cover of episode 394: Making a 25 Deal/Year Business (and Marriage) Work... Together! with Elliot and Chrissy Smith

394: Making a 25 Deal/Year Business (and Marriage) Work... Together! with Elliot and Chrissy Smith

Publish Date: 2020/8/6
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BiggerPockets Real Estate Podcast
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Shownotes Transcript

    <p>Ever considered <strong>partnering up</strong> with your spouse or another family member?</p><p>Today's guests <strong>Elliot and Chrissy Smith</strong> did just that when they left stable careers to <strong>flip, wholesale, and buy rental properties</strong> together in Washington state.</p><p>Running the business together wasn't easy on their marriage. In fact, they almost got divorced. Fast forward to today... they're happy, <strong>doing 25 deals/year,</strong> and <strong>building long-term wealth</strong> by steadily buying <strong>rental properties</strong>.</p><p>So, what adjustments did they make?</p><p>In this episode Elliot and Chrissy share what they've learned about <strong>defining roles</strong>, <strong>managing cashflow, </strong>and <strong>finding work-life balance</strong> as young parents who happen to be business partners. It's a rare inside look at the <strong>ups and downs</strong> – and risks and rewards – of running a true <strong>family business</strong>.</p><p>As die-hard fans right remember from his appearance on <strong>Show #255</strong>, Elliot is a skilled negotiator... and today he shares a <strong>surprisingly simple negotiating tip</strong> for those nerve-wracking kitchen table conversations with homeowners.</p><p>Look: you gotta love a couple who hires a babysitter just so they can drive around looking for distressed properties (a move which led to today's <strong>Deal Deep Dive</strong>). So check out this episode, and <strong>share it</strong> with <em>your</em> spouse, friend, or family member who you think might enjoy it!</p><p>In This Episode We Cover:</p><ul>
  • How Elliot and Chrissy divided their business into "lanes"
  • Their first taste of success with direct mail
  • Leaving full-time jobs to pursue their dreams in real estate
  • Dangers to be aware of when teaming up with your spouse
  • Showing a seller the math behind your offer
  • Plowing the cash from their flips into buy-and-hold rentals
  • Using the same exact same materials on every flip
  • Incentivizing a contractor by offering a profit share
  • Why they've slowed down their marketing in recent months
  • Elliot's cold call center for real estate investors
  • And SO much more!

    • Links from the Show

    Check the full show notes here: http://biggerpockets.com/show394

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