203: Finding Deals, Funding, Contractors, and Mentors with Matt and Liz Faircloth

When learning how to invest in real estate successfully, most people struggle finding four things: mentors, contractors, deals, and funding. That’s why today we’re excited to bring back Matt and Liz Faircloth onto The BiggerPockets Podcast to talk about how they find each of these! Matt and Liz (who were on episode 88) join us today as we dive deep into solving many of the problems that new investors struggle with. They also share the difficult story of how they recently shut down a major arm of their business and why it was the best move for them. Finally, Matt and Liz delve into the recent purchase of their 49-unit apartment building, offering some unique tips that will help you find and fund your next big deal! In This Episode We Cover:A recap of who Matt and Liz areWhy they purchase a combination of flips and rentalsWhat their “why” for investing in real estate isHow many deals they look atA discussion on paying someone by the hour vs. by the jobThe do’s and don’ts of finding partners through BPHow to “scale back“How to find good, quality contractorsTips for dealing with bad contractorsHow they got into rental unitsThe details of their 49-unit apartment complexHow they were able to finance a $3.4 million dealA tip for finding property managersWhy they give away flat screen TVs each year to their tenantsAnd SO much more!Links from the ShowBP Podcast 129: Live-in Flips, Frugality, and Finance with Mindy JensenBP Podcast 088: Investing with Your Spouse, Managing Financials, and Growing Your Team with Matt and Liz FairclothCashflow Board GameBiggerPockets ForumsBrandon’s Contractor Bid Form (file)BiggerPockets WebinarBP Podcast 108: Building a $350 Million Real Estate Empire Using the 10X Rule with Grant Cardone3 Lessons I Learned by Closing on a 49-Unit Apartment Building (article)Property Manager Checklist: 7 Vital Tasks to Keep Tenants Happy & Paying (article)AppFolioRentManagerMy First Flip & Fix: Termites, Hauntings & A Foundation of Dirt (article)Books Mentioned in this ShowThe 4-Hour Workweek by Timothy FerrissRich Dad Poor Dad by Robert KiyosakiThe Book on Flipping Houses by J. ScottThe 10x Rule by Grant CardoneRich Dad’s Advisors: OPM by Michael A. Lechter & Robert KiyosakiDown To Earth Landlording by Donald BeckScaling Up by Verne HarnishAs a Man Thinketh by James AllenTweetable Topics:“You’ve got to have a really solid ‘why.’” (Tweet This!)“Sometimes you need to step back and ask yourself, ‘What am I really good at?'” (Tweet This!)“If you got a good horse, keep running with it.” (Tweet This!)“What you think is who you are.” (Tweet This!)Connect with Matt & LizMatt’s BiggerPockets ProfileLiz’ BiggerPockets ProfileMatt & Liz’ Company WebsiteLandlord Chronicles Youtube Channel

Episode 203 of the BiggerPockets Real Estate Podcast podcast, hosted by BiggerPockets, titled "203: Finding Deals, Funding, Contractors, and Mentors with Matt and Liz Faircloth" was published on December 1, 2016 and runs 82 minutes.

December 1, 2016 ·82m · BiggerPockets Real Estate Podcast

Summary

When learning how to invest in real estate successfully, most people struggle finding four things: mentors, contractors, deals, and funding. That’s why today we’re excited to bring back Matt and Liz Faircloth onto The BiggerPockets Podcast to talk about how they find each of these! Matt and Liz (who were on episode 88) join us today as we dive deep into solving many of the problems that new investors struggle with. They also share the difficult story of how they recently shut down a major arm of their business and why it was the best move for them. Finally, Matt and Liz delve into the recent purchase of their 49-unit apartment building, offering some unique tips that will help you find and fund your next big deal! In This Episode We Cover: A recap of who Matt and Liz are Why they purchase a combination of flips and rentals What their “why” for investing in real estate is How many deals they look at A discussion on paying someone by the hour vs. by the job The do’s and don’ts of finding partners through BP How to “scale back“ How to find good, quality contractors Tips for dealing with bad contractors How they got into rental units The details of their 49-unit apartment complex How they were able to finance a $3.4 million deal A tip for finding property managers Why they give away flat screen TVs each year to their tenants And SO much more! Links from the Show BP Podcast 129: Live-in Flips, Frugality, and Finance with Mindy Jensen BP Podcast 088: Investing with Your Spouse, Managing Financials, and Growing Your Team with Matt and Liz Faircloth Cashflow Board Game BiggerPockets Forums Brandon’s Contractor Bid Form (file) BiggerPockets Webinar BP Podcast 108: Building a $350 Million Real Estate Empire Using the 10X Rule with Grant Cardone 3 Lessons I Learned by Closing on a 49-Unit Apartment Building (article) Property Manager Checklist: 7 Vital Tasks to Keep Tenants Happy & Paying (article) AppFolio RentManager My First Flip & Fix: Termites, Hauntings & A Foundation of Dirt (article) Books Mentioned in this Show The 4-Hour Workweek by Timothy Ferriss Rich Dad Poor Dad by Robert Kiyosaki The Book on Flipping Houses by J. Scott The 10x Rule by Grant Cardone Rich Dad’s Advisors: OPM by Michael A. Lechter & Robert Kiyosaki Down To Earth Landlording by Donald Beck Scaling Up by Verne Harnish As a Man Thinketh by James Allen Tweetable Topics: “You’ve got to have a really solid ‘why.’” (Tweet This!) “Sometimes you need to step back and ask yourself, ‘What am I really good at?'” (Tweet This!) “If you got a good horse, keep running with it.” (Tweet This!) “What you think is who you are.” (Tweet This!) Connect with Matt & Liz Matt’s BiggerPockets Profile Liz’ BiggerPockets Profile Matt & Liz’ Company Website Landlord Chronicles Youtube Channel Learn more about your ad choices. Visit megaphone.fm/adchoices

Episode Description