5 Rentals and 4 Flips WITHOUT Needing a W2!

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Investing, Business

4.8 • 16.6K Ratings

🗓️ 11 November 2024

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Clay White has done the seemingly impossible. He’s bought five rental properties, completed multiple flips, and done it all in the past fifteen months with high mortgage rates. To make it more impressive, he did it WITHOUT a W2 job at just twenty-three years old! So what sets Clay apart from ninety-nine percent of other investors? As you’ll hear in today’s episode, he went through an almost comical amount of failures, but how he solved them makes him an elite investor. If you think you missed the boat on real estate investing, Clay proves that you couldn’t be more wrong. He not only built an entire rental portfolio in one of the most challenging times to invest but did it with no consistent income, no experience, and in a market you’ve probably never heard of. If you can follow Clay’s advice, mimic his ingenuity and tenacity for problem-solving, and are willing to put up with small failures to achieve massive success, you, too, will be able to build serious wealth, no matter your timeline, no matter your age, and no matter your job. In This Episode We Cover: How to invest in real estate even if you’ve got little money (and no job!) Returning a house after you bought it (yes, you can do this!) Why bringing in a partner is an excellent idea for your first real estate investment Clay’s straightforward solution when you can’t find the right licensed contractor Cash-out refinances vs. HELOCs and when to use each to pull out equity Why you should always overestimate your home renovation costs And So Much More! Links from the Show Join BiggerPockets for FREE Let Us Know What You Thought of the Show! Learn How to Flip Houses with “The House Flipping Framework” Find Investor-Friendly Lenders The Rookie’s Step-by-Step Guide to Home Renovation Projects Connect with Clay Connect with Henry Connect with Dave (00:00) Intro (01:04) Refusing To Get a 9-5 (04:23) Buying (and Returning!) a House (07:58) Home Run Second Deal (12:54) Rebuilding a Duplex (16:52) Using Equity to Flip a House (26:38) Final Flip Numbers (27:49) A Flip Goes Wrong…Again (31:04) Financing Deals (33:13) Buying Even MORE Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-1042 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Do you feel like, given everything going on in the investing climate, that you miss the boat on real estate investing?
0:06.2	Well, today's guest bought his first deal only 15 months ago, experienced pretty much everything that could possibly go wrong in his first year of investing, and he's still building a great portfolio at super affordable prices and what he calls small town America.
0:27.3	Hey, everyone, it's Dave, and I'm back here with Henry Washington.
0:31.1	Henry, what's up, man?
0:32.0	What's up, bud?
0:33.0	This is a doozy.
0:34.8	Yeah, this is a very fun conversation that we're going to be having with investor
0:39.8	Claywhite from Manhattan, Kansas. He started in real estate last year with very little capital,
0:45.5	and honestly, not much more than a desire to avoid a corporate nine to five job at all costs,
0:52.2	but he's become an agent and his own general contractor,
0:55.3	and he's surviving in the business on what seems like pure hustle. So let's get right into
1:01.6	this conversation. Here's me and Henry with Clay White. Clay, welcome to the Bigger Pockets
1:06.3	Real Estate podcast. It's great to have you here. Nice to be here. It's good to see you again. I actually
1:12.0	had the privilege of having lunch with Clay and his mom at BPCon. You had like won some sweepstakes
1:18.5	for for private lunch, all of us together. It was a lot of fun. Yeah, it was. Well, I'm glad to have
1:23.6	you here now because I was very intrigued by your story when we were having lunch together.
1:27.7	Let's just start at the beginning. I know you graduated from college a few years ago.
1:32.1	So can you just take us back to it when you were graduated and trying to figure out what you
1:36.3	were going to do and why you sort of picked real estate?
1:39.7	Yeah, I mean, I had no idea what I was going to do, to be honest.
1:43.8	But everyone else was graduating at the same time, and it seems like they were all going out, finding their nine to five.
1:49.3	So I figured, you know, that must be the thing to do.
	...

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