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