Wholesaling real estate is a lucrative business that can help anyone build a substantial income with little to no initial capital. The trick, however, lies in strategy, persistence, and consistent action.
The Power of Consistent Effort
In the realm of real estate wholesaling, it's not uncommon to hear success stories of individuals nailing down deals worth tens of thousands of dollars. These success stories didn't happen overnight. They were a result of making a thousand to two thousand calls to homeowners with rundown or delinquent properties. The key takeaway here is that persistence pays off.
"It's helpful to not just learn from people who are ahead of you, but from somebody who's right next to you doing amazing things."
David, embodies this principle with remarkable dedication. Over the last two weeks, he has made 1,200 calls to homeowners, averaging around 150 calls per day. This determination highlights exactly what it takes to succeed—grit and consistency.
The Evolution of DealMachine
David Lecko is not just your average real estate enthusiast; he’s the creator of DealMachine, a software product designed to aid people in closing their first wholesale real estate deals. DealMachine has facilitated over 10,000 successful deals across all 50 states.
Strategies and Systems
David's methodology involves creating a solid system for generating and nurturing leads. The system usually involves acquiring about 200 leads per week and making calls to follow up on them. He focuses on rundown homes and systematically calls through his lists, making sure to keep things consistent and thorough.
Following Up and Building Relationships
One aspect that David emphasized was the importance of follow-up. Often, homeowners who initially express interest might not respond immediately. This can be due to various reasons. By maintaining polite, regular contact without being intrusive, he aims to strike when the time is right for the homeowner.
"The name of the game, in my experience, is not trying to convince someone to do a deal, but being the one who does call them on the day something in their life happens that makes them want to do the deal."
Lessons from Real Experience
David shares a key learning point: luck is a combination of opportunity and preparation. Consistently making those calls, sending that mail, and doing the follow-up is what eventually leads to success. It's all about aligning timing with the homeowner's needs.
Important Practices in Wholesaling
- Text Communication: David recommends following up positive calls with text messages for better engagement. Texts can reinforce the conversation and make sure the homeowner has all necessary details.
- Networking and Cash Buyers: Networking with cash buyers is essential for getting the best deals for the properties you have under contract. Pulling cash buyer lists and cold-calling them to understand their purchasing criteria can increase the chances of a deal being successful.
Building a Sustainable Business
Overall, the blog is a treasure trove of practical tips and insights into what it takes to succeed in real estate wholesaling. From learning to build systems, making consistent efforts, and understanding that follow-up is crucial, those looking to break into the industry will find a wealth of information.
For anyone standing at the crossroads of education, career, and new business opportunities, David's experiences and strategies offer a guiding light. Perseverance, strategy, and consistent effort are the building blocks for anyone wanting to replace their traditional income with a stream of wholesale deals.
