394: Making a 25 Deal/Year Business (and Marriage) Work... Together! with Elliot and Chrissy Smith
Ever considered partnering up with your spouse or another family member?
Today's guests Elliot and Chrissy Smith did just that when they left stable careers to flip, wholesale, and buy rental properties together in Washington state.
Running the business together wasn't easy on their marriage. In fact, they almost got divorced. Fast forward to today... they're happy, doing 25 deals/year, and building long-term wealth by steadily buying rental properties.
So, what adjustments did they make?
In this episode Elliot and Chrissy share what they've learned about defining roles, managing cashflow, and finding work-life balance as young parents who happen to be business partners. It's a rare inside look at the ups and downs – and risks and rewards – of running a true family business.
As die-hard fans right remember from his appearance on Show #255, Elliot is a skilled negotiator... and today he shares a surprisingly simple negotiating tip for those nerve-wracking kitchen table conversations with homeowners.
Look: you gotta love a couple who hires a babysitter just so they can drive around looking for distressed properties (a move which led to today's Deal Deep Dive). So check out this episode, and share it with your spouse, friend, or family member who you think might enjoy it!
In This Episode We Cover:
- How Elliot and Chrissy divided their business into "lanes"
- Their first taste of success with direct mail
- Leaving full-time jobs to pursue their dreams in real estate
- Dangers to be aware of when teaming up with your spouse
- Showing a seller the math behind your offer
- Plowing the cash from their flips into buy-and-hold rentals
- Using the same exact same materials on every flip
- Incentivizing a contractor by offering a profit share
- Why they've slowed down their marketing in recent months
- Elliot's cold call center for real estate investors
- And SO much more!
Links from the Show
- BiggerPockets Forums
- BiggerPockets Podcast
- BiggerPockets Podcast 255: Six-Figure Real Estate Investing in Just 20 Hours a Week with Elliot Smith
- Jason Drees
- BiggerPockets Webinars
- Tarl Yarber
- BiggerPockets Podcast 125: The Key to Business Success with Bestselling Author of The E-Myth Michael Gerber
Check the full show notes here: http://biggerpockets.com/show394