How can focusing on your strengths and building a diverse team help you succeed in real estate investing?

 

In this engaging podcast episode, Matt Faircloth and Angel Williams discuss the importance of recognizing and leveraging your strengths while building a well-rounded team to achieve success in real estate investing. They emphasize the value of admitting your weaknesses and finding people who excel in those areas to complement your skills. Matt shares his insights on retaining good tenants in C-class apartments and the potential opportunities arising from the current market conditions. The conversation also touches on the advantages of investing in single-family homes and the upcoming trends in the real estate market.

 

Matt Faircloth has been a full-time investor since 2005. In that time he has successfully completed projects involving dozens of fix and flips, office buildings, single-family homes, and apartment buildings.

 

He has completed over a Hundred Million in real estate transactions and controls thousands of units of multi family. He is a regular contributor and podcast guest on Bigger Pockets.com, has an active YouTube Channel dedicated to educating investors, and the author of the Amazon Best Seller, Raising Private Capital, how to Build your Real Estate Empire with Other People's Money.

 

[00:00:00] - [00:03:00] Focusing on Strengths and Building a Team

- Recognize and focus on your strengths while admitting your weaknesses

- Build a team based on strengths to grow your business

- Outsource tasks you hate doing to those who excel in those areas

 

[00:03:00] - [00:07:00] The Importance of Balancing Strengths and Weaknesses

- Differentiate between essential skills and areas where you don't need to excel

- Shift on the spectrum towards improving certain skills, but recognize your limitations

- Pay someone to do tasks you hate once you have the resources

 

[00:07:00] - [00:13:00] Retaining Good Tenants in C-Class Apartments

- Focus on tenant happiness by keeping rent increases reasonable

- Offer incentives and amenities to create a sense of community

- Prioritize tenant retention over immediate rent increases to avoid vacancies

 

[00:13:00] - [00:18:00] The Resilience of C-Class Tenants During Economic Downturns

- C-class tenants are more versatile and can find new jobs more easily

- A and B-class tenants may face more challenges in finding comparable employment

- Single-family homes can offer excellent returns with the right tenants and property management

 

[00:18:00] - [00:22:00] Opportunities in the Changing Real Estate Market

- Short sales may become more common as forbearances increase

- Executing business plans effectively will be crucial for success

- Single-family homes may present overlooked opportunities for investors

 

Quotes:

 

"There's certain things you have to do for your financial health or for your physical health or for your mental health or whatever it is." - Matt Faircloth

 

"Whatever you hate doing, there's someone who loves doing it and could feed their family to get paid to do what you hate doing." - Matt Faircloth

 

Connect with Matt:

LinkedIn:

https://www.linkedin.com/in/mdfaircloth/

https://www.linkedin.com/company/derosagroup/

 

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