In this episode, Joe talks about the 250 unit building he just closed on and how he raised several million dollars to make it happen.
– How he raised over 3 million dollars for a 250 unit apartment building.
– How to find investors for yourself.
– How to structure a joint venture with preferred returns.
– Challenges you might face when raising money.
Hi, I’m Joe Fairless.
I believe the most valuable resource we have is our time. I design my life so I can spend time pursing my passions and purpose. And, my life’s purpose is helping people achieve financial success.
I believe when I help you achieve financial success; you too can use your time to pursue your passions and purpose.
And I believe that would have a crazy good impact on the world. Because, if money were no object, how would you spend your time? I’ve asked that question to over 200 of my real estate students and the common theme is “do more good.”
Everyone has a different way of saying “do more good” whether it’s spend more time with your kids, start a non-profit, pursue a career that’s more fulfilling (and therefore you produce more positive results) or any number of other things.
Whatever you answer, I bet you’d “do more good.” So, that’s my focus. To help you be in a position to “do more good.” But it wasn’t always this way.
In fact, I used to think I’d work at an advertising agency my whole life. But, after
climbing the corporate ladder from junior project manager to becoming a vice
president before my 30th birthday I decided it was time to leave the industry.
I was working for the paycheck – and it left me unfulfilled.
Fortunately, I invested in learning real estate while working at my full-time job.
I went to seminars, read books, and received mentorship from people who had done what I wanted to do. By the time I left advertising in December 2012 I owned four single family homes that produced monthly income. It wasn’t enough to live off of but it sure helped out considering I no longer had a job.
I then created my real estate investing company, Fairless Investing.
After six months of intense/fun/challenging/emotional rollercoaster stuff, I closed on a 168-unit apartment community. For that deal I had to raise over $1,000,000 from private investors. There are 12 of them and no one is a family member.
I now control over $21,000,000 worth of real estate. I know what I’m talking about when it comes to real estate investing.