In today's rapidly changing economic landscape, many people are searching for ways to achieve financial freedom. David Modesto's journey from a struggling musician to a successful wholesale real estate investor is a testament to the power of dedication and hard work. This blog post unpacks David's inspiring story, offering valuable insights and actionable advice for aspiring real estate investors.
The Beginning of David's Journey
In 2019, David Modesto was a musician trying to make ends meet. His break into real estate came unexpectedly when a friend introduced him to wholesaling. David accepted the challenge, focusing entirely on learning and mastering the new skills required for success in the industry.
"I was doing gigs on the side, struggling as a musician, and then this opportunity came. I had all the time in the world to dedicate to learning real estate, so I gave it my all."
Finding the Perfect Partner
David's journey was marked by strategic partnerships. Initially, he joined forces with two friends, but eventually, the trio became a duo when one partner decided to go in a different direction. This set the stage for David's successful wholesaling business.
Division of Labor:
- David focuses on acquisitions.
- His partner specializes in finding buyers and closing deals.
This clear division of responsibilities has been crucial in their success.
Key Strategies for Success
David's first year in real estate was marked by impressive achievements, including making $150,000 from ten deals. Here are some strategies that contributed to his success:
Consistent Cold Calling
Cold calling was a pivotal part of David's strategy. He made 200 calls daily right from the start, leading to a steady stream of leads.
"The initial call and the first two sentences have to state who you are and why you're calling. Otherwise, you get hung up on."
Smart List Building
David used government lists to identify potential leads. Among these lists, the water shut-off list was particularly effective. He also utilized various resources such as DealMachine and contacted local title companies to find active buyers.
Building Relationships
David emphasized the importance of building relationships over focusing solely on transactions. Making a friend of potential sellers often led to more successful outcomes.
"My motto is to make a friend. I don't even focus on the house initially. It's all about building a relationship."
Day-to-Day Operations
David's daily routine is rigorous and consistent. He dedicates at least eight hours a day, Monday through Saturday, to cold calling.
Typical Day:
- Cold Calling: He starts by making calls and identifying warm leads.
- Lead Follow-Up: He spends considerable time following up on leads and underwriting deals.
- Offer Preparation: Once he has gathered sufficient information, he prepares and presents offers.
Overcoming Challenges
Like any entrepreneurial journey, David's path wasn't without challenges. There were times when life took unexpected turns, and he had to temporarily divert from his focus on real estate. However, these periods provided valuable lessons that he later applied to his business.
"Life took some turns, but I learned a lot during those times. When we came back, we came back stronger."
Achieving Financial Freedom
David's hard work has paid off. He has regained the freedom and flexibility to enjoy his true passion—music. He now plays music more as a hobby, without the financial pressure.
"I have the time now to sharpen my skills and really invest in my passion for music."
Advice for Aspiring Real Estate Investors
David has some invaluable advice for those looking to start their journey in real estate:
- Start with Consistent Effort: Make 200 calls a day to build a robust pipeline.
- Focus on Relationship Building: Develop relationships with potential sellers, which can lead to more successful deals.
- Utilize Resources: Make use of tools like DealMachine for list building and cold calling.
- Stay Dedicated: Consistency and perseverance are key to success.
Conclusion
David Modesto's journey from a struggling musician to a six-figure real estate investor is truly inspiring. His story underscores the importance of hard work, strategic partnerships, and consistent effort. Whether you're new to real estate or an experienced professional, there's something to learn from David's experience.
If you want to quit your job and achieve financial freedom, follow David's example. Begin with determination, leverage the right tools, and, most importantly, build meaningful relationships.
Happy Deal Finding!
