David Dodge has 15 years experience in real estate but only found out about wholesaling five years ago! He wished he’d known about this niche sooner. It took him 10 years to acquire 10 properties and he did it the slow/traditional way. Over the last 14 months, he’s aggressively bought 45 houses using the BRRRR method. David breaks down this method and explains step-by-step how he was able to achieve this rapid growth.
Key Takeaways:
- Who is David and how did he get started in real estate?
- Wholesaling is a marketing business. Even if you’re not interested in it, you should still learn it because it will teach you the basics of getting directly to the seller!
- If you focus on learning marketing and sales, you will never starve.
- How has David been able to add 56 rentals to his portfolio?
- David only keeps the best for himself.
- David also uses the BRRRR strategy = Buy, Rehab, Renting, Refinancing, Repeat. He breaks down how he uses this strategy in real life.
- Of the 56 rentals he’s acquired, 45 of them were acquired in the last 12-14 months.
- Why does David not want to maximize his leverage?
- David uses private lenders to help with the purchase and rehab of the properties.
- Tip: Find a local bank, and develop a great relationship with your banker! Don’t deal with the big guys!
- Make sure your loan renews, not comes due! David explains the difference.
- David does a quick recap of his strategy. You need to be ‘all in’ on about 75% of what the house is appraised for.
- How much on average is David cash flowing on each house?
- You do not get taxed on creating wealth. You get taxed on income. David explains the difference.
- David uses a property manager. His primary focus is to acquire, get them ready for rent, and hand them off.
- What advice would David give to his younger self?
Mentioned in This Episode:
Interested in joining the Hybrid Coaching & Mastermind Group Alex & Steve launched? Apply to Join ASCEND
Facebook: Facebook.com/davidadodge
Instagram: Instagram.com/davidalandodge
Wholesaling 101 Course: FreeWholesaleCourse.com
The Ultimate Guide to Wholesaling Real Estate: Learn How to Buy Properties at a Discount, by David Dodge and Mike Slane
Tweetables:
“Keep the best, sell the rest.”
“You gotta go local. You gotta find a bank that’s local. I like banks that have anywhere from five to 15 branches.”
“I want to get 500 bank loans because I’m not the one paying the bank loans, the tenants are!”
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