19 Nov The Difference Between Wholesale and Creative, with Chris Monroe
Chris is a creative real estate investor based out of St Louis, MO. A background in mass media, communications, paralegal, criminal justice, and 6 years in the US Army gives him a vast wealth of knowledge that helps him in his current endeavors. He is a highly decorated combat veteran of the Iraq War which began in 2003.
After an honorable discharge in 2006, Chris found himself working odd jobs just as a taxi driver and many other side hustles. Eventually, he started his first official business which was a residential cleaning business. In that field, he began to come across things that people no longer wanted like furniture, appliances, and other household items. He was getting paid to take away unwanted items to be sold later for a profit. Talk about double-dipping! That led him into researching more about the resale business and eventually that led him into looking for more stuff to sell on sites like eBay, Amazon, Craigslist, Offer Up, LetGo, and Facebook marketplace to name a few. He ended up buying over 300 storage lockers full of the contents of non-paying people. He has opened a store in St Louis with over 10,000 items for sale plus he is a professional auctioneer.
As you can tell, all of these experiences, continued to hone his sales skills. One day, Chris was watching YouTube and somehow came across Max Maxwell, a prominent wholesaler in the real estate world. Chris then began his research and learned all about wholesaling and how you don't need your cash or credit to invest in real estate. All that was required was specialized knowledge. Since Chris had sales experience selling household items, flipping paper can't be too much different.
So the race was on to consume as much information about real estate investing as possible and as you may know, there is quite a bit. Chris closed his first wholesale deal on August 31st, 2018, and went on to close over 17 deals in his first year in the business, acquire 9 single-family homes to hold in his rental portfolio, and earn over $100,000 in only 12 months of being in the business. Now Chris is expanding and growing his businesses daily with an emphasis on helping and training others. He currently coaches real estate students all across America in the fields of virtual wholesaling, creative marketing strategies, lease options, wrap-around mortgages, seller financing, and other creative types of real estate that require little to no money down.
What you will learn in this episode:
- How Chris started his career in real estate wholesaling, and how he did 17 deals in the first year
- How wholesaling real estate differs from creative financing, and how the size of the paychecks differ
- What is subject to, and how Chris did his first creative financing deal and now has 100k equity in the home
- What are the reasons that stop people to get involved in creative financing
- How asking at least 50 open-ended questions can help you become better at creative financing deals
- Follow Chris and Zach on Club House to learn even more about deal structures and how to get 3 paydays from your real estate investments.
- If looking to secure some lines of credit for your business, check out Fund and Grow – Visit our Resource page at https://smartrealestatecoach.com/resources
- Schedule a FREE Strategy Call: SmartRealEstateCoach.com/action
- Register for our free masterclass: www.SmartRealEstateCoach.com/mastersclass
- Real Estate on Your Terms by Chris Prefontaine
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