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!
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This Show Sponsored By
We just wanted to give a shout out to our podcast sponsor on today’s show: RealtyShares. RealtyShares is a crowdfunding platform that allows you to invest in professionally managed properties without leaving your living room!
Learn more by visiting RealtyShares.com/biggerpockets!
Fire Round Sponsor
A huge thanks as well to our Fire Round sponsor FreshBooks.
FreshBooks customers spend less time on paperwork, freeing up 2 days per month to focus on the work they love. What would you do with that extra time?
Learn more by visiting FreshBooks.
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)
- 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
- “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