Crushing It In Real Estate With Your Solar Money - Brody Fausett
The Solarpreneur Podcast
Host: Taylor Armstrong
Guest: Brody Fausett
Release Date: January 24, 2023

1. Introduction

In this episode of The Solarpreneur Podcast, host Taylor Armstrong welcomes Brody Fausett, a seasoned professional who successfully transitioned from door-to-door solar sales to real estate investing. The conversation delves into Brody's journey, the strategies he employed, and the valuable insights he shares for solar sales professionals looking to diversify their income streams.

2. Brody's Journey in Sales

Brody Fausett began his career in the competitive door-to-door sales environment with Vivint, dedicating eight years to honing his sales skills. His initial foray into sales was fueled by a commitment to work hard and build a stable financial foundation.

Brody Fausett [01:26]:
"I ended up, I think I had three years of school left at that point. Two or three years left and I still have one semester left. So eventually I dropped out of college with one semester to go. And I'm like, hey, I'm just going to dive into this sales world and spend more time building a team and going from there."

Brody highlights the importance of perseverance and owning the grind, even in the face of industry stigmas.

Brody Fausett [02:34]:
"I just owned it. I loved the grind and being willing to do something that nobody else... wasn't willing to do to get results that most people weren't getting."

3. Transition to Real Estate Investing

Recognizing the need for financial diversification, Brody transitioned into real estate investing to build passive income and enhance his net worth outside of sales. This strategic move provided him with greater financial freedom and security.

Brody Fausett [05:30]:
"For me, it was just so rewarding having been in that environment... building up my passive income, my net worth outside of just sales."

His dedication paid off as he successfully exited the door-to-door sales industry, leveraging his earnings to invest in real estate.

4. Real Estate Strategies: House Hacking and Partnerships

Brody emphasizes the significance of mindset and creativity in real estate investing. He discusses various strategies, including house hacking—the technique of owning a property and renting out parts of it to offset mortgage costs.

Brody Fausett [17:58]:
"House hacking is a great strategy. Basically, it means you can owner-occupy a home... you get into it for a lower down payment because you're willing to live there or part of it."

Brody also explores the benefits of partnerships in real estate, highlighting how leveraging different strengths can maximize returns.

Brody Fausett [27:50]:
"Find partners where their strengths are your weaknesses. Your weakness is their strength."

5. Building a Strong Team

A robust support team is crucial for successful real estate investing. Brody advises building a network of reliable professionals, including real estate agents and lenders, who can facilitate deal-making without additional costs.

Brody Fausett [43:47]:
"Having a good team... doesn't cost you any money. There's so many people who have bend over backwards for you."

He underscores the importance of collaboration, stating that leveraging experts allows investors to focus on their core strengths while ensuring other aspects are handled proficiently.

6. Working with a Spouse

Balancing professional endeavors with personal relationships is vital. Brody shares his strategies for maintaining a strong partnership with his wife, emphasizing communication and joint goal-setting.

Brody Fausett [37:02]:
"Communication is probably like number one. Most arguments or fights come down to a lack of communication."

They engage in annual goal-setting retreats and weekly planning sessions to stay aligned on both business and personal objectives.

Brody Fausett [38:15]:
"Every year we do a couple's goal setting retreat... It helps us get on the same page and understand what's important to each other."

7. Advice for Solarpreneurs

Brody offers actionable advice for listeners in the solar industry looking to expand into real estate:

• Adopt the Right Mindset: Believe in your ability to learn and adapt.

  Brody Fausett [17:58]:
  "The first thing is like the mindset piece of it... once you learn it, the fear goes away."

• Be Creative with Deals: Look for unconventional opportunities like seller financing or unique property types.

  Brody Fausett [30:35]:
  "You need to be creative. Real estate's the same thing. The more you learn about it, the more you dive in."

• Leverage Partnerships: Collaborate with others to pool resources and expertise.

  Brody Fausett [27:50]:
  "Find partners where their strengths are your weaknesses. That's how you get a high return."

• Build a Support Team: Engage professionals to streamline the investment process.

  Brody Fausett [43:47]:
  "There's so many people who have bend over backwards for you. They get paid when the deal goes through."

8. Final Thoughts

Brody concludes by encouraging solar professionals to remain open to diverse opportunities and to continuously dream big. He warns against complacency and urges listeners to keep pushing their boundaries to achieve greater financial freedom.

Brody Fausett [52:07]:
"Don't get stuck in the mindset of thinking that... it's the end all, be all. There's always another level."

He reiterates the importance of leveraging sales skills to explore and capitalize on real estate opportunities, fostering a mindset geared towards growth and adaptability.

Key Takeaways

• Diversify Income Streams: Transitioning from sales to real estate can provide financial stability and passive income.
• Strategic Partnerships: Collaborating with others can enhance deal-making capabilities and returns.
• Creative Investing: Exploring strategies like house hacking and seller financing can open up new investment avenues.
• Strong Support Network: Building a team of reliable professionals is essential for successful investing.
• Balanced Personal Relationships: Effective communication and joint goal-setting are crucial for maintaining strong personal and professional relationships.

Connect with Brody Fausett

For those interested in diving deeper into real estate investing, Brody Fausett offers comprehensive resources through his Real Estate Investing School. Interested listeners can book a free strategy call or follow him on Instagram @RealEstateInvestingSchool.

Note: This summary is designed to provide a comprehensive overview of the podcast episode for those who haven't listened to it. It captures all key discussions, insights, and conclusions while omitting non-content sections like advertisements and outros.