550: BiggerPockets Podcast 550: Foreclosures, Flipping, and Creating Your Rental Property “Buy Box” w/Tommy Christy
BiggerPockets Real Estate Podcast
BiggerPockets
4.8 • 16.5K Ratings
🗓️ 28 December 2021
⏱️ 89 minutes
🧾️ Download transcript
Summary
Tommy Christy has bought more homes than most investors you know combined. While he didn’t have to put up his own money to close on the deals, he did go through the process of lead generating, offering, auctioning, analyzing, and finally closing on them for his hedge fund employer. He was able to score twenty-seven hundred homes in just over two years, before realizing it was time for him to build his personal portfolio a bit more.
When the market crashed in 2009, Tommy saw an opportunity to buy homes at a significant discount. He was essentially buying anything under sixty thousand dollars in California, which turned out to be a good idea seeing how much the state has appreciated in the past twelve years. Tommy knows what it takes for the hedge funds to buy a great deal, but he also knows what they’re overlooking.
Even if you’re not planning on buying two-thousand plus units in two years, Tommy’s knowledge of “buy boxes” and systematizing your lead flow can help you reach a significant unit count, much faster. If you want to partner up on a deal, have a chat, or wholesale a home, get in touch with Tommy at [email protected]!
In This Episode We Cover:
REOs vs. foreclosures vs. pre-foreclosures (and which you should look out for)
Creative financing and understanding which type falls into which market cycle
Developing your “buy box” and “crystal clear criteria” for real estate deals
Thinking like a hedge fund so you can beat them at their own game
How to scale your portfolio so you don’t just have more units, but less work
Where to find the best lead sources so you can buy, BRRRR, or wholesale as you see fit
And So Much More!
Links from the Show
BiggerPockets Show 551 with Josh Dorkin
BiggerPockets Podcast 527: 300 Doors, 100% Creative Financing with Pace Morby
BiggerPockets Podcast 543: 5 Tools To Unlock Your “Ideal Life” w/ “Traction” Author Gino Wickman
Jeff Brown's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/show550
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Transcript
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| 0:00.0 | This is the Bigger Pogas Podcast show 550. |
| 0:04.0 | My preference right now is with all the overhead that I do. |
| 0:07.7 | I'll continue to flip. |
| 0:09.1 | However many houses are necessary to feed my rental addiction. |
| 0:12.5 | And I want to buy, stabilize and hold stuff while dead is low. |
| 0:16.8 | Replacement costs are irrationally high. |
| 0:19.2 | And the rents are high. |
| 0:20.4 | What's going on? |
| 0:34.1 | If there aren't corresponding accounts like social media, please go ahead and |
| 0:45.1 | contact him as soon as you finish trousers. |
| 0:48.5 | Your |
| 0:55.0 | date marks and videos in a |
| 0:58.9 | right now. What's up, Josh? Because he's a telly. What's up everyone? Because next, the next episode |
| 1:04.6 | that comes out, this is not episode five, this is extra 550, but 551. Here's Josh. Come on over, Josh. |
| 1:09.1 | What up people? There we go. So Josh and I and David are going to be recording episode 551, |
| 1:15.1 | right? When this gets over. So yes, you heard it here first that Josh Dorken will be making a guest |
| 1:19.4 | appearance on the next episode, but not today. So, but first, let's talk about today's show. |
| 1:23.2 | Today, we've got an amazing interview with a good friend of David and I. His name is Tommy Christie. |
| 1:29.8 | Tommy's been to all those guys that is super humble and you talk to him and he's like, oh, yeah, |
| 1:34.0 | you know, I do real estate. And then you find out he buys hundreds of properties and has bought |
| 1:38.7 | thousands of properties over his life. And he just kills it. So we talked today about scaling |
| 1:43.4 | what it takes to beat hedge funds at their own game. Because now there was a time where Tommy |
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