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From the Best Advice Ever to $175,000,000 with Joe Fairless, Episode 8

August 22, 2017

 

Joe Fairless has asked over 1,000 real estate professionals across the country for their best advice ever on his daily podcast, the Best Real Estate Investing Advice Ever Show. In less than two years, he’s used this advice to amass an impressive portfolio of over 2,000 units worth more than $175 million. Today, Joe shares his top insights and tips to navigate one of the hottest markets in the country, his hometown of Dallas-Fort Worth. Find out Joe’s best ever advice for identifying a target market and his fundamentals to buy right in any market and any cycle on this episode of Target Market Insights. Listen Now!

 


Subscribe on iTunes, Stitcher or Google Play.

 

Key Market Insights

  • Joe’s real estate portfolio: Eight apartment communities (total of 2000 units across in the Dallas-Fort Worth area) and two apartment communities in Houston

  • Why DFW? Job diversity, low supply and high demand, low vacancy rates (current and future), number of new construction permits 

  • How to find the number of new construction permits in your market: Go to the county board or the Economic Development center

  • Keys to learning a market: Visit, online research, talk to people in the market

  • What got people in trouble in 2008: 1) Negative cash-flow 2) Short-term financing

  • The right way to buy: Cash flow from day 1, enhance property value, use conservative financing

  • Growth in DFW is currently in North Dallas and North Fort Worth

  • Ways to vet a new market: Research job diversity (no industry makes up more than 20-25% of the economy), Talk to locals (don’t have to be real estate), Visit, Meet with brokers and realtors

  • Houston: 19% of education and health care services jobs

  • Joe’s #1 Tip: Have local allies (eyes on the ground, Meetup groups)

  • One thing Joe does to stay focused on goals: daily journal

  • How Joe stays on top of market changes: Google Alerts (i.e. “[city] jobs”, “[city] unemployment”, “[city] real estate”, “[city] multi-family”)

 

Resources Mentioned

Book: The Best Real Estate Investing Advice Ever by Joe Fairless

Job diversity - www.census.gov

factfinder.census.gov

Reis Reports - www.reis.com

Google Alerts

 

Tweet This:

“It’s not about taking too much time to pick the right market, it’s about knowing your fundamentals and going with it.” – @joefairless

 

“I don’t necessarily need reports to identify [opportunities]. I need reports to validate assumptions." @joefairless

 

Places to Grab a Bite in Dallas-Fort Worth

Rose’s Café (for tortillas)

 

Connect with Joe:

Website: www.joefairless.com

Podcast: The Best Ever Real Estate 

Email: info@joefairless.com

 

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