bookkeeping

Making money from a hobby takes a lot of work — and strategy. In this episode, host Ruth Tam gets some advice from independent business owners and financial experts about how to make it work.

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DO THE WORK PODCAST: A daily documentary of my life, behind Permaculture Voices blending together fatherhood, business, organization, and life hacking to make it all work. Produced by podcaster, entrepreneur and dad of three daughters - Diego Footer. Support the show at http://www.permaculturevoices.com/support Listen to more episodes at http://www.permaculturevoices.com/podcast

Today we’re thrilled to chat with New Jersey real estate investors Matt and Liz Faircloth on The BiggerPockets Podcast, covering everything from the challenges of working with a spouse to purchasing a 10,000 square foot office space! Matt and Liz have been hooked on real estate since buying their first single family home in 2002. After years of self education, their fair share of learning pains and a healthy dose of hard work, the couple now owns over 100 units and has accomplished around 15 fix and flips. Employing a team of 11, their mission statement is to “revitalize Urban America” and to “transform lives through real estate.” Pick up some great tips on building an empire from the bottom up, choosing the best kinds of financing and earning that all-important track record of success. It’s all here, so don’t miss out! In This Show We Cover: How Liz and Matt got their start in real estate as an engaged couple The pros and cons of working with your spouse How to successfully get organized The importance of making a business plan from the get-go The ins and outs of bookkeeping in a home business (program recommendations included!) What you stand to gain from a tax deferred exchange The thrills — and challenges — of buying a 10,000 sq. ft. office space The all-important skill of flexibility (or “learning to pivot“) How to gain wealth through commercial real estate The intricacies of private equity, private lending, forming LLCs & LLPs (and more!) Proof that you CAN see 20-40% returns with no money down How to add value to a real estate investment team without putting money up The definitive guide to finding great employees for your business Why modular homes may be your safest bet The worst rehabbing nightmare ever (involving lawsuits, water damage — and a total lack of foundation) And so much more! Books Mentioned in the Show The Lean Startup by Eric Reis Rich Dad’s Cashflow Quadrant by Robert Kiyosaki Real Estate Riches: How to Become Rich Using Your Banker’s Money by Dolf de Roos The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It by Michael E. Gerber Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth by T. Harv Eker Tweetable Topics “So if the game plan goes wrong, have a B, have a C, have a D.” (Tweet This!) “Do things that you’re good at and that you enjoy…bringing your real passions to a task is key.” (Tweet This!) “Single family home, multi family home — whatever your plan is, get really good at it.” (Tweet This!) Connect with Matt & Liz Matt & Liz’ Company Website Matt’s BiggerPockets Profile Learn more about your ad choices. Visit megaphone.fm/adchoices