Building a Process to Buy 17 Deals a Week with Chris Clothier | BP Podcast 224

TL;DR

Chris Clothier discusses buying 17 deals weekly using scalable processes.

Transcript

this is the Bigger Pockets podcast show 224 you're listening to Bigger Pockets radio simplifying real estate for investors large and small if you're here looking to learn about real estate investing without all the hype you're in the right place stay tuned and be sure to join the millions of others who have benefited from biggerpockets.com your hom... Read More

Key Insights

• Chris Clothier emphasizes the importance of building strong relationships with real estate agents to secure deals, even in competitive markets.
• The company focuses on purchasing properties that they have renovated to maintain efficiency and control over quality and management.
• Chris discusses the significance of hiring the right people and delegating tasks to scale a real estate business effectively.
• He explains the importance of having a clear and compelling reason behind any major endeavor, such as running a 100-mile ultramarathon or investing in real estate.
• Chris highlights the necessity of being impeccable with one's word and maintaining integrity in business dealings to build a strong reputation.
• He shares his personal strategy of breaking down large goals into manageable chunks to make them more achievable.
• Chris advises new investors to network extensively and learn from experienced mentors to reduce the learning curve and avoid common pitfalls.
• He stresses that persistence and adaptability are crucial for success in real estate, as market conditions and strategies evolve over time.

Questions & Answers

Q: How did Chris Clothier start in real estate?

Chris Clothier started in real estate by accident. He was unable to sell his personal residence in Tennessee and ended up trading it for an investment property near a university, after ordering a late-night Carlton Sheets program. This trade was his first real estate deal, which hooked him into the industry.

Q: What strategy does Chris use to buy 17 deals a week?

Chris uses a strategy of building strong relationships with real estate agents and being impeccable with his word. His company focuses on buying properties they've renovated and maintains strong contracts, sometimes winning deals even when not the highest bidder. They also explore direct marketing and auctions to find deals.

Q: Why did Chris Clothier decide to run a 100-mile ultramarathon?

Chris decided to run a 100-mile ultramarathon as a personal challenge to push his physical and mental limits. He wanted to experience the discipline and perseverance required, which he finds similar to the challenges faced in real estate investing. It was also a way to do something significant before he felt it might become physically impossible.

Q: What advice does Chris give to new real estate investors?

Chris advises new investors to build strong relationships, network extensively, and learn from experienced mentors. He emphasizes the importance of having a compelling reason behind their investment goals, being persistent, and adapting to changing market conditions. He also suggests starting with small tasks and delegating to scale effectively.

Q: How does Chris Clothier manage his team and operations?

Chris Clothier manages his team by having a structured hierarchy with a CFO and an executive committee overseeing different departments. The company is departmentalized, with each leader managing their team. Chris emphasizes the importance of hiring the right people and delegating tasks to maintain efficiency and focus on growth.

Q: What role does integrity play in Chris Clothier's business strategy?

Integrity is central to Chris Clothier's business strategy. He believes in being impeccable with his word, maintaining strong contracts, and being honest in all dealings. This approach builds trust and a strong reputation, which helps in securing deals and maintaining long-term relationships with agents and clients.

Q: What challenges did Chris face when growing his real estate business?

Chris faced challenges such as competition from corporate buyers and maintaining efficiency as the company grew. He addressed these by doubling down on relationships, using direct marketing, and exploring auctions. Internally, he focused on hiring and delegating tasks to manage the increased workload and maintain quality.

Q: How does Chris Clothier relate running an ultramarathon to real estate investing?

Chris Clothier relates running an ultramarathon to real estate investing by emphasizing the need for discipline, perseverance, and a compelling reason behind the goal. Both require breaking down large tasks into manageable steps, surrounding oneself with the right people, and maintaining focus and motivation to achieve success.

Summary & Key Takeaways

• Chris Clothier shares his journey from accidentally getting into real estate to managing a company that buys 17 deals a week. He emphasizes building strong relationships with agents and maintaining integrity to secure deals.

• Chris discusses the importance of hiring and delegating tasks to grow a real estate business effectively. He also shares his experience training for a 100-mile ultramarathon, relating it to the discipline needed in real estate.

• He advises new investors to network and learn from mentors, highlighting that persistence and adaptability are key to success. Chris emphasizes having a compelling reason behind any major goal to stay motivated.