$2M in Real Estate in 2 Years by Buying ONLY Off-Market

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Episode #830
Off-market real estate deals can make you a millionaire in just a few YEARS. Instead of buying the nicest-looking rental property in the best area through a brutal bidding war, David Lecko went the opposite route, purchasing the properties nobody else wanted, finding deals simply by driving for dollars or paying someone else to do so. He went from a burnt-out nine-to-five worker to financial freedom in just two years by following this strategy, and you can do it, too!
David was working all day and all night, making a meager salary with almost zero time freedom. His boss, who worked far less than he did, outsourced his business and had rental properties on the side. David knew that to be in the same position, he’d have to mimic his boss’ path to wealth. So, after work, David would drive around his local area, looking for the tallest grass, the biggest roof repairs, and the worst paint jobs. He finally found his first deal, which cost less than a used car, but ended up springboarding David to make millions.
In today’s episode, David will walk through EXACTLY how to find off-market real estate deals the RIGHT way, how to get around the lazy lists that most off-market investors use, and how to turn a few properties into millions of dollars of wealth and close to six figures a year in passive income. And in today’s tough housing market, finding deals like these is even MORE crucial. So, what are you waiting for? Financial freedom is only a couple of years away!
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Books Mentioned in Today’s Show:
Buy, Rehab, Rent, Refinance, Repeat: store.biggerpockets.com/produ...
Pillars of Wealth: get.biggerpockets.com/5fbfac0...
Rich Dad Poor Dad: store.biggerpockets.com/produ...
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Past Episodes Mentioned in Today’s Show:
Brent Daniels: www.biggerpockets.com/blog/re...
Finding Off-Market Deals: www.biggerpockets.com/blog/re...
Pitch Anything Part 1: www.biggerpockets.com/blog/re...
Pitch Anything Part 2: www.biggerpockets.com/blog/re...
Sahleem Lee: www.biggerpockets.com/blog/ro...
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Connect with David:
BiggerPockets: www.biggerpockets.com/users/d...
DealMachine: www.dealmachine.com/bp
Instagram: @dlecko or / dlecko
Podcast: www.dealmachine.com/blog/deal...
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Connect with David and Rob on BiggerPockets:
David: www.biggerpockets.com/users/d...
Rob: www.biggerpockets.com/users/r...
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Connect with Rob (Robuilt):
Instagram: / robuilt
TikTok: / robuilto
Twitter: / robuiltchannel
RU-vid: / robuilt
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Follow David and BiggerPockets on Instagram:
@davidgreene24 or / davidgreene24
@biggerpockets or / biggerpockets
Show notes at: www.biggerpockets.com/blog/re...
00:00 Intro
01:46 Quick Tip
02:22 $2M in Rentals in 2 Years!
05:06 Lowballing WORKS
08:05 Burnt Out at a Bad Job
18:00 The $4,000 First Deal
29:59 Driving for Dollars (and Hiring it Out)
40:13 How to Get Your First Deal
45:18 Is This BRRRR Worth It?
51:25 Who Should Drive for Dollars?
53:03 Ultimate Time Freedom
54:47 How to Talk to Sellers
56:54 Connect with David!

Опубликовано:

5 авг 2024

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Комментарии : 73

@biggerpockets 9 месяцев назад

Have you ever found an off-market deal? Let us know how you found it!

@DanKohan 9 месяцев назад

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!!

@rickdunn3863 8 месяцев назад

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!

@skysthelimit.podcast 8 месяцев назад

The quality of your videos is always top-notch.

@brianmitchell8479 9 месяцев назад

The Real Estate business is not easy and it takes a combination of hard and smart work. Every market is different also.

@marioandultrachap 25 дней назад

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

@balat5608 8 месяцев назад

How to find the episodes David green is mentioning in the episodes?

@JonathanLewismusician 9 месяцев назад

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.

@DavidLecko 9 месяцев назад

We both learned it from an actual human! 😂

@jeremyrlack Месяц назад

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

@barrymccaulkiner7092 9 месяцев назад

What makes seller financing better or not better than normal Bank financing?

@veahcolor 5 месяцев назад

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.

@ElderFreeman413 4 месяца назад

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.

@sheikh1906 9 месяцев назад

"Humans have a lot of follow-up issues in general." Valuable nugget.

@DavidLecko 9 месяцев назад

100%

@marioandultrachap 25 дней назад

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.

@drjeanduret 8 месяцев назад

Greetings David your testamony makes me want to come to Dealmachine thanks Jean

@davebrown7009 8 месяцев назад

What tool did you use to make the automated offers with docusign? I’ve been looking for this…

@alexbayes2662 5 месяцев назад

did you ever find this? i've been looking!

@mikeritter2979 9 месяцев назад

You guys get the best guest stories 👍

@DavidLecko 9 месяцев назад

Glad you liked it!

@MrSaadia27 9 месяцев назад

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 😢😂😂❤

@DavidLecko 9 месяцев назад

I was inspired by my boss, and then, I always seek new things to learn from all different kinds of sources.

@Montni 9 месяцев назад

What’s the software he uses that sends offers to his agent?

@ricardoadames8190 9 месяцев назад

Curious as well did you find a software? @montni

@Montni 9 месяцев назад

@@ricardoadames8190 not yet

@wheeltolive1117 9 месяцев назад

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.

@jameswhite6673 9 месяцев назад

How can you start in real estate if you don’t know how to structure a deal

@ryanshort6021 9 месяцев назад

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.

@annettewebster982 9 месяцев назад

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

@Fabuloustransportation 6 месяцев назад

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.

@ChromeVending 5 месяцев назад

Read multiple books first. Audiobooks are good too, but reading books with examples is much better.

@annettewebster982 9 месяцев назад

How much of this cash flow can one expect to keep after having to pay taxes on the rent income ?

@DavidLecko 9 месяцев назад

$200k gross yielded me about $70k net after paying taxes, mortgage, and insurance, and repairs.

@marioandultrachap 25 дней назад

@@DavidLeckoso all that and you loose 70% of your income? Sounds like a ripoff.

@ViciousLtv 9 месяцев назад

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

@DavidLecko 9 месяцев назад

Learn and apply! I give credit where credit is due. Congrats on the deals

@ViciousLtv 9 месяцев назад

@@DavidLecko thanks man I'll keep you guys updated

@HappyPenguin75034 8 месяцев назад

Number of houses? City? Interest rate? I wouldn’t mind selling my portfolio one day.

@DavidLecko 8 месяцев назад

@@HappyPenguin75034 I invest in Indianapolis… where are your properties

@ViciousLtv 5 месяцев назад

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.

@biglifesmallobstacles6818 9 месяцев назад

Great Video Guys Tell David I said Hello

@DavidLecko 9 месяцев назад

Hi!

@kanakamaoli6508 9 месяцев назад

Whoa whoa whoa Mr Greene 😂 what’s that bonus percentage looking like?

@DavidLecko 9 месяцев назад

he said $1000 right?

@Zeuusz69 9 месяцев назад

How would you recommend someone do this out of state starting out?

@DavidLecko 9 месяцев назад

Why do you want to go out of state vs where you live?

@Zeuusz69 9 месяцев назад

@@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..

@ripscrewzu 5 месяцев назад

@@Zeuusz69you must be where i am! Washington state lol

@thinkinoutloud8069 9 месяцев назад

Is there anyone I can offer value to that can help me get started ?

@DavidLecko 9 месяцев назад

Where are you located?

@thinkinoutloud8069 9 месяцев назад

Live in Connecticut and work in NYC. Pretty much both areas

@aaronmurphy8796 8 месяцев назад

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 .

@killerrush77 9 месяцев назад

@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.

@DavidLecko 9 месяцев назад

Take care of yourself... you can't keep going if you burn out. What have you tried so far?

@400Ole 9 месяцев назад

Is he offering 70% of asking price or is he asking for 70% off of purchase price?

@QuaySarasota 9 месяцев назад

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

@DavidLecko 9 месяцев назад

Hey! I'm David from episode 830. I am offering 70% purchase price, so if they list at 100k, I offer 70k!

@Man-u-flex 5 месяцев назад

What do they mean drive for dollars?

@MagneticNorthGIS 5 месяцев назад

31:40

@DonteeWeaver 9 месяцев назад

👀

@DavidLecko 9 месяцев назад

👀👀

@kanakamaoli6508 9 месяцев назад

He’s so fine 🤩

@Lovepinkdress 9 месяцев назад

Hahahahaha 😅

@TylerShort 5 месяцев назад

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

@neftali1049 7 месяцев назад

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. 😎😎😎

@quangvu4361 9 месяцев назад

U scammed the old man for that $4k home offer.

@MrSaadia27 9 месяцев назад

😂😂❤

@Freshprankstv1 9 месяцев назад

Yep. All wholesalers need to offer full amount. Zero profit businesses are the best man

@DavidLecko 9 месяцев назад

What should I have offered?

@richie1317 9 месяцев назад

Kinda weird interview…. Guy came off like he had very little credibility.

@DavidLecko 9 месяцев назад

Thanks for the feedback! Is there anything you recommend I should have done differently or why it came off that way?

@Zeuusz69 9 месяцев назад

@@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.