IAM376- Real Estate Investor Renovates Homes to Rent or Resell

Chase Louderback, a Virginia native, began his real estate career in 2012 as a sophomore in college with the purchase of his first investment property. In the past 7 years, he has renovated numerous single-family homes to rent or resell and has subsequently co-founded Lioncrest Investments LLC, a manufactured home community investment company in 2019.

• CEO Hack: (1) Working out (2) Calendar and reminders
• CEO Nugget: Network more to put yourself out there
• CEO Defined: Leading a team and acting to the best interest

Website: https://lioncrestinvestments.com/
https://www.biggerpockets.com/users/ChaseL9

LinkedIn: https://www.linkedin.com/in/chase-louderback/

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Transcription

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Intro 0:02

Do you want to learn effective ways to build relationships, generate sales, and grow your business from successful entrepreneurs, startups, and CEOs without listening to a long, long, long interview?

If so, you've come to the right place. Gresham Harkless values your time and is ready to share with you precisely the information you're in search of.

This is the I AM CEO Podcast.

Gresham Harkless 0:29

Hello, hello, hello, this is Gresh from the IAMCEO podcast and I have a very special guest on the show today. I've Chase Louderback of Lion Crest Investment.

Chase, it's awesome to have you on the show.

Chase Louderback 0:39
Hey, glad to be here.

Gresham Harkless 0:41

Yeah, super excited to have you on. What I wanted to do was just read a little bit more about Chase so you can hear about all the awesome things that he's doing.

Chase Louderback, a Virginia native, began his real estate career in 2012 as a sophomore in college with the purchase of his first investment property. In the past 7 years, he has renovated numerous single-family homes to rent or resell and has subsequently co-founded Lioncrest Investments LLC, a manufactured home community investment company in 2019.

Chase, are you ready to speak to the I AM CEO community?

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Chase Louderback 1:12

Absolutely had to do it.

Gresham Harkless 1:14

So to kick everything off, I wanted to hear a little bit more about what I call your CEO story. What led you to start your business?

Chase Louderback 1:19

Yeah, so I've been in real estate for a while, as everyone just heard my bio. But last year, just the way my business has been going with single family, I wanted to have something that's a little bit more passive, but also could scale so I was starting to look into multifamily investments.

Then one thing led to another essentially, and it turned out the mobile home parks were more of what we're aligned with. And it's funny, it's something that's been in front of us the whole time, like I've fixed up my single-family business mobile homes before just single and, yeah, it's just crazy everything unfolds like that.

Gresham Harkless 2:00

And it's funny how things work, where you're always looking for something and you're looking far and far, far and wide. It's like right in front of you exactly what you've been doing. And, it's gonna have to happen.

Chase Louderback 2:10

Yeah, so that was great, and how it all shaped together.

Gresham Harkless 2:14

Yeah, so I wanted to hear a little bit more about Lion Crest Investment, tell us a little bit more about what you guys are doing and how exactly you kind of work with clients.

Chase Louderback 2:24

Sure. So my brother and I have formed this company in order to purchase value-added mobile home communities, to help our communities. So we're looking for things that are at least 30 lots and about nine years. Our sweet spot will go higher, too, as we have other partners.

So our business strategy is just turning around these parks, improving operations, and infilling lots, fixing up homes, really just improving the community. So it's something that gives back to the tenants or residents as well. It's something that our company is proud of because we can also help other investors that we partner with. And so we're currently doing some JV and looking at other deals right now.

Gresham Harkless 3:07

Nice. This is definitely not my world, obviously. But that is it something that you see when you see a certain property or potential property that you just say, Okay, this looks good? Or is it something that signals that something that you see that says, Okay, this is probably a good opportunity? How does that go? If you can kind of expand?

Chase Louderback 3:27

Yeah, I think it's kind of funny in that respect, that I'm even with my single family investments, if it's something that seems like a screaming deal to me, there's always a lot of uncertainty going in. There could still be something wrong with the property. So you can only mitigate your risk so far. But I mean, we look really closely at the markets we want to be in in order to help, and then, we get under due diligence, we check test data to make sure the demand is there.

There's just different things that we go throughout the process, and we're of help with that. But opportunity-wise, we're looking for things that can increase the NOI. So the net operating income of the property in order to increase the value, so anything there that opportunities to bring homes in assuming it's a good market, opportunities to reduce expenses, or increase income, any of those things that we see are what we're really looking for.

Gresham Harkless 4:19

Nice that that makes perfect sense. And I'm glad you kind of broke down, especially to making sure where the market is and the region and all those things because I know that's probably definitely important related to the value of it and the potential value that it could be as well.

Chase Louderback 4:19

Exactly.

Gresham Harkless 4:20

That makes perfect sense. Now I wanted to ask you for what I call your secret sauce. This could be for you or for your organization, but what do you feel kind of sets you apart and makes you unique?

Chase Louderback 4:46

It's probably a stereotypical response, but I would say it's really persistence and following up. I definitely do not consider myself the smartest person but I will work as hard as I can in order to get the job done and do what we need to do. My brother does a lot of the CPA and back end sort of things with the properties and helps with our management software.

So we have special management software, for example, and I do a lot of the day-to-day for the acquisitions sitting contractors and just pushing the project to the next step. I have an experience with a single-family business. But I would just say, honestly, if you want something, you gotta just keep going for it and take that leap.

Gresham Harkless 5:28

Yeah, absolutely. And I always say it's hard to beat somebody who doesn't give up. And so if you're constantly going to keep going and keep finding the answer key, you looking for whatever solution there is, and you're working, and doing those things, it's hard to kind of compete with somebody like that and compete against and beat somebody like that as well.

Chase Louderback 5:47

Yeah. Well, secret sauce, I guess part two would be just networking. I mean leveraging those relationships, like I said, I couldn't do this by myself. The team wouldn't be where it is, without me either. We all get together to where we want to go. So with other great-minded people, we're able to help bounce ideas off each other and get to where you want to go.

Gresham Harkless 6:08

Yeah, and I think that's another great point, especially like, when you're starting a business, sometimes you have to have a certain amount of ego to start a business because you have to say, hey, I can build this, I can make this grow. But at the same time, you have to be able to balance that with understanding that it's a team game, and success is a team sport.

So if you don't have that, then at the same time, you're not going to be able to be quote and quote, Superman Superwoman. You have to have that team so that you guys can all work together.

Chase Louderback 6:32

Yeah, definitely.

Gresham Harkless 6:33

Nice. I definitely appreciate that, and wanted to switch gears a little bit and ask you for what I call a CEO hack. So this might be an app, or a book or a habit that you have, but what's something that makes you more effective and efficient?

Chase Louderback 6:46

Yeah, I feel like we were initially spoken of a really good idea. So if that was an app, I believe that comes back to me, I will shoot you an email about it. Okay. But one thing that really helps me is, well, it's two things. One working out, because it just helps with your mind staying clear.

Then the other thing, really simple is just, I have a calendar, I use it for everything. I have reminders so as soon as something comes up, I just put it down. It's not really much of a hack, but it just makes your productivity and everything so much easier. So those would be the two main things that really helped me.

Gresham Harkless 7:24

Yeah, I can definitely say the exact same thing for me. I think it's funny, a lot of times I think some of the smallest things are sometimes the biggest things because I think if you're on the go, you're doing a bunch of different things. There are so many moving parts that I think we always shot.

When I started especially I tried to keep everything in my head and I would lose things. But when I started to put it on the calendar, not only did it make sure I didn't forget it, but it also got it off my shoulders. I feel like I'm more efficient, I'm able to work on other things as a result of it.

Chase Louderback 7:56

Exactly. And if you do have it, try to set the things, I guess this is another hack where the things I don't like doing first and have it on your calendar. It's a good feeling as you're going through and just like knocking that stuff down, or have that as a higher priority and then you get energy from that. Then everything else seems easy.

Gresham Harkless 8:17

Exactly, yeah. Nice. Now I wanted to ask you for what I call a CEO nugget. This is a word of wisdom or a piece of advice. Or if you can hop into a time machine, what would you tell your younger business self?

Chase Louderback 8:32

I would just say go for it. But I would probably go back to the network more. So a lot of opportunities are just coming from meeting other people. So when I first started, I was really afraid of putting myself out there. So I would say put yourself out there more, network, bcause they can make a huge difference in your business.

Gresham Harkless 8:57

Yeah, absolutely. And have you found that there are certain things that you've been able to do from a networking standpoint that have really helped you from your business standpoint, and maybe even from a growth and development standpoint as well?

Chase Louderback 9:08

Yeah, I mean, some of the opportunities we're looking at now, we didn't have. We didn't network and have some of the people we know. And I mean, we wouldn't be speaking right now, if it wasn't for some of the networking. And that just says enough.

So yeah, it's a huge deal, I think to have networking and really put yourself out there.

Gresham Harkless 9:27

Yeah, absolutely. I think that would say that your network is your net worth. And then a lot of times, as you said, those opportunities aren't even broadcast, I should say, because people are usually looking for X, Y, and Z and then they ask somebody and then all of a sudden opportunities come from that. So, yeah, I appreciate that.

Now I wanted to ask you my absolute favorite question, which is the definition of what it means to be a CEO and we're hoping to have different quote and quote CEOs on the show. So Chase, what does being a CEO mean to you?

Chase Louderback 9:59

I think It just means leading your team and doing the best act in the best interest of your company and your teams. I mean, even if I'm in our regards, we have people, partners, and other investors that work with us. So we have to keep their best interests in mind.

But even if you don't have anything like that, you're likely still gonna have some sort of a team, like even some people see going back to the single-family point of view, flipping would have been something where you're doing it by yourself, but you still have a team of contractors, agents, different things.

So leading your team and having that britt to do that is what I think is for a CEO.

Gresham Harkless 10:42

Yeah, that makes sense. And I think to be able to see the vision and be able to put the pieces in place, to be able to have that team and like you say, be able to make sure that your team extends beyond just the people that are quote and quote, employees or contractors or whatever that are working with you. But it's all here investors, also those end users, those, whatever it is that you're creating, there's a lot of different pieces that are involved, I have that ability to be able to look at all that is definitely huge.

Chase Louderback 11:09

Yeah, exactly.

Gresham Harkless 11:10

Nice. And Chase, I appreciate your time. What I wanted to do was pass you the mic, so to speak, just to see if there's anything additional you can let our readers and listeners know. And then of course, how best they can get a whole view and find out how to get started with everything you do.

Chase Louderback 11:22

Yeah, I mean, I'm always happy to network with anybody that's looking to get into business. We're open to other partners or deals. So if you have something that's in the mobile home park space, we're looking to the southeast. So again, 30 to 90 lots value add deals.

If there are any questions about what that means, they can always reach out to me. Regarding the best ways to reach me. I'm pretty active on LinkedIn. So you're welcome to connect or send me a message there. Finally, if it's, again, mobile home park related, then send it to Chase@Lioncrestinvestments.com. That's my business email.

Gresham Harkless 12:01

Awesome, awesome, awesome. We'll have those links in the show notes as well so that anybody can follow up with you. And just to clarify, you said the southeast part of the United States,

Chase Louderback 12:09

Correct. Yes. So North Carolina, South Carolina, Virginia, Tennessee, and Georgia, are the main ones go look at Alabama to not big on Florida. But yeah, got them all in Florida just a little further than we want to go. Right?

Gresham Harkless 12:24

Yeah, right. That makes perfect sense. So definitely, if you see any investments or anything, definitely reach out to Chase and we'll have all his information in the show notes.

But I appreciate your time, appreciate the opportunity to get to network with you a little bit and share the airwaves with you and I hope you have a phenomenal rest of the day.

Chase Louderback 12:40

Yeah, you too, it is a lot of fun. Thank you, Gresham.

Outro 12:43

Thank you for listening to the I AM CEO Podcast powered by Blue 16 Media. Tune in next time and visit us at iamceo.co I AM CEO is not just a phrase, it's a community.

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This has been the I AM CEO Podcast with Gresham Harkless. Thank you for listening.

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