Joe Fairless: Structuring deals to buy multi-unit properties – Podcast 18

Can you even conceive of structuring a deal with multiple investors to purchase a 250 unit property in a major metropolitan city? That’s what the guest on this episode of The Flip King just did. He closed the deal last week. Joe Fairless has become a pretty well known real estate figure through his daily podcast, “The Best Real Estate Investing Advice” and has been on the fast track learning curve to become a high profile investor since leaving his advertising career. In this episode he shares some of the details of that 250 unit deal and much more.

Raising money for complex real estate deals comes down to one simple thing.

Do you know what it is? Relationships. While Joe Fairless has not personally met every person who’s invested in a real estate deal with him, he’s connected with most of them through personal relationships, either by introduction or connection through another deal. He believes that working to establish good rapport and friendship with the people you work with on real estate deals goes a long way toward future deals and future partnerships. Hear how Joe put together the money for his latest multi unit deal on this episode of The Flip King.

General Partners, Limited Partners, and lots more covered in this episode.

Do you know the difference between a General Partner, a Limited Partner, and how the proceeds from a real estate deal should be split among them? Joe Fairless opens the books on his latest deal to reveal how he was able to pull together the money for it and how he structured it so that everyone involved was happy with their piece of the pie. It’s not something that comes easy to most investors so grab your pen and paper to take notes. Joe’s got it down and is ready to let you in on the secrets of how he does it.

Are you structuring your real estate business so you can sell it one day?

If you’re like most investors, you’re trying to set up your business to cash flow so that you and your family can enjoy a passive stream of income your whole lives. That’s great, but it’s just the first goal. What happens when you’re ready to get out of the business altogether? Could someone else feel confident that if they bought your business, it would continue to run smoothly for them like it has for you? In this episode hear  how Joe Evangelisti and Joe Fairless are thinking about their businesses from that standpoint, and why each of them thinks it’s an important thing for their future.

If you need real estate investment mentoring, Joe Evangelisti is your guy.

Joe’s a real estate agent who owns his own brokerage, but more importantly, he’s an active real estate investor, doing fix and flips, wholesale deals, and many other types of investments. He’s learned much of what he knows in the trenches, doing the hard grunt work himself. He’s also learned a ton from experienced mentors who have helped him avoid some of the mistakes typical of new investors. He’s ready to put his years of experience into a mentoring relationship with you, to help you get your investing business to the next level. If you’re interested in chatting with Joe about the possibilities, connect with him at www.TheFlipKing.com

OUTLINE OF THIS EPISODE OF THE FLIP KING

  • [0:43] Introduction of Joe Fairless, today’s guest.
  • [1:42] Joe’s latest acquisition of a 250 units.
  • [4:08] How Joe Fairless goes about raising money for real estate deals.
  • [7:57] What a deal looks like in terms of shares for General Partners and Limited Partners.
  • [12:30] Fee structures that could apply for General Partners.
  • [14:53] How the financing works on these kinds of deals where capital improvements are needed.
  • [17:28] The things Joe reads to keep him motivated and learning.
  • [19:06] Joe’s podcast” the people he’s interviewed and the advice he’s valued the most.
  • [21:48] How to position your real estate company to be purchased later.
  • [24:08] What Joe Fairless is excited about in his business and lifestyle.

LINKS MENTIONED IN THIS EPISODE

The Zillow Book

The 48 Laws of Power by Robert Greene

The Best Real Estate Investing Advice Podcast – Joe Fairless’ show

TWEETS YOU CAN USE TO SPREAD THE WORD

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