Father and Son Team Raise $300K for Real Estate Project

From Florida, Nelson & Jonathan Faircloth join Jay Conner today.They are very successful real estate investors. Father and son team joined Jay's Mastermind group a year ago

Private money and funding: $299K

Equity: $600,000

Nelson was in vet sales for 20 years.

Jonathan was in the National Guard for 12 years and got his Master's Degree.

Jonathan started in 2015 with his first deal. Nelson's first deal was in the 1970's. Nelson started in investing early in life as his father encouraged him. Jonathan was taught by his dad. They worked together.

The types of deals they do are:

1) Average price: $125k - $250,000

2) Lots of Foreclosures with Subject to

3) Lots of rehabsThey make up outstanding payments of mortgages. This helps rebuilding the seller's credit.They find foreclosures by following Jay's systems, especially the 8 letter campaign.

Many people in foreclosures don't open their mail as they are depressed.

Biggest mistake in real estate investing:

1) Don't let it get personal.

2) Greed. Doing too much.

3) Handing off responsibilities. Get other people to do a lot of the work instead of doing it all yourself.

Case Study

How did you find the deal?

How did you fund the deal?

A little house on Hollowbrook Dr. was an interesting deal. A wholesaler is someone who negotiated a deal. He sells the paper on the deal.

The wholesaler is paid an fee.

He made $40,000 on assignment. Nelson made $40,000 of the rehab.

Wholesaler had a contract to buy at $70K.

Paid him $40K.

Rehab $20K.

Total cost: $130K

Listed at $200,000.

Profit: $45000 after realtor fees.

This took about 3 months.

Wholesalers can be found at REIA meetings.

As a father/son business, they have special challenges. They are working on specific responsibilities and who does what.

Their advice to a new investor:

1) Delegate. There are so many tasks. Find people who can take over some tasks so you can focus on building the business.

When they did their own rehabs, they did 5 deals a year. Once they had others do the rehab, they doubled their deals.

Jonathan's personal success habit:

Focus on what needs to be done and doing it.

Nelson's personal success habit:

Desire, enthusiasm, drive. Don't shy away from work.

Jonathan's favourite book:

1) Go Giver

2) Compound Effects

Nelson's Book:

1) Zig Ziglar's Secrets of Closing the Sale

From Florida, Nelson & Jonathan Faircloth join Jay Conner today.They are very successful real estate investors. Father and son team joined Jay's Mastermind group a year ago

Private money and funding: $299K

Equity: $600,000

Nelson was in vet sales for 20 years. Jonathan was in the National Guard for 12 years and got his Master's Degree.Jonathan started in 2015 with his first deal. Nelson's first deal was in the 1970's. Nelson started in investing early in life as his father encouraged him. Jonathan was taught by his dad. They worked together.

The types of deals they do are:

1) Average price: $125k - $250,000

2) Lots of Foreclosures with Subject to

3) Lots of rehabs

They make up outstanding payments of mortgages. This helps rebuilding the seller's credit.They find foreclosures by following Jay's systems, especially the 8 letter campaign.

Many people in foreclosures don't open their mail as they are depressed. Biggest mistake in real estate investing:

1) Don't let it get personal.

2) Greed. Doing too much.

3) Handing off responsibilities. Get other people to do a lot of the work instead of doing it all yourself.

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