Patrick Carroll, an entrepreneur and real estate investor, is known for facing challenges head-on and turning his goals into opportunities. Currently, Carroll is working to provide for others in unique philanthropic ways while also expanding his holdings into his areas of interest.
Patrick Carroll: The Beginning of his Real Estate Journey
Carroll wound up as a real estate investor in a roundabout way, but his entrepreneurial spirit is something that has always driven his decisions. After moving to Atlanta from Tampa, he purchased a condo without having to put any money down. While working as a clothing rep, Carroll realized he could flip houses in the booming Atlanta real estate market with them being 100 percent financed.
While many kids fantasize about becoming pro athletes when they grow up, Carroll always dreamed about being a successful businessperson. While reading Forbes magazine and the Forbes 500 list, as well as the biographies of successful people, he realized that without a college degree, real estate was his best option in order to achieve his goal. In 2003, Carroll switched to real estate full-time and started branching out — first into developing homes, then into student housing.
One of the key factors for his continued success is Carroll’s willingness and ability to evolve to meet the changing needs of the real estate market. While in the being, he was able to finance 100 percent of the purchase price of his investments, all that changed dramatically with the housing crisis and subsequent economic downturn of 2008 and 2009.
In order to successfully adapt, Carroll had to learn the ins and outs of financing. He also had to become an expert at raising capital. In order to do so, he says he “…would go to New York every couple of weeks and pitch large private equity investors, and ended up with billions of dollars.”
The Evolution of Patrick Carroll’s Real Estate Investment Strategy
Some people might be surprised to learn that Carroll’s investment strategy has changed little over his years in the industry. It might also be surprising to discover his strategy is one that is fairly simple — both to follow and to execute.
Patrick Carroll starts off every investment with the belief that there is money to be made on the buying end of the deal. He invests only in properties that he is able to purchase for less than they are actually worth.
Other parts of Carroll’s strategy include buying only in the following circumstances:
- below replacement cost
- using only attractive financing options and free cash flow from the start
- only in the best locations
- where there is a good base of residents and/or tenants
Finding Real Estate Investment Opportunities
Carroll is now at the point in his career where people send him deals on a daily basis. This allows him to evaluate them at his leisure before choosing those that fit his particular criteria. Of course, it wasn’t always that way though.
In the beginning, he invested countless hours doing the hard work and research that is needed to ensure success. Carroll drove around constantly and diligently studied submarkets.
He started out by looking for areas where the schools were high-ranking and that were supported by busy employment centers. Once he found an area that was a good possibility, Carroll dug deeper. He’d drive by on the weekends to determine how the area looked then as well.
He noted the parking lots and their activity during the week to figure out if people were working. Carroll also did a lot of talking. He asked a range of questions of nearly everyone he met in an area that looked promising.
All this groundwork provided him with the information he needed to go to a lender. Once he was able to find an equity partner, as well as a lender willing to back him, Carroll knew that his assumptions were likely to be correct.
Moving Into New Territory as an Entrepreneur
In order to take his career in a new and loftier direction, Carroll recently formed “a family office and investment company for third-party capital” known as Carroll Global. The premise of this company is that after finding investments that he likes, Carroll plans to give other like-minded investors the opportunity to join him.
Carroll looks not only for others who want to invest with him, but also those that he likes. However, if his efforts to find outside capital for a particular deal he wants to invest in aren’t fruitful, Carroll has the ability to close using his own capital.
Being able to do so is a luxury he hasn’t experienced previously. As such, he is in an advantageous position within the investment market. He notes, “Even the largest institutional investors have to get committee approval to (close) a deal. I am my own committee and can make my own decision fast.”
While Carroll is patiently waiting for the market to settle and interest rates to stabilize, he already knows the sectors he wants to invest in. These include private credit, clean energy, service businesses and large companies that are publicly traded, as well as real estate.
Patrick Carroll’s Philosophy of Leadership
It might be surprising to learn that Patrick Carroll doesn’t want those who work for him to feel like his employees. Instead, he wants them to feel like owners. By feeding a sense of ownership — coupled with hiring only those people who are both hungry and intelligent — he sets them up to have their interests align with his and his goals. That is, Patrick Carroll lets his team get rich.
Kickz for Kidz: How Patrick Carroll Gives Back
Though Carroll is exceedingly busy, he still carves out about 20 percent of his time on philanthropic efforts. As part of this goal, he self-funded the Kickz for Kidz campaign that recently handed out 600 pairs of sneakers to children in need in Chicago.
Area families were treated to pizza, a live art demo, a DJ, video games, appearances by mascots from both the Chicago Bears and the Chicago Cubs, and more. Carroll also had assistance from celebrities like Seraphina Sanan, Cortez Smith, Toxic, Briannagh D. and others when handing out the sought-after shoes.
The Chicago event marks the fifth such stop of Carroll’s Kickz for Kidz campaign as part of his goal of donating one million dollars worth of shoes to children. Other cities that have already seen donations of trendy sneakers to underprivileged children include New York, Miami, Atlanta, and Tampa. The message he hopes to leave with the kids he helps is, “If I can do it, anyone can do it.” Seeing their faces light up is something that brings Carroll great joy and satisfaction.
As an entrepreneur who never went to college, Patrick Carroll wants to be known as the type of man who “made it” big. He, however, didn’t choose to rest on his laurels. Instead, Carroll focused on helping a lot of other people along the way. From those he employs as part of his team to unprivileged kids across the country, Patrick Carroll demonstrates that being a self-made individual who lifts others up with him is something that benefits everyone.
