RG 226 – Raising Private Capital w/ Matt Faircloth
Matt is the cofounder and president of DeRosa Group which buys and renovates dilapidated properties. He started the company in 2004 with his wife and a 40k loan. Since then he’s done over $30million in real estate transactions and has worked in private capital, fix and flip, single family, mixed use, long list and tax leans.
Matt is an author of many books and has worked with Bigger Pockets doing video. He made his first dollar as a bag boy at a supermarket. Growing up he was good at maths and science and adults told him he should be an engineer so he went to Virginia Tech and got a degree and realised he didn’t want to be an engineer! He got a job in sales selling a technical product to engineers and he did this for 7 years and met his wife at the same time. She encouraged him to read Rich Dad Poor Dad.
Matt advises that before you start presenting to your network you have to achieve the re requisite for your business. You have to have your business plan together, know your goals and have a way to demonstrate to the investor that you’ve done more than read a book. You have to show what you’ve learned of done in the past. When structuring private loans each one is different but if you’re getting started then try a sample deal to show the new investor.
- Most important habit – daily list of goals and to-dos
- Most influential person – wife
- Most important tool – slack
- Most important failure – going in too many directions at once