Today’s guest, Joe Fairless, is BIG in the real estate investing space – he currently controls $21M worth of real estate – and he’s only 33 years old.
Joe is going to share how he built his impressive investment portfolio so quickly and offer some of the best real estate investing advice ever.
IN THIS EPISODE YOU’LL LEARN:
- Why multi-family syndication is Joe’s preferred form of real estate investment
- What you need before you can invest in real estate (and how to get it)
- How to make your first investment without risking your own money
What Should You Invest In?
Joe started investing in 2009 and, in eight years, he has amassed $21M in properties. How?
You’re unlikely to make the kind of money you want by investing in single-family homes. The investing community generally agrees that the two best types of property to invest in are multi-family communities (apartments) and mobile homes.
Joe likes to invest in multi-family communities, which is called Multi-Family Syndication. He has a 168-unit property, a 250-unit property, and a 155-unity property.
How to Succeed (Quickly)
There’s nothing magical about this model – it just works.
There are two keys to succeeding (without wasting any time):
- Surround yourself with the right people and model what they’re doing.
- Consistent daily action.
The 3 Things You Need Before You Can Invest
- You don’t have to have money in the bank. Joe raised over $1M for his first deal and didn’t invest any of his own money.
- If you want to know more about raising money, email firstname.lastname@example.org and tell him you heard him on this podcast – he’ll share a FREE and useful spreadsheet that will help you focus on the things that matter.
- Read books! Text the word “BEST” to 38470 to receive a list of the 30 best apartment resources that Joe uses.
- After you read a helpful book, reach out to the author. That’s how Joe found his first consultant, Peter Harris. This is a great (and rarely used) way to surround yourself with the right people.
- You establish your credibility through relationships, your consultants, and the people you hire.
- Create a Word document with a team bio including yourself, the property management company’s experience, your attorney’s experience, your CPA’s experience, and, ideally, one investor’s experience.
- Demonstrate proof of funds when you’re making offers to show experience and a track record (even if you have none). Joe incentivized his first investors by offering cash after closing on his first.
- Connect with Joe: JoeFairless.com | email@example.com
- Text the word “BEST” to 38470 to receive a list of the 30 best apartment resources that Joe uses & join Joe’s weekly newsletter
- Listen to Joe’s podcast:
- Read Joe’s books:
- Commercial Real Estate Investing for Dummies by Peter Conti & Peter Harris