it all saying?

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You know you can tell any story you want in

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Hollywood as long as it has a happy ending. Well,

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happy endings happen in life too. Christian osgood is with me? Now?

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Christian you went from managing just two units to thirty

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eight in a matter of weeks, and you kind of

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never stopped. Now you're taking a breath, you're moving your home,

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You've accomplished your goals.

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Speaker 1: Hey, let's hear your story. Thanks for me. I love

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getting the shore. This strike's been It's been a little

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bit unusual, and I'm not a fan of real estate

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being get rid quick, but a lot of the adventure

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after eight years of building happened in a relatively short

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period of time. So I am very excited to get

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to share some of the journey here with everyone. Hey.

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Speaker 3: So, yeah, two units and you said, gee, this real

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estate thing is good. I want to do more. But

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you know a lot of people too. How did you

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make the transition? So I had I'd always wanted to

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own real estate as long as I can remember.

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Speaker 1: I remember being a kid looking around and just having

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the realization every single building someone else owns, like there

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is a there's an owner for every single building, So

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there must be a way to play this game. I

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remember having that thought in like high school. Fast forward

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through college. My first job, second job, third job, I

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was told you have to save by real estate, and

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that's what they did. I had an eight year career.

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I bought a single family live and flip, did the

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house hack thing that I learned on Bigger Pockets. So

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had a roommate, picked up the condo, sold it for

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a pretty good profit. Eventually bought two duplexis, so I

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got the four units. I married my wife. The two

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units cash flow to total or sorry, the four units

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two rentals cash float about two thousand dollars a month,

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which is the same as my mortgage in my little

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house in the rents and Washington. So my real estate

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was paying for my real estate, which felt pretty good

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until I looked back at my goals and I was like,

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wait a second, it's cool that my rentals paying my mortgage,

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but that took eight years. I don't know that I

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want to wait another eight years. Do you have another

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two thousand dollars a month in cash flow? If the

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goal is financial freedom, the goal is retiring the wife,

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I have to find a way to accelerate this. Around

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that time, that's when COVID nineteen hits, so we had

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all the businesses decided to shut down, and it was

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a great time to actually sit at home and think,

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what do I actually want to do and how would

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I strategize. I've found a company in Cooma, Washington that

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I worked out, and while my boss there was a

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I'm quite honestly a terrible business person. I mean he

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was not good. He was very good at creative finance.

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He was good at buying properties and then shortly after

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losing them. He could buy anything, he could raise money

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for anything, did not do the math on how to

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keep it. So I built my entire business off the

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principle how would I buy it and how do I

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never lose it? The answer to all cuts into the

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chase that the answer is long term cash flowing picture

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ate debt. Like that's what I came up with. I'm like,

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if you can fixture variables and your property pays you

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to wait, and you own anything for a long period

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of time, it will make money. So I watched this

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guy buy all this stuff, like my boy, he could

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just hold it all, he would be rich. So let's

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come up with a path to do that, which ended

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up being actually fairly simple. First significant deal I did

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was a thirty eight lex. I had a business partner

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at the time, Cody Davis, my first ever business partner,

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one of many over the years, and he had figured

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out some of the sellar financing stuff he had. At

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the time, he was twenty one years old with thirty

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rental property and I looked at that at the time

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being twenty nine and said, hey, wait, second, you have

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no income. You'd only had one job. By the way,

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he'd worked a Safeway forbably twenty four minutes, and I

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was like, this is not for me. So he had

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had basically no job, no income, and had found a

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way to acquire and hold thirty rental units two twelve plexes,

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one six. When I was interviewing him as one of

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my first owner meetings, so how did you build what

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you built? He's like, well, I just found like we

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all we have to do is figure out where they

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bash alone and just walk into terms like well, how

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would I get thirty units by thirty if I'm twenty

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nine And he's like, well, I don't know that I

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can help you because I need to take out a

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thirty eight un building and I've wanted to take this

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out forever. I need a partner to share the work with.

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What if we partnered and took out us thirty eight together?

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And so that was the first deal we did sell

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our finance so cool five percent financed by the seller.

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So day one starting our deal was eighty five percent funded.

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All we had to do is go, okay, we found

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a building that we want to buy. We think we

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can make this cash flow. It is going to be

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a project. Mean you guys who can work on this

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basically full time. And it's already eighty five percent funded.

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We just have to find fifteen percent of the money.

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I think we can do this, And so we put

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it on a contract in a way we went.

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Speaker 3: That's an incredible story. So then you said, hey, this

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is this is nice. Let's do it again. So it

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became like a wash lance repeat right more or less,

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and every deal is a little bit unique. You have

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to figure out what is the deal, what's the actual opportunity,

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what debt options are available? Again, that's how we got

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an eighty five percent funded. I'm like, okay, well we're

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already five percent done.

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Speaker 1: And then if you need to raise additional capital, you

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just figure out the equity piece last. It always goes

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to that order deal debt equity. I see a lot

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of people try to figure out the money first, especially

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when you don't have any Yeah, That's really what I

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think I got stumped on for a lot of years

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is I don't have the money, so I can't look

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at the deals, right, Yeah, that's only I think of it.

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I think I bought and sold real estate.

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Speaker 3: Some of my best to wind falls in life have

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come from real estate, residential and non residential. Lost money

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on a few but not a lot, and done flips.

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But the idea of like owner financing to find these

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deals has always eluded me.

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Speaker 1: It's one of the It's kind of like anything else

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in real estate. I feel like there's always something that

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people are like, oh, well, there's this one piece that

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I haven't found yet. You get good at whatever you practice, right.

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And when I went around, I interviewed, just like I

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did with with Cody Davis, the twenty one year old,

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I interviewed every single owner as an owner, not as

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a seller. And so I met all of these donners.

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And when I asked a bunch of people how they

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built their business, a really common thread that I found

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in the cities that I was asking in A lot

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of them started with little money and started with a

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lot of creative finance. I was really common from a

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lot of the owners I spoke to in a bunch

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of different markets. So the people who I eventually bought from,

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for the most part of the people who taught me

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how to buy, which made them pitch super easy. When

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you're talking to someone who just taught you how they

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built their entire portfolio with creative finance and why you

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need to cash flow, and then they're like, oh, by

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the way, I'm a partner who would really like to

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sell out of these you know, three duplexus. You just

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pitch them the terms they just taught you to pitch.

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It's really hard to say no, and so it pitches

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you on your own idea. Who done that? It's worked

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so many times it seems gimmicky. I think start the

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first time you year, it's like, oh, that's not going

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to work. And I've done that on what we've done

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twenty three transactions. I've done it in Grant County, Washington,

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Mason County, Washington, King County, Washington, Earth County, Texas, also

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property in Houston. The rto of the call in Texas,

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Like there's like five or six different markets. I've done

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the same thing in Not to mention, our mentorship group

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done all over the country, but just personally. It's the

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same method. It's no paid leads, it's it's a very

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relationship based sale. But what it opens up is if

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you start with the deal, you can tailor the money

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however you want treat a financially. All you have to

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do is what would make this deal work? What do

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they need? What do I need? How do we get there?

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If you just start with the money, it's pretty rigid.

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There's only so many deals that fit your money. If

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you know you can get ten percent debt, you need

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deals that can cover the ten percent debt, So you're

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only looking at deals that can do that. If you

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have a finite amount of money, you can only buy

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solis real state. If you start with the opportunity, then

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find the available debt product, and then all you have

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to do is just figure out the last little bit

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I found. If you keep it in that order, that's

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the psychological difference between being able to buy a little

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bit of real SIY or build a dollar by dollar,

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or just go like, okay, let's find the opportunity first

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and tailor the money to it, and all of a sudden,

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Kappa raised. It became very easy sell a financing McCain

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pretty intuitive, just because we just swapped the order of

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let's look at every deal.

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Speaker 3: If I can paraphrase you, like most people put the

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cart before the horse, right, and instead you put the

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horse before the cart in this case.

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Speaker 1: Yes, because the goal in this metaphor be to own

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as many horses as possible. So the goal being owned

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the horses. The real estate is the engine that pays

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the money that funds all the deal. Ultimately, the real

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estate has to buy the real estate. So if you

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don't have enough money, you don't need to go find

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more money, you need to go find more real estate. Yeah, okay,

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I'll buy it. I'll buy it, all right.

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Speaker 3: So hey, if I wanted to start using your system today, Christian,

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how would I go about doing it?

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Speaker 1: For my system? The first thing I would do, And

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there's a million there's a million paid mentorships out there.

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Someone were good, some were bad. I would skip that

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step first. I think. The first thing I would do

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is I would write down what is your specific goal?

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That was a huge difference for me my wife. We

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got We've always been weird politically at Washington, but over

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the past five years it's it's gone downhill extremely fast.

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My wife is a teacher in the school district kindergarten.

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We went through the whole the whole pandemic hrcaching. Kindergarten

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is over zoom in a really impoverished area too, so

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it was like it was par Then she got injured

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in school, so we took her ten year goals and

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basically said, hey, end of this year, I'm retiring my

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wife from teaching. I happen to get the real estate there.

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When I set a target that mattered, and I put

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a dollar amount to it, like what do I need

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to make per month to retire my wife? Yeah, that

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made the target really clear and there's urgency. So number one,

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set your target. Number two, go out and find the

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people in your market who've done this thing that you

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want to do. I just interviewed all the people who

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owed over one hundred rental units in the little county

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of Grant County. There's a few larger groups, but for

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the most part, there's a lot of mom and pop people.

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It's like ten main players. I just met those ten people,

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and now you move from being an outsider to an inside.

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So I think the easiest thing for people to do

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is one know your target too. Just find the other

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people who've already hit that target. Generally speaking, everything you

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want to do to someone else has already done. Just

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go find those people so you don't need to reinvent

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the wheel. You don't. You don't at all. And like

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I've I have a group called multipeller Strategy multipellly Strategy

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dot com. I'm a hole. We've had over a thousand

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people go through our course and hundreds go through the

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mentorship program. Like I've coached people to do things, but

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I think the most important thing that I share with

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everyone is while you can accelerate stuff in community, no

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one who has been successful in any mentorship ever would

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have not been successful by themselves. Like everyone would have succeeded.

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If you can find a group of people doing the

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same thing whatever it is you want to do, you

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can speed things up up. But the first thing you

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really have to work on is like you have to

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know yourself, know your goals, and then you have to

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be able to run the business yourself. Once you know

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what you're doing, then find like minded people and get

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into some community somewhere paid or unpaid. That's going to

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help you move forward faster and be able to answer

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your questions cut down on what we call the stupid tact.

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Sometimes you don't know what you don't know, and that

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costs a lot and care. I'm imagining being in a

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real estate you've had some expensive, expensive lessons along the

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way as well. Well.

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Speaker 3: My father always said anytime you get into a new business,

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you pay for lessons. Yes, and I've found that to

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be extremely accurate, and if when in doubt, you know,

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it's always always proving true.

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Speaker 1: And it's good to know you will pay for your lessons.

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Either way. Nice to do that upfront instead of mid project.

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It could be very expensive to not know what you

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don't know. Part Way through our business we bought a

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we bought a resort seller finance four and a half

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a million dollar waterfront resort on the assumption that we've

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been good at real estate, we've been good at creative finance.

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Of course, running hospitality will be the same as running

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multi family. Oh sure, thank you right?

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Speaker 3: Yeah, like novels dirty, Why why is the bed of

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miss Grim wasn't cleaned to write how do you run eight,

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eight or nine employees on a small campry?

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Speaker 1: Yeah? We survived that pretty much because we had already

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bought enough multi family that we are good at. We

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got we got through that, and it eventually did make

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a good deal of money. But it was so expensive,

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the way that we structured it, the way that we

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ran it, the amount of time it costs. If I

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had just paid for the lesson of getting a mentor

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on any piece of the business, anyone could have looked

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at that and said, you do value add multifamily like

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you're you're a you're an entry level house guy, don't

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don't buy a resort. I would have saved like a

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million dollars there. You know what would have really been

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helpful in the search of financial freedom. An extra million

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dollars early on, it would have been great.

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Speaker 3: Probably what a lost state that it was me. Hey,

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so what about people that go the airbnb route? Obviously

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not what you're doing when you have too many units,

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it's just not really scalable and you're effectively running a hotel.

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Speaker 1: Right so on my hotel is my resort is it's

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a twenty unit resort. We also bought the house next door,

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which actually wasn't good play, and we bought a sell

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frid it. They're all run on like an Airbnb. It's

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just a little bit more scaled. It's all on Airbnb,

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the RBO, so we run that type of thing. I

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would say, just like multi family and a single family,

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single family takes a lot of time to scale. You

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have to do a lot of transactions. It could be

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a little bit harder to repeat success because they're not

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as many people who have huge portpolos of single family.

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It's kind of the same concept Billy's I believe in hospitality.

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If you want to go that route, don't buy a

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bunch of multi family, be a specialist in hospitality and

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buy there. Buy the boutique hotels, do the turnarounds on

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failing motels. They screw some up. Like those type of projects.

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Much easier to scale. You would make more money. You

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could make a ton of money. Do it exactly what

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I did, seller finance, resort airbnb style. But that needs

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to be your business. That needs to be everything you do.

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You need to be the best at how do I list?

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It's a cool niche you could outperform. Unlike multi family,

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you can kind of do what the market's doing, maybe

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a little bit more. You have more ability to use

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your creativity to make money, but it's super time intensive.

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You're not going to do Airbnb style stuff. If you're

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doing Airbnb houses, I think that model is way oversaturated.

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Regulations kind of killing that. It's a hard way to

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make money. You can do it, but it's hard. If

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you love that model, I would get into the smaller,

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mid sized buildings like what we bought. Man, if you

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would like the hotel on the hood canal that does

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really well, I didn't want to run out, so you

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can have mine, all right.

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Speaker 3: Hey, if I could get a good deal on the

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owner of financing, I'm definitely interested.

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Speaker 1: There we go. I know the prior owner would would

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carry at least a couple million of the probably about

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five and a half million. I bought for four and

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a half but I added a large piece of property

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to it. But yeah, I know you'd be able to

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sell our finance at least you know, thirty percent of it. Yeah,

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the starter all right, all right, you gots me interested now.

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Speaker 3: Hey, So one final piece of advice to anybody out

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there who was in your position and looking at real

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estate but hasn't pulled the trigger yet.

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Speaker 1: You haven't pulled the trigger yet. My biggest piece of

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advice would be don't add steps. I think we've been

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trained from first, second, third, fourth, fifth a way by

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high school for some college. You get jobs to get

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money to save up for real estate. I added a

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lot of steps because I was told there's a lot

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of steps to do this. Ultimately, if your goal is

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to be an investor, the path to do that is

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to buy an investment property and then congratulations, you've done

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the thing. When I bought my first duplex, it took

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me two years to buy my first thirty eight plex,

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So it took me two years from there to be

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at two hundred and thirty five rental units in two states.

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It took me eight years to stave it up and

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buy the person Star rental property. I could have done

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that much quicker. Like, look at the age in my

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first partner, Cody Davis, or I have a buddy, Kale

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Palmo bought his first property at nineteen. He's twenty one.

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If he's under podcast for another forty four units, it's

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gonna be like one hundred and thirty years this year. Amazing.

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All right, Hey, we appreciate fast. Just buy the first property.

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Just buy the first property. Love it.

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Speaker 3: Hey, you got a question for Christian to myself? Shoot

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me an email Kal at Terry Ledz dot com. You

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find a link to Christian site, just give us your

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site now Christian Yeah. A multifamily Strategy dot com. Multifamily

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Strategy dot com link is in the show notes to

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this interview on our site Financial Survival Network dot com.

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While you're there, please sign up for your free newsletter,

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00:18:05,519 --> 00:18:06,000
Chris Finn.

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Speaker 1: It's really been fun. We will definitely have you on again.

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Speaker 2: Thank you so much, thanks for listening to Carrie Lenz's

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00:18:12,160 --> 00:18:17,200
Financial Survival Network, your solution to today's trying times. For

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00:18:17,279 --> 00:18:22,039
the latest, go to Financial Survivalnetwork dot com. Financial Survival

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