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Ready to rethink what “smart” real estate growth really looks like? We’re joined by investor-operator Karina Sosa, who started with land splits and a couple of duplexes and scaled into multifamily, commercial, short-term rentals, and development across Northwest Arkansas, Texas, Oklahoma, and Mexico. Her blueprint blends discipline and creativity: live below your means, stay hands-on until each asset runs smoothly, and use 1031 exchanges and banking relationships to multiply wins without bett...
Ready to rethink what “smart” real estate growth really looks like? We’re joined by investor-operator Karina Sosa, who started with land splits and a couple of duplexes and scaled into multifamily, commercial, short-term rentals, and development across Northwest Arkansas, Texas, Oklahoma, and Mexico. Her blueprint blends discipline and creativity: live below your means, stay hands-on until each asset runs smoothly, and use 1031 exchanges and banking relationships to multiply wins without betting the farm.
We dig into the tradeoffs between cash flow and appreciation and how to read the market you’re in, why a modest cash-on-cash in Fayetteville can still be a great buy, and why a Fort Smith deal must cash flow on day one. Karina explains why she moved many units into commercial for lighter day-to-day operations, how in-house maintenance and marketing improved speed and occupancy, and what it takes to stabilize assets quickly after acquisition. She also opens up about short-term rentals, from turning a family home into an Airbnb to using beach properties in Mexico to cover carrying costs while keeping personal flexibility.
Financing and relationships are a through-line here. We talk 1031s, conservative leverage, and how to work with lenders who think creatively, from using portfolio equity for down payments to matching projects with banks that actually want your deal. Karina shares real numbers on deals that moved the needle, and the leadership habits that kept growth sustainable: over-communicate with contractors, answer the phone, reward your team, and partner with people whose strengths offset your weaknesses and whose incentives are truly aligned.
If you’re an investor in NWA or any appreciation market, you’ll walk away with practical ways to build equity, protect downside, and operate with clarity. Subscribe, share this episode with a friend who’s scaling, and leave a quick review to tell us your biggest takeaway. We’d love to hear what you’re building next.
Northwest Arkansas's go-to show for real estate agents, brokers, and investors looking to zoom in on the local market. Join us as we sit down with the leading voices in the area to hear how they're investing in NWA.
Hosted by (in order from left to right) Brian Wagers, Zach Stanley, and Brandon Still.
SPEAKER_00: Welcome to Northwest
Arkansas Investing Podcast, your
go-to source for real estate
investing in Northwest Arkansas.
SPEAKER_02: We bring you expert
insights, market trends, and
practical strategies to help you
build wealth through real
estate.
SPEAKER_04: From buying and
selling to property management
and long-term investment
planning, we cover it all so you
can make smart, informed
decisions in this fast growing
market.
Let's dive in.
Welcome back to NWA Investing
Podcast.
I'm here with my co-host Brian.
And we've got a great guest
today, Karina Sosa.
She's with us.
She's got a breadth of
experience, over 25 years of
experience in real estate
investing.
Um, she's got owner of Sosa
properties and uh and everything
that kind of encompasses that,
which we'll get into.
But multifamily, short-term
rentals, commercial, industrial,
um, land acquisitions, you name
it, um, across the United States
and Mexico.
And uh, she's got a deep
knowledge of uh of just about
every category we can think of,
which we're excited to get to
get into and and get to know her
a little bit.
But Karina, thanks again for
being on here with us.
SPEAKER_01: It's a pleasure.
I'm excited to be here.
SPEAKER_04: Absolutely.
Well, tell uh give us just the
kind of a high-level view of of
you and kind of what what got
you into really your background
a little bit and then what got
you into to real estate uh in
general.
SPEAKER_01: Well, um honestly, I
think like most people, we
started with a couple of
duplexes and um then just
started building up from there,
you know, starting acquiring
some single family homes, um,
some land, uh, and then pieced
it up and it sold quite nicely.
And um, you know, it just kept
snowballing.
And anytime that we sold
anything, we 1031 it into the
next deal.
And it just kept getting bigger
and bigger until it became a
full-time job.
But um I've been doing it for
you know 25 years.
Uh when I first started, I
worked a corporate job.
Um, I was at JB Hunt for 16
years and then banking for
another six to eight years.
But um, in the meantime, I was,
you know, like doing the real
estate, um showing on the
weekends in the evening, you
know.
Um I know my kids laugh because
I have them in the car seat,
like, okay, we're gonna go pick
up some rent money and then head
to Chuck E.
Cheese after this, you know.
SPEAKER_05: Like I love it.
SPEAKER_01: So they kind of like
grew up with a lot of that, and
um and through the years, you
know, like you know, those are
the conversations we have at the
dinner table.
And um, so they've learned a lot
as well, and you know, and we
made some memories along the
way.
SPEAKER_03: Yep.
That's amazing.
But um you you were in the
operations, like it's uh not
just like showing for like a
realtor, you were showing
prospective residents, and so
you were you were pretty heavy
on operations from my
understanding.
Is that what you're saying
there, too?
SPEAKER_01: Yes, yeah.
SPEAKER_03: Tell me about that.
Like what what made you you
know, I think it from what I
understand, you know, your
family started investing or what
you you started investing, what
made you get drawn to the
operation side of it versus
carried out?
SPEAKER_01: So um I think it was
just honestly, it was like an
opportunity, and then like um my
husband was more like the
visionary of like, oh, you know,
like the big picture.
And then, you know, it sounded
like a great idea, and like, you
know, yeah, like, yeah, let's
try it.
But then I was kind of like the
one that always like took the
reins and ran with it.
And um, but he was for sure, you
know, like the negotiator, and
um you know, he knew how to pick
some winning horses, so that's
awesome.
Yeah, so that was kind of like
the role that he played, and
then I just kind of like ran
with it and you know, did the
day-to-day operations on it.
Um he was heavy in
manufacturing, and you know,
like we had a uh factory going
at the same time.
So we're really busy.
SPEAKER_03: And that was just
kind of like, you know, it fell
on my lap and I ran with it and
you know, we uh collaborated a
lot, of course, but yeah, the
day-to-day was definitely that's
that's a really good experience,
you know, actually leasing it
out and collecting from
residents, you know.
I'm sure I don't think you do
that today, um, but or or do
you?
Yeah.
SPEAKER_01: Um I have a I have a
team now that you're not
knocking on the doors.
I'm not, but you know, like when
we acquire a new property, I'm
out there, you know, um meeting
new tenants, getting to know the
property.
So I'm really hands-on.
I I like to kind of know how the
wheel turns, you know, every
property's different.
Um so in the beginning, I'm
very, very hands-on, and I am
out on the property on
inspecting units and you know,
walking with the contractors and
that kind of thing.
And once I get comfortable with
it, um, and you know, I know
kind of how that property's
gonna work, then you know, I'm
not out there as much, but I am
very, very hands-on.
SPEAKER_04: Yeah, I love that.
And then it sounds like uh even
at the beginning, though, doing
all of that was more out of
necessity, like you're you're
managing your own property and
and uh not turning it over to
property management, I assume to
maybe get some extra cash flow,
but also learn kind of the
business in general.
Yeah.
I think that's a great, I mean,
would you say that's a great
thing for any real estate
investors as they're getting
started?
SPEAKER_01: Absolutely.
Um, I think especially when
you're getting started, you
know, look, those management
fees will cut into your profits.
So, you know, sometimes people
will try it out and it's just
you know, like the cash flow
isn't there and then they just
kind of give up.
Uh but when you have control of
that, um and I mean I also like
you know, I'm not afraid to work
with the contractors and you
know, like do sub a lot of my
work.
Um, so you know, that's a a big
cost savings there.
Um so it was out, you know, like
you just kind of like make it
work and and then the bigger the
projects get, you know, you have
more negotiating power and
pricing and and that kind of
thing.
So you're able to, you know,
make it cash flow so much
better.
But yeah, absolutely being
hands-on and knowing your
property and um that way you
know how to run it.
You know, if you if you're not
there, you just absolutely yeah.
SPEAKER_03: How many units did
you have before because you were
you were doing the banking and
managing, you know, being
property manager hat on and
operations hat on.
How many units till you went
full time?
Do you remember?
SPEAKER_01: Oh gosh, that's a
good question, Brian.
Um I wanna say I think that's
when we um like really, really
started growing.
And maybe we went because we
started with a lot of
multifamily and then eventually
jumped into commercial.
Um but I want to say we had at
least 150 doors and then like
swiftly moved up to at least
300.
Um, and you know, again, a lot
of multifamily.
And um so yeah, I think that's
when it was like, okay, it's be
it's gonna be a full-time job.
SPEAKER_04: Yeah.
SPEAKER_01: And um and we
figured, you know, like it was I
was gonna be able to run it more
efficiently, being full-time and
like probably make up for my
salary that I had in the long
term.
And it it pretty much worked out
that way.
SPEAKER_04: Absolutely.
So it sounds like even from the
beginning though, JB Hummet,
y'all started thinking about
real estate, maybe stacking some
funds on the side and starting
to buy duplexes.
Is that kind of how it started
for y'all?
SPEAKER_01: Yeah, um, actually,
um going back, it started with
we bought some land because we
wanted to build a bigger home.
And um, you know, we ended up
buying like several acres.
And um then there was people
asking, like, is this for sale?
And you know, so we're like,
well, we can like split it and
sell this piece, we don't need
that much.
And you know, like we it just
kept selling, and we're like,
whoa, like, you know, this this
worked out really well.
And um so then just kind of saw
the opportunity like in real
estate at that point, and then
there was um some duplexes that
came up for sale, like you know,
like down the road from where we
lived, and um it was it was
scary.
That was like our first big
purchase, and um we um actually
like put part at some of the
equity from our home, you know,
like as part of our down
payment.
So so that was scary back then,
you know, it's like, oh, but
this is our home.
SPEAKER_05: Yeah.
SPEAKER_01: Um, but it worked
out it, you know, eventually we
refinanced it, you know, on its
own and that kind of thing.
And um, and then yeah, it just
kind of took off from there and
you know, did you know, flipped
a few homes and um just then
moved on to the multifamily from
the single family and um
commercial and Airbnbs and um
and then my husband's company
took us to um Mexico and so we
kind of continued, which that
was pretty exciting to um, you
know, to continue the real
estate over there and it it you
know it's different but the same
at the same time, but um so we
did some started developing
there and uh invested in some
like beach properties and did
Airbnbs and so a lot of growth
for sure.
SPEAKER_03: Yeah, to 150 and 300
units.
Are you guys using the how did
you capitalize?
Was that yeah, the family's
funds, or did you start raising
capital at that point, or you
pretty much you guys own capital
from uh other deals and the the
manufacturing business?
SPEAKER_01: Um, so honestly,
like really the secret to how we
got started is is we we both
worked really hard, but we lived
below our means.
Like we we didn't spend a lot,
we were in a smaller home.
Uh we never bought a brand new
car.
Uh, but all you know, instead of
having a car payment and like a
huge mortgage, we were taking
that money and investing it in
real estate.
SPEAKER_03: That's so big, yeah,
for especially for beginner,
like people just getting started
when they first get their first
taste of success, you know, it's
it can be tempting to like spend
that, but you'll get such a
bigger snowball effect if you
just do let live below your
means and invest, invest that
difference, and and you'll be
able to scale a lot faster, from
what I've seen.
SPEAKER_01: Yes.
SPEAKER_04: Yep.
Absolutely, absolutely.
I think I think too, just I
mean, obviously uh having a
career that can provide uh, you
know, that I think that would be
for most people should be the
first focus is to find a good
career that they can start to
stack away.
And then then again, I think
that advice is really strong of
just living below your means and
and uh and then being able to
kind of make it happen,
especially in northwest
Arkansas, in a place where
obviously prices continue to
rise and it continues to become
more and more difficult.
Uh capital is going to be
important, obviously, to have,
and both of you know that.
SPEAKER_03: So what markets were
those, by the way, to uh
northwest Arkansas, I think Fort
Smith, what what kind of markets
were you guys targeting then?
SPEAKER_01: Um I mean, obviously
we just started here in
Northwest Arkansas because you
know, I mean, like we lived here
and it was convenient and that
kind of thing.
And then um, you know, we did
Fort Smith and um and then as
prices have continued to go up,
we um did find some good deals
in um in Texas and Oklahoma.
SPEAKER_05: Okay.
SPEAKER_01: So uh in the
Oklahoma, we still have a little
bit there, but it's just it's so
much easier to have it here.
SPEAKER_04: Yeah, absolutely.
SPEAKER_01: But um, you know,
there's still good deals.
SPEAKER_04: So yeah.
So tell tell me about your kind
of as you guys were getting
started, obviously you started
in duplexes and maybe some
single family, but what was the
approach as y'all were starting
to buy property and then tell me
a little bit how that's
transitioned?
I know you've done a little bit
of everything, but what was it
just looking for cash flow
originally, or was it looking
for um, you know, we're
specifically looking at
multifamily.
What what was that approach when
y'all were first looking at at
deals?
SPEAKER_01: Um yeah, obviously
we were like interested in um,
you know, acquiring assets and
having some passive cash flow
coming in, you know.
Um I think in the beginning we
never thought it would turn into
something, you know, like this
big or full time.
Um and we hung on to most of our
stuff as the years went by.
Like if we sold anything, it was
always like to upgrade to
something like bigger or like we
sold a lot of the multifamily
to, you know, acquire
commercial, um that kind of
thing.
But I think another important
thing for investors to remember
too, it's like you you don't
just want to build your cash
flow, you want to build your net
worth.
So, you know, you hang on to
things, uh, you get lines of
credits on them.
You can still use your equity,
but you're building your net
worth as you go along.
SPEAKER_03: And is that part of
the thought process?
Before we started recording, we
were talking, Karina, about a
develop, you know, commercial
flex development that you're in
the pro.
Is that the thought process too
with development?
You know, it's not cash flowing,
but you're building the equity
that way.
SPEAKER_01: Yeah, and that's
another thing that I've learned.
Like sometimes, you know, like I
feel like people get really
closed-minded because they're
like, oh, this thing doesn't
really cash flow, like it's only
gonna make thousand dollars a
month.
Like, yeah, today, but like even
if you're not like cash flowing
huge, like it's gonna
appreciate, and like before you
know it, you've made 200k, you
know.
Um, so it's not always um I know
like I remember we bought, and
you know, I'm kind of dating
myself.
This is like back in like 2007,
eight, and um when the whole
real estate market went down,
and we had just purchased a
house in Springdale for 120,
which back then that was kind of
a lot.
And we're like, oh man, we got
stuck with this, you know, like
but I mean, I was able to rent
it and we, you know, it made the
mortgage.
I I can't remember, I think I
was making like I don't know, a
couple hundred bucks cash flow,
like nothing major, but it you
know, it paid the mortgage and
the taxes and insurance and kind
of thing.
But then when we did sell it,
like I think we doubled our
price, you know.
So it's it's a funny, you know,
like don't don't let stuff like
that scare you away sometimes.
And then building, I think, um I
mean that's always scary because
it's something brand new, but
um, I think in new development,
um, and I know Brian, you're
getting into that.
Um, it's it's not gonna be right
off the bat, but it'll happen.
Like before you know it, like
you're you know, the cash flow
is coming in, and so you sustain
it for a little bit and then it,
you know, the equity goes up.
SPEAKER_04: Absolutely.
I think that's a great point
though, too, because especially
in Northwest Arkansas, it, you
know, oftentimes rents, rents
are continuing to rise over over
time, but oftentimes it is just
harder to find cash flowing
deals nowadays.
But I think in general, as
investors, if you're looking for
deal, if you're buying deals
right, let's say for a value add
opportunity, if you're buying
deals right with instant equity,
that's a big win.
If you're building something
that can that you're building
instant equity, um, another big
win.
So I think as investors, it's uh
you know, cash flow doesn't tell
the full story, like you said.
And but maybe as as people are
starting, that might be you know
something that they're a little
bit closed-minded about.
Um but oftentimes, you know,
those opportunities could
springboard you into a big
opportunity that you know could
could do the get the cash flow
that you want or need or
anything like that.
SPEAKER_03: You definitely have
to look at it, the whole
picture, you know, not like you
said, just be closed-minded.
You're looking at a I mean,
especially in NWA, you know,
where it is uh more of a
appreciation market than a cash
flow market.
Whereas Fort Smith, if I'm
buying something in Fort Smith,
I can't count on the I need to
that cash flow that you know, I
better be cash flowing because
I'm not gonna get the
appreciation on the back end.
But you know, if you compare
that to NWA, I better be getting
some good appreciation if I'm
giving up some cash flow.
So I think it's important to
look at the whole picture, not
get stuck on cat, you know, cash
on cash number, or don't get
stuck on your cap rate, or don't
get stuck on IRR.
I think it's important to look
at the you know the whole
picture.
And exactly and also to what if
you're buying right, you can
weather, you know, a certain
store where you might have not
as much cash flow as you
thought, or you're not able to
sell right away, like you did in
in Springdale.
SPEAKER_01: And and one thing
that luckily in this area, like
there's a renter for every type
of property.
SPEAKER_04: True.
SPEAKER_01: Um, we had bought a
lake house, and you know, being
in the in the in this industry,
like if you had a uh an empty
property, like it just bothers
you, you know, like for sure.
Um but you know, we you just
don't think like, oh, I can't
and this was before Airbnb, so
that wasn't really a thing.
And um and besides that, I think
our HOA didn't allow like
short-term rentals for like
vacations and stuff.
But we actually got we found
like we were like, well, let's
just put it up for rent and see
what happens.
It's just sitting there, like,
and um and we had a family that
like came and like literally
wrote us a check for the whole
entire year, and they
homeschooled their kids and you
know, they wanted to be by the
water, and the dad traveled, so
the mom was gonna be there, and
it was like, yeah, like you
know, yeah, there's someone for
every property.
SPEAKER_03: That's a great
point.
Being that close attendants,
too, you you don't get that get
to feel that too if you're not
as in touch with uh the property
management.
But on the other side, you also
don't get that, you know,
there's as many good stories as
that, there's some bad stories.
You know, bad tenants out there
to know that.
SPEAKER_04: All all I've heard
about, just speaking of those
bad stories, my my dad used to
own a fourplex down in downtown
Bidenville, Riding His Skylight
Theater now.
Um, and he talked, he managed
everything himself back in the
day.
And he lived in Springdale, and
uh he would have to meet all the
tenants up there and show them
the property and stuff like
that.
He just kept getting stood up up
there, and then he had somebody
that was growing marijuana in
the closet, and he was just
like, I'm just gonna sell it,
and then you know, we know what
happens now years later, yeah,
20 years later, or whatever.
So he's kicking himself over
that.
But I think that's just a funny
uh kind of experience when it
comes to managing your own,
especially in the beginning.
SPEAKER_01: Yeah, absolutely.
There's a lot of that, so it's
there's never a dull moment, and
now I just kind of look at it
like, okay, um, you know, it's
part of the part of the plain
real estate, like there's highs
and lows and good stories to
share later down the road.
SPEAKER_03: Absolutely.
Do do you utilize third-party
property management now, or do
you have in-house, or does it
have to be no, I still
everything's in-house.
SPEAKER_04: Just has the has a
team.
So yeah, I I'd love to I'd love
to get a little bit more into
that too.
SOSA properties in in general.
Uh, I know we've talked through
some of these items that are
some of these kind of areas of
expertise that you have now in
commercial.
Obviously, you've done
multifamily, single family, um,
short-term rentals, even Mexico
and maybe here.
I don't know, we can talk about
that too.
But um, and then there's a
property management side, I
guess, side or team part of it
as well.
Give us just kind of an overview
of social properties in general
on uh what that looks like for
y'all.
SPEAKER_01: Um, yeah, so again,
like I'm very, very involved.
You know, it's like my
day-to-day operations.
Um and I think because I did it
for by myself for so long, like
I have, you know, like a a small
team.
Sometimes I I think I probably
need a few more people.
Um you know, like we're just
really close knit and like every
day, you know, I know what's
going on, and you know,
communication is key.
Um and it helps having your own
maintenance team that you can,
you know, like on the you know,
one phone call and you can send
them here or there and um not
have to wait on somebody else to
put you in, that kind of thing.
Um and just you know, marketing
and scheduling showings and you
know, like keeping everything
full to the best of our ability.
Collections and accounting and
absolutely.
SPEAKER_04: So on the property
management side, is uh is there
an arm that's uh outside of the
units that you're involved in?
So I guess are you managing
units for other investors out
there as well?
SPEAKER_01: Um so I only manage
my stuff.
I do have partners that I've
gone into with on some deals.
Uh and I do the asset management
on that side, but um I only
manage the stuff that like on
part owner um I don't do for you
know like for other people.
SPEAKER_04: Yeah.
Yeah.
It's a big I think that yeah,
that's super smart.
So uh as far as you know, and I
knew uh I I love that piece.
I mean, that's a great for those
that are you know thinking about
doing uh or have a portfolio
that they're managing
themselves.
I think that's a great uh some
great learnings to kind of
continue to get into deals.
Uh maybe there's a partnership
aspect that folks can kind of
help the management side and be
able to get a you know get into
more deals if that makes sense.
But uh as far as other arms of
of social properties,
short-term, I mean, get help
help us understand as far as
short-term rentals and and some
things like that.
It that's an area that we
haven't talked about much, but
what where did that kind of uh
stem from, I guess, originally?
SPEAKER_01: Um so originally
when we moved to Mexico, we had
our our family home that you
know we really didn't want to
sell.
And um we'd kind of, you know,
we'd come and go because
obviously, you know, we still
had business here as well.
Um so we turned our house into
an Airbnb.
And it was like um very
convenient because when we knew
we were gonna be in town, you
know, I'd block off that week
and we'd get to stand the house
and then we were done.
We'd pack up and you know.
SPEAKER_05: Yeah.
SPEAKER_01: Um and it's a bigger
home set was nice, like for it's
in Fayetteville for football
weekends, you know.
It was, you know, when families
came down at graduation and um,
you know, any events at the
university.
So it worked really well.
Um and then, you know, we had
some vacation properties in
Mexico too that you know we only
used occasionally.
So having them on Airbnb, you
know, we were still, you know,
making money to pay the HOA dues
and the maintenance and the pool
and landscaping and that kind of
thing.
SPEAKER_04: So makes sense.
So it really kind of started
with the personal home.
Yeah.
And they kind of I guess
expanded from there and kind of
looked at opportunities.
You said you mentioned maybe on
the beach down there in Mexico
as well, stuff like that.
And then any any others around
uh the United States or anywhere
else that y'all expand down?
SPEAKER_01: Uh-huh.
SPEAKER_04: Yep.
So I guess uh help me continue
to understand the timeline here
because you've been in so much.
I'm I'm trying to keep it all
straight.
So small multifamily start, some
single family, maybe short-term
rental was before after when you
started to get in into more
commercial deals.
But where when did the
commercial piece kind of start
being a part of social
properties business plan?
SPEAKER_01: Um, it was probably
around 2017, 16 or 17.
Um that's when we moved out of
the country.
And with multifamily, you know,
it's like you're, you know,
babysitting, you know, like 50
families and you know, like 50
uh fridges and you know that can
possibly go out or what have
you.
So we were like, okay, like um
commercials not as hands-on, you
know, like it is in the
beginning, you know, you're
you're trying to like if there's
a build out or you know, things
like that.
But once they're in, they're
kind of in and on their own.
And on the commercial side, the
nice thing is like they're um
responsible for most of their
maintenance.
Like obviously we do like the
roots and you know, like uh big
HVAC um stuff like that,
landscaping.
But um so we started selling off
multifamily and then 1030 went
again to the commercial, and it
worked, you know, like once we
got the units filled, you know,
like the tenants were kind of on
their own.
So we were able to like back off
on like as much maintenance and
you know, like day-to-day up.
I mean, obviously it was still,
you know, you keep up with it,
but not as tedious.
Um, so that's that's kind of how
we got into that.
SPEAKER_03: 20 2016, 2017.
That's when I bought my first 12
unit in Springdale.
Guess what I bought it from.
I love it.
That's right.
That was right around that time.
Was this a letter, a cold call,
or how did we know it was uh
Chris Vega shut out.
Uh broker, yeah, broker
relation.
Um, I still talked to him.
Um, but yeah, just we uh they
had it on the market, and then
if you know, I wasn't quick
enough, and then it fell off the
market.
And I think the previous buyer
had fallen out of contract, and
I was like, hey, I'm ready to
get, you know, I saw this is
available.
And we met at the property and
then closed it and then beloved
it.
Yeah, that was my first venture
into multifamily and it was good
process.
And later, actually, my first
deal in Fort Smith was a 59
unit, and they were the sellers
together.
Oh no, what's just a couple of
that's awesome.
Maybe a year and a half later or
so, maybe two years later.
SPEAKER_04: But below it's so
yeah, just just speaking on that
too, uh as far as the deals go.
I'd love to, I mean, as much as
you want to share, don't want to
share, but uh tell tell us about
any deal that stands out along
your uh along your timeline as
far as either your favorite deal
or maybe a deal that kind of was
your big break, you know, from
start to finish.
What what did that look like and
what kind of property was it?
Stuff like that.
SPEAKER_01: Um wow.
You know, it's been like the
growth has been so organically
that um and I'm a big
multitasker, so it's like even
even though we had the
commercial, we still had some
multifamily, and then we're like
starting developing in Mexico
and um the Airbnb.
So it all kind of ties in
together.
So it's hard to say, like, you
know, like, oh, and then I
jumped into this.
SPEAKER_03: It was like what's
the most amount of money you
made on a single, what's like
the best deal you've done that
as far as like return on money,
and then maybe is there any
worst one?
Um how was of the 59 unit or the
12 unit I bought from you guys?
Do you remember that one?
Yeah, the yacht humanity.
SPEAKER_01: You guys have to I
don't remember the amount.
SPEAKER_03: Um I think the 12
unit I bought for like 500 or
595, 500 or 595, and then 59
unit, maybe like two point
something, or a little under
three million or so.
SPEAKER_01: Yeah, I don't let me
I'm trying to think like which
one was like the biggest.
Um I mean that was one of the
bigger complexes that we had um
that we did well on, but I think
I think the biggest one was or
the biggest uh one that we
profited on was probably
Rivendell and and Rogers.
SPEAKER_03: I don't know if you
remember that one how many units
what you buy for what you sell
for?
SPEAKER_01: That one had 33
units, and we bought it right at
a million.
I do yeah, it's that's great.
And that was our big like
million dollar purchase.
You know, like everything has
been in like the hundred
thousands, and that was like Oh
my gosh, like it's a million
dollars.
You know?
SPEAKER_05: Yeah.
SPEAKER_01: Um and but it's
funny how like you you grow and
and like this last deal that we
closed on in March, it was close
to 10 million, it was like nine
million.
And um when my partner called
and said, like, you're not gonna
believe this, like um we got it
under contract.
Cause you know, it's a lot of
going back and forth of like,
well, what about this price,
what about that price?
And it's like both of our
stomachs just sank, like, oh my
gosh, like we're really doing
this, yeah.
Like we're really doing this,
and um, but then you just kind
of like grow into it.
Yeah, but on on back to
Rivendell, I uh that one sold
for 3.2, 3.4, something like
that.
SPEAKER_03: Nice, yeah.
Amazing.
That's awesome.
And that you use that when you
purchased it, I guess.
SPEAKER_01: I mean um, so yeah,
we did.
Um, but we were also always very
conservative.
Like we we usually always did
like 20% down.
So we always had room, you know,
like we never felt that helped a
lot too.
Like you're not stressed out of
like, oh, this is gonna be
tight.
Like there was always like good
room there.
SPEAKER_04: So it could sustain
itself, I guess.
SPEAKER_01: Yeah.
SPEAKER_04: Yeah.
SPEAKER_01: Yeah.
SPEAKER_04: I love it.
Well, what about any any unique
deals come to mind as far as,
you know, have you been a part
of any that owner has seller
finance a deal or or uh any
anything unique like that that
stands out that you you can
remember on any deals?
SPEAKER_01: You know, we've we
were very fortunate we had
really good uh banking
relationships.
And because we had such a big
portfolio, it was like we used
that equity.
Like that was really how we
grew.
It you know, like um we hung on
to everything and and built the
equity, and then we would just
like, yeah, we'll put this one
as a second and like use that as
your down payment.
So um that was really what
helped us grow quickly with you
know, like sell stuff and pull
cash out and that kind of thing.
SPEAKER_03: So got more creative
with the the lenders with the
lenders, yeah.
SPEAKER_04: Smart, yeah.
SPEAKER_01: Yeah.
SPEAKER_04: So just as as far as
your your strategy and kind of
your philosophy moving forward
now and kind of where you're at
in your career, for you, I mean,
when did it, you know, for a lot
of people like Brian is I we
can't say you're specifically
multifamily because I know you
got some storage and some other
stuff, but Brian is almost
exclusively multifamily.
A lot of others would say that
they're you know pretty niche in
what they do.
Uh but you you have a breadth of
things.
And so um for you, I mean, was
that ever was it ever a thought
to to try to be niche into a
certain category or are you
chased opportunities in general?
And and when do you think that's
you know, do you think that's a
good strategy for most people
out there?
SPEAKER_01: Um for me, it was
like, yeah, if there's an
opportunity there, like explore
it, you know, like don't be like
shut off, like, oh yeah, that's
not for me.
And um, but again, I'm a
multitasker, so that doesn't
bother me.
And I'm sure some people it
would drive them crazy.
Um, and then like there's also
like a really creative side of
me that, you know, like um, you
know, like I wanted to build,
and you know, like when I was in
Mexico, it was, you know, very
affordable to have a staff with
like an architect and and all of
that.
So that was a lot of fun because
you you I had an architect like
right next to me, and we're like
um, you know, like designing
homes and you know, like um
building them, and you know, so
it was like I got to do a lot of
input there and and you know,
like the creativity of that.
So that was I think that was
probably my favorite.
SPEAKER_04: I love it.
SPEAKER_01: Yeah.
SPEAKER_04: Um and then yeah, I
think I think just as far as you
know, looking at you you
mentioned kind of how you
approached a lot of these deals
really in a more conservative
lens.
Um, you know, again, I go back
to Brian because you got you
guys are my two examples here.
But uh, I know Brian, when you
were getting started, there's as
much leverage as possible with
with growth.
It sounds like with y'all there
was you know kind of a
conservative, you know, put 20%
down, or or really kind of, you
know, I I'm sure there were
times too where there was more
leverage, but uh is that a
strategy?
I know I'd love to hear your uh
take on your side as well, but
is that a strategy you would
recommend for for most investors
out there, as especially in
today's market?
I know that requires more
capital, but I'd love your
thoughts there.
SPEAKER_01: Right.
Well, that's hard to deal with
like today's rates, you know,
um, and the pricing, you know,
of real estate right now.
But um I think really the the
key to you know somebody that
wants to start investing is like
have a stable income that you
know like you feel confident
because then you're able to take
risk and not, you know, like
it's not gonna ruin your
marriage, it's not gonna, you
know, like um so when you have a
stable income, like you know
every two weeks your checks
gonna be in the bank and you
know what your you know monthly
you know debt is, and and then
anything extra, like um, you
know, we'd get excited, and you
know, instead of like you know,
purchasing a new car, it's like,
oh, we found this like rental
house, and you know, like we can
redo this and redo that, and
then you just like get excited
about it, and you know, you're
shopping, but you're shopping
for real estate.
And um, so I mean, I know
there's like Brian did, he got
really creative, like with some
seller financing, and you know,
like that's a great way to do
it.
Like personally, I you know, I
didn't experience that, but um I
know with my partners now we
have uh used a little bit of
that, like maybe like the first
couple of years, you you know,
do some owner financing at a
lower rate because of the way
the interest rates are.
So that's definitely a way to
approach deals in today's
market.
SPEAKER_04: Absolutely.
SPEAKER_01: Um and then, you
know, like you know, banks can
be creative too.
Like if they know that there's
potential in the project, like
don't be afraid to, you know,
leverage it a little more.
And you know, they're not gonna
spread themselves too thin, but
you there's ways to to make it
work.
SPEAKER_03: That's great.
Yeah, I love that mindset too of
like, you know, you you
mentioned it earlier, living
below your means and investing
the difference.
And instead of getting excited
about a new car, you're getting
excited about a rental company.
So absolutely definitely
recommend having a partner or a
spouse that has a saying
alignment.
You know, they don't have to be
in the business with you, but
making sure they're on the same
page as you with that, like just
because our means increase
doesn't mean we're we're out to
spend like we can invest this,
we can really you're gonna have
even more means to spend.
And I think, you know, the
leverage piece, I I levered up a
lot in the beginning, especially
when it was my own money, you
know, because I knew I had that
stable income too.
You know, I wasn't like I was
living below my means and I had
income above and beyond what my
expenses were.
So I knew like I could, if worse
comes to work, like that was
kind of my reserves.
My reserves was my my debt to my
global debt to income ratio.
My reserves was I'll work my
butt off and put it towards a
property if something bad
happens, and I'll just work and
work extra and put that extra
income to the so that was kind
of my reserve.
So I think you know, having
smart leverage is is important.
Like I still like to, it depends
on the investment.
I have some investors that, you
know, would prefer to be uh put
more into it, but some investors
are like, I'm I want to get the
highest return on equity.
You know, I'm not as concerned
about cash flow, you know, I'm
okay with the extra risk if
we're accounting for it for
extra, you know, that higher
debt payment that you have with
that higher leverage.
But sometimes you can get
creative with the sellers and
maybe you're not paying them
any, maybe it's full accrual.
Like, you know, maybe it's hey,
I'm I'm giving you more on the
purchase price and I'm giving
you an interest rate on that,
but it's gonna be paid at a
balloon payment.
So you're not the sacrificing
your cash flow.
Not all sellers will do that,
you know.
I try to get you guys to juice
themselves in there, like not
Litz and will do it.
So it depends.
I think it's a tool, I think
it's a tool in the toolbox.
Like it's not that shouldn't be
your only tool in the toolbox,
but it can be another way of
getting a deal done.
Same thing, you know, Karina's
philosophy of you know, not
being closed-minded, like being
open to deals, especially with
you honing in more on NWA, was
you had a lot of success in the
duplex as a multifamily, but to
stay in NWA, you were you will
had to be open-minded to look at
these other opportunities to
have more tools to place your
equity and grow it.
SPEAKER_01: Yeah.
Exactly.
SPEAKER_04: Absolutely.
I I think one one thing I had a
question about just from uh what
what you mentioned earlier was
just banking relationships in
general and how that's changed
over time.
What what did that look like
when you guys were first
starting out?
You probably were uh maybe
putting a a a typical amount
down 20 to 25 percent or
whatever on your duplexes, but
um as time has gone on and
portfolio has grown, how are the
how have those relationships
changed for you?
SPEAKER_01: Um I I guess giving
you a little bit of background
too that I think helped is uh
because I did work in banking
and I worked uh I did secondary
market mortgage funds.
And um you had to get really
creative.
Like if your debt to income
ratio is too high, um, you know,
like how can we get that down?
And you know, being in banking,
I'd be, you know, I'd talk to my
clients and I'd be like, well,
let's refinance your car and
your boat and your credit card
into one loan, and then you just
have one big payment instead of
three or four, you know, uh, and
and that'll bring it, and then
we get the ratio down, and then
we'll make that work.
And so I don't know, like I
always had kind of that mindset
of like how can we make it work
instead of like how it's not
gonna work.
SPEAKER_04: Yeah.
So that's a problem solvers
mindset.
That's right.
Gotta have in real estate.
And then too, I mean, I I know
if for I mean, for those out
there that are just kind of
getting started and and uh, you
know, maybe are looking to
create some banking
relationships.
Um in your experience, has it
been beneficial to you know to
have one that you really trust
and lean on, or is it has it
been f beneficial for you to
have multiple that that can
really treat you in different
ways and maybe want different
product and stuff like that?
What how has that kind of
evolved?
SPEAKER_01: Yeah, so you're
always gonna have kind of that
one that you usually like go to
first.
Um, but then there's gonna be a
few times when they're like, oh,
I wish I could do that, but I,
you know, um, or somebody's
trying to earn your business and
they have a better rate and you
know, better product.
And, you know, if you have a
good relationship, you know,
they'll be like, no, you know
what, I understand, like that is
a better deal.
I can't match it, but like,
yeah, I would take it.
Um, so you know, no hard
feelings there, you know, and
then always, you know, come back
and offer them and um, you know,
like again, open-minded.
So you're not always gonna just
be able to work with one because
there's different products,
different rates, you know, and
every bank is in a different
situation where like maybe one
needs more deposits and one
needs to do more loans, and so
it's different markets and you
know, the different, you know,
stage that they're at.
So um, but I have my favorites.
SPEAKER_04: Yeah, absolutely.
I think that's why family.
Yeah, absolutely.
And I think, I mean, again, I
think bankers, we've talked
about this before, but bankers
and lenders are some of your
biggest partners in the deal,
obviously.
And so uh having people that are
looking after your back and that
can, you know, will go to bat
for you as well on deals that
you know are good deals that
maybe others uh don't see the
vision.
So I think that's super
important.
Um for you all, social
properties, uh what what does
the future look look like for
you all?
What is, you know, what are you
hoping that the next five to ten
years looks like um in the
business?
SPEAKER_01: So um now I'm
starting to work on like bigger
deals, you know, with partners
that syndicated deals.
Um I I'd like to do some more
development like on the building
side, just because I like I
really enjoy that.
Um I know that um like
Fayetteville has a need for
single family homes.
And um so I'm um I would like to
dabble into some of that.
Um, you know, not nothing big,
just kind of like um, I don't
know, get my feet wet and see
how that goes.
One or two homes here and there.
Um but uh yeah, just the other
thing about, you know, like
everything that I had done up to
this point was, you know, just
within the family.
And and now that I, you know,
I've partnered up, like you can
grow even bigger.
And um, and honestly, it's
actually nice to have that
support of, you know, like, hey,
we got this going on, and you
know, we have a team of people
that have the same interest
because you know, when when they
own the property too, like we
all have the same goal in mind,
you know.
So we're working in synergy and
um, you know, like you're able
to like grow even faster.
SPEAKER_03: Absolutely.
So any advice and on that, any
advice on partnering up with the
right people?
SPEAKER_01: Absolutely.
So one thing that I've learned,
it's like we all have our
strength and weaknesses.
So like you want to find
somebody that you're, you know,
they have the strength that is
your weakness and so forth.
And obviously, you know, like
good communication,
transparency, and um, you know,
being aligned.
Because as long as you're
aligned on your goal and you you
both have, you know, you want to
reach the same, you know, end in
mind, like you're you're gonna
make it happen.
SPEAKER_03: Yeah, and I think
being aligned too is is how you
struck and how you structure
that partnership.
One, like to your point, like
the the strengths and weaknesses
have to line up and having the
same goal and vision.
But, you know, if someone is
just fee-based and they don't
have any equity, they they may
not be as aligned to continue to
perform, you know.
So I think it's important, you
know, with your part, you know,
my partners I like to see have
equity in the deal too.
SPEAKER_01: Yeah, absolutely,
because then you're all you know
on the same team and you know,
like we're all you know, going
for that uh touchdown.
SPEAKER_04: Absolutely.
I love that.
We've got just a couple other
questions I'd I'd love to get
your your thoughts on as as we
kind of wrap up here.
But what would be your some
advice that you would have for a
new or inspired aspiring
investor in Northwest Arkansas?
SPEAKER_01: Um I think uh if
that's what you you know, if
that's what you really want to
do, like enjoy the process.
Like, you know, we're talking
earlier, like don't look at it
as a job, like oh, a chore, like
get excited, like, oh, you know,
I get to go buy this duplex, you
know, and and you know, like and
I think one philosophy that I
feel like I try to live by, it's
like, how can I make this
better?
And like you walk into it, and
like obviously it's not rental
properties aren't always like
the shiniest and per things, but
you know, you can do so many
things to them and make them
better and like you know,
inexpensive ways.
And um, so it's like you walk
in, it's like, oh, what's the
potential here?
And um, you know, like play with
it, have fun, you know.
SPEAKER_03: Absolutely.
SPEAKER_04: Oh, yeah, great
advice on living life in general
too.
Absolutely.
I love that perspective.
And then just what what are some
some key habits or practices
that you've uh you know, that
you've acquired over the years
that have that you think have
led to your success?
SPEAKER_01: So I think
communication is key.
Um I learned that like very
early on, you know, especially
like in properties where you're
like, yeah, uh this is the color
we're gonna we're gonna paint.
And then you walk in and they've
painted this mustard yellow.
And it's like, no, no, that's
the fucking.
Um so I've I've learned to just
like communicate exactly what I
need or what I want, uh, because
everybody wants to do a good
job, but if you don't
communicate correctly, then you
know they're not gonna have that
information to pull through for
you.
And then frustration comes in.
So like the more that you can
communicate, and uh especially
when it comes to like remodels
and stuff like that, I try to
over-communicate and um and like
make yourself accessible, you
know.
Like if they if they call, pick
up the phone.
It may be just a you know, short
question that can save you
hundreds, thousands of dollars,
you know, because they don't
know what direction to go.
And then two, like you're gonna
slow the process because maybe
they can't start without you
approving this or what have you.
So communication, and then like
at the end of the day, it's like
the team around you that makes
you.
So um I think just having good
relationships with the people
that you work with and um I
think being, you know, grateful
and appreciative, I think we all
kind of like get in a grind, but
um you know, like telling people
like, oh, you're doing a great
job when they are, because you
know, like we just don't say it
enough.
So just encouraging them, you
know, and I tell a lot of people
like I think managing a team to
for me, it's like just being a
mom, you know, like, hey, did
you do your homework?
Let me let me check your
homework and like and then when
they need encouragement, like
you got this, like you know,
like um, or just like well, talk
to me, what's going on, and you
know, like finding out a you
know, like, okay, well, what can
we do to make it better?
Or if that didn't work, what
will?
So just you know, building
people up.
I think when you when you build
them up, they're gonna build you
up, you know.
Um, you don't realize it at the
time, but that's the way it
always works out.
SPEAKER_04: Absolutely.
Like, yeah, I love that.
That's that's great leadership
advice.
And and uh overall, I think if
anybody wants to to grow or have
a team, or even I mean, great
advice you can use within your
family, building one another up
and and uh you know, just kind
of loving on one each other one
another and you know, giving
each other uh kind of some of
those encouragements.
And then uh I like what you said
too about communication.
Um, I mean, such an important
thing in real estate in any
category in real estate.
I mean, I think a lot of people
would be surprised at what
picking up the phone, how far
that goes.
SPEAKER_01: Yeah, it really
does.
Uh, and then you want to be a
good listener because some, you
know, like all your questions
will get answered if you're just
listening.
And um, I think that's most
important, like listen and then
gather your information and then
and you know, because a lot of
times it's perspective too.
Like they're looking at it from
one lens, and then but if you
listen, then you realize, like,
oh, I see where they're coming
from.
And you're able to, you know,
find a solution.
And then you work in harmony,
and there's nothing better than
that.
SPEAKER_03: Absolutely.
Amazing advice, yeah.
And that's uh it's the it's the
the woman perspective, like
having the gratitude, ha
listening, and like you know,
having the empathy.
And I think that's if you can
use that, that's uh it can
really be beneficial in real
estate and makes it more fun.
SPEAKER_01: It does.
And and you know, like when you
appreciate people, they
appreciate you.
And I mean, like, I don't know
how many times I've called and
like, hey, I'm in a jam, like
you know, got this big leak
going, like, you know, I'll be
right there, you know, just
stuff that you know, like makes
you yeah.
Um, so but you know, whatever
you put out, that's what you get
back.
SPEAKER_04: Absolutely.
So I love that.
So for anybody that's listening
and wants to get in touch with
you or or reach out, maybe with
any questions, what where's a
good place?
Maybe they can email you or or
reach out to to get connected
with you.
SPEAKER_01: Yeah, so um, I think
I'm not big on social media.
SPEAKER_04: Uh that's a good
thing.
Yeah, that's good.
SPEAKER_01: Uh I do have a
LinkedIn page.
Uh that's probably the one that
I kind of like visit the most.
Um so you know that would be a
good one.
SPEAKER_03: Perfect.
Um Karina says uh at LinkedIn.
SPEAKER_01: I don't like um
yeah, in my emails, Karina at
Sosa Properties.net.
SPEAKER_04: So awesome.
Yeah.
Well, Karina, we're super
thankful that uh that you spent
some time with us.
I know your time is valuable and
and uh there's a lot of great
nuggets in here, and and uh
you've just got such a breadth
of of experience, short-term
rentals, multifamily, single
family commercial.
Um, and we're just pumped that
we got to to have you today.
So thanks again for your time.
SPEAKER_01: Well, thank you guys
for having me.
It's been a pleasure and it's
been fun.
SPEAKER_00: Absolutely.
SPEAKER_03: Thanks, Krita.
SPEAKER_01: Thank you.
SPEAKER_00: This episode is
brought to you by Winstone
Private Lending, one of the top
private and hard money lenders
now serving Northwest Arkansas.
Whether you need short-term
capital for a flip, a bridge
loan, or creative financing,
they've got you covered with
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nearly any deal, including 100%
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What sets them apart is their
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If you're looking for a real
lending partner, check out
Winstone Private Lending.
Link is in the show notes.
Our next sponsor is Advantage
Title and Escrow.
They're a local company.
They do great work, specifically
Kayla Phillips.
I can speak personally on this
sponsor because I use Kayla for
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Uh it's been two, three, four
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We probably do between 65 to 80
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The sit the SOP, so systems and
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I would highly encourage you if
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agent listening, to use
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specifically Kayla Phillips.
So you're going to reach Kayla
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Or you can email her at Kayla C
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SPEAKER_04: Have a question you
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Thanks for listening, and we'll
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