On this episode of House Flip Masters Holly is joined by guest Chris Weiler. Chris worked in corporate America in the pharmaceutical industry before he made the change to the real estate industry. Chris started his real estate investment journey as a private moneylender. Chris wanted to expand his real estate journey even further and began to look into transactional funding. Chris began to educate himself on transactional funding by checking out websites, contacting people who were already transactional funders and decided that this was the path that he wanted to go down. Chris reminds entrepreneurs that you have to remain flexible to be successful. From transactional funding he moved to into fix and flip funding and because of the people he met through his business encounters he met a person who was wholesaling and he ended up partnering up with him and because of that he now has a land lording business.
Chris has several hubs where he fix and flips homes – he liked the Riverside county area where he was able to fix and flip a home for relatively low cost, now homes require more rehabbing and that requires for investors to have the right resources available to them. Chris reminds investors to always have a backup resource if you have a contractor back out at the last second because time is money and having someone back out of a project without an additional resources lined up can cause delays to your whole project.
Chris constantly reminds investors that you must remain flexible in your investments. He is currently buying in a new market that is proving to be challenging but he knows that his hard work will pay off.
Chris also fix and flips a lot of properties in the Florida market, he is able to do about 10 to 15 properties at a time because of the team of people that he works with and the trust that he has in the team that he has curated. Chris prides himself in his work ethic and the fact that he can be predictable and his partners and sub-contractors know who they are working with and what they can expect of him. Holly also reminds us that as investors and entrepreneurs we need to stick by what he say we are going to do. Chris also adds that it can sometimes be a blessing when someone does not keep their word because you now know what kind of businessperson you could have been working with and that you should avoid them in the future.
Chris talks about his successful deal in his Ohio – Chris and his partner went to a seller and were looking to buy 100 properties, they seller was not interested and told Chris and his partner to go away. This taught Chris that he could not be afraid to make an offer – don’t be afraid to put in an offer; that it is too little or too much. At the end of the story, the seller approached Chris and his partner because the deals that they were interested in fell through and asked if they were still interested in doing business. Chris decided that he was still interested but because time is money Chris made a new offer that was lower than the initial offer because as Chris reminds us, time is money.
Holly knows that Chris works with partners with his remote investing and asks how when working with a partner Chris decides how much and how they split their money and partnership. Chris has created a structure that allows for his money to be paid back while the partner gains more stake in the partnership. At this time Chris and his partner are 50/50 partners. Chris allowed for his partner to earn his way into the partnership. He reminds us that you must keep open communication with a partner to be successful.
Holly asks Chris what his best advice is for new investors – Chris reminds listeners to be mindful of their integrity and to be predictable, be honest with people up front and to figure out what you want to do and stick with it and follow through.
If you are interested in getting in touch with Chris you can find him on LinkedIn and Bigger Pockets.