The aspiration to escape the confines of a 9 to 5 job resonates with many individuals. For those feeling entrapped in their current roles, the concept of wholesale real estate offers a tantalizing alternative. This transaction form in the housing market not only promises profitable returns – sometimes as high as $30,000 per deal – but also provides an avenue for financial freedom.
David Lecko, an innovator in this realm, pioneered a process that has propelled 10,000 people into successful closings across the United States. The key? A software platform known as DealMachine.
DealMachine isn't just a tool but a community where people support each other's real estate endeavors. David connected with Nicholas, who reached out for advice, in this space. Nicholas' journey, which includes a transition from the cannabis industry to real estate, is just another narrative illustrating the transformative power of this business.
From Cannabis to Contracts: Nicholas' Story
Nicholas, a 22-year-old from Monroe, Michigan, broke into real estate, learning the ropes of wholesaling while juggling a job in the cannabis industry. His tale is one of determination, showcasing how he employed his customer service skills in the real estate sector.
Initially, he secured a role as an acquisitions assistant with an established wholesaler, which enabled him to seek properties part-time. Nicholas described his recent stumble with two duplex contracts that fell through, attributing the misstep to competition and a possible misjudgment of the properties' worth to investors.
The DealMachine Advantage
The duplex properties in question were identified through different means; one via the practical application of DealMachine during a neighborhood drive and the other found through the social platforms like Facebook. The direct contact with the property owners via DealMachine's skip tracing feature allowed Nicholas to negotiate down from an asking price of $99,000 to $86,000 on one of the properties. However, both deals ultimately unraveled due to high pricing and subsequent investor reluctance.
"You're doing a great job taking action, that's what impresses me most. And what tells me, like, you're going to get through this." – David to Nicholas
David's words encapsulate the motivating theme of this narrative – taking action is paramount in the wholesaling business, even when faced with setbacks. Nicholas' proactive approach, especially at 22, augurs well for his future in real estate. The systematic follow-ups he conducted and the adaptability he demonstrated in the face of adversity are critical behaviors for success in this space.
Building and Nurturing a Buyer’s List
The wisdom that surfaces during conversations in the deal-making realm is invaluable and often the catalyst for overcoming barriers. Ryan, with 425 closed deals under his belt, highlighted the importance of a robust buyer's list. Properties that may appear overvalued to some may just be ideal for others, underlining the need for a diverse array of interested buyers. Refreshingly, the discussion extends a beacon of hope to emerging real estate professionals like Nicholas, indicating that the very nature of wholesaling real estate entails perseverance and tenacity.
Lessons in Resilience and Optimism
Nicholas' story is not an isolated tale but a reflection of the collective experiences of those embarking on a wholesaling journey. The takeaway for readers is clear – maintain resolve in the pursuit of real estate success. The setbacks that Nicholas encountered serve as valuable learning experiences, fueling his growth and refining his strategies. Being persistent and keeping a close eye on the market, particularly on properties once lost, could pave the path for future opportunities.
Consistency and Persistence: The Key to Unlocking Real Estate Potential
In their conversation, Ryan emphasized the virtue of persistence, reminding Nicholas that it took him seven months to secure his first deal. Nicholas, having contacted thousands within a shorter period, is already showing promise in this competitive market.
"Breakthrough point is like right here, bro. It’s right here," Ryan offered, affirming his belief in the imminent success that awaits Nicholas.
Final Thoughts: Overcoming the Hurdles of Wholesaling Real Estate
The shared experiences of individuals like Nicholas illuminate the multi-faceted world of wholesaling real estate. This story exemplifies that while roadblocks are inevitable, the real win lies in staying the course and venturing forth with assurance and a well-rounded approach. For professionals in the property landscape, the conversation between David, Ryan, and Nicholas underscores the significance of community, the power of digital tools, and the unmatched value of personal growth and persevering in pursuit of one’s ambitions.
As Nicholas continues to stride forward, making strides in his real estate journey, his narrative becomes a beacon of inspiration for others. It serves as evidence that with the correct mindset and resources, transitioning from a stifling 9 to 5 to a lucrative wholesaling real estate career is not just a far-fetched dream but an achievable reality.
About Benjy Nichols
Benjy has been a media specialist at DealMachine for the last 2.5 years. He produces, writes, shoots, and edits our media content for our member's DealMachine and Real Estate education.