Secrets to Scaling Real Estate Fast: Building Teams, Coaching, and Investing with Larry Carpenter III

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In this episode of the Real Estate Pro Show, host Erika interviews Larry Carpenter III, a seasoned real estate investor and coach. Larry shares his journey into real estate, starting from his high school days, and discusses the opportunities and challenges in the Indiana and Kentucky markets. He emphasizes the importance of building a strong team, the value of coaching and mentorship, and the significance of mindset in achieving success in real estate. Larry also highlights the trend of multi-family investments and offers practical advice for new investors looking to navigate the market.

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Larry Carpenter III (00:00)
The advice that I would give them is to start today, start looking at deals, whether you’re getting onto the open market, the MLS, or you know

if you see a for rent sign out in the yard,

give them a call

The biggest thing is just getting started. Once you get started

you’ll learn a lot of things along the way

Get some mentors that are in the business

ask them questions. I feel like a lot of people within the real estate ⁓ industry,

they love helping people and

they love talking about real estate

and they see the wealth that it can create for themselves and their families,

Erika (02:06)
Hey everyone, welcome to the Real Estate Pro Show. I’m your host, Erika. And today I’m excited to be joined by Larry Carpenter III. He’s a powerhouse in the real estate and investing space. Larry, it’s awesome to have you here.

Larry Carpenter III (02:22)
Thank you, honor to be here.

Erika (02:24)
Yeah, we’re super excited. So let’s kick things off for those who don’t know you yet Give us the rundown to tell us about your journey. How did you get started in the real estate world?

Larry Carpenter III (02:39)
Okay, ⁓ so whenever I started in the real estate world, I was following somebody for like a job career day.

whenever I was in high school. And they had rental properties, job sites, they did a lot of construction. And took me around, showed me his job sites and what he did, and it really intrigued me. And he had a lot of cool toys and different things. And growing up, we

have a whole lot of money. ⁓ So that was something that I was like, okay, this is something that you could potentially ⁓ do well in. So that made me decide that I was ready to…

start investing and things like that. So he kind of helped me out, got me started. I bought my first rental property whenever I was a senior in high school and started growing from there.

Erika (03:28)
Wow, was there a particular moment that you knew this was going to be your path?

Larry Carpenter III (03:35)
Yeah.

Yeah, I think at that time, that’s whenever I kind of knew that this is something that I really wanted to get into. I didn’t realize I was gonna get into it as big as this. I just thought it was gonna be something that was more of like just a part time thing. Still had a full time job somewhere else and I was gonna do it part time. And the first thing that went wrong with the real property was the AC unit went out and that was a costly repair. Being in high school and having an AC unit repair that I had to fix.

and make sure my tenants were happy. So I decided to to school for HVAC. While going to school for HVAC, I realized I didn’t want to do the crawl space and the roof stuff. And I decided that I was going to go into strictly business and in sales. And ⁓ once I did that, just kind of started growing some more things from there and decided to get my real estate license whenever I had some buddies that were like, hey, man, I think this is working for you. ⁓

kind of interested in getting into this and so then we did the real estate sales and grew through that into where we started our own realty company.

Erika (04:46)
Yeah, that’s really awesome. And with what you have going on now, your realty company, the investing, what markets are you in? And what areas are you focusing on?

Larry Carpenter III (05:46)
Okay, so we’re in Indiana as far as our real estate goes, far as realtor stuff. ⁓ And our investing is more in southern Indiana and in the Kentucky ⁓ as far as our investing is. And we wanna grow that as well and grow our realty company and being in the other states and stuff. ⁓ But our main focus is in the Indiana, Kentucky area.

Erika (06:09)
Yeah,

and in those areas in Indiana and Kentucky, what are some of the opportunities and challenges that you see in the market?

Larry Carpenter III (06:19)
There’s a lot of opportunity. Within this area there’s such a vast variety of real estate to invest in if you’re looking to do single family investment, multi-family, commercial. There’s just so much opportunity out there ⁓ that it’s just a really good market to be in. It’s very investor friendly. And then as far as like… ⁓

I guess, you know, the competition is pretty good. So, you know, there is a lot of opportunity, but there is also a lot of competition. So I think that may be one of those things.

Erika (06:55)
Yeah, and with that competition, do you have like a strategy to stand out or dominate those markets?

Larry Carpenter III (07:03)
Yeah, so like within our real estate, you know, we have such a vast variety of stuff that we do. So, you know, if we’re looking at it, if say somebody reaches out to us and they have a property that they want to sell, whether we invest in it to purchase it through our company or if we have partner investors that we’re working with that, you know, they could purchase the property. And then we also have the realty company where we can list it on the open market and things like that to help people as well. So I think that

Whenever it comes to competition stuff, we just have just so many things that we could do to help people that it helps us stand out.

Erika (07:41)
Yeah, and I think what stood out to me is how many deals you’ve done in the past year. You’ve done over 100 deals. I mean, that’s a serious operation. How do you keep everything running smoothly at that scale?

Larry Carpenter III (07:55)
Yeah, we’ve got a great team that works for us and we’ve got a lot of support there and support within family and friends, things like that. I think that as you grow, it’s important to get a lot of team members that are powerhouses to work with you because you can’t do it all yourself. as we grew, back in the day, me and the wife, we used to have to go and do all the repairs.

and the painting and the clean outs and all that stuff ourselves, that would be just impossible to do it today. And so just having people ⁓ to be part of your organization is huge.

Erika (08:39)
Yeah, absolutely. it comes to building that team, what was that journey like and how do you decide if someone’s a good fit?

Larry Carpenter III (08:48)
Yeah, so I think one of the biggest challenges that we face is finding ⁓ solid help, right? Solid people to come work for us. ⁓ But over the years, we’ve realized what aspects that we’re looking for and what types of people that we want to have come on board and work with us. And we’ve been very fortunate to get the team that we have now.

Erika (09:16)
Yeah, absolutely. And, you know, we were talking earlier, you said that you do some coaching and, you know, I think that’s really cool that you can help other people in the industry. It’s also probably great that you’re a coach when it comes to coaching your actual team members. Now for our audience that is new to the real estate world, what advice would you give them as a coach?

Larry Carpenter III (09:43)
Okay. So as a coach,

advice that I would give them is to start today, start looking at deals, whether you’re getting onto the open market, the MLS, or if you see a for rent sign out in the yard, give them a call ~ just kind of fill them out

and ask them to take a look at it and ask them if they’d be interested in potentially selling the property or whatever. The biggest thing is just getting started. Once you get started and you start getting into

you’ll learn a lot of things along the way. Get some mentors that are in the business, look up to them, ask them questions. I feel like a lot of people within the real estate ⁓ industry, they’re like myself, they love helping people and ~ answering questions and they love talking about real estate. ⁓ Real estate, think, is ⁓ something that whenever people start getting into ~ and they see the wealth that it can create for themselves and their families,

and the different things that it could do for you, you start getting excited about it and you want to help other people also be able to get part of that journey as well.

Erika (11:27)
Yeah, absolutely. You talked about finding a mentor and making those connections. What kind of advice would you give to someone that’s looking to build their network? Are there any particular groups or networking spaces that you think might be helpful when you’re starting off?

Larry Carpenter III (11:44)
Yeah, so I would definitely look and see if there’s anything local, know, any kind of real estate investing groups that are local that you can get a part of and start going to some meetings. ⁓ You know, I think that, you know, even visiting like your local chambers, things like that, that could really help you, you know, say, hey, I’m looking to get into real estate or, you know, they they know people that are in that business. ⁓ So I think just getting out there and looking for that locally. And then as far as, you know, even going abroad,

YouTube has always been a huge thing for me. I get on YouTube and I start looking up other people that are in the industry and just getting on those, watching those people and learning from them can also help you locally as well.

Erika (12:31)
Yeah, absolutely. And you personally have over 10 years in this game and you’ve seen the market shift. What’s one trend that you see that investors need to pay attention to?

Larry Carpenter III (12:46)
One of the trends that I think that ⁓ probably investors want to really pay attention to and start seeing ⁓ if you start getting into it is doing multi-family. Multi-family space is a great space to get into. It stands true through the downturns of markets and even the upturns of markets. And I think that that’s something that a lot of people that are in the investing world is really focusing on.

Erika (13:17)
Yeah, absolutely. And as I’m sure you know, with that experience, I’m sure you have stories and I know you shared one a little earlier earlier on a game or in in your game. You know, you can have deals go sideways or you had to pivot fast with the property. Can you share some more of those moments and what you’ve learned from it?

Larry Carpenter III (13:39)
Yeah, so, ⁓ you know, it’s, I think every real estate deal has something different that happens, you know, that you get into. And so you, you learn something new every deal that you do and, know, being able to pivot and shift, you know, within, you know, working on a deal, say you have somebody reach out to you and they have some different things going on or whatever, being able to come up with some creative ways to get the deal done.

⁓ is awesome, know, because there’s multiple ways that you can do a deal and just trying to find out what fits best for yourself and what fits best for the seller. There’s just so many different ways that you can do it.

Erika (14:24)
Yeah, absolutely. ⁓ You know, for our newer listeners, are there, you know, even though each one is different, would you say that there’s, you know, some that are, you know, kind of your go to or are really useful to be aware of?

Larry Carpenter III (14:39)
Yes, so I think one of the go-tos as far as investing goes and trying to get a deal put together is definitely going to be ones that you can go to somebody that’s potentially already a landlord that may be looking at retirement and they’re wanting to unload, say, a couple properties.

And you can work with them as far as even doing some seller financing, whether they’re financing part of it or they’re financing all of it.

could

really help you get started if you don’t have a whole lot of money to get into it right out the gate. Because whenever you first start getting into it, you know, you may have some money saved up, but you know, you start doing a couple deals, you know, that money starts disappearing. if you can get into ⁓ people that are potentially ready to start looking at their retirement and ⁓ unloading some properties, I think that’s something to really ⁓ consider doing.

Erika (16:19)
Yeah, and how do you find those people?

Larry Carpenter III (16:22)
Yeah, so. ⁓

One easy way if you’re just getting started to find those people is you you see something that’s driving down the road and you see a Ferencign in a yard of a house or a duplex you know you can always give them a call and just kind of fill them out see where they’re at see if they’re interested in potentially unloading you can even see if they want to potentially go to lunch with you and maybe kind of turn into a mentor for you to kind of help get you started somebody that’s local in your area you know it’s huge because then you

have somebody that’s kind of in your backyard that you could reach out to, you know, if you run into something within investing, you’re like, man, I really want to ask somebody that may have ran through this before. ⁓ They could be a huge asset for you.

Erika (17:09)
Yeah, absolutely. Larry, what’s next on the horizon for you? got so much going on between your investing, your your reality company and coaching too.

Larry Carpenter III (17:21)
Yeah, so I think what’s next for me is to continue growing those companies, continue investing and growing that. But also just getting some key players in place to kind of help manage that so that I could go out and start helping others within the carpenter coaching. I really have a passion for helping people get started in real estate, have a passion for helping people, you know, grow their portfolio. You know, whether it’s learning in their market or if they want to come to my market and I can kind of coach them on what we’re doing that they could

potentially used back in their market, things like that. I think the next thing for me is just really diving into that. ⁓ that’s something that I think that is a passion of mine. if I’m out doing that every weekend, I feel like I’m living a great life.

Erika (18:11)
That’s awesome. What for you has been the best part about getting into coaching?

Larry Carpenter III (18:18)
The best part about that, you know, I think it’s just working with people and helping them get started in it. ⁓ Whether they’re fresh into it or they’re wanting to grow their portfolio, think what really inspires me about it is just being able to see them light up whenever they’re doing a deal or they’re seeing the opportunities that it’s going to bring them and their family. I think it’s just huge.

Erika (18:43)
Yeah,

with with coaching, I’m sure everyone’s different. But at the same time, you kind of notice similar trends for people when you know, they find themselves in eating coaching.

Larry Carpenter III (18:54)
Yeah.

Yeah, I think a lot of times people just kind of think they either get stuck in their own, you know, their own thoughts and they’re over kind of thinking things and, know, they just need somebody to kind of help guide them and help them feel a little bit better about what they’re doing. You know, because it is a it’s a huge thing to get into. You know, it’s a it’s a it’s a huge investment. They’re you know, the risks there. And so, you know, they’re they I think if they could get somebody to kind of help coach them and

and help them along the way and support them, that would go a long way so that they could start to see the benefits of what real estate investing can do.

Erika (19:36)
Yeah,

absolutely. Kind of sounds like it’s a little bit of a mindset thing, right?

Larry Carpenter III (19:41)
yeah, yeah, mindset is everything. For sure.

Erika (19:45)
Yeah, yeah. Do you have any tips for that? Let you know that kind of help you stay in alignment with what you’re doing every day.

Larry Carpenter III (19:53)
Yeah, yeah, think ⁓ one thing that really helps me within keeping my mindset ⁓ positive and ready for growth is just… ⁓

going out there and working on it every day. know, get a workout in the morning, get to work, start making connections with people. You know, I think that just working with the public and getting out there really can help. you know, I do a lot of YouTube, YouTube videos. And, you know, that stuff kind of helps me. If I’m driving down the road, you know, I’ll put some kind of motivational thing on that kind of just gets me warmed up, ready to go.

Good luck.

Erika (20:37)
Yeah. All right, Larry. Well, this has been incredible. If someone listening wants to connect with you, collaborate, maybe they need help with a deal or a property, what’s the best way for them to reach you?

Larry Carpenter III (20:50)
Okay, they can reach us through carpentercoachinggroup.com. ⁓ They can see our email, phone number, they can reach out, they can sign up for our coaching program. ⁓ Those are great ways to reach out. And you can also get onto ⁓ our social media pages and just reach out to us through there. ⁓ We’d love to hear from you.

Erika (21:13)
Yeah, yeah, and I’m sure you will hear from people. It’s

you’re not just playing the game. You’re setting the pace for what’s possible in real estate. Thanks so much for being on the show today.

Larry Carpenter III (21:25)
Yeah, thank you.

Erika (21:27)
And for everyone tuning in, if you got value from this episode, make sure that you’re subscribed to the Real Estate Pro Show. We’ve got more conversations coming up with operators like Larry, who are building incredible real estate businesses. We’ll see you on the next episode.

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Investor Fuel

Secrets to Scaling Real Estate Fast: Building Teams, Coaching, and Investing with Larry Carpenter III

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