Real Estate Investing School Podcast

Episode 145: 100+ Properties in Less than 5 Years with Hailamè Kinikini

Guest: Hailamè Kinikini, Owner – Elkridge Management & Holdings
Host: Joe Jensen
Date: April 1, 2024

Episode Overview

In this inspiring episode, Joe Jensen interviews Hailamè Kinikini, who has built a portfolio of over 100 rental properties—including short-term rentals—in less than five years. Hailamè shares his unique journey from door-to-door sales to managing a multimillion-dollar real estate portfolio. The conversation covers his first steps, the strategic use of creative finance, scaling, and how operational know-how enables sustainability in today’s challenging markets. Listeners will find actionable insights on niche specialization, creative deal-making, and why being an effective operator matters more than ever.

Key Discussion Points & Insights

1. Origin Story: From Door-to-Door to Door Owner

Timestamps: 01:10–05:20

• Background: Hailamè started in door-to-door sales (Vivint, 6 years)—he attributes much of his real estate success to the skills and grit developed there.
• First Property: Bought using a traditional FHA loan in 2018, then converted it into a short-term rental—by accident!
  • "I didn't know it was going to be a short term rental until it was. A lot of that was out of laziness because I told my wife, I was like, I do not want to move furniture." — Hailamè (02:14)
  • Even with poor listing design and little experience, the first property turned a net profit of $2,000 in its first month.

2. Building the Operation: Elkridge Management’s Evolution

Timestamps: 03:40–05:20

• Company Beginnings: Started managing other people's properties, mastering property management for short-term rentals.
• Transition: In 2021, began aggressively acquiring by leveraging knowledge from management into acquisitions.

3. Creative Finance: The Secret to Scaling Rapidly

Timestamps: 10:39–14:37

• Mentorship: Inspired by Pace Morby and creative finance strategies: seller finance, lease-to-own, subject-to, etc.
• Defining Creative Finance:
  “It is an acquisition strategy that allows you to buy real estate without having to go through all of the hoops that you normally would.” — Hailamè (11:13)
• Example Deal: Acquired a $1 million Ogden property with 5% down and a 4% fixed interest rate. No credit or tax returns required; deal closed in under a month.
• Scale Achieved:
  • Best month: 18 doors acquired in December 2022 alone, all through creative finance.

4. Access to Capital & Partnerships

Timestamps: 12:56–14:37

• Highlights how many individuals have idle cash (e.g., family, friends, ex-coworkers) that can be leveraged as JV capital.
  • “The greatest cardinal sin in W2 is promising people that a retirement, like a 401k, would retire you.” — Hailamè (13:34)
• Growth Method: Called his strategy CASTER (Creative Acquisitions into Short-Term Rentals), emphasizing focus and niche depth.

5. The Power of Focus and Niche Mastery

Timestamps: 15:22–18:42

• Going Deep:
  • Importance of selecting a niche and going “a mile deep” instead of an inch in a hundred things.
  • Focus on combining creative finance and short-term rentals became Elkridge’s signature edge.
  • “Once I was there, competition was like, there isn’t any.” — Hailamè (18:12)
• Advice: Avoid shiny object syndrome; real value is found in mastering your chosen niche.

6. Short-Term Rental Execution: Going Beyond Airbnb

Timestamps: 19:50–29:27

• Operational Excellence:
  • Most of Elkridge’s portfolio (90%) is run as short-term rentals, due to developed expertise in occupancy management.
  • “The way we’re able to stay cash flow positive and make every deal pencil is just relying on our ability and expertise of running it as a short-term rental.” — Hailamè (21:24)
• Diversification of Booking Sources:
  • Leverages insurance, government, executive, and professional contracts—not just Airbnb/VRBO.
  • Example: Secured an insurance contract paying $3,750 every two weeks for a 2BD/1BA unit (23:32).
  • Construction company rented a 5BR for $8,000/month in Moab via a government contract (27:36).
  • “If I have five doors, good luck getting an insurance contract...but these insurance brokers are calling me because they know that I have this mass amount of doors.” (25:03)
• Scaling = More Opportunity: Large portfolio allows flexibility in filling units and tapping into more lucrative occupancy sources.

7. Advice for Smaller Operators

Timestamps: 29:27–31:47

• Smaller portfolios can still thrive: Focus on experience and operational excellence on Airbnb/VRBO.
• Importance of ‘buying right’:
  • With today’s high interest rates, deal structure is more important than ever, especially for those relying solely on traditional financing.

8. Buying Right & Creative Solutions for Today’s Market

Timestamps: 31:47–36:27

• Success Today Requires:
  • Creative financing to access lower (legacy) rates.
  • A human, empathetic, problem-solving approach with sellers.
  • “There are so many levers you can push and pull that allow you to have a very human approach about it, a very empathetic approach.” — Hailamè (35:04)
• Solving Real Problems: Often works with sellers facing life events, foreclosure risk, or who need rapid creative solutions.

9. Mindset and Final Takeaways

Timestamps: 43:18–44:21

• Every Level of Scale Matters:
  • “The guy who’s able to go from one to three and change his life, that is just as valuable as Blackstone who owns billions of doors.” — Hailamè (43:51)
• Continuous Improvement:
  • The “most valuable asset that we own is the asset between our ears.”

Notable Quotes & Memorable Moments

• “You have no idea that there are skills you’re developing [now] that will serve you a lot better...in some other capacity.” — Hailamè (08:34)
• “It’s crazy, because in certain capacities...the hardest thing I’ve ever done in my life was knock doors.” — Hailamè (08:28)
• “It’s not passive income, but it’s residual and it’s infinite...that’s what’s so powerful.” — Joe (09:07)
• “My best month was...December, we bought 18 doors. All creatively.” — Hailamè (12:34)
• “You’re diversified...your eggs are not in the Airbnb basket.” — Joe (28:36)
• “The most valuable thing you take from [scaling], is what you learn and what you become.” — Hailamè (43:40)

Resources & Recommendations

Favorite Books/Podcasts

Timestamps: 45:38–46:52

• BiggerPockets Podcast
• Wealth Without Cash by Pace Morby
• The Science of Selling (emphasized importance of learning sales)

Practical Takeaways

• Master acquisition and capital-raising strategies—especially creative finance—to scale quickly, even in tough markets.
• Short-term rental success is about operational excellence and diversification, not just “listing on Airbnb.”
• Consistency and niche focus are more crucial than breadth—become the GO-TO expert in your space.
• Empathy and genuine problem solving lead to lasting business relationships and more deals.

Connect with Hailamè Kinikini

• Instagram: @hailek (Best contact for deals, management inquiries, or questions)

Final Reflection

Whether you’re at 1 property or 100, every critical step is transformative—if you stay focused, commit to mastery, seek to help others, and keep learning, you can be the next case study in rapid, resilient real estate scaling.

For detailed advice, operator insight, and creative deal-making tips, listen to the full episode and scroll Instagram for more content from Hailamè Kinikini.