WIN THE MORNING PODCAST - Episode 253 Summary
Title: Brody Fausett - How to Create Financial Freedom, Time Freedom, Through Real Estate
Host: River James Skinner
Guest: Brody Fausett
Release Date: October 18, 2021
Instagram: @riverjskinner
Introduction
In Episode 253 of the Win the Morning Podcast, host River James Skinner welcomes Brody Fausett, a dedicated husband and father of two, who has successfully transitioned from an eight-year tenure in door-to-door sales with Vivint to building a substantial real estate empire. The episode delves into Brody's journey toward achieving financial and time freedom through strategic real estate investments.
Brody's Background and Motivation
Brody Fausett begins by sharing his early exposure to hard work, detailing his summers working on his grandfather's ranch where he learned the value of labor and earning. This foundation instilled in him a strong work ethic and a mindset focused on long-term freedom over immediate gratification.
Notable Quote:
"I’ve been saying I was rich since I was broke... It's a state of mind."
— Brody Fausett [00:00]
Brody emphasizes the importance of disciplined saving and investing to achieve financial independence, resonating with Warren Buffett's philosophy of making money while you sleep to avoid the trap of working indefinitely.
Transition from Door-to-Door Sales to Real Estate
River commends Brody for leveraging his door-to-door sales experience as a launchpad into real estate. Unlike many who merely spend their earnings, Brody utilized his income to invest wisely, setting himself up for an easier financial future.
Notable Quote:
"If there's an opportunity for me to work really hard today to set myself up for an easier tomorrow, I'll choose the hard work today, all the time."
— Brody Fausett [02:39]
Brody contrasts his approach with River's earlier years, where River admits to spending his earnings without building lasting wealth until he shifted his focus to real estate.
Building the Real Estate Empire: From First Property to Present
Brody recounts his accidental entry into real estate during his university years when he purchased a house with his limited savings. Renting out rooms to friends near the campus allowed him to cover the mortgage and generate additional income.
Notable Quote:
"If I can be disciplined now, be smart with my money now, then it will pay me for the rest of my life and give me so much more freedom."
— Brody Fausett [04:14]
Over nine years, Brody expanded his portfolio from a single property to multiple units, including duplexes, tiny homes, Airbnbs, and even an apartment complex. Each acquisition was a step towards increasing passive income and financial freedom.
Notable Quote:
"What's exciting is the money that comes in every single month... that's what gets you there."
— Brody Fausett [19:22]
Brody highlights the difference between one-time profits from flipping houses versus the sustained income from rental properties, underscoring his commitment to long-term financial stability.
Principles and Strategies in Real Estate Investing
Brody shares his guiding principles for successful real estate investing:
-
Education First:
He stresses the importance of educating oneself through podcasts, books, and networking before making any investment decisions. -
Logical Decision-Making:
“Never buy a house, emotional least from an investment standpoint... always buy logically.”
— Brody Fausett [21:40] -
Maximizing Returns:
Brody aims for a 10% cash on cash return, ensuring each investment is financially sound. -
Leveraging Loans:
Understanding that leveraging bank loans allows for greater investment potential without substantial upfront capital. -
Scaling Investments:
From single-family homes to multi-unit properties and partnering with others to expand his investment reach.
Personal Finance Philosophy
Brody advocates for a robust investment strategy, encouraging listeners to prioritize savings and investments over discretionary spending.
Notable Quote:
"The money that we make and we work for that money should be used... your active income should be used for your investments. Your passive income is what should fund your lifestyle."
— Brody Fausett [28:03]
He recommends maintaining an emergency fund covering at least six months of living expenses and diligently investing as much as possible to build passive income streams.
Personal Development and Lifestyle
Beyond financial success, Brody emphasizes the importance of holistic personal development. An ultra-marathon runner and CrossFit enthusiast, he believes in pushing physical and mental boundaries to achieve the best version of oneself.
Notable Quote:
"God wants us to be the best version of ourselves... there's no such thing as winning in one area of your life and not winning in the other."
— Brody Fausett [29:32]
Brody integrates his physical pursuits with his professional life, finding fulfillment in continuous growth and maintaining a balanced, intentional lifestyle.
Clarity and Vision: Achieving Goals
Brody discusses the significance of having a clear vision and setting daily goals to stay aligned with one's long-term objectives. He recommends creating a detailed vision, similar to the methodology in the book "Vivid Vision" by Cameron Herold, to map out the next three to five years of one's life.
Notable Quote:
"If you don’t know exactly what you want and you don’t have that clarity, it’s hard to go and chase it."
— Brody Fausett [33:55]
He practices writing down his top ten goals daily, which helps him internalize his aspirations and recognize opportunities aligned with his vision.
Real Estate Investing School
Brody is passionate about teaching others how to achieve financial and time freedom through real estate. He introduces his Real Estate Investing School, designed specifically for door-to-door salespeople looking to transition into real estate investing.
- Program Features:
- One-on-one coaching
- Weekly live classes
- Access to an extensive real estate course with over 100 videos and 16 hours of content
- Guaranteed deal acquisition assistance
Notable Quote:
"Knowledge is not power. The application of knowledge is power."
— Brody Fausett [42:09]
The school's mission is to help participants not only learn about real estate but also apply their knowledge effectively to secure profitable investments.
Closing Thoughts
In the concluding segment, both River and Brody reflect on the importance of intentionality and clarity in achieving success. Brody shares his excitement about upcoming projects, including a tiny home resort and family vacations facilitated by his financial freedom.
Notable Quote:
"As I change my level of thinking it has directly correlated to my level of success. Understanding this has completely changed my life."
— River James Skinner [37:56]
Brody encourages listeners to follow his journey on Instagram (@realestateinvestingschool) and join his Real Estate Investing School to embark on their path to financial and time freedom.
Key Takeaways
- Early Discipline Pays Off: Starting investments early with a disciplined approach can lead to substantial passive income.
- Continuous Education: Staying informed through various educational resources is critical for successful investing.
- Logical Investment Choices: Making investment decisions based on logic rather than emotions ensures better financial outcomes.
- Holistic Growth: Balancing financial success with personal development leads to a fulfilling and well-rounded life.
- Clear Vision and Goals: Defining a clear vision and setting daily goals helps in recognizing and seizing the right opportunities.
- Empowering Others: Teaching and mentoring can amplify one's own success while helping others achieve their financial goals.
For more insights and to follow Brody Fausett's journey in real estate investing, visit his Instagram page @realestateinvestingschool.