My hat off to David, as I too stopped buying houses after the 2008 crash. I loved buying foreclosures & bank owned properties. This young man is the poster child of the "AMERICAN DREAM", which is alive and well as we all can witness to after watching this video. GREAT JOB DAVID!
We all know what it's like to miss out on something and forget to follow up. Your story shows that being persistent and taking action is important. Great video!!
Yeah my issue is is time wasting. I don't mind putting in the work and time if I'm guaranteed to get something out of it. But put in all that time for very little reward then your like it's not worth it. One reason I like the gym so much is cause I know my efforts are giving me the payoff. Equal effort equal reward but nowadays you can put so much into something but get pennies back and it's like all that effort and this is what I get? No thanks
Probably cause it doesn't usually go anywhere. Kind of the only downside about this investment is working with people. They can be a little annoying to deal with and don't want to be up front with you. Like job hunting you follow up they have zero intentions on hiring you and they can't just tell you that to be honest they gotta waste your time.
I heard about real estate from another person years ago. Had been wondering the same thing David mentioned. These days most people are learning this stuff thanks to the internet.
He uses Deal Machine. It's an app he developed that allows you to take a photo of the property, get access to the tax accessors office, and send a postcard.
We make 600k a year, we have 3 rental properties that have negative cash flow but we are looking to keep them until we pay them off for both equity and continued cash flow.
Try and figure out ALL expenses, this includes 20% down for cap ex, 5% for small repairs, 5% for vacancy, property tax, principal payments, home insurance, and potentially interest if that will be part of the deal. Then subtract that from what you'll make in a month there. If your cash flow is negative then you might need a longer amortization schedule to have lower monthly principal payments. Hope this gave you some insight
Keep it simple. You compare the houses in the area that sold near the house you want to buy. Your goal is to find a fixer then low ball based on the area. If they except you then sale the deal on Facebook or a real estate group member.
Everything he referenced as far as key things he heard from other videos i also lean on lol.. i actually have 2.2 million dollars under contract from one seller doing a seller finance deal.. fingers crossed it closes
He said no I just learn from my boss about real state. No podcast or anything. Few minutes later, in an episode of the Bigger Pocket podcast, I remembered that you can't overpaid for a property 😢😂😂❤
Taking the 800k house is way better if you’re an investor. This guest has short term goals (cars). So he takes the money and not all the upside long term
@@DavidLecko i live in a state thats expensive. Extremely high property taxes. Not landlord friendly in any capacity. Extremely complex permitting process for renovations/builds etc..
David trying to get them to agree to have negative cash flow for enough equity is comical . Just keeps re asking the question trying to get them to agree . Some people want the cash flow as the main focus not only the other factors . I’m glad the guy stuck to his guns .
@17:00 working more in the beginning, that is where i am at. i am 40 years old, working my W-2 job for 40 hours a week, plus another 20 on my newly acquired complex. I'm running on fumes.
I was wondering same thing too - it's a bit hard to hear clear but I think it's 70% off offers especially since he said he sent about 500 offers (35 a week) and did 3 deals - has to be the low side. Great he can automate otherwise lots of contract work - would love to hear more on how he integrates with agent
So this is the guy responsible for all the freaking annoying spam calls wondering if I want to sell a house...a house I don't have lol. Jesus disgusting
@@DavidLeckoyou should’ve filmed every deal you’ve done since 2016 to prove your credibility duhh. Lol, love how people can say such things with no reasoning.
Have you ever found an off-market deal? Let us know how you found it!
My hat off to David, as I too stopped buying houses after the 2008 crash. I loved buying foreclosures & bank owned properties. This young man is the poster child of the "AMERICAN DREAM", which is alive and well as we all can witness to after watching this video. GREAT JOB DAVID!
We all know what it's like to miss out on something and forget to follow up. Your story shows that being persistent and taking action is important. Great video!!
The quality of your videos is always top-notch.
The Real Estate business is not easy and it takes a combination of hard and smart work. Every market is different also.
Yeah my issue is is time wasting. I don't mind putting in the work and time if I'm guaranteed to get something out of it. But put in all that time for very little reward then your like it's not worth it. One reason I like the gym so much is cause I know my efforts are giving me the payoff. Equal effort equal reward but nowadays you can put so much into something but get pennies back and it's like all that effort and this is what I get? No thanks
"Humans have a lot of follow-up issues in general."
Valuable nugget.
100%
Probably cause it doesn't usually go anywhere. Kind of the only downside about this investment is working with people. They can be a little annoying to deal with and don't want to be up front with you. Like job hunting you follow up they have zero intentions on hiring you and they can't just tell you that to be honest they gotta waste your time.
I heard about real estate from another person years ago. Had been wondering the same thing David mentioned. These days most people are learning this stuff thanks to the internet.
We both learned it from an actual human! 😂
What’s the software he uses that sends offers to his agent?
Curious as well did you find a software? @montni
@@ricardoadames8190 not yet
He uses Deal Machine. It's an app he developed that allows you to take a photo of the property, get access to the tax accessors office, and send a postcard.
How to find the episodes David green is mentioning in the episodes?
We make 600k a year, we have 3 rental properties that have negative cash flow but we are looking to keep them until we pay them off for both equity and continued cash flow.
Sorry I dont understand if he said he offers 70% discount or 70% of the value? Is 30 or 70 for a house published at 100, thank you.
He's offering 70% of what the asking price is. I.E. if it's a $100,000 list he is offering 70k for it.
Greetings David your testamony makes me want to come to Dealmachine thanks Jean
You guys get the best guest stories 👍
Glad you liked it!
How can you start in real estate if you don’t know how to structure a deal
Start with a owner occupied FHA property to get your feet wet. It’s very hard to lose using this strategy on a 3 or 4 unit property.
Try and figure out ALL expenses, this includes 20% down for cap ex, 5% for small repairs, 5% for vacancy, property tax, principal payments, home insurance, and potentially interest if that will be part of the deal. Then subtract that from what you'll make in a month there. If your cash flow is negative then you might need a longer amortization schedule to have lower monthly principal payments. Hope this gave you some insight
Keep it simple. You compare the houses in the area that sold near the house you want to buy. Your goal is to find a fixer then low ball based on the area. If they except you then sale the deal on Facebook or a real estate group member.
Read multiple books first.
Audiobooks are good too, but reading books with examples is much better.
Everything he referenced as far as key things he heard from other videos i also lean on lol.. i actually have 2.2 million dollars under contract from one seller doing a seller finance deal.. fingers crossed it closes
Learn and apply! I give credit where credit is due. Congrats on the deals
@@DavidLecko thanks man I'll keep you guys updated
Number of houses? City? Interest rate? I wouldn’t mind selling my portfolio one day.
@@HappyPenguin75034 I invest in Indianapolis… where are your properties
22 properties 5% interest 12 year deal. As of today 2/29/24 i closed 14 of them. Still waiting to close the last 8.
What makes seller financing better or not better than normal Bank financing?
How much of this cash flow can one expect to keep after having to pay taxes on the rent income ?
$200k gross yielded me about $70k net after paying taxes, mortgage, and insurance, and repairs.
@@DavidLeckoso all that and you loose 70% of your income? Sounds like a ripoff.
He said no I just learn from my boss about real state. No podcast or anything. Few minutes later, in an episode of the Bigger Pocket podcast, I remembered that you can't overpaid for a property 😢😂😂❤
I was inspired by my boss, and then, I always seek new things to learn from all different kinds of sources.
What tool did you use to make the automated offers with docusign? I’ve been looking for this…
did you ever find this? i've been looking!
Taking the 800k house is way better if you’re an investor. This guest has short term goals (cars). So he takes the money and not all the upside long term
Whoa whoa whoa Mr Greene 😂 what’s that bonus percentage looking like?
he said $1000 right?
How would you recommend someone do this out of state starting out?
Why do you want to go out of state vs where you live?
@@DavidLecko i live in a state thats expensive. Extremely high property taxes. Not landlord friendly in any capacity. Extremely complex permitting process for renovations/builds etc..
@@Zeuusz69you must be where i am! Washington state lol
Is there anyone I can offer value to that can help me get started ?
Live in Connecticut and work in NYC. Pretty much both areas
Great Video Guys Tell David I said Hello
Hi!
David trying to get them to agree to have negative cash flow for enough equity is comical . Just keeps re asking the question trying to get them to agree . Some people want the cash flow as the main focus not only the other factors .
I’m glad the guy stuck to his guns .
What do they mean drive for dollars?
31:40
@17:00 working more in the beginning, that is where i am at. i am 40 years old, working my W-2 job for 40 hours a week, plus another 20 on my newly acquired complex. I'm running on fumes.
Take care of yourself... you can't keep going if you burn out. What have you tried so far?
Is he offering 70% of asking price or is he asking for 70% off of purchase price?
I was wondering same thing too - it's a bit hard to hear clear but I think it's 70% off offers especially since he said he sent about 500 offers (35 a week) and did 3 deals - has to be the low side. Great he can automate otherwise lots of contract work - would love to hear more on how he integrates with agent
Hey! I'm David from episode 830. I am offering 70% purchase price, so if they list at 100k, I offer 70k!
He’s so fine 🤩
Hahahahaha 😅
👀
👀👀
As a Alpha Male.. looking at this guy's Peacock liberal haircut is really annoying. I'll even send him money too get a masculine haircut. 😎😎😎
U scammed the old man for that $4k home offer.
😂😂❤
Yep. All wholesalers need to offer full amount. Zero profit businesses are the best man
What should I have offered?
So this is the guy responsible for all the freaking annoying spam calls wondering if I want to sell a house...a house I don't have lol. Jesus disgusting
Kinda weird interview…. Guy came off like he had very little credibility.
Thanks for the feedback! Is there anything you recommend I should have done differently or why it came off that way?
@@DavidLeckoyou should’ve filmed every deal you’ve done since 2016 to prove your credibility duhh. Lol, love how people can say such things with no reasoning.