Episode 75: David Dodge Ultimate Investing Tips and Strategies

10/24/19 • 100 min

Real Estate Investing Profits Master Series with Cory Boatright

Keep the best and sell the rest. That’s the motto of David Dodge, a killer wholesaler from St. Louis. He’s on the show today dropping some real nuggets for real estate investors of all kinds. David is on fire right now, doing wholesales, fix and flips, and he just published his first book. Tune in now to catch this guy while you can, because his real estate investments are really about to take off!

David then started renting properties out early on but quickly realized there’s a better way to do this business. That’s where the inspiration for David’s real estate investment strategy came from, and it’s really evolved over the past decade. You’ll want to pay attention to how David developed his profit master strategy. He’s professionally cherrypicking the wholesale properties that fit in with his goals and he’s spending the rest of his time honing in on what he calls the BRRR strategy.

This BRRR strategy David breaks down today is something banks love, too. We’re not talking about big banks here. In fact, David prefers to have his property loans with a few of his favorite banks rather than just one or two. He shares why other real estate investors should be jumping on this trend, and delves further into why he’s using private lender funds to invest in his wholesale properties.

Remember - none of David’s success happened overnight. He took the time to invest in his education through books and mentorships in order to get to the point he is today. David shares where this consistent motivation comes from, but I want you to remember that it starts right here. The challenge for you is to apply the golden nuggets you learn today to your own business and your own profit master strategy to see what works.

"If you’re in real estate long enough, you’re guaranteed to create some wealth. - David"

MINUTE MARKERS

2:44 - Here’s the man: David Dodge

3:25 - David’s got his new book sitting right next to him

5:05 - What’s David’s focus in real estate investing?

8:18 - Something changed five years ago that changed David’s path

11:10 - Did college influence David’s real estate strategy?

15:15 - What’s David’s business motto?

18:34 - David breaks down his profit master strategy

22:32 - Have you ever heard of the BRRRR Strategy?

27:00 - Why portfolio lending with smaller banks is better

32:13 - What books inspired David the most?

37:39 - David’s got a couple of motivational quotes

43:45 - David’s favorite mobile apps

44:20 - How important is a good dashboard?

48:05 - A few apps and sites that can help you develop a dashboard

49:42 - The greatest lesson David learned in wholesaling

51:17 - The only 2 things that matter about CRMs: Notes and Tasks

54:30 - What’s the “perfect seller appointment”?

56:33 - How to use Tasks the right way in the CRM

58:18 - David’s true definition of “wholesaling”

59:30 - Does David get 8 hours of sleep every night?

59:46 - What’s David’s morning routine?

1:01:46 - David lays out the whole team that’s rocking the St. Louis market right now

1:05:22 - Why (and how) is David using private lenders?

1:11:21 - What does the wholesale market look like in St. Louis?

1:13:37 - What is David most grateful for?

1:19:55 - How do the things and words you say affect your mood?

1:24:47 - How many coaches has David used in his career?

1:27:50 - Why David isn’t afraid of taxes anymore

1:29:18 - David is rocking radio advertising right now in St. Louis

1:35:30 - Where can you get your hands on David’s book: The Ultimate Guide to Wholesaling Real Estate?

1:36:49 - Connect with David on Facebook and Instagram

Wholesaling is so easy. Human beings make it difficult. - David

Links and Resources

HouseSoldEasy.com

The Ultimate Guide to Wholesaling Real Estate: Learn How to Buy Properties at a Discount

Discount Property Investor podcast

The Real Estate Wholesaling Bible

"If you’re in real estate long enough, you’re guaranteed to create some wealth. - David"

MINUTE MARKERS

2:44 - Here’s the man: David Dodge

3:25 - David’s got his new book sitting right next to him

5:05 - What’s David’s focus in real estate investing?

8:18 - Something changed five years ago that changed David’s path

11:10 - Did college influence David’s real estate strategy?

15:15 - What’s David’s business motto?

18:34 - David breaks down his profit master strategy

22:32 - Have you ever heard of the BRRRR Strategy?

27:00 - Why portfolio lending with smaller banks is better

32:13 - What books inspired David the most?

37:39 - David’s got a couple of motivational quotes

43:45 - David’s favorite mobile apps

44:20 - How important is a good dashboard?

48:05 - A few apps and sites that can help you develop a dashboard

49:42 - The greatest lesson David learned in wholesaling

51:17 - The only 2 things that matter about CRMs: Notes and Tasks

54:30 - What’s the “perfect seller appointment”?

56:33 - How to use Tasks the right way in the CRM

58:18 - David’s true definition of “wholesaling”

59:30 - Does David get 8 hours of sleep every night?

59:46 - What’s David’s morning routine?

1:01:46 - David lays out the whole team that’s rocking the St. Louis market right now

1:05:22 - Why (and how) is David using private lenders?

1:11:21 - What does the wholesale market look like in St. Louis?

1:13:37 - What is David most grateful for?

1:19:55 - How do the things and words you say affect your mood?

1:24:47 - How many coaches has David used in his career?

1:27:50 - Why David isn’t afraid of taxes anymore

1:29:18 - David is rocking radio advertising right now in St. Louis

1:35:30 - Where can you get your hands on David’s book: The Ultimate Guide to Wholesaling Real Estate?

1:36:49 - Connect with David on Facebook and Instagram

Wholesaling is so easy. Human beings make it difficult. - David

Links and Resources

HouseSoldEasy.com

The Ultimate Guide to Wholesaling Real Estate: Learn How to Buy Properties at a Discount

Discount Property Investor podcast

The Real Estate Wholesaling Bible

Previous Episode

Episode 74: Chris Miles Money Ripples Anti Financial Guru

If you’ve never heard of an “infinite banking strategy”, today is your lucky today! Chris Miles is on the Profit Masters right now to help you figure out new ways to get some extra money coming in. These are strategies you may never have considered before because it really goes against all of the traditional things we’ve learned when it comes to banking, investing, and retirement funds. That’s why they call Chris the anti-financial advisor. He’s up here turning the industry on its head with some of the things he’s doing out here.

Since retiring in 2006 - yes, that’s right, I said RETIRED, he’s popped back onto the scene to teach people like us how to do what he’s doing to create these strong streams of passive income. There are ways to make key investments with your mutual fund and even your life insurance that can get you to true financial freedom. These are the kinds of investments that pay off, and Chris shares the different ways you can use to them to finally declare your own financial freedom.

I’m very excited about today’s episode because Chris is part of the Collective Genius Mastermind group I’m in. He and I have learned a lot from each other over the past year, and I really value the way he encourages us all to challenge the things we’ve been taught. Ignorance is expensive - you’ll hear us say that a lot on this episode, and it can really benefit you both financially and spiritually to get a fresh, new perspective on the way we’re doing things. Real estate investors, like all entrepreneurs, can get comfortable in the routine. But to keep that entrepreneurial fire burning, you’ve got to learn new perspectives and try new things. Part of what makes our businesses so great is the journey of learning we get to go on every day. So tune in right now and learn something new from Chris Miles!

MINUTE MARKERS

3:00 - Meet Chris Miles!

4:25 - Why did Chris quit being a financial advisor?

6:01 - What do Chris’ ideal clients look like?

7:35 - Who inspires Chris the most?

9:40 - The moment Chris realized real estate could make him financially free

15:05 - Part 1 - What happens when you start to question everything you think you know?

17:03 - Part 2 - It opens a door to a whole new world of opportunities!

19:15 - What investment strategies are working for Chris right now?

21:00 - What is “relationship capital”?

22:48 - The truth about mutual funds

24:34 - Chris’ strategy for investing with life insurance

31:14 - The biggest challenges Chris is facing in the market right now

33:48 - The biggest lesson Chris ever learned

35:09 - What would Chris change about his past if he could?

36:28 - Chris’ favorite motivational quote

38:14 - The highs and lows of being an entrepreneur

41:02 - Does Chris get 8 hours of sleep every night?

41:12 - What’s Chris’ morning routine?

42:17 - What is Chris most grateful for right now?

45:08 - Chris has mentors for everything, from fitness to real estate

46:36 - Hope is what gets Chris up every morning

48:13 - Send Chris a message [email protected]

When the student is ready, the teacher will appear. - Chris

There are so many different ways you can get paid. The cool thing is that it doesn't even require money to make money to do that stuff. It's all about the relationship capital, not just financial. - Chris RESOURCES

Money Ripples Podcast with Chris Miles

Chris Miles Money Show with Chris Miles

Money Ripples Facebook

Rich Dad Poor Dad by Robert Kiyosaki

Who Took My Money by Robert Kiyosaki

Three Feet from Gold by Greg Reid and Sharon Lechter

Never Give Up by Donald Trump

Ask Cory A Question

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Next Episode

Episode 76: David Lecko and DealMachine

Hello and welcome back to all my favorite investors and entrepreneurs. Today’s guest is a special one. David Lecko, founder of the DealMachine app and community, is a man focused on personal development. If he wasn’t, he never would have designed this amazing real estate tool in the first place.

DealMachine is an amazing mobile app designed specifically for real estate investors. David started out with rental properties and driving for dollars, but he quickly realized he needed a tool that could streamline all of his responsibilities. Thus, DealMachine was born! At first the app was just for him, but when friends and colleagues started asking for it, he decided to put it up on the App Store and share it with the world.

As real estate investors, we all want to and need to work in real time. DealMachine can help you do that on the business side of things, but David is also sharing strategies for managing the personal side of things too. From marketing to customer service, all the way to how to do business with your partners and mentors, David shares nuggets of knowledge that will help investors new and seasoned alike to get a better grip on their business.

David manages to find that balance between life and work while still working with a speed fit for this fast food generation. It’s hard to be an entrepreneur, and Shiny Object Syndrome is REAL. It can be a real struggle to stick with the boring, day-to-do processes and systems of running your business, but if you don’t get excited about boring systems and processes, then you’re really going to have a hard time behind a business owner. You have to change your mindset if you want to build your business into the successful behemoth you know it can be, and David shares a few key tips that can help get you there.

MINUTE MARKERS

4:24 - Meet David Lecko!

5:55 - David’s breaking point inspired him to build DealMachine

9:23 - What does the DealMachine app really do?

13:33 - Who are the team behind DealMachine?

16:29 - What’s happening in Indianapolis?

17:41 - David dives into the marketing elements of DealMachine

19:53 - David’s biggest piece of advice for newbies

21:43 - Elyse helps David out with his favorite motivational quotes

23:57 - Who is David’s favorite author?

26:16 - Strategies for breaking out of that Shiny Object Syndrome

28:52 - Why is it so hard to give up control of our businesses?