199: Is $500k in 6 Months Possible (Too Good To Be True)?

from The DealMachine Real Estate Investing Podcast · host David Lecko

If you've ever wondered if some success stories sound too good to be true, this podcast is for you. When I built DealMachine eight years ago, I was building it as a marketing tool for my own investing. I had done three deals or so at the time that DealMachine started taking off from other people that wanted to use it. And I remember Krystal and Dedrick Polite, who now have their own house flipping TV show 50/50 Flip, said they made $500,000 in six months. And I was sitting there filming a recording of their testimonial and I almost didn't even believe it was true because it seemed like too successful. But NOW I KNOW they were successful because they had another business before. They were able to zoom past what hangs most beginners up when they are starting out. And I am going to show you how to get out of your own way and close your first deal a lot faster. Key Talking Points of the Episode 00:00 Introduction03:03 How much marketing does it take to get your first deal?05:35 What is an acceptable churn rate for a business like Deal Machine?08:21 What is the importance of perseverance in business?09:50 How important are systems in a real estate business?10:44 How do we hire people to drive for us?13:20 What marketing strategies do we use for Deal Machine?15:21 How do we manage rental showings through Show Mojo?19:07 What does the future look like for Deal Machine?20:25 How do we screen tenants for our rental properties? Links Instagram: David Leckohttps://www.instagram.com/dlecko Instagram: Ryan Haywoodhttps://www.instagram.com/heritage_home_investments Website: Deal Machinehttps://www.dealmachine.com/pod Website: Heritage Home Investmentshttps://www.heritagehomeinvestments.com/

What this episode covers

If you've ever wondered if some success stories sound too good to be true, this podcast is for you. When I built DealMachine eight years ago, I was building it as a marketing tool for my own investing. I had done three deals or so at the time that DealMachine started taking off from other people that wanted to use it. And I remember Krystal and Dedrick Polite, who now have their own house flipping TV show 50/50 Flip, said they made $500,000 in six months. And I was sitting there filming a recording of their testimonial and I almost didn't even believe it was true because it seemed like too successful. But NOW I KNOW they were successful because they had another business before. They were able to zoom past what hangs most beginners up when they are starting out. And I am going to show you how to get out of your own way and close your first deal a lot faster. Key Talking Points of the Episode 00:00 Introduction 03:03 How much marketing does it take to get your first deal? 05:35 What is an acceptable churn rate for a business like Deal Machine? 08:21 What is the importance of perseverance in business? 09:50 How important are systems in a real estate business? 10:44 How do we hire people to drive for us? 13:20 What marketing strategies do we use for Deal Machine? 15:21 How do we manage rental showings through Show Mojo? 19:07 What does the future look like for Deal Machine? 20:25 How do we screen tenants for our rental properties? Links Instagram: David Lecko https://www.instagram.com/dlecko Instagram: Ryan Haywood https://www.instagram.com/heritage_home_investments Website: Deal Machine https://www.dealmachine.com/pod Website: Heritage Home Investments https://www.heritagehomeinvestments.com/