Quote · BiggerPockets Real Estate Podcast
Chad Carson’s 2 Deals/Year Strategy That Makes You a Rental Millionaire
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How to Learn From Every Deal: Community, Mentors & Reflection
At 27:05 · chapter starts 23:10
Henry Washington draws on corporate project management to argue that every real estate deal should end with a formal lessons-learned review: what went well, what didn't, what would you pay someone else to handle next time. For a small-and-mighty investor doing only a handful of deals per decade, each transaction carries disproportionate learning weight. Chad adds the caveat that self-reflection is hard when you're in momentum mode — which is exactly why community matters. He cites his mentor Louis Stone, a private lender with skin in the game, who quietly declined to fund deals in a D+ neighborhood in Anderson, SC, redirecting Chad's trajectory before he locked into a problematic location. [1] — Chad Carson "Chad was locked in on a block of Anderson, SC properties with enticing numbers and a lousy neighborhood grade. His private lender, Louis St…" 24:50 Henry mirrors this with his own community conversations around deals that only pencil out if a complex, never-attempted-before ADU project also succeeds — a warning sign that the base deal doesn't stand on its own. The section closes with Dave's real-time example of talking himself out of a deal until the seller lowered the price to where the numbers finally worked. [2] — Dave Meyer "The best underwriting habit is trying to kill the deal. Dave Meyer describes literally telling a seller no — and watching the price drop un…" 28:30
Chad was locked in on a block of Anderson, SC properties with enticing numbers and a lousy neighborhood grade. His private lender, Louis Stone, wouldn't touch them. That quiet 'no' redirected Chad's trajectory. Good mentors with money in the game are your best check on bad decisions.
The best underwriting habit is trying to kill the deal. Dave Meyer describes literally telling a seller no — and watching the price drop until the deal actually worked. That's not pessimism; that's discipline.
