Want to invest in real estate to replace your W2 and be your own boss? Our guest asks top questions on getting started and we answer them!

Key Talking Points of the Episode

00:00 Introduction

02:17 When do real estate investors use debt for properties?

04:01 How do interest rates affect your real estate deals?

05:37 Where did the idea for the Deal Machine app come from?

06:48 What motivated David to build the Deal Machine app?

07:39 What was the first property David invested in?

09:38 What is difference between how we do real estate today from before?

10:18 How can new investors take advantage of DSCR loans?

12:05 What is the BRRR strategy?

13:04 How can new investors avoid getting into bad deals?

14:10 What is the difference between being an agent and a wholesaler?

Links

Podcast: 065: How to Get Your First Deal in 7 Days with David Lecko

https://podcasts.apple.com/us/podcast/065-how-to-get-your-first-deal-in-7-days-with-david-lecko/id1667656532?i=1000633061788

Instagram: David Lecko

https://www.instagram.com/dlecko

Instagram: Heritage Home Investments

https://www.instagram.com/heritage_home_investments

If you want financial freedom, you may have heard several options like selling solar panels, trucking, selling amazon items, starting a pottery company.

Mike shares his experience and insights on starting a wholesaling business in real estate. He discusses his motivation for getting into wholesaling, the challenges he faced as a young entrepreneur, and the benefits of the real estate industry. Mike emphasizes the importance of staying focused, building a team, and balancing investments with enjoying life. He also highlights the advantages of real estate as an appreciating asset and a source of passive income. Mike concludes by sharing his social media handle and expressing his appreciation for the value provided by Deal Machine.

Takeaways

• Wholesaling in real estate is an attractive business model with low overhead and the potential for high profits.

• Staying focused and building a team are key to success in wholesaling.

• Real estate is a conservative and appreciating asset that offers multiple benefits, including cash flow, appreciation, leverage, and tax advantages.

• Balancing investments with enjoying life is important for long-term happiness and fulfillment.

• Deal Machine is a valuable software for real estate investors, providing efficient lead generation and skip tracing.

Chapters

00:00 Starting a Wholesaling Business in Real Estate

03:19 Challenges and Motivation as a Young Entrepreneur

08:36 The Benefits of the Real Estate Industry

13:45 Balancing Investments and Enjoying Life

15:18 The Advantages of Real Estate as an Appreciating Asset

David's Social: @dlecko

https://www.dealmachine.com/pod

Ryan's Social: @heritage_home_investments

https://www.heritagehomeinvestments.com/

Statton Paris shares his journey from working in sales at a car dealership to becoming a high-earning real estate wholesaler. He started wholesaling two years ago and made almost $10,000 on his first deal. He was motivated to start wholesaling because he wanted more control over his time and didn't enjoy the work and long hours in the car dealership industry. Statton primarily uses driving for dollars to find deals and has had success with door knocking and leaving letters on doors. He emphasizes the importance of making low offers and negotiating with both sellers and buyers to increase assignment fees. His future goal is to reach six figures a month and provide a better life for his family.

Key Talking Points of the Episode

00:00 Introduction

01:30 Why did Statton decide to get into wholesaling real estate?

02:47 How is wholesaling real estate different from working in the mortgage space?

03:55 What does Statton like most about wholesaling real estate?

04:49 How did Statton find his first wholesale deal?

05:41 How did Statton approach leads after door knocking?

06:39 How many doors did Statton knock on to find his first wholesale deal?

07:47 Where did Statton find a buyer for his first wholesale deal?

08:23 How did Statton identify how much to offer on the property?

10:06 What is Statton’s second wholesale deal like?

11:49 What was Statton’s experience like with flipping properties?

14:22 What does the future like for Statton’s real estate business?

15:39 What should you focus on improving when dealing with buyers?

17:55 How do you get better in dealing with sellers?

20:11 What are Statton’s goals for the future?

24:02 What is Statton’s advice for new investors?