Today we’re thrilled to chat with New Jersey real estate investors Matt and Liz Faircloth on The BiggerPockets Podcast, covering everything from the challenges of working with a spouse to purchasing a 10,000 square foot office space!

Matt and Liz have been hooked on real estate since buying their first single family home in 2002. After years of self education, their fair share of learning pains and a healthy dose of hard work, the couple now owns over 100 units and has accomplished around 15 fix and flips. Employing a team of 11, their mission statement is to “revitalize Urban America” and to “transform lives through real estate.” Pick up some great tips on building an empire from the bottom up, choosing the best kinds of financing and earning that all-important track record of success. It’s all here, so don’t miss out!

In This Show We Cover:

How Liz and Matt got their start in real estate as an engaged couple
The pros and cons of working with your spouse
How to successfully get organized
The importance of making a business plan from the get-go
The ins and outs of bookkeeping in a home business (program recommendations included!)
What you stand to gain from a tax deferred exchange
The thrills — and challenges — of buying a 10,000 sq. ft. office space
The all-important skill of flexibility (or “learning to pivot“)
How to gain wealth through commercial real estate
The intricacies of private equity, private lending, forming LLCs & LLPs (and more!)
Proof that you CAN see 20-40% returns with no money down
How to add value to a real estate investment team without putting money up
The definitive guide to finding great employees for your business
Why modular homes may be your safest bet
The worst rehabbing nightmare ever (involving lawsuits, water damage — and a total lack of foundation)
And so much more!

Books Mentioned in the Show

The Lean Startup by Eric Reis
Rich Dad’s Cashflow Quadrant by Robert Kiyosaki
Real Estate Riches: How to Become Rich Using Your Banker’s Money by Dolf de Roos
The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It by Michael E. Gerber
Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth by T. Harv Eker

Tweetable Topics

“So if the game plan goes wrong, have a B, have a C, have a D.” (Tweet This!)
“Do things that you’re good at and that you enjoy…bringing your real passions to a task is key.” (Tweet This!)
“Single family home, multi family home — whatever your plan is, get really good at it.” (Tweet This!)

Connect with Matt & Liz

Learn more about your ad choices. Visit megaphone.fm/adchoices

88: Investing with Your Spouse, Managing Financials, and Growing Your Team with Matt and Liz Faircloth 01:21:31

BiggerPockets Real Estate Podcast

Shownotes Transcript

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88: Investing with Your Spouse, Managing Financials, and Growing Your Team with Matt and Liz Faircloth