About Chad Eisenhart

Hello, I am Chad Eisenhart

From a young age I wanted to own apartments. I realized the benefit to have someone else pay most or all of my mortgage. I got my chance in 2001 to buy a 5 unit building for my business, Carryout Courier. I bought it direct from seller and he provided owner financing with $5000 down. 18 years chad-eisnhartlater that continues to be the best investment I ever made.

In 2005 I bought my 2nd rental property which was again direct from the seller. The property was on the street I grew up and the owner was an older neighbor I knew since I was a child. At the time I read the book “Buy Low, Rent Smart, Sell High”. Which touted the rent to own strategy. I tried that plan with the 5 more properties and never had anyone follow through and purchase of the property.

After a few years I gave the “rent to own” strategy a rest and decided to focus on traditional rentals.

Target Property Was Almost Always The Same

My target property was almost always the same, distressed property, in need of major repairs. They would alway be vacant or close to vacant and if there were boards on the windows or the roof leaked, or they were full of trash, that was even better.

Each time I would give the place a heavy remodel, making all the needed repairs and updates, placing a tenant, and charging slightly under market rents. (The BRRRR method in the mid 2000’s)

Being a business owner already, I ran the rentals like a business. I was focused on customer (tenant) satisfaction, by providing safe, clean, fully repaired housing, but I expected to get paid on time. I had no hesitation to file eviction. And focused on placing new tenants in the property fast to maximize revenue. Cash flow was always the top priority and was achieved by focusing on minimizing expenses and driving top line revenue.

You Make Your Money When You Buy

After buying my 5th or 6th place I came to realize you made your money when you bought. I had already bought a few properties from a local wholesaler and realized there were better deals to be had. So I needed to figure out how to get in touch directly with sellers.

I already came from a marketing background so I began marketing directly to sellers to get them to call me. I used a mix of video, SEO and direct mail to drive leads.

Using Private Money

I also started using private money to finance the deals around deal number three. The private money lender would finance the purchase and rehab after I put some money into the deal. I would rehab the property, place the tenant, call the bank for the appraisal and repeat. Each time I seemed to leave a little cash in the deal, but I was okay with that. In the end I would own a cash flow positive property for a few thousand dollars.

Flipping Fail

I tried a flip on two house I bought and subdivided on W Broadway in Red Lion PA. In the end it was a break even. My failure there was I over improved the properties. My learning lesson: come to grips with putting lipstick on a pig or don’t do flips.

PS I don’t do flips.

2008 to 2012

I continued to buy well past the 2008 housing crash, in fact I ramped up my activity. In my quest to find the best deals possible I started wholesaling and I went on on to wholesale about 10-15 properties, while still buying for my personal portfolio. I had some trouble reckoning talking to sellers about properties that I did not actually have the cash in the bank to buy their place that day. So I stayed focused on places under $50k.

Realizing that multi-families properties produced better cash flow then single family properties I began to only focus on small multi-family properties, picking up a 4 unit, 3 unit, 2 unit and a few singles when I worked in creative financing transactions.

Real Estate Pause in 2012

Around 2012 I decided to take a break at 24 units after getting a few bad appraisals that really ate into my cash reserves. I realized if I have another hicup or two, I could have a real money problems.

In addition to still owning my Carryout Courier business, I started a website design and SEO business primarily working with roofers, plumbers & paving contractors. That only lasted a few years, although my clients got great returns, it did not feel like I was truly working for myself.  Plus it was really not the best use of my time, when I had a another business I could build.

I dove back into Carryout Courier as the economy picked back up and expanded to a 3rd city with Harrisburg, PA. All the while the real estate was on auto pilot, just the occasional issue but the rents continued to flow in. Aka passive income!

Full Time Real Estate Investor 2018

After a lot of soul searching I decided in the fall of 2018 to dive back into real estate (I still owned my 24 units from 2012). I also decided to sell my Carryout Courier business (25 years was enough) and sell my primary residence (your house is not an asset).

I knew multi-family housing and had business experience and heard the word “Syndication” and thought, I can do that. I joined the Real Estate Guys mentoring program, attented a bunch of national multi-family conferences including four with the Real Estate Guys, The Old Capital Multi-Family Conference, The Best Ever Apartment Syndication Conference with Joe Fairless, and Rod Klief’s conference.

My First Syndication

I went onto do my 1st syndication during the summer of 2019 when we closed on a 240+ self-storage facility in York PACheck out my syndication jouney here.

What do I like best about real estate investing?

Just like most every investor in real estate my goal is to aquaire income producing assets, and generate enought passive income to quit my day job.  But is it not the money we want it is the freedom that comes with the money. The freedom to spend our day on our terms and to do what we want.

But is is not just the freedom, it is also about helping others.  I really like compliments and positive feedback from tenants for providing them with safe, clean and affordable housing.

I enjoy solving seller problems. Constantly learning about new parts of the business including finances, repairs, codes, zoning, people skills, negotiations, best practices in constuction, marketing and more. And just getting to meet new people.

Yep I Experiened All The Commmon Hurdles

Along the way I hit all the common hurdles, finding good deals, contractors, good tenants, to trust or not trust a person, wanting to know I was making a good decision, that I was not getting taken advantage of, that I paying or getting a fair price.

Hard Work, Not Short Cuts

It takes hard work, there are no short cuts. Treat people right, follow the golden rule. Try to create win-win solutions. You need to make smart decisions to survive. Focus on building relationships and help others. Zig Ziglar says, “You can have anything you want if you just help enough people get what they want.”

When working with others and building relationships always ask yourself, “what value am I bringing to the table?” Make yourself valuable, solve problems, help people and people will want to do business with you.

Focus – Know What You Want – And Go After It – Relentlessly

Get focus, know your goals and what you want. Develop a plan and actions steps to get there, relentlessly cut away the distraction. Review your goals daily and when planing your day ask your self “What is the ONE Thing I can do such that by doing it, everything else will be easier or unnecessary?” (Credit to Gary Keller – Author of The One Thing)