Today we're discussing a topic that resonates with many of us - paying off debt through a profitable side hustle. Our guest, Sadie Earl, cleared a whopping $16,000 of her student loan debt through creative real estate strategies involving a powerful tool called DealMachine.
What's even more impressive? It took her less than a year to achieve this. Let's dive right in!
Lowering the Debt with Deal Machine
DealMachine is a robust real estate investment software suite that allows users to find, analyze and contact owners of distressed properties. Through a strategy known as wholesaling real estate, Sadie was able to bag rundown properties under contract and flip them to other investors for a handsome finder's fee - all without having to spend a dime of her own money.
Wholesaling real estate is a strategy where you find a rundown property and you get it under contract and you pass it off to another investor and make a big finder's fee so you don't have to put on any money on your own.
The Journey Begins: An Entry Into Real Estate
Fresh out of school, Sadie started working for Mainstay Property Group in Indianapolis. This opened up her eyes to the lucrative world of real estate investment. Soon, she was hooked and determined to pay off her $16,000 student loan debt.
People at Mainstay Property Group introduced her to the innovative DealMachine app. After some comprehensive training, Sadie was ready to hit the ground running. Motivated by her competitive nature and the goal of eliminating her student debt, she went ahead to find rundown properties.
The Strategy: Driving for Dollars
To accomplish her goal, Sadie utilized a strategy known as "Driving for Dollars." It involved leveraging DealMachine's capabilities to identify rundown properties while physically driving through various neighborhoods. It's more than just a drive; it's a strategic exploration, where keen observation skills are essential. Investors look for telltale signs of neglect like overgrown lawns, boarded-up windows, or excessive wear and tear. These indicators often point to distressed owners who might be willing to sell at below-market prices.
What makes "Driving for Dollars" so effective is its direct approach. Rather than waiting for deals to come to them, investors like Sadie take the initiative, going out into the field and uncovering hidden gems. This proactive method not only yields high-potential leads but also provides a real-time understanding of the market and neighborhood dynamics. It's this ground-level insight and strategy that Sadie successfully paid off the $16,000 student debt in eleven months.
Wholesaling Real Estate: A Quick Recap
Wholesaling is a strategy involving the purchase of a property at a below-market price and then quickly reselling it at a profit. There is no requirement for a wholesaler to do any repairs or improvements to the property. All they need is to find the property, get it under contract, and find a buyer quickly.
Sadie's company, Mainstay Property Group, operates two sister companies - Midwest Cash Offer and Mainstay Property Group itself - enabling them to facilitate the buyers and the sellers, generate the spread, and move ahead.
Advice for Aspiring Real Estate Wholesalers
From her experience, Sadie advises other aspiring wholesalers to look for signs of potentially successful deals:
- Check for tall grass or lack of footprints when it's snowy – signs that a property might be vacant.
- Look for vehicles parked in front yards instead of driveways, indicating potential tenant troubles.
If every house in a street looks rundown, instead of adding every single house, it's more profitable to just send mail to the entire street.
Onwards and Upwards: Next Steps for Sadie
Following her victory over her student debt, Sadie has continued to make strides in her career. She has recently been promoted to Vice President of Marketing at her company. As for future plans, Sadie and her husband are looking to start their property portfolio and venture into more markets.
Conclusion
Sadie Earl's journey from a fresh graduate to a real estate side hustler is nothing short of inspiring. Her story is a powerful reminder that with the right mindset, tools, and strategies, financial freedom is not just a distant dream but a tangible goal. Through her use of DealMachine and her commitment to the "Driving for Dollars" approach, Sadie not only managed to pay off her student loan debt but also paved a path toward a promising career in real estate investment.
In a world where financial challenges are commonplace, Sadie's story is a refreshing narrative of triumph and empowerment. It's a reminder that with determination, the right plan, and effective tools, anyone can turn their financial situation around and stride confidently towards a brighter, debt-free future.
