Welcome to the Real Estate Investment Mastery podcast. Our guest is David Dodge, and we’re going to talk about his [very successful] methods. This episode is also on YouTube.
David is in St. Louis where he’s a massive action taker. When he started out, his goals were so high that, when he was only making half his numbers, he still had more leads than he could handle.
David’s good at meeting people who make inquiries and building long-term relationships with them. He still hears from, and does deals with, people he did deals with in his first months in real estate.
David and his 2 partners are using the ‘brr’ method to acquire rental properties. ‘Brr’ stands for buy, rehab, refinance. They’re aiming to get 150 houses to hold for long-term wealth.
They plan on paying off these homes in 12 years. They’ll pay off one house at a time using the order of the highest to lowest interest rates… making these payments using their wholesaling fees.
The spread on wholesale deals averages $7,500 in the market(s) where David concentrates his efforts. It’s not huge, but the homes are in the range of $100,000 to $125,000.
David uses Facebook groups and Facebook Marketplace to find buyers and/or investors to partner with. And many of the people he finds there are already on his buyers list.
As far as marketing, David’s company is using radio spots, some mail and bandit signs. They’re trying to simplify the management of marketing. Of course, networking with property managers pays off, too.
Listen and learn:
- David took an 8-week course from me, and I forced him to turn off the “What if?” questions.
- He and his partners use private lenders to buy and rehab fixer-uppers.
- Be sure to pay attention to amortization tables when borrowing from a bank.
- Use CRMs, but don’t spend a lot of time on them… that’s why you have a VA.
Mentioned in this episode:
- Joe’s podcasts on iTunes: Real Estate Investing Mastery Podcast
- More info on mentoring by Joe: JoeMcCall.com
- David’s podcast: Discount Property Investor
- David’s Book: The Ultimate Guide To Wholesaling Real Estate
- Contact David with a deal: Let’sCoWholesale.com
- Please leave a review wherever you listen to or watch the show.
What are you thinking?
First off, we really love feedback, so please click here to give us a quick review in iTunes! Got any thoughts on this episode? We’d love to hear ’em too. Talk to us in the comments below.
Enjoy this podcast? Share the love!