Jordan Crist is a Real Estate Investor in South Charleston, WV. In February of 2020 he was invited to feature on Episode 88 of Brandon Elliott’s podcast “Ready. Set. Go. Real Estate Investing. “How to Purchase Portfolios”. Jordan met Brandon at a Real Estate Mastermind in Cancun, Mexico in 2019. They have similar backgrounds and stories and have become good friends in both the Real Estate and Credit Repair/Consulting spaces.
In this episode you will get to know Jordan a little bit better. Where he came from, trials and tribulations he had to face to get started investing in Real Estate, and how far his business has come in such a short period of time. With no background in Real Estate whatsoever, Jordan quit his job of 3 years at UPS in 2017 and dove headfirst into starting his own Real Estate Investing company, Building Appalachia LLC. He had to learn everything he knows about Real Estate by trial and error, taking on deals, making mistakes, and learning on the fly.
Jordan and his business partner, Jacob, bought their first flip house in 2017. It was a light renovation and they ended up making $0 profit on the deal because the home did not sell for as high as they hoped. It took over a year to complete the project from purchase to sale, and holding costs ended up being the profit killer. That being said, the investor that loaned them the money on this deal made well over $10,000. Jordan talks about credibility and how important it is to pay your investors no matter the outcome of the project. Your investors and contractors are the driving force behind your real estate business, so do everything in your power to pay them what they deserve. NO MATTER WHAT!
Another topic discussed in this episode is how to make offers on MLS properties and foreclosure properties. Strategy and consistency can lead you to deals that you would have never got if you give up after one rejected offer. Finding the number that the bank will accept by continuous follow up is crucial and will lead you to profitable deals.
Early in their careers Jordan and Jacob started sending postcard mailers to landlords to see if they would be willing to sell their rental properties. This strategy landed a huge portfolio deal consisting of 27 units. Over time and negotiations with this seller, Building Appalachia was able to buy about half of this landlord’s portfolio. They raised $280,000 to purchase a section of the portfolio and this kick started their own rental property portfolio.
To date Building Appalachia has completed over 50 transactions on properties that they have flipped and properties that they hold for rentals. The company is now holding 32 units as rental property. The rentals are a mix of Single Family homes and Multifamily properties including duplexes, triplexes, and quads. Throughout their careers learning from their mistakes has been a critical part in the development of Building Appalachia. For example, hiring quality contractors even if their bids are higher than the cheapest guy can save you a lot of money in the long run. Time and time again poor quality contractors can cost you time, money, and a whole lot of stress if you don’t interview them thoroughly and check their references and previous work. Trust us, you do not want to hire the cheapest guy because you will be fixing his mistakes!
If you are wanting to get into Real Estate then take the time to educate yourself by listening to podcasts like The Ready. Set. Go. Real Estate Podcast. It is a great resource to learn about Real Estate and how you can get started investing in your own market. The full episode with Jordan Crist and Brandon Elliott can be found below. Watch, learn, execute!