BiggerPockets Podcast Episode 227 with Joe Fairless!!!

BiggerPockets Podcast Episode 227 with Joe Fairless!!!

Mindy JensenPro Member
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes

Today's episode features Joe Fairless, and his journey from single family house investor to $130 Million in multi family properties.

Check out Episode 227 here , where Joe shares how he finds - and funds - those large apartment building deals.

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Investor · Great Falls, MT · Member since 2017 · 10 posts · 6 votes
9y
Joe Fairless has a great podcast too. Short episodes packed with great information.
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  • Wholesaler · Alexandria, VA · Member since 2016 · 29 posts · 2 votes
    9y

    @Joe Fairless Great episode. Management is the key to success. That's the way to go. 

  • Investor · San Diego, CA · Member since 2017 · 190 posts · 117 votes
    9y
    Great episode!! I was having trouble gaining information about Multi Family and this helped a ton!
  • Jorge VazquezBusiness Member
    Real Estate Broker · Tampa, FL · Member since 2017 · 1k+ posts · 685 votes
    9y

    Great episode Joe! 

    Graystone Investment Group4.6271 Reviews
  • Nicio EvertzPro Member
    Huntington Station, NY · Member since 2017 · 12 posts · 11 votes
    9y

    Antonio Artusa,

    I'm in Huntington, Long Island. I'm starting to draft a pitch book/business plan for a multifamily investing firm I will start.  I believe is very important to stay motivated and have others keep you accountable.Let's all help each other accomplish those big dreams and goals.


    Originally posted by @Antonio Artusa:

    It's funny because the podcasts are great and encouraging but towards the end of them I'm very negative in my head because I can't still get one property and see other investors are buying multiple properties at a time. I start to get discouraged.

  • East Sparta, OH · Member since 2015 · 20 posts · 5 votes
    9y
    Very good podcast! Have this one saved
  • John CasmonPro Member
    Cincinnati, OH · Member since 2013 · 1k+ posts · 1k+ votes
    9y
    Excellent podcast Joe Fairless ! Always pick up a new nugget listening to you so thanks for sharing everything!
  • Real Estate Agent · Winston Salem, NC · Member since 2014 · 486 posts · 303 votes
    9y

    Love the Bigger Pockets podcast. Haven't heard this one yet but will definitely be pulling it up on YouTube tomorrow. I always feel motivated listening.

  • Investor · Knightdale, NC · Member since 2014 · 122 posts · 74 votes
    9y
    Very very very inspiring. Makes me not fret about the seemingly big problems on the literally tiny deals in working on right now. Seriously puts some things in perspective and will definitely help me kick it into a higher gear going forward.
  • Brooklyn, NY · Member since 2017 · 9 posts · 0 votes
    9y

    is it possible to listen to these podcasts on the radio ?

  • Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
    9y

    @James Masotti glad you enjoyed it!

    @chase 

    @Chase Wippert I'm glad you got some valuable takeaways. What was one thing that stood out to you? 

    @Antonio Artusa I used to have that initial feeling but then trained my mind to get excited about when I feel discouraged because it means I have higher expectations for myself and I'm striving for something better. Then, once I have that mindset, I apply those tactics that others are doing in my area to successfully close deals. 

    @Sean Gummer thanks for the shout out and glad you like my podcast. Means a lot. 

    @Alex Brookbank thanks a lot, hope to see you at our next meetup. Here's a link to it: https://www.biggerpockets.com/forums/521/topics/20...

    @Dave Van Horn I still use you as a shining example of raising money for the most challenging thing out there, distressed mortgage notes. Looking forward to seeing you at a conference or something like that soon! 

    @Christopher Newman really glad you liked it. I can count on 1 hand the times I've been called smart and was about to tell you thanks!...but then I realized you didn't call ME smart, you called the EPISODE smart. Shoot! :) 

    @Jon Klaus thanks a lot Jon. I remember connecting with you on BP a long time ago (relatively speaking) and it's great that we're all growing together. BiggerPockets is a freaking incredible platform and community. 

    @Tyler Bean  glad to hear it!

    @David Krulac  comments like that coming from you means a whole lot to me. A sincire thank you. And, we've got to get you back on my show soon!

    @Zach L.  glad to hear it! 

    @Daray Olaleye  thanks for the kind words and I'm grateful for our friendship and partnership in this biz. 

    @Michael Hajduk  grateful you're a listener of my podcast and, yes, I've got a couple comments on that TTU baseball game switch-up. Thanks for mentioning that. I actually was listening to a Tony Robbins video yesterday and he talked about how it's all relative. Ex. If we lose our job then it's terrible...until we lose all of our savings then we don't care as much about our job. But, if we lose a limb (arm, leg, etc.) then we wouldn't care about losing our job or savings....etc. It's all about perspective and maximizing our time here on earth doing our special talent. 

    @Maurice Bunn  ha, well, I'm sure I have written something like you're looking for. Shoot me a message and I'll see if I can find it. 

    @Elena Moffatt  I'm so glad this was a practical guide to help you out! And glad you'll be a new Best Ever Listener! 

    @Christina Kim  glad to hear it and, yes, industry diversity is very important. I don't like any one industry to be more than 25%. 

    @David Thompson  thank you sir! Grateful to be partnering with you. Excited for our closing next Friday and the next closing next month!

    @eliot 

    @Eliot M.  really liked you liked the episode and the info. And, grateful you're a listener of my podcast too. You're only stuck with single families if you say you are stuck with single families. If you decide you are evolving to multi families then you will evolve to multi families. Here are some specific ways to get to know people who have money: 

    - volunteer and become a board member of that non-profit. I was on the Texas Tech Alumni Advisory Board and 2 of my investors on my first deal came from this relationship. Note, you must be genuinely interested in the non-profit's cause. It will be a rewarding experience since you give back to the community while building your network. The reason why you join the board is that it's highly likely other board members will be high-net-worth individuals. I'm also on the Board for Junior Achievement in Cincinnati and have gotten an investor from there too. 

    - start a local meetup. The first thing I did when I moved to Cincinnati was to start my own meetup. I've done it monthly for two years now. Sometimes 4 people show up. Sometimes 30 people show up. I always show up. The result? I've gotten to know one investor really well and he has invested over $1M in my deals. 

    @Andrew Syrios  thanks a lot. I know you're doing big things too so appreciate the comment. 

    @Mike Dymski  so true, great insight. 

    @Roger Wagoner  glad to hear it!

    @Wissem Sghaier  thanks a lot, and, oh yeah, mgmt is a huge part of the success. It's one thing to have the #s in a spreadsheet. It's a whole other thing to have the right team to execute the business plan. 

    @David Campbell  so glad this was helpful with your multifamily research! 

    @Jorge Vazquez  I love your mindset!!

  • Real Estate Agent · Winston Salem, NC · Member since 2014 · 486 posts · 303 votes
    9y

    @Joe Fairless I really enjoyed the show. I had a question...what is your payment schedule for the investors you work with? I hear a lot of people say they use investors but I was always curious of how they are paid back? Is it after the deal closes, monthly ,a year, etc.

  • Investor · Austin, TX · Member since 2013 · 933 posts · 1k+ votes
    9y

    Eliot,

    Mike makes some good points.  The old way of marketing / sales is out.  We are primarily educational consultants teaching folks about opportunities (why the market, deal and team) make sense.  Most folks that invest w/Joe and myself have never invested in a 200 or 300 unit apartments before so that's actually a great thing.  They have no idea and would love someone to walk them through it and see how they can build significant passive income from it.  Be authentic, leverage someone that has a lot of experience doing solid deals and develop your credibility off their good deals.  Joe's a master at helping folks build a business and a brand / marketing strategy especially through thought leadership (like podcasts, videos, blogging, books, forum participation, newsletters, etc). You can read some of the things I've leveraged about in my recent BP blog post.

    https://www.biggerpockets.com/blogs/9145/61278-wor...

    Here's a link to my top 10 tips on raising $1m for one of Joe's deals on my first attempt. I've now helped Joe on 5 deals and the momentum gets stronger on everyone, more investors, more referrals, more repeat investors, more unsolicited leads .  You can also go to my website and download a free eBook under the Thought Leadership tab to see if this resonates with you and check out some of the podcast interviews on raising capital there.

    https://www.biggerpockets.com/forums/432/topics/30...

    Wish you the best and reach out if you have any questions.  

  • Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
    9y

    @Jaquetta T Ragland they get paid on a monthly or quarterly basis after the deal closes. They are paid from the profits of the deal. We buy stabilized properties that cash flow from day 1 so we can make those payments at the start. Our main way we make above average returns is by adding value, usually in the form of renovating units to increase rents. 

  • Real Estate Agent · Winston Salem, NC · Member since 2014 · 486 posts · 303 votes
    9y

    Thanks so much for the response 

    @Joe Fairless

  • Portland, ME · Member since 2017 · 29 posts · 9 votes
    9y
    It was an amazing episode! I learned lot from listening to it!
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