Real Estate Podcast

Episode 195: How To Get Started in Real Estate

brrrr method david dodge discount property investor michael slane podcast real estate 101 real estate coaching real estate investing real estate investor real estate tips wholesaling wholesaling real estate Sep 22, 2022

Show Notes

This is a "You Ask, We Answer" episode! Today, David and Mike answer one of your questions "How To Get Started Wholesaling Real Estate?". You can learn a lot from this episode! Check this out!

Things that will cover in this episode:

  • How to get started in Real Estate?
  • Tips to start in this business
  • How to figure out your income
  • How David wholesale 10 deals a month?


Episode Transcripts

Welcome back to the Discount Property Investor podcast. Our mission is to share what we have learned from our experience and the experience of others to help you make more money investing like a pro. We want to teach you how to create wealth by investing in real estate, the discount property investor way. To jumpstart your real estate investing career, visit, the most complete free course on wholesaling real estate ever. Thanks for tuning in.

David: You ask, we answer. Today's question is-

Mike: How to get started?

David: Ooh, how to get started? Well, I'm assuming they're talking about wholesaling cuz that's what we do the most of here or maybe buying some rental properties, something along those lines.

Mike: I would say how to get started? You got to get out of bed, make your bed.

David: Brush your teeth.

Mike: Brush your teeth.

David: I love it, I like where you're going with this.

Mike: Then just get after it, you gotta set your goals. So, once you got your goal set- so again, I really- to get serious, it is, set your goals first. What do you want? If- how to get started in real estate, if your end goal is, I just want to make $20,000 a month, well then guess what? You've got a very different objective than if I wanted to build a rental empire and have 50,000 rental units.

David: Yeah.

Mike: Or 50,000-

David: Income in a month, passive income, right.

Mike: Income, exactly so it's very different. So, set your goals-

David: I like this.

Mike: Once you've got your goals aligned with- or I'm sorry, once you have your goals in mind, then you can align your daily activities to achieve those goals. So, I think that's very very important is set your high-level goals first, then start putting in what you're going to need to make those things happen and break it all the way down to your daily activity.

David: You're talking about plan now, right.

Mike: Exactly.

David: So, a goal without a plan is a dream guys, that is a dream. I'm gonna say this again, a goal without a plan is a dream so stop dreaming. Let's get you to where you want to be.

Mike: Start doing.

David: How do you get started? Well, figure out what you want, right? Maybe that's 10,000 a month in income.

Mike: Let's use that, let's use that.

David: Something simple. Put together a plan, well if I can wholesale 2 houses a month at 5 grand a month, that's a low wholesale fee, right? If I can do 2 a month at 5 grand, that hits my goal of 10,000 a month, that's six figures a year. So, how do I wholesale 10 deals a month? Well next, I would need to start marketing to motivated sellers and learn my market and do it simultaneously. I can't tell you how many people reach out and text me and say man, I got this software, and I got this thing and I'm ready to do this, but I haven't started yet because I just want to make sure I know how to do everything. I don't know how to do everything still to this day but guess what? I learn it and I figure it out as I go. So do not delay, immediately start marketing to your motivated sellers and learning your market. Mike, what is next after that?

Mike: Well, I was going to say go to free wholesale course, if you want to wholesale a couple, go to free wholesale course-

David: And go there to learn, of course.

Mike: Go to free wholesale course to get started.

David: Yeah, most people that are watching this have been there already, but never- you never know.

Mike: The question was how to get started.

David: Oh, I like it.

Mike: So, I'm saying go to free wholesale course.

David: I stand corrected.

Mike: Absolutely right, then we're gonna start marketing to motivated sellers like Dave said. The next step on that train is you are going to set-

David: Set as many appointments as you possibly can.

Mike: Set appointments baby. So, you're going to get inbound calls, you're going to be out there hunting for leads.

David: And if you're virtual wholesaling and you're going to set appointments for somebody else, or you're going to hire a virtual assistant- I guess that's way ahead but to set ap-

Mike: Too much.

David: Appointments for you or for somebody else, but regardless you're going to set appointments, right? You're going to market, that's the biggest part of our funnel then we're going to set appointments. Next, we're going to start making offers on every property that we see in these appointments or even the ones that are tire kicking that call us that aren't worth the appointment, we're still going to make offers on every single property. It's like 1 p.m. today and Mike and I have already probably made six or seven offers on properties. Offers are the name of the game because you can't wholesale something you don't have control of, and all offers do is give you temporary control. So-

Mike: Next.

David: What's next?

Mike: You're going to follow up Dave.

David: Oh.

Mike: This is the most important part of the game.

David: 80% of our deals come from follow up, 80% maybe even 90. Follow up, you got to follow and that's it and that's how deals get done and then once you follow up, you get it under contract, you market it, you find yourself a buyer, you get the wholesale deal, you need to do two of them we're working backwards here. Let's say you do 5 grand on that one, you gotta do two of those. If you get one a month, that'd get you 10 and you hit your goal, but you gotta start with a plan in mind. So, what is your goal? Put together a plan to reach that goal and then just focus on doing that. If you're brand-new, go check out, it's gonna teach you how to wholesale properties and that's what we're talking about today and it's what we do in our own business to wholesale 8, 10, sometimes 12 properties each and every month. You asked, we answered.  

Thanks for listening to the discount property investor podcast. If you enjoyed this episode, please like, share, and subscribe to help us reach a wider audience to jump-start your real estate investing career, visit the most complete free course on wholesaling real estate ever. We would also appreciate it if you left us a review on iTunes or Stitcher. Thank you in advance for your support and remember you make your money when you buy, you get paid when you sell. Now let's go build some wealth.

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