Episode #135 Smart House-Flipping Tips with Chris Clark

During this HyperFast Wealth segment of the HyperFast Agent Podcast, host Dan Lesniak speaks with Chris Clark, a real estate investor who quickly grew his company from zero to twenty-four deals a year. Chris shares insights about how to find capital for deals, how to find off-market deals, and how to use the MLS to get free leads. If you’ve ever considered flipping, this episode is packed with helpful advice.

 

Episode Highlights: 

  • Chris Clark is a real estate investor who started out just two years ago. He quickly did enough flips to quit his day job.
  • Chris shares where he finds capital for deals. He suggests always using commercial financing in some capacity and raising equity from networking events as well as family and friends.
  • Once you understand how the majority of investors are raising capital, then you will know how to pitch.
  • Chris shares what his first deal was like.
  • Dan and Chris discuss how many of the best deals are found off-market.
  • Chris describes how he financed the first deal and how much construction cost.
  • Many people start off in investment and sales as a side hustle. Chris gave himself two years to pursue investing part-time. He quit his day job after 9-10 months when he saw the potential for growth.
  • Chris describes the biggest deal he did in the first year he was working full-time.
  • His typical flip rarely adds square footage. Usually, they keep the existing structure but gut the house. These are usually from 1200-3000 square feet and from $80k-300k.
  • Chris has purchased several properties off the MLS and he was able to get good deals by making an offer quickly and then implementing a follow-up system.
  • One of his go-to techniques is to come up with an exact number that shows he has plugged his numbers and there’s a reason he has arrived at that number.
  • If you’re negotiating directly with the seller you’re trying to get more of what their motivation is and understanding why they’re selling.
  • Really study what your local market is doing. Drive down those comps.
  • Keep learning as much as you can.
  • Chris shares his answers to the HyperFast Round.

 

3 Key Points:

  1.   Investing often begins as a part-time pursuit. When Chris began focusing on his investing full-time, his business doubled almost immediately.
  2.   When you’ve done a good job networking as an investor, people will start coming to you to see if you have opportunities available.
  3.   Looking for leads on the MLS doesn’t have to be a waste of time.

 

Tweetable Quotes:

  • The guys who’ve either got cash or know how to find it are going to have a huge advantage right now and that’s going to be the key to growth.” – Dan Lesniak
  • “Always use commercial financing in some capacity.” – Chris Clark
  • “Once you learn about how the majority of investors are raising money to cover all their costs, then you learn how to pitch it to people and tell them all about the benefits and security in real estate.” – Chris Clark
  • A lot of the best deals never make it to the market. You’ve got to find out how to find those deals before other people do.” – Dan Lesniak
  • “Make sure you’re always learning and learning from people who are doing it.” – Chris Clark

 

Resources Mentioned:

 

 

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