In today’s episode, David Dodge and Michael Slane talk about the features of their brand-new website, the discountpropertyinvestor.com. You can sign up for free and be a member of the community. This website is a great place, they centralized everything, much easier to find. Check it out, guys!
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 freewholesalecourse.com, the most complete free course on wholesaling real estate ever. Thanks for tuning in.
David: All right, guys, welcome back to the discount property investor podcast. Your host David Dodge and Mike Slane here today.
Mike: What's going on Dave? How are we man?
David: I'm doing awesome. Hey guys, we are gonna be talking today about our brand new website: discountpropertyinvestor.com and if you haven't checked out this website, we highly encourage you to go check it out.
Mike: Man I'll tell you what, our websites were a mess.
David: They were.
Mike: We grew and as we grew I think like a lot of people we were like, okay we need a website for this so we had discount property investor and we were selling our houses on that and we said hey, let's do the discount property investor podcast so we had another website for that, right? And then we said hey, let's get- let's build some courses and we had a university so we had another course for that and then we had- what else did we do man? We've got so many things going on.
David: Yeah, so really the goal here was- and really discountpropertyinvestor.com used to be our disposition site. It wasn't even hosting our podcast or any of the free courses or tools or any of that stuff, right? It was a whole spread out on different things so what we have done is we have rebuilt discountpropertyinvestor.com and it's a work in progress, I'm going to be honest. You know, we're still going to be adding to it and building to it but one of the things I really like about this site guys is it's free to sign up and once you sign up, it is its own membership portal. So what that means is there's a community in here and you can actually direct message other individuals that are in the community. There are courses and let's look in here and actually see what the courses that we have in here. I believe there's like six or seven of them. These courses are free by the way. I'm in the process of moving over free wholesale course and free landlord course and I would imagine by the time this episode publishes, those URL's will just forward over to discountpropertyinvestor.com, you know, forward slash that new URL, but again here the goal is to centralize all of the products and courses and trainings that Mike and I have put out there for everybody.
Mike: The real reason is we had so many different things and we had- we had so much stuff out there, we didn't even know where to tell people to go.
Mike: Like we were like well we got this free course here, and we've got this podcast here and we tried to link everything together and you know, it was working but Dave took a step back and looked at it and said this isn't good, this isn't the right way to do it.
David: Yeah, it was just kind of all over the place.
Mike: So put everything under the correct umbrella, which is discount property investor, we've done that as the podcast name for so long. We use that for selling houses for so long. We said, let's just figure out a way to get it all under the same umbrella. Let's spend some time, let's spend some money putting together something that's actually user-friendly and has everything that people want to see up front so that's what we've done, this is- again, I can't believe we do everything we do for free and again, its- I say- I'll say- said it before Dave, it's not the best business model but-
David: That's right.
Mike: Hey everything's out there for free though, you know? So it's like why are you gonna try to sell somebody something that they can find for free?
Mike: Like if you truly want to provide value and that is I think one of our goals, you have to just give and that's kind of what we do on this site. There's so much free content that you can access when you have time cuz we know a lot of people are listening to the podcast in the car or while they're working out and it's not easy to look at, you know, you can't sit down and really dig in. So this course- or this website is a great place that we centralized everything, so much easier to find it and there's just so much free stuff on there that-
David: And again, it's a work in progress. We're gonna be adding to this as we go. So what do we already have up here guys again-
Mike: Oh, yeah so work in progress, that's one thing and it's my pet peeve. It's a little bit slow so bear with it. It's- it just takes a minute to load especially the first couple times.
David: Yeah, we'll be working on that though.
Mike: So we're going to speed that up real quick, but bear with it. Like Dave said, it's a work in progress. Didn't mean to cut you off buddy.
David: No, not at all. So, looks like we have 7 courses in here and the- we have actually the Three Pillars of Wholesaling eBook that would give away for free. So the eBook is actually available, you know via the Kindle Amazon appstore, you can actually get the hardcopy on Amazon or the Audible version. However, you don't have to buy it, if you want the audio or you want the hard copy then you know, by all means go check it out on Amazon, but you can actually get a free copy of the three pillars of wholesaling eBook on discountpropertyinvestor.com. So some of the courses that I've already added and again, I'm going to be adding more stuff to this guys, this is all free, right? The first one is the five steps to your first deal course, there's about five lessons in there and it really just talks about you know, what wholesaling is and how it works. The next one is Wholesaling 101 which basically elaborates a little bit more, there's about seven lessons in that particular course, and it kind of elaborates a little bit more, you know, on wholesaling, what it is, how it works. We also have a course on bandit signs, we have a course on driving for dollars, we have a course on real estate data which is, you know, how to run comps and get lists, so on so forth, and then we have a course on credibility packets, which is huge and then if you are in our coaching program, all of our coaching calls are going to be archived on this website as well. There's a courses section on here. If you are interested in coaching, there's a form on there as well where you can actually book a call with our team to see if, you know, you would be a good fit for us and if we would be a good fit for you. All of the podcasts, it looks like as of recording this episode, we have 234 podcasts guys, so we're hosting all of the podcast show notes, YouTube videos, as well as a link to go find the podcast on all the different platforms. So the hosting the podcast is on there. We also have an area for forums so, you know, you can definitely go in there and you can talk about wholesaling and talk about marketing. There's an area for you to share your success and then there's also a form that's specific to the BRRRR method guys, so the forms are really really cool. We also have a page on here that talks about you know, who Mike and I are and you know, places that they can go online to actually find our book. 'The Three Pillars of Wholesaling' is given away for free, I think I mentioned that and then last but not least guys is the tool kit and the tool kit is basically the tools that Mike and I use in our business daily to market to motivated sellers, to send offers to sellers and it talks a little bit about the CRM's that we're using, I say that as a plural cuz we are using two.
Mike: Don't do what we do.
David: But there's information on there about all of the systems, all of the services, all the software's that Mike and I use in our business and last but not least guys, probably one of the most valuable things on our new website, again that's discountpropertyinvestor.com, is the contract generator, all right? So this domain is actually discountpropertyinvestor.com/contract-generator, it's kind of long so what we've done is we just bought the name cashoffercontract.com and it auto forwards, so you can go to discountpropertyinvestor.com as well and you can just see it on the sidebar like in the menu, the contract generator but Mike, you want to tell them a little bit about the contract generator and just how valuable this tool is?
Mike: Okay, so one of the biggest stumbling blocks or hurdles I would say that we've heard from our students I mean over the years and just people trying to wholesale. One of the biggest hang-ups was we would ask them, you know, how many offers have you made and the answer was almost always well none this past week or you know, I made one. And it's like, okay that's- that's great. You know we wouldn't question them but you know, they probably just say hey I'd do this amount for your house. So what we realized and what we heard is that most people were not sending enough offers and that is one of the most important things you can do is making offers. In this business, you have to make offers on properties or you're never going to get a property under contract, you're never going to buy a house, you're never going to control the property, you're never going to be able to sell the property, you're never going to be able to cash a big wholesale check without getting a property under contract. So this cash offer generator is huge because it allows you to, in less than 5 minutes, fill out and create and send a cash offer to a seller. It- it's again, there's maybe 15 fields you fill out, takes less than 5 minutes. It sends the seller a PDF with the contract in it, it copies you- so it's CC's you on it and it sends it from your email. When they reply, it goes back to you. So again, 100% there's no- there's no discount property investor branding on it, nothing like that. This is literally a tool for you hundred percent for free, send a couple samples. Dave, when I go in and look at my email so I got a filter set up cuz I don't want to see all these- cuz again, we created this for ourselves first.
David: Yeah, this is what we use on our own business guys.
Mike: So we were using this and you know I wanted- we were getting CC'd on and all that. Well, I had to create a filter cuz we started giving this away for other people to use.
David: Yeah, we're getting a lot of people using it which is awesome.
Mike: When I jump in there I mean, there's 5, 10 a day.
David: A day, yeah.
Mike: So again, people are using it. It is working for us obviously. I mean like Dave said we've wholesaled, I don't know, about a hundred a year for five years together, six years together now and again, it's something we keep using. So this cash offer generator, it is probably one of the most valuable pieces of the website, I think that's a really good point Dave.
David: It's a phenomenal tool.
Mike: It's not- again, for us I just- I kinda take it for granted because I'm so used to making offers and it just doesn't seem like that big of a deal but it is. It is a very very powerful tool in there. I thought Dave was going to say the last and the most powerful thing was our podcast because we've got so much content on the podcast.
David: 250 plus episodes.
Mike: We've got so much content out there, but no you're absolutely right. For our new listeners or new wholesalers, even experienced wholesalers that are handwriting contracts and just aren't, you know, aren't making an offer to every property, this is a huge win. It makes it so easy to do.
David: Guys you can generate a- so let's just kinda breakdown the cash offer generator here. This is again, I think it's one of the coolest things that we have over on discountpropertyinvestor.com. I do want to mention one more time this is free by the way, nothing on this website is charged, right? Everything is free, it's free to join, free to comment in the forums, free to take the courses. The only thing on here that would be not free would just be our call archive, right? And if you are student, then you would get access to that, otherwise, everything else is free. So back over to the cash offer generator, this tool is phenomenal and here is why guys: you can send an offer from your phone in less than 3 minutes, all right? So basically we have a form on this website and you're going to enter your details into this form and then what it's going to do is it's just going to generate a cash offer contract. It's going to generate a contract that is an offer and it's going to send that offer in an email as an attachment to your property owner, to your seller. Now here's the coolest part guys: it's going to send it on your behalf. It's not going to send it from Mike or Dave or discount property investor, it's going to send it from you, right? Joe, Peter, Paul, whatever, whoever you are listening, it's going to come from your email address, right?
Mike: Now how does it- how does it do that Dave? It's because when you're putting- your filling it in there.
David: You're filling- you're putting it in, right.
Mike: So again, it's just- it isn't actually sending from there, it's sending from our system behind the scenes-
David: Right, but it's going to show-
Mike: But it's using your- it's showing your email as the send from and the reply to.
David: Right. Yup, so the best part is that it comes from your own email address guys and as Mike just said, if they were to respond and they have questions about that offer or they want to accept that offer or they want to deny that offer or whatever and they respond to that email, it goes to you, right? So this is phenomenal. So let's talk real quickly about, you know, what's needed to fill this out. Again, it takes less than 3 minutes to fill this out. You start by adding the date then you're going to add your name, your phone and your email and the reason that you have your name, your phone, your email is it's going to mail merge that into the contract but we also want you to have a signature on the email that's sent, so therefore once they get it, if they need to call you or email you back, they have that information. Next is going to be your company and if you don't have a company, you can just use your name and again, this is going to mail merge this into the contract. Your mailing address, that's going to be very helpful for the title company and then you're going to talk a little bit about the seller's information so the seller's name, you know, who is the seller? Who's the owner? Is it their name? Is it an LLC? Put that in there. Next is the sellers email, you got to- you're going to send this to them, right? That's the most important part, so you want their email and then you're going to want the property address as well as their mailing address and if they live in the property then that's the same address, you copy and paste it. Next is the cash offer amount guys, how much are you willing to pay for the property? You put that in there and then next would be the earnest money. Are you going to put up $10? $100? $500? What's the earnest money that you are going to be putting in and then we really only have like 5 or 6 more fields guys. Inspection period, how many days do you need or do you want to inspect the property? Now, Mike I'm going to let you talk about this gold nugget, one word: business. Why does that matter?
Mike: It doesn't. I'm just-
Mike: I'm just kidding, okay so on your inspection period, we really like to include the date- the word business. So, on the contract it has days at the end so if you include- if you say I need 10 days to inspect, so you don't put business, that's going to give you 10 calendar days. So if it starts on a Monday, you're going to have 10 days from that time to finish your inspection. If you include the word business days, you're adding basically 40% to your timeline.
Mike: So you're only counting those five business days on the contract so you got additional time, you add 40% to your contract just like that by using the word business. It extends your timeline significantly. So, it looks- again, 10 business days is going to look shorter than asking for 14 days. So again, it's very very advantageous to use business days when you're trying to fill out your inspection period and again, you're not- you're not hiding anything, this is just something you're putting in the contract, they get a chance to read it. You're not- you're not deceiving anyone.
David: That's right. I mean business days is 21 days guys.
Mike: And it's common language in contracts to use business days so again, it's very- it's just normal and it works to your advantage so put it in there.
David: Put it in there. So inspection period, right? You're going to fill that blank in. Next is the acceptance deadline date, you don't want these contracts to be good for life, right? We typically will put the acceptance deadline date out I don't know 3, 4, 5 days depending on the seller, sometimes a little more but we never leave that blank. We always have an acceptance date in there because again, we don't want our contracts to be good forever and there's really only a couple more fields guys excluding items, right? Is there anything excluded from our offer? So example of that might be a washer dryer, could be appliances, could be a swing set in the backyard, it could be a nice crystal chandelier in the dining room, right? Anything the seller doesn't want to include in the sale, you're going to put in here as an excluding items, right? Things that aren't included and then there's only three things left guys. The closing date and we put 'on or before' in our contract so definitely buy yourself a little extra time. The reason that we like 'on or before' is because if we tell the seller, you know, hey we're going to do everything we can to get this closed in two to three weeks but after two or three weeks, we need another week or two. The last thing I want to do is have to go write a new contract or amend it. Instead, I'm gonna usually put that closing date out 4, 5 weeks and in the event that I can find that cash buyer or let's say we're buying it to rehab it or add to our portfolio, once we have all of our ducks in a row and we have all of our, you know, everything together, we can always close sooner so closing date has on or before. Next is the closing cost guys, who are paying the costs? Closing costs shall be paid blank, by the buyer, by the seller or by each party respectively and there's only one more and that's the additional terms and conditions. Are there any additional terms and conditions in this deal? So we talked a little bit about excluding items a second ago, the additional terms and conditions is kind of more about including items and/or any additional CYA clauses. Some of the ones that I typically put in here would be, you know, subject to a sewer inspection and a final walk-through or subject to partners approval, subject to getting access via a lockbox and to be followed up with a walkthrough or something along those lines.
Mike: No, we've already got-
David: Don't overthink it.
Mike: We've already got clauses in there though to protect you.
David: We do.
Mike: And if you send a couple you'll see those like send a test one to yourself. So really this field can be used for anything so say the seller says I've got an antique satellite dish I want to remove from the roof, well then you can put that in there.
Mike: Or the seller says we've got a tenant who wants to move out, I mean anything.
Mike: Anything that that needs to go in the contract, you add it in here and it's an additional term.
David: One of the things that we use quite a bit actually is if we're buying a property that has a tenant in it. Well one of the additional terms and condition is you know, we need to review the tenants information, we need to review the rent roll and we need to review the lease so we may add the additional terms and conditions, you know, subject to reviewing of the tenant documents or you know, doing some due-diligence into the property management company or the tenant or whatever, right? But again, every deals going to be a little bit different so again, just fill that in and guys, once you fill in these forms, let's how many is there? 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18 fields. Seems like a lot but you can literally do this in less than three minutes from your cell phone. Now, once you fill this out, wait about 60 to 9o seconds guys, we're talking about less than 2 minutes here and what's going to happen is this software is going to mail merge in all of this data into a- it's actually a two-page contract, there's a third page that just has signature area but essentially it's a two-page purchase and sale contract. It's going to generate that for you. Next, it's going to drop that into an email as an attachment, send it to your seller from your email address and it's going to CC you. So I tell this to my students and I'm gonna tell this to you: if you don't get the email, they didn't get the email, something wasn't done right so make sure that whenever you are sending this email that you go check your email, you know, 60 to 90 seconds later to make sure that you received it and assuming that everything is entered correctly and the sellers email is also correctly added and you get the email, they got the email, all right? Very very very powerful guys, so check that out. All this stuff can be found over on discountpropertyinvestor.com. Brand new website, it's hosting our podcasts, our resources, free courses, tool kits and again, it has the ability to actually have your own profile and you can go in and you can communicate via forms or even direct message other individuals. So once you go over there and check that out and sign up, send Mike and I a message saying that you're in and if you have any questions, send it over on the website. That's all I got to today Mike, anything you want to add?
Mike: Man I love it. I am really excited for people to start using this site and yeah, hit us up on there guys. We'd love to hear from you guys, especially any feedback on the site that you might have.
David: That's right. All right guys, check it out discountpropertyinvestor.com, brand new site. Signing off.
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