Building Mission-Driven Real Estate Portfolios in Emerging Markets With Carson Gunther

Carson Gunther is the Principal and Managing Partner at Out Partners, an LGBTQ+ founded private real estate equity firm. Out Partners is focused on delivering returns for investors by creating high-quality single-family housing in overlooked US markets like Tulsa. Leading more than $35 million in transactions, he oversees over $15 million in assets, consistently outperforming traditional multifamily returns by 5–10%. Carson brings a disciplined, data-driven approach to building resilient, mission-driven housing portfolios that balance community impact with risk-conscious investor returns.

In this episode…

Real estate investing is often framed as a numbers game, but the real edge may come from thinking smaller, slower, and more intentionally. This episode explores what happens when investors stop chasing the hottest markets and start paying attention to the places everyone else overlooks. Can disciplined investing and a people-first mindset actually outperform scale and speed?

For Carson Gunther, the answer is yes. He believes that the biggest opportunities in real estate come from being early in markets others dismiss and committing to doing things the right way once you're there. Carson explains how focusing on tertiary markets allows his team to move faster, buy below replacement cost, and create real value through thoughtful renovations. He shares how building safe, high-quality homes for families is not just a moral choice, but a long-term strategy that reduces risk, improves retention, and strengthens returns. Instead of maximizing leverage or short-term cash flow, Carson emphasizes equity growth, conservative underwriting, and alignment between investors and communities. The result is a model where impact and performance reinforce each other, rather than compete.

In this episode of The Same Day Podcast, host Mat Zalk is joined by Carson Gunther, Principal and Managing Partner at Out Partners, to discuss building mission-driven real estate portfolios in emerging markets. They break down why tertiary markets like Tulsa offer outsized opportunity, how disciplined underwriting and low leverage shape risk-adjusted returns, and what it takes to renovate homes with both families and investors in mind.