203: Finding Deals, Funding, Contractors, And Mentors With Matt And Liz Faircloth | Bigger Pockets Podcast
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
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