Best of PLP-003 Chris Funk (part 1) Determining Value for Lenders and Investors
WHAT YOU’LL LEARN ON EPISODE 003:
How to evaluate property condition and “as is” value
How to analyze and fine tune comparable sales (comps)
How to find comps without MLS access
The biggest value mistake both lenders and borrowers are making in the current market
How flexibility and being easy to deal with can benefit the lender
Sage advice from one of the Houston area’s heavy hitting real estate investors
And so much more!!
Who is Chris Funk?
Chris Funk is a 36 year old real estate investor from Houston, TX. He dropped out of college at the age of 23 and began working hands on in the construction industry renovating homes for clients who were investors and landlords to learn the renovation business from the inside out with the ultimate goal of owning enough real estate that he could quit his job for good.
Chris had the dream of becoming a landlord and set out to learn wholesaling as a strategy to find good deals he could eventually hold as rentals. Chris networked at the local real estate clubs and made friends with some of the top local area wholesalers but was for the most part self-taught.
In 2010 Chris Joined the Houston Apartment Association (HAA) and earned the Certified Apartment Manager, Certified Apartment Portfolio Supervisor, and Independent Rental Owner Professional (CAM, CAPS, & IROP) Designations. Having the goal of owning a rental real estate portfolio Chris wanted to know as much about operating investment properties at his employee’s that he would eventually hire.
With a solid foundation laid, learning to renovate homes from the ground up, taking classes at HAA and finding below market deals as a wholesaler, Chris made contacts with several seasoned investors who owned rental properties and formed partnerships to take down the deals he was finding and keep them in house with his partners rather than wholesaling them to outside investors. Chris had the great deals and the renovation experience, and the partners had the money and the credit.
Fast forward, 6 years later, Chris owned 92 rental units at the age of 29 he officially was “retired” with enough rental income to live comfortably. He has done wholesale, owner finance, rehab flips, single family rentals and apartment complexes. He currently owns 115 units consisting of 2 apartment complexes, 2 four-plexes, 1 six-plex, and 9 single family rent houses and several owner financed notes.
Chris still operates a full time property management business and a full time wholesaling business with 3 full time employees and 1 part time employee. The majority of the properties he puts under contract now are acquired with private money or bank lines and then sold with owner financing or held as rentals.
Chris has been honored as a guest speaker at MyHouseDeals.com, Lifestyles Unlimited, Rich Club, Wealth Club, various podcasts, and several live radio shows over the years. Chris currently teaches real estate investing at Su-Casa University.