On this episode Holly is joined by Joe Fairless. Joe is the creator of the longest running daily real estate podcast, Best Real Estate Investing Advice Ever. On his podcast Joe shares advice and success stories with successful individuals in the real estate business Joe became the youngest vice president of an advertising agency before switching over to the real estate world where he currently owns $54 million in real estate.
Joe graduated from Texas Tech University as an advertising major, after college he moved to New York where he worked for a prestigious advertising agency. After 6 years at the agency Joe became the youngest VP at the advertising agency but didn’t feel like he was growing and that what he was doing was contributing in a meaningful way.
While working in advertising Joe began teaching classes about real estate and investing, he was also buying single family homes in Dallas, Texas and generating income but knew that he could make more. While investing in real estate Joe decided that he wanted to quit an advertising job but knew that without a job he would have a hard time getting investors for his future deals.
While teaching his single-family home classes some of his students reached out to him about partnering when he decided to venture into bigger deals. With no job and no income this was appealing to Joe; multi-family homes became his next product that he would teach so that he could land investors and make his real estate dreams a reality.
Joe reflects on a book that he once read, “Things I wish I knew when I was 20” written by a Stanford professor that basically said that we can wait for people to appoint us to a level that we can achieve or we can appoint ourselves to the level that we want to achieve and rise to that level by resourcefulness.
Those that are interested in real estate need to remember to not focus on what we are unfamiliar with but instead in surrounding yourself with people who are doing what we want to do and something that no one else is doing. Joe reminds us that we don’t have to follow the traditional path as others have, we can appoint ourselves to the position we want and figure out how to make it happen in the process.
Holly also reminds us that we cannot be afraid to put ourselves out there and be frozen in fear, that we need to take action in order to make things happen in your business. Investors wanted to work with Fairless before he even had anything for them to invest in because he had established a track record with investors and he was actively making deals happen. Joe’s advice comes from past as well as current experiences.
Joe outlines his key steps to raising money for anyone looking to partner with others on deals. You must first have their trust, second you must have experience and if you don’t have experience you need to surround yourself with people who do have the experience. Lastly you need to make sure that you have alignment of interest.
Holly and Joe discuss the legal aspect of raising money, which types of documents you need so that you may outline exactly what you and the investor are getting into. They also discuss if you can legally publically advertise for investors on Facebook. Joe says that it depends on the structure of the deal and advises us to refer to his podcast on 506b vs. 506c.
When Joe was looking for investors he used a strategic approach, which he shares with listeners. You must have a referral network and a strategic approach when you meet people; you are either building a brand of trustworthiness and character or you are not. If you are doing these things you will be surrounding yourself with people who want to see you succeed and that will work for you for a long time.
Joe offers listeners a spreadsheet that will help you create a network for yourself of your available investors. To get this spreadsheet you can email Joe and one of his team members will send you over the appropriate information.
If you want to learn more about Joe and his methods, as well as listen to his podcast you can check out his website at www.joefairless.com and for the networking spreadsheet email him at firstname.lastname@example.org