Acquiring exceptional wealth-building real estate for my investors Helping them build more fulfilling lives through financial strength

📈I help people reach financial security
🦉I educate and demonstrate - how you benefit from investing in apartments, realistic expectations, how to analyze opportunities
💻I have helped people of all backgrounds but specialize in helping tech professionals who can't see a path to financial freedom
👨‍👩‍👧‍👦I bring investment opportunities to people who need strong returns, income, predictable outcomes, and shelter from taxes and market turbulence. 

I founded Cardinal Oak Investments to create opportunities for stable, long-term investments in the safest and most reliably secure types of real estate, multifamily apartments. Through general partnerships with other experienced managers, we create real estate syndications to invest in apartments in strategic growth markets in the U.S. 

My extensive experiences with software development, management of technology teams, and implementation of large software solutions at Fortune 500 companies were invaluable skills to help my success in real estate. 

Now I create opportunities for investors seeking stable, long-term income and wealth building through real estate, and limited and general partnerships investing in apartments. 

My company acquires properties in emerging markets where rental demand is strong, the community is growing, and smart renovations will drive rent growth. We modernize stable but outdated apartments and create clean, comfortable, and safe residential communities.

Sharing my experiences through speaking engagements, guesting on podcasts, and publishing a newsletter I’m constantly looking for opportunities to help others get to the next level in their real estate investing, wealth planning, and passive income opportunities.

Sam Zell accumulated a $5,000,000,000 net worth. 

He became a billionaire by mastering one thing: 

Value investing. 

“The Grave Dancer” bought under appreciated assets & turned them into wealth generating vehicles. 

From value-add multifamily in Ann Arbor, Michigan to billion dollar energy companies.

Here’s 3 takeaways I learned from studying Sam Zell: 

1) “You don’t need to be right all the time. Just when it matters.”

- Sam Zell sold his office portfolio for $39,000,0000,000 to Blackstone. Guess the date of the transaction? February, 2007. 

- If he had waited 7 months? Blackstone wouldn’t have bought the portfolio for half that amount. 

- It’s about being in the game long enough to get that lucky break. 

2) The market doesn’t reward complexity. It rewards results.”

- As an LP, you can get caught up in the waterfalls, pro formas and promote hurdles, but ultimately an investment comes down to 3 things. 

- The location. The operator. The market. You must feel confident in all 3 to the best of your knowledge to invest. 

3) “Liquidity equals value. If you can’t sell it, what’s it worth?”

- As an LP, you must understand the dynamics of the supply and demand curve within the real estate industry. 

- The location, the tenant base, the market cycle, etc. Each data point is essential to the value. 

- If you don’t understand the value proposition of an investment, do not invest. 

- Buying real estate alone does not = building wealth.

P.S. What takeaway stuck out the most to you?

John Todderud

I invested in a $15,400,000 128-unit apartment in NE Texas. 

I invested in a $3,800,000 96-unit apartment in Oklahoma. 

I invested in a $1,700,000 32-unit apartment in SC.

We acquired each of these assets with LP capital through a 506(b) syndication, our own capital, & local banking relationships. 

Here’s 2 lessons I learned from these deals every LP should know: 

1) Focus your due diligence on the “Big 3”. 

- As an LP, it’s easy to get caught up in waterfalls, 
- It’s easy to obsess over various assumptions. 
- It’s easy to get lost. 

In my opinion, the 3 most important aspects of an investment are as follows. 

- The operator.
- The location. 
- The market.

If you can feel informed on these 3 qualities of an investment? 

You can feel confident in an investment decision. 

2) Understand the capacity of your GP to fill financial gaps.

- If the construction budget goes over, or 
- A major unexpected capex item occurs,
- The best GPs will step in with their own capital. 
- This is why I flinch when I see young syndicators.
- GPs should have the financial capacity to make those decisions. 

P.S. Which tip resonated most with you?

I invested in a 15-unit deal for $560,000 in 2015. 
(My first medium sized apartment acquisition)
I sold the deal for $1,400,000 6 years later. 
Here’s why the deal was successful: 

1) I partnered with knowledgeable, experienced operational partners. 

- This was my 4th acquisition as an investor. 
- Yet, 
- I wanted to partner with these partners. 
- Not necessarily because I had to. 
- But, 
- I knew if things went south, I could rely on them. 
- & that peace of mind is worth a lot. 

2) We bought an asset 5 minutes from a community college. 

- This ended up being the biggest attraction point. 

3) We partnered with a fantastic PM team. 

- They’d managed in the area for a while. 
- They knew the residents demographic well. 
- They helped keep expenses low. 

SIDENOTE: 

Our first property management team didn’t work, 
We moved on quickly. 
The right property manager makes a world of a difference. 

I bought the deal with a few partners, & we returned $900,000 of equity split between us.

P.S. What are the traits of the best PMs?

We passed on a $2,250,000 40-unit deal in Oklahoma. 

The NOI was $133,000, the cap rate was 5.2%. 

Yet…

There was one major issue with the asset. 
↳ The apartment was in a flood plain. 

Here’s the breakdown of the opportunity: 
(& why we ultimately had to pass on it)

• The asset was 95% occupied. 
• The asset was built in 1972. 
• The asset hadn’t been renovated in some time. 
• The units & the exterior could use updates. 
• That said, 
• The rents were well below market. 
• & we could realistically raise the value. 

However, because the asset was in a flood plain, FEMA required a permit in addition to the permits required by the city. 

This permit from FEMA historically took over a year to receive. 

• With high holding costs from insurance. 
• With where rates were at in Aug. 2025. 

Holding the asset that long without substantial rent increases wasn’t feasible. 

So, we had to PASS on the property. 

P.S. What’s one reason you’ve had to pass on a deal in the last year?

I underwrote a $6,900,000 112-unit property in Oklahoma. 

The deal had an NOI of $641,000, a cap rate of 9.3%. 

Here’s the breakdown of the deal: 

1) The property was in Oklahoma City, Oklahoma. 
2) However, it was in the low-income side of town. 
3) The property was 97% occupied at the time. 
4) Rents matched what the market rate was. 
5) The property was built in 1972.
6) But with minimal upside. 

We ultimately passed on the deal because of the lack of upside with the rents combined with the necessary costs to renovate the asset. 

The straw that broke the camel's back was niche. 

But it ultimately was just too much…

The property’s exterior was made up of mansard siding from the top of the roof to the ground. 

Ugly looking on the best of days.  

Very expensive to replace. 

So we passed. Despite the fundamentals being solid, it was just too ugly for its own good. 

P.S. Are you seeing deals pencil in 2026? 
If so, are they more buy & hold strategies? 
Or value-add?

We acquired a $14,425,000 133-unit deal in Ohio. 

Here’s the breakdown of the deal: 

1) The asset is situated in the heart of Arlington, Ohio. 
↳ The wealthiest suburb of Columbus, Ohio. 
2) The asset’s median move in date was June 2022. 
↳ At the time of the acquisition in June 2025? 
↳ That was exceedingly rare in the market. 
3) The asset’s average rents were below market. 
4) We anticipated a light value-add renovation. 
5) The asset was acquired at a 62% LTV. 

The owner had taken incredibly great care of the asset while keeping the rents relatively the same for years. 

This created an incredible opportunity to significantly increase revenue. 

Without having to expend an exorbitant amount of capex. 

Curious to learn more about Cardinal Oak’s deals? 

DM “Cardinal” to schedule an introduction call.

I underwrote a $4,500,000 65-unit deal in Tulsa, OK. 

The NOI was $340,000 at a cap rate of 7.6%. 

I’d bought another property from this owner, & I had a poor experience with how they'd left the property. 

• Poor expectations set with the existing residents. 
• Misrepresentation of aspects of the financials. 
• Misrepresentation of occupancy levels. 

So although the numbers seemed reasonable for the age & location of the asset. 

We passed. 

LP LESSON: 

This is an advantage of focusing on a few markets. 
The GP will obviously know the submarkets. 
But they also know many of the owners. 
& can make inferences others can’t. 

P.S. Which markets are you considering investing in 2026?

I’ve invested in a $15,400,000 128-unit deal in Texas. 

I’ve invested in a $4,100,000 40-unit deal in Kansas. 

I’ve invested in a $1,700,000 32-unit in S. Carolina. 

We acquired each of these assets with my own capital, other GP capital, LP capital & local lending relationships. 

Here’s 2 tips I learned from these deals every LP should follow: 

1) "Don't be afraid to take risks, for it is in those moments of uncertainty that true growth happens." - Donald Bren

- As an LP, the greatest risk comes from not knowing what you’re doing. Learn what you’re investing in, but eventually, you’ve got to take the leap.

2) “The market doesn’t reward complexity. It rewards results.” - Sam Zell

- As an LP, you can get caught up in the waterfalls, pro formas and promote hurdles, but ultimately an investment comes down to 3 things. 

- The location. The operator. The market. You must feel confident in all 3 to the best of your knowledge to invest. 

P.S. Which tip stuck out the most to you?

I invested in a $15,400,000 128-unit apartment in NE Texas. 

I invested in a $3,800,000 96-unit apartment in Oklahoma. 

I invested in a $1,700,000 32-unit apartment in SC.

We acquired each of these assets with LP capital through a 506(b) syndication, our own capital, & local banking relationships. 

Here’s 2 tips every LP should know before investing: 

1) Understand how you’re compensated in a deal. 

- There’s several ways for LPs to be compensated. 
- Distributions, a refinance, an exit. 
- Those compensation structures also may vary. 
- There are direct % splits between GP & LP. 
- There are waterfall structures to consider. 
- There are unique variations of structures. 
↳ Think preferred equity. 
- Understand the nuances of each. 

2) Understand how the debt performs in a deal. 

- Debt introduces inherent risk with an asset. 
- That risk is burning people as we speak. 
- Namely, 
- A deal was acquired at a certain valuation. 
- & now that deal is worth less than it was. 
- So the debt is worth more than the value of the asset. 
- Creating a burden on the lender. 
- As an LP, it’s important to understand how to stress test debt. 
- What’s the breakeven occupance of the asset? 
- What happens if the cap rate expands at exit? 
↳ or upon refinancing? 
- What if the NOI decreases from expenses?
- Understanding the breaking points of the deal, 
- & more specifically, 
- How the operator is planning to navigate those possibilities is essential  

P.S. Which tip stuck out to you the most?

We underwrote a $7,000,000 60-unit in Kansas. 

The NOI was $300,000 with a cap rate of 4.3%. 

For a Kansas City suburb, the cap rate is low. 

Despite that, we had a signed LOI, with a PSA on the way. Then something devastating happened. 

The wife of my operational partner left him. 
↳ & he had to back out of the deal. 

As an operator. 

Even though I felt like we had a great deal, I can’t in good conscience take it down using investor capital without a competent partner with boots on the ground. 

It’s fundamentally an issue we can’t come back from. 

So we walked from the deal. 

LP LESSON: 
- Operations + Location makes the value of the deal. 
- So, 
- If 1 or the other is materially impacted negatively? 
- It’s no longer the same deal, 
- & you must underwrite it accordingly. 

P.S. What’s an abnormal way you’ve had to pass on an investment opportunity?

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