Tell us about your company.
East Chop Capital is a Black-owned private equity firm with $7M in assets under management. East Chop Capital was founded by Calvin L. Butts, Jr. and Carrington M. Carter in 2018, born from the idea and necessity of working together—pooling the resources of many, to accomplish much more than individuals can on their own. Lack of access to capital is a top hurdle for businesses and entrepreneurs, especially minority-owned businesses. East Chop Capital is working to eliminate that disparity and is dedicated to providing resources to the businesses that need them, from seed to late-stage companies.
What inspired you to have a career in real estate?
I initially got into real estate to generate income outside of my corporate career, an insurance policy if you will. I started my corporate career in the summer 2008 and shortly afterwards came the global recession. A lot of people lost their job or couldn’t get a job, so I wanted to have something to fall back on and make sure my entire fate wasn’t in the hands of my employer. So, I thought to myself, what industry can I get involved in that requires capital, which I had, but didn’t necessarily require active day to day management on my part. I never would have thought that our real estate portfolio would have grown into what it is today.
Tell us about your experience as an entrepreneur.
It has been one heck of a journey; I have discovered a lot about myself. There are ups and downs, but what I’ve discovered that I most enjoy is creating and building things that provide value to others and solve problems. It is great when you have partners with complementary skill sets and also a support system. Lastly, to be successful or at least to keep going, you must have a purpose, something that keeps you motivated.
What has been the most challenging aspect of being an entrepreneur?
Scaling is the most challenging part of being an entrepreneur. Thankfully, we have had great partners that supported our operations in multiple states however, but what has been most difficult is acquiring the capital needed to scale, especially as a Black male, despite having an amazing track record and successful business operations. On a related note regarding access to capital, banks are doing a tremendous disservice to the small business community.
Also, people with the means to invest need to stop being scared, educate themselves, and get more comfortable investing in other people and ideas.
In the next five years, what can we expect to see from you?
I would say a billion dollars in assets under management across multiple private equity and venture investments. A boutique portfolio of domestic and international luxury vacation rental homes. Plus a few surprises up our sleeves.
What advice do you have for someone who seeks a career in real estate/investing?
1. Get your own financial house in order.
2. Dream big
3. Look for partners
4. It’s okay to be scared but don’t let it stop you
5. Understand that real estate is long game
How do you maintain viability in such a competitive industry?
Research and do your homework. Spend time learning and understanding the market. Put in the work. Don’t be afraid to act quickly on the right deal. I focus on the luxury section, I feel there are fewer people competing at higher price points. Not saying it isn’t competitive but generally speaking there are less people. Diversification, I invest in a lot of different markets.
Tell us about your current project
East Chop Capital is a private equity firm that is currently focused on the global vacation rental market.
About Carrington M. Carter
Co-Founder and General Partner
East Chop Capital
Carrington M. Carter is passionate about starting, developing, and growing businesses. He co-founded East Chop Capital as a way to do what he loves to do, but on a much larger scale. Carrington is also Co-Founder & President of McKinley Carter Enterprises, LLC (MCE), a real estate investment and property management company that owns and operates a portfolio of residential and commercial properties across Martha’s Vineyard, the Pocono Mountains, Belize, and Ohio, with over $5M in assets under management.
Company: East Chop Capital