Steven Clarke Best Practices After 160 Real Estate Transactions

Please introduce yourself.

My name is Steven Clark. I have over 160 transactions in the industry, with an average after-repair value of $250k or less. I was also able to create a rental portfolio for both short and long term. I am a Charleston, SC Presidents Circle recipient for Charleston SC CTAR. I’ve had several appearances on A&E’s “My City Isn’t That Into Me,” CBS’s “Reckless,” and Psychology Today’s “The Beat (Up) Generation“.

How did you get started in the real estate business?

I began my real estate career as a child at my grandparents’ real estate firm. Of course, I wasn’t yet selling, but being in the business was a lot of joy for me. Throughout college, I had the strong impression that real estate was the proper career route for me. After a brief but disappointing career in the Los Angeles stand-up comedy scene, I decided to return home and obtain my real estate license. Within a year, we were selling $10 million or more in volume, earning us numerous honors.

However, working with clients was proving to be too overwhelming for me. In the spur of the moment, one of our clients asked if I wanted to purchase her property for quick cash, and I agreed. We painted it, placed it on MLS a week after closing, and profited $40,000. From then on, I was immediately hooked with real estate investing.

What are some hot markets for real estate that you are excited about?

I’m a big fan of the short-term rental market and believe there’s a significant chance to reposition some traditionally long-term rental properties into short-term income flow generators.

How do you source your real estate deals?

Every possible avenue. One of my favorites is driving for money and spending as much one-on-one time as possible with a potential sale.

What are some checks and balances you’ve put in place to protect your real estate transactions?

Having a margin of safety is the wisest advice I’ve ever received. I used to believe that the margin of safety (6 months or a year’s spending) was unnecessary, but once I realized that while the money may diminish due to inflation, what it does most effectively is provide a shield and a buffer, allowing you to continue in the game longer. The aim is to stay in the game for as long as possible.

What is one piece of advice you would give someone starting their real estate career?

Fall in love with sales or realize that finding individuals who want to work with you is the only thing that matters.

What is one software you use for your business and recommend to others?

I highly recommend using Mojodialer.

What is your superpower in life?

Dedication. If I have a goal in mind. I change my surroundings to make achieving that aim as likely as possible. This may entail expanding my network of acquaintances, removing hobbies that are enjoyable yet distracting, and so on.

What is a failure you’ve had in life that set you up for eventual success?

Having inadequate financial reserves to service a 19-unit rental portfolio. I think that if you acquire an asset, you should hold it for as long as possible (if not eternally), and a margin of safety allows you to do so.

What is one book that has influenced your life the most? Why?

“The Alchemist” is a motivational book about forging one’s own way. Not because the route will lead to fame and money, but because the only way to discover yourself is to go out and try to find yourself.