The DealMachine Real Estate Investing Podcast DealMachine Masterclass

In this conversation, David Lecko discusses the concept of driving for dollars in real estate investing. He explains that driving for dollars involves finding rundown properties and reaching out to the owners to offer them a deal. He introduces the concept of virtual driving for dollars, which allows investors to scout for properties online using Google Street View. David highlights the benefits of virtual driving, such as cost savings, efficiency, and a broader reach. He also emphasizes the importance of taking action and building a niche list of properties.

Takeaways

• Driving for dollars involves finding rundown properties and reaching out to the owners to offer them a deal.
• Virtual driving for dollars allows investors to scout for properties online using Google Street View.
• Virtual driving offers benefits such as cost savings, efficiency, and a broader reach.
• Taking action and building a niche list of properties is crucial for success in real estate investing.

Key Talking Points of the Episode

00:00 Introduction
01:15 What should you know about finding off-market deals?
02:33 Why is driving for dollars the best way to find off-market deals?
04:23 What is virtual driving for dollars?
05:31 How can you identify the best market to virtually drive for dollars in?
06:45 How can you virtually drive for dollars in Deal Machine?
08:39 What should you be looking for when virtually driving for dollars?
09:45 How many properties should you be adding to your list?
10:42 What are the tags in the Deal Machine app for?
11:13 How is traditional driving for dollars different from doing it virtually?
12:49 Why should you virtually drive for dollars?
14:00 What is the best way to find deals right away?

Links

Instagram: David Lecko
https://www.instagram.com/dlecko

Brian shares his framework called Clarity, Volume, and Consistency (CVC) for success in wholesaling and real estate investing. The framework starts with clarity, which involves knowing your end goal and creating a business plan. The next step is volume, where you take massive action and do the necessary volume of activities to achieve your goals. Finally, consistency is key, as it takes time and consistent effort to see results. Brian emphasizes the importance of environment and surrounding yourself with successful people. He also provides advice on networking and building relationships with experienced investors.

Keywords

wholesaling, real estate investing, framework, clarity, volume, consistency, success, business plan, massive action, environment, networking

Takeaways

• The CVC framework (Clarity, Volume, and Consistency) can help wholesalers and real estate investors achieve success.
• Clarity involves knowing your end goal and creating a business plan.
• Volume requires taking massive action and doing the necessary volume of activities to achieve your goals.
• Consistency is key, as it takes time and consistent effort to see results.
• Surrounding yourself with successful people and building relationships with experienced investors can greatly impact your success.

Key Talking Points of the Episode

00:00 Introduction
01:20 How does Brian’s framework help wholesalers?
02:33 What is Brian’s background?
03:54 How did Brian come up with this framework for success?
05:11 What is the importance of clarity to your success?
08:37 What is the best way to connect with people you want to learn from?
14:05 How can you identify the volume of action that will give you success?
18:41 Why is consistency the most difficult part of the framework?
22:51 How can you use your corporate background to succeed in real estate?
23:46 What will you learn from Brian’s book and podcast?
25:13 How can being around the right people set you up for success?
26:25 What are the 3-5 steps that can help you close a wholesale deal?

Links

Book: From Passive to Passionate
https://www.amazon.com/Passive-Passionate-Wealth-Passions-Profits/dp/B0CLPKKDXJ

Podcast: The Action Academy
https://podcasts.apple.com/us/podcast/the-action-academy-millionaire-mentorship-for-your/id1588326291

In this conversation, David Lecko and Ryan discuss advice from Eric Stark, a full-time real estate investor with over 600 deals under his belt. They cover topics such as working a specific strategy, specializing in one thing before adding to it, finding a mentor, making written offers, developing off-market lead generation systems, using profits to keep good deals, and being clear on goals and enjoying life. They emphasize the importance of focusing on one strategy, building relationships with city officials, and being mindful of personal and business finances.

Keywords

real estate investing, strategy, specialization, mentorship, written offers, off-market leads, profits, goals, enjoying life

Sound Bites

"Stick to that specific strategy instead of chasing an opportunity."
"Specialize, become excellent at one thing, then add to it."
"Find a mentor who has current deals being closed monthly."

Key Talking Points of the Episode

00:00 Introduction
01:41 Why is it important to have a strategy in wholesaling?
04:14 How can focusing on one thing at a time help you scale your business?
07:43 What is the value of finding the right mentor when you’re a new investor?
09:36 How can you get in touch with Ryan for mentorship?
10:20 What is the importance of writing offers for the deals you’re finding?
12:10 How can writing offers help you make sellers understand your numbers?
14:05 Why is it important to learn to find off-market deals?
17:29 What is the best way to follow up on your leads?
19:00 What is a “Leave Behind” program?
20:45 What is the best way to use your profits from wholesaling to grow a portfolio?
23:03 Why do you need to set clear goals for yourself?
24:46 How can you make the most of your real estate investing success?
26:32 Why should everyone learn Profit First?

Links

Instagram: Heritage Home Investments
https://www.instagram.com/heritage_home_investments

If you're wondering how to get into real estate investing, this episode breaks down how to get your first wholesale deal in 7 days.

Wholesaling is a popular way to start because you get paid for finding a run down house, without needing the money for a down payment.

We're bringing this back from our 2023 catalog since you liked last week's episode so much which was also a great episode from last year on handling seller objections and overcoming fear.

Key Talking Points of the Episode

00:00 Introduction
01:51 What is the importance of your first deal?
04:07 Why is real estate a better investment for retirement?
07:04 What are the 2 most important things you need to do to start wholesaling?
09:14 What should you look for in distressed properties?
10:25 Why is it important to find as many properties as you can?
12:14 How can you find more deals by including owner-occupied properties to your list?
13:38 Where should you start looking for distressed properties?
14:07 What should you say when you get in touch with the property owner?
15:08 What are the benefits of getting started with wholesaling today?
16:04 How can you move forward once you find a deal?

Links

Instagram: David Lecko
https://www.instagram.com/dlecko/

A lot of time we're scared to take the next step because we fear the unknown down the road.

When it comes to real estate, often times that fear is not knowing if the seller is going to object to our offer.

So we're bringing this episode back from our 2023 podcast episode on handling 10 objections for you.

We felt this was the perfect time as interest rates come down and more buyers come into the market.

Plus, this episode was just featured on the Bigger Pockets podcast recently as well!

Key Talking Points of the Episode

00:00 Introduction
04:22 How can you approach sellers with more than one decision-maker?
07:19 How can you tell when the seller is giving you a smokescreen objection?
08:52 Why is it important to set expectations with sellers?
10:36 What questions can you ask when a seller says they will think about it?
13:13 How can you uncover more information from the seller?
16:07 Why would sellers typically say they’re not ready to sell?
18:18 What questions can help you get through sellers who say they can’t talk when you call?
21:52 How can you approach sellers who say they have to do things before they talk to you?
24:02 How can set expectations on price with sellers early in the conversation?
27:20 What is the best way to approach sellers who say they’re not interested to sell?
28:41 How should you approach sellers who are entertaining other offers?
31:31 How can you get in touch with Jennie?

Links

Website: REI Sales Tools
https://reisalestools.com/

Email: Jennie Hudspeth
jennie@reisalestools.com

A lot of people want to get into real estate, and they spend their time researching whether wholesaling, or becoming a real estate agent, or doing creative financing where they can take over people's loans or do seller finance payments to the seller is the best way to build a rental portfolio.

So there's three options for each deal: seller finance, wholesale, or retail, and there's a major secret of how to know how to structure each of the deals. And that's what we're going to break down in this episode is how to know when to use one of those three strategies.

Key Talking Points of the Episode

00:00 Introduction
01:37 How did Zack come across the 3 ways to help sellers?
03:47 What did Zack learn from reading Multi-family Millions?
06:21 What should you be focused on when you’re investing in real estate?
08:03 How can you identify the best way to help sellers?
12:06 When should you wholesale or offer cash on a property?
15:26 How would you know if the situation calls for seller financing?
19:56 What factors can help you identify what strategy to use for a deal?
21:14 What do you need to be able to offer retail to sellers?
24:56 How can you tell if a seller would be better off with a retail offer?
26:14 Which of the 3 offers should you use more?

Links

Book: Multi-family Millions
https://www.amazon.com/Multi-Family-Millions-Reposition-Apartments-Profits/dp/0470267607

Instagram: Zack Boothe
https://www.instagram.com/zackboothe

Website: Driving for Dollars Mastery
https://dfdmastery.com/