“You need money to make money” is a commonly confusing and misleading half-truth. Alongside the RISK MANAGEMENT portion of real estate investing, one other big turn-off for prospective investors is the CAPITAL – both of which stem from pure misinformation! We’ll take care of risk another time, but today, let’s talk about why capital should NOT hinder you from investing in real estate – your PATH to ultimate FINANCIAL FREEDOM! Did you know: You CAN acquire Rental Properties with $0 out of pocket! NO! This is NOT A SCAM! No Ponzi schemes required here folks! Hear it straight from David Dodge AKA The Discount Property Investor, how you can start buying rental properties for that passive income stream you’ve always wanted WITHOUT using your own money! David is a real estate investor of 18 years and counting, with over 90 rental properties to his name, and a goal of expanding his rentals portfolio to 200 properties in the next 24-36 months. He bought his first house at 20y/o, with the goal of renting it out. During the first 10 years in the industry, he bought an average of 1 property a year, full retail, with an agent, through 80% loans. It was on the 10th year that he realized he was DOING REI WRONG! David recognized that investing can be done better! There’s got to be a way where no one has to trade a 40hr work week for a 60-80hr/week job. That’s when he started digging and came up with the BRRRR Method. Buy – Rehab – Rent – Refinance – Repeat In following these 5 non-negotiable steps, you’ll soon be on your way to building generational wealth that will ultimately lead to what YOU really WANT + NEED = Time Freedom! The gist? Buy properties where discounted deals are KEY, rehab and rent these out to be eligible for refinancing so you can rinse and repeat the process! That’s what makes this method 100% SCALABLE! Take on more than 1 project at a time and create that long-term wealth in NO TIME! How exactly does BRRRR Method work? Is it 100% legal? Which banks and lenders are best to approach and why? Here’s a giveaway: there is NO CATCH to this method! You just have to learn and apply the BRRRR Method and start building your rentals portfolio! Check out [Wholesalinginc.com/rentals] to learn more from David Dodge and his team! Tune in to learn more about the hottest and most relevant information on real estate investing! Thank you all for listening and I will see you on the next episode. When you are ready head on over to https://billyalvaro.com or go grab your tools to help you at https://billyssecrets.com
“You need money to make money” is a commonly confusing and misleading half-truth.
Alongside the RISK MANAGEMENT portion of real estate investing, one other big turn-off for prospective investors is the CAPITAL – both of which stem from pure misinformation!
We’ll take care of risk another time, but today, let’s talk about why capital should NOT hinder you from investing in real estate – your PATH to ultimate FINANCIAL FREEDOM!
Did you know:
You CAN acquire Rental Properties with $0 out of pocket!
NO! This is NOT A SCAM! No Ponzi schemes required here folks!
Hear it straight from David Dodge AKA The Discount Property Investor, how you can start buying rental properties for that passive income stream you’ve always wanted WITHOUT using your own money!
David is a real estate investor of 18 years and counting, with over 90 rental properties to his name, and a goal of expanding his rentals portfolio to 200 properties in the next 24-36 months.
He bought his first house at 20y/o, with the goal of renting it out. During the first 10 years in the industry, he bought an average of 1 property a year, full retail, with an agent, through 80% loans. It was on the 10th year that he realized he was DOING REI WRONG!
David recognized that investing can be done better! There’s got to be a way where no one has to trade a 40hr work week for a 60-80hr/week job. That’s when he started digging and came up with the BRRRR Method.
Buy – Rehab – Rent – Refinance – Repeat
In following these 5 non-negotiable steps, you’ll soon be on your way to building generational wealth that will ultimately lead to what YOU really WANT + NEED = Time Freedom!
The gist? Buy properties where discounted deals are KEY, rehab and rent these out to be eligible for refinancing so you can rinse and repeat the process! That’s what makes this method 100% SCALABLE! Take on more than 1 project at a time and create that long-term wealth in NO TIME!
How exactly does BRRRR Method work? Is it 100% legal? Which banks and lenders are best to approach and why?
Here’s a giveaway: there is NO CATCH to this method! You just have to learn and apply the BRRRR Method and start building your rentals portfolio!
Check out [Wholesalinginc.com/rentals] to learn more from David Dodge and his team!
Tune in to learn more about the hottest and most relevant information on real estate investing!
Thank you all for listening and I will see you on the next episode. When you are ready head on over to https://billyalvaro.com or go grab your tools to help you at https://billyssecrets.com
SUMMARY KEYWORDS
property, deals, buy, money, rehab, billy, banks, business, refinance, burr, leveraging, discount, lenders, rehabbed, rent, method, assets, appraisal, people, appraises
SPEAKERS
Billy, David
Billy 00:00
What's going on everybody? Welcome back to Episode 64 unstoppable Rei wealth This is Billy Alvaro, and today I'm interviewing Mr. David Dodge David aka best smile in the industry. This guy lights up a room when he puts out his pearly whites. I thought I had white teeth. Forget about it, this guy shines. Look, Dave is a personal friend. I've got the norm over the last three years, this guy besides just being a really good dude, a good human being. He cares about what he's doing. And he's really freaking passionate about what he's going to talk about on today's podcast. And it's all about the burr method. I had in previous previous years, I've had guests on that have spoke about the bird David has it down to a science. He's been doing this business for 18 years, eight years full time and for the last three to four, he's really been crushing it on the BRRRR just breaks it down and tells you about his mistakes he made the beginning when he first started doing this breaks down how he goes about getting into these deals with literally none of his own money, zero like little to none of his own money, and how he goes about cashing out in the back end. So if you want to learn about the BRRRR system if you want to start getting wealthy creating your freedom fund, and like he says in his interview, it's not just about the money it's about buying your time so if you can get the time freedom really is having enough money to give you enough time to do whatever the hell when you want with whom you want whenever you want. Hope you guys enjoy this episode peace out guys. Welcome to unstoppable real estate investing wealth My name is Billy Alvaro, aka the unstoppable BA former billion dollar mortgage banker gone bankrupt turn professional real estate investor where each week you'll learn the tools, strategies, systems and secrets myself and other highly successful real estate investing entrepreneurs used to start, grow and scale their businesses creating massive profits and how you can too, and we'll teach you how to put those profits to work. So you no longer have to get ready to finally experience financial freedom and generational wealth. Now let's get started. What is going on everybody? Welcome back to the episode of REI unstoppable REI Wealth I'm your host Billy Alvaro unstoppable BA and you know from the intro, we're here to deliver value. We're going to teach you guys some of the insights myself, my guests how we start, grow and scale and give you guys tools, tips, tricks, strategies and secrets and today I am just blessed to have this guy and this guy is known as having one of the biggest brightest smiles in the industry. name is David Dodge there it is big D How're you doing, buddy?
David 02:33
Hey Billy, I'm doing awesome man. Thank you so much for having me. Can't wait to jump in provide a bunch of value to your audience, man.
Billy 02:40
Well, you going to bro I've been you and I met about three years ago now. I think fun multipliers ever take out there. And look, you just you have that vibe. You have that drive where you just ambitious dude. Always positive love you and I we hang out we rap. We just always get into it. So I'm like, Thank you for coming on through. It's a pleasure to have you on the show. You have some really good shit that you do. And like you've been in the industry for like 18 years full time for the last eight. But for the last like three, four years, you've really been crushing this whole entire BRRRR method. Like, I want you to go in just a quick like two three minute background and then let's get into like how you're really doing what you're doing. Because you're crushing it right now, bro.
David 03:19
Love it, man. Y'all keep it short and sweet here for you, Billy. So yeah, like you said, 18 years I've been investing in real estate. But basically Billy, I did it wrong for the first 10 years, man. So I'm 37 years old. I started when I was about 19 or 20. I was in college and I bought my first house you know at about 20 years old and it was house hacking you know house went found a property off the MLS full retail use an agent put down 20% Which I didn't have I borrowed it and got a loan for the other 80% I'm sorry,
Billy 03:52
did you read the other bedrooms?
David 03:54
I did. I was house hacking rented out multiple bedrooms lived in one. And while I was in college, I did that three times actually. So you know, sophomore, junior senior year, I buy a house borrow money from friends and family to put the downpayment, the 20%, and then I would go get a loan. And that was back in the day when you could get a loan in college, right? Didn't even necessarily have to have, you know, a great job or anything along those lines. Long story short, though, Billy over the next, you know, seven, eight years out of college, basically, all through my 20s I was passively buying houses and renting them out. I was living in these houses in the beginning while I was in school, but after school, you know, I was just buying properties to rent out. But that entire time over 10 years I acquired 12 houses so roughly bought one a year but that entire time was full retail with an agent on the MLS 80% loans. Yeah, right. About seven, eight years ago at the age of 30. I was like you know what, I'm gonna go into this business full time. And I learned about wholesaling and direct to seller marketing and discounts right buying properties at a discount. Deep discounts. And you know, since then I haven't paid retail for a property since done about 700 wholesale deals, bout 200 BRRRR deals give or take, I'm thinking about about 185 190. So round that up to about 200 BRRRR deals. And like you had mentioned, you know, the last four or five years of the eight that I've been full time, I've been really refining, you know, this process and learning how to do it. And now my partner, Mike and I are doing multiple BRRRR deals at a time. And we've mastered it to where we're able to acquire these assets with little to no money. And really the goal for us is zero, right? We want to be all in for $0. In the end
Billy 05:44
this is good, bro. So I want to I want to reverse back when you first started doing the BRRRR, like everybody, when they get into this business, I'm sure you made like a shit ton of mistakes. Let's dive into what you did wrong, right? Because there's gonna be a lot of lessons and what you did wrong. And then we're gonna go into how you started to scale this thing what you're doing today.
David 06:00
I love it, man. So yeah, first 10 years I did it wrong. Let's let's start there. I was paying full retail, right? Yeah, I was putting down 20% Getting the loan. So the first 12 houses I bought took me 10 years demo wrong. I'm not upset because I acquired 10 rental properties. And I still own our 12 properties. And I still own probably about seven or eight of those to this day. But you know, when I went full time, about eight years ago, I realized, hey, you know, there's a better way to buy, you can do direct to seller marketing, you can find distressed property owners, you can find distressed properties. And the holy grail is to find a property owner that's distressed, but also has a distressed house, you have lots of distressed situations going on right there. And I learned that I can buy these properties at a discount. And when I first started out full time, you know, I was just wholesaling. But I realized quickly after, you know, I say quickly after, you know, two, three years of just wholesaling, that I kind of got away from the original goal, which was to acquire rental properties. You know, I had kind of taken a break for a couple years and just started wholesaling. And then I realized, you know what, I need to kind of bring it back, start buying rentals again. But now that I know how to buy them at a discount, let's start looking into this whole method of you know, BRRRR method. And when we first started doing that, Billy, we were leaving, you know, 1012 15,000 in a property. But that was still a win in my book. Because in the beginning, when I was doing this, I was buying, you know, like $150,000 properties, but you have to put down 20%. Well, that's, that's 30k Yeah, right. So I went from 30k it leaving in or having to put down in a property to attend to all 15. I'm like, Man, this is way better, right. But now we do it with $0 out of pocket. So we've refined the process made every mistake in the book, and essentially learned what not to do. Now we have anywhere from five to 15 of these going at any given time. And we're using the BRRRR method to acquire them with little to no money again, the goal is $0 out of zero.
Billy 08:08
Dave, I want you to dumb it down. If somebody's listening, they don't know what Burt stands for. What is the BRRRR method?
David 08:13
Absolutely. BRRRR is a strategy that will allow you to acquire assets rental properties, with little to no money. And it's very scalable. So what is it? Well, it's B with four hours behind it. And that is an acronym, BRRRR is an acronym. And that acronym stands for buy rehab, rent, refinance, repeat, very simple.
Billy 08:37
I love it. I love it. Now I want you to take me in. Because I'm curious to know I'm sure the listeners are to how you doing this with like none of your own money in the deals in today's market, like how is this how you able to find the deals and how you will construct it to where you're really in with little to not have your own cash?
David 08:55
100% and 100%. So it took me years and years and years to learn how to do this with none of my own money. And even if I have to leave like 1000 or 2000 and a property like that's a huge win, compared to even 30 grand in a property when I first started right. So how do we do this strategy? Well, first and foremost, we have to buy properties at deep discounts, right minimum 20% discount in order for this strategy to work with none of your own money in the deal, right let's focus on of our own money.
Billy 09:25
Or the current ARV or off the I mean off the current value of the ARV.
David 09:31
So we're always buying properties, ARV times point eight, right multiplied by 80% or taken a 20% discount minus the repairs. So when I say a discount, it's off of the ARV, but we're taking the repairs off to so you know, the holy grail would be to get greater than a 20% discount, right 25 30% Maybe even more, but we can make it work at a 20% discount of the ARV minus the repairs
Billy 09:59
right okay. Good, got good. And you're able to find those deals in this market?
David 10:04
Yeah, absolutely. You know, so we have students believe that work full time jobs, and they don't necessarily want to, you know, create this, this big marketing engine and hire people to run acquisitions and spend a bunch of money. And the beautiful thing is, is that you don't have to do all those things, you can actually piggyback off other investors and other wholesalers. And in fact, we probably by about a third of our deals right now, from other wholesalers and other investors in our market, the other two thirds, we source ourselves from direct to seller marketing, or from referrals from, you know, friends, family agents, so on, so forth. But a third of our deals come from other wholesalers. So you don't necessarily have to go build this, you know, big machine that does marketing. However, I always encourage my students to do so. Because once you learn how to find sellers directly direct to seller marketing and learn how to find these deals, you can do a lot of things with real estate, right? You can wholesale those deals, you can fix and flip those deals, or you can do my personal favorite, you know, use the BRRRR method to acquire assets and acquire these rental properties with very little to no money. But the whole thing starts by finding discounted properties for either you do the marketing direct to seller yourself, or you can piggyback off of other investors. We don't like buying properties off of the MLS for multiple reasons. But especially reason, Billy is because we're paying full retail typically, even if we get it at a discount, that sale price is now recorded. And you know the appraisal is going to typically be pretty similar to that number because it's recorded. So everything we try to do is off market off market deals.
Billy 11:43
How are you going about financing the initial purchase on the property? What does that look like?
David 11:47
I love it. So let's take it back, you asked the question, how do we do these deals with no money. So number one is direct to seller marketing or piggybacking off wholesalers. But the objective is is to buy at a discount, right? That's where that's really where the starts? Well, in order to do it with no money, right or little to no money. I'm borrowing from private and hard money lenders for my acquisition. So whenever I locate a discounted property, I go talk to a private lender or a hard money lender that I have a relationship with. And I borrow not only the purchase price, but the rehab costs too. So I'm leveraging other people's money to get into these deals, then what we do is the next step, you have B before R so B is the buy the next step is rehab, we have been these
Billy 12:33
on the front end when you financing none of your own cash in the front end, right? You're borrowing
David 12:38
100% of it 100%. We're borrowing other people's money, and we're leveraging private and hard money lenders. Yep, hammer deals,
Billy 12:45
some of the listeners are going to say, David, how is the lender giving you 100%? On the property? are you borrowing 100% from private lenders or you go in traditional like a rehab lender, and then marrying a private lender with them for the down payment money, the construction
David 13:00
all of the above whatever we have to do to get creative. Ideally, we can get the purchase and the rehab from one person. And the longer you're in this business and the more relationships that you can build and strengthen the better. So some of my lenders, that's an excellent question, we'll say we'll only lend 70 or 80%, you know, the purchase price, or will give you 100% of the purchase price and no rehab. So sometimes I'm having to marry multiple people together to get it done. But most of the time, I have such great relationships with my lenders and I have such, you know, I have experienced from doing this so many times that they say Hey, no problem, we'll lend you 100% of purchase and 100% of rehab. And you know, that comes typically with experience.
Billy 13:41
Yeah. And so that's to the listeners who don't have experience. I don't want you to think Well, David Dodge is killing it. He's you know, he's done 200 deals and 700 over the last lifetime. He has these connections, if you don't have the connections, you got to get fucking creative. He said, If he can't get all the money from one lender, he'll go to one lender for 70% He'll go to a private lender for the gap money, he'll marry the two together essence go into this deal with zero money down.
David 14:06
Yeah, or I'll borrow the purchase. And I'll use some of my own money to do the rehab. But again, ideally, I don't use any of my own money. And there's a reason for that. And we'll talk about that when we get to the refinance section. But whatever you got to do to get into the deal. Sometimes you got to get creative love that
Billy 14:22
that's the bottom line is so you're at that point, you're financed the whole property then what do you do next? What's
David 14:26
so we buy it with other people's money, ideally, all of their money, right? And we're buying discounted deals, it's very, very important that we're buying discounted deals. So next we're going to rehab the property. And there's multiple reasons that we're rehabbing the property. Number one is we're typically buying properties that need rehab because in order to get a discount on a property, typically the property needs to be distressed or the seller needs to be distressed. So in order to get a really good deal, typically the property needs work. So we go in and we do that work and we're rehabbing these properties are typically spending 20, 25 grand give or take on our rehab sometimes less, sometimes more but to When he's 25, is a really good number. And by doing that we're increasing the value of the property, which is going to give it a higher appraisal, we're reducing all of the capital expenditures that we may have on that property, at least for the next, let's say, five, seven or 10 years. So we're doing roofs we're doing Windows we're doing HVAC is we're doing kitchens, we're doing baths, we're doing flooring. If it needs plumbing, or electrical, we'll do that as well, right? So we're reducing a lot of the capex, we're increasing the value getting higher appraisals. And then last but not least, the rehab is very, very important. Because once the property has been rehabbed, we're able to charge more in rent, we're able to get market rate or oftentimes set a new market rate for that particular property. But here's the most important part of the rehab, we're reducing the risk of the lender in the end, because if they see that we bought a property, and then just rehabbed it, they're going to be much more likely to lend on that property, because we're reducing their risk if we don't pay them, and they have to foreclose and sell that property, Billy, they have a property that's newly renovated, so it's going to be much easier for them to sell. And then additionally, it gives the bank confidence in us and allows them to say, hey, we'll lend on what it appraises for, not what you're all into it for. So just take a second really quick if you're all into a property for $100,000. And they say, Hey, we're gonna lend you 80% of what you're all into it for, you're leaving 20% in, and actually the number that you're into, it's kind of irrelevant, because if they're gonna give you 80%, of what you're all in, no matter what 20% You're gonna have to leave in or bring to the table. Well, if they lend on the appraisal, Billy, and you're already all in at or below 80%. And they're going to lend 80% of what it appraises for now, you can kind of start to see how you're able to do this with little to no money, right? So buy at a discount other people's money rehab, and I don't do the rehab, I don't swing a hammer. So I'm leveraging the private and hard money lenders on the front side, I'm leveraging general contractors and subcontractors when we're rehabbing the property. And we just do that for multiple reasons. Like I mentioned, the next step would be to rent that property out, either you can do it, or you can go out and you can leverage a property manager, which I like to do, yeah, we'll leverage a property manager. And then we'll go to the bank. And we'll say, hey, we already own this asset. We have a private or hard money loan on it, we've rehabbed it, and we've got it rented. So by the time we go to the bank, we have already bought the property already rehabbed with the property and already rented the property, we go to the bank, and we say, Hey, we got a really, really good product, it's rented. It's cashflow, and it's bringing in money, it is an asset, and we owe somebody else for the purchase and the rehab, we would like to refinance with you. And as long as we meet some minimum requirements with the bank, they will end on the appraisal. And like I mentioned earlier, Billy, if we can be all in right at or below, hopefully below 80%, of what it appraises for, and the bank is going to lend 80% of what it appraises for, we can pay back that private or hard money lender and be all into these deals with $0 out of pocket.
Billy 18:13
I love it. I love it, it's the fastest, the fastest, it's a really creative way to create wealth. It's not a fast deal. I mean, you have to be in this for the long haul doing the BRRRR method, you're not making 50 200,000 off flips, and people need to get that through their heads. Yep, you want to have some of those deals and the quick flip to get that money in for cash flow to, you know, fuel your business. But in order for you to create wealth, you really need to start investing long term assets, whether it's through the BRRRR method, small mixed use small apartment buildings, whatever the hell it is the buy and hold strategies where the wealth set the fix and flip and wholesales where the quick cash is that, in my opinion, you need to marry the two you can't do one without the other.
David 18:49
I agree 100%. So we know all the marketing we do we kind of have a simple strategy within our office in our business, it's buy the best ones, and wholesaled the rest, right? Very, very simple. You mentioned small apartment buildings, commercial buildings and single family homes. We do the BRRRR method with all of these things. So right now I'm working on a 23 unit apartment building. We're using the burr method. And our goal is to be all in with $0 out of pocket when we're done. We said what a couple of months commercial building as well.
Billy 19:17
Let me let me pick your brain on that. So was your analysis similar to a single family for this apartment building? Or did you use the Capri cashflow? Like what did that look like for you to do the analysis,
David 19:31
we looked at it a couple different ways. But for the most part, we were able to buy this building at like 65 cents on the dollar. And we knew that after we had rehabbed it that we would be all in at about 75 to 80% of what it appraised for. So it just worked because we were able to get such a massive discount. Yeah, yeah, absolutely. And that's, that's like, you know, if I was to say what's the most important part of the BRRRR method, it's buying in at a discount and the reason is, is essentially
Billy 19:59
Dave talked to us about the takeout when there's the lenders that are doing the refinance of these.
19:59
There's two strategies within this strategy, there's two things that help us achieve being all in at or below 80%. Right? Number one is, is buying at a discount, sometimes we can get a 30 or 40% discount, and then boom, it's like we already, you know, way ahead of the game on that side of things. The other thing we do is we update we rehab the property. But the problem Billy is, is that you can't typically buy a property at a slight discount or no discount and rehab alone to get that 20% equity, you kind of have to marry the two of buying at a discount and improving the property. And if you do those two things, it's actually not that difficult to be all in at 80% of what it will appraise for.
Billy 20:50
Yeah, so we have a small community banks, are they national lenders? Are they family,
David 20:56
the majority of who we work with Billy are our local lenders. They're local to my market here in town. They're small banks, they're small credit unions, I'm not going to Bank of America, Chase Wells Fargo, those banks are great for checking accounts, and maybe savings accounts, right. But they're not necessarily somebody that I want to work with, to do a local rental BRRRR portfolio loan for multiple reasons. So I'm using my local banks, my local credit unions. And then more recently, we're actually starting to work with some of the bigger players that are essentially allowing us to do 30 year fixed rate. So both rate and term, 30 years, and then they end up selling those off, but we get those locked before they do sell those off, right? So yes, and no, we work with the local people a lot. And then more recently, we've started working with some other national lenders as well.
Billy 21:49
Couple more questions on that. What's the timeline that your local lenders and the National lenders have to have you hold the property before they'll do a cash out? refi? On the 80%? What's the what's the seasoning?
David 22:00
Great question. So that's called seasoning, like you mentioned, and some of my banks want me to own the property for six months, some of my banks want to see that it's been rented for four to six months, you know, and some of my other banks, and here's the key word here, right, that I've built really good strong relationships with don't care, as long as it's already purchased, rehabbed and rented, and I can show them a lease, they will, they will proceed with the refinance, and
Billy 22:06
off the 80% off the 80%.
David 22:21
So I don't want any of the listeners to think that, you know that they're gonna be able to get around seasoning, because I still deal with it, right? However, you know, this is really when it comes to lending and banking, relationships matter. So if you build your relationship with your local bank, or credit union, over time, they will release or ease some of these seasoning requirements. So you know, typically, you're going to have to see four to six months of either ownership or even rent in order to six payments of rent collected. But as you build these relationships, they will remove those reduce those, or, you know, ideally remove them completely. And once you get through the first couple steps, you can go right to the refi. And that's kind of where we're at, at this point to
Billy 23:19
what about total amount of loans that they'll actually underwrite? I know what like Fannie Mae, I think it's, it's 10. For the investor side, is there a certain amount that the local lenders and a national andalso say, Hey, Dave,
David 23:30
great question. So you know, some banks will have an appetite to lend to rental properties and the landlords like me, others won't, I really haven't seen any banks that have any requirements, or have told me no, if I'm already working with them. I'm not getting any loan, in my personal name, all of the loans that we get are going through my business through my LLC. So there isn't any necessarily requirements, like on the federal level or anything like that. It's really up to the bank themself. Now, I've had banks say, hey, you know, we've had 15 loans with you right now, you know, we need to slow down a little, no problem, but they're not typically saying, Hey, we got to cut you off. Because we just build these relationships, and we keep them strong.
Billy 24:15
I love it, dude. So besides, if somebody wants to get into this, and they want to start learning, I know, You've been doing this for a while you came up with a course. Right? You started to train people on how do you do this the right way?
David 24:24
I do. Man, I love it, man. It's my passion at this point, you know, so I have about 90 units. My Portfolio spits off about 20 grand a month. And at this point, I just, you know, I'm gonna keep doing the BRRRR method and keep building my portfolio and take that cash flow up to you know, 50, maybe even $100,000 a month. But my real passion Billy at this point is is helping other people buy their first rental property, or scale their current properties up to where they can create financial freedom. I mean, Billy, everybody gets into real estate because they want financial freedom. And what we often see is people will go from a 40 hour a week job to a 60 or 80 hours, you know, working in or on their business. My goal is to help people actually create financial freedom. And they can do so by owning rental properties and acquiring them with very little to no money.
Billy 25:14
Yeah, have them own the properties, not the properties, own them.
David 25:17
YES. Yeah, absolutely right. Don't get into real estate, to give up all of your time, get into real estate to create financial freedom. And here's the thing, ultimately, the goal is time freedom, right? You can't get time freedom without financial freedom. But if you were to ask the average person, hey, what's the goal, they're gonna say it's financial freedom. But in reality, what they want is the freedom of time to be able to do what they want. But again, in order to get there, you have to have financial freedom. So by owning rental properties, you can create financial freedom, by using the BRRRR method, you can acquire a lot of rental properties very rapidly. So it's just a tool that we use to acquire assets. And those assets pay us every month, giving us financial freedom, which leads to the Holy Grail, my friend, time freedom
Billy 26:08
bro, you and I spoke before he came on, I've been away for a month in Puerto Rico, you know, chillin out, enjoying my life, enjoy my girl, and just still the money's coming in the business side, things are rockin and rollin. And I'm out having a good time, and I'm enjoying myself. And it's just when you get to that point, you know, I teach people how to start, grow and eventually scale. This is the scale part. You know, when you're teaching somebody, the BRRRR method or the start side, it's going to take work, it's going to take mind time, it's going to take time to understand the process and how to analyze. But if you get smart without sourcing a lot of it, like a lot of guys get into this business, and they want to do it all. They want to find the properties and want to fix the properties up themselves. They want to manage the properties themselves. And I'm like, Look, you're creating a fucking job for yourself. Like if you're into this, to your point, time, freedom and financial freedom, you have to do as much as you can with your mind, but you have to outsource everything else is going to take up your time. So you can spend time invest time with growing yourself and the business. Otherwise, you're going to be a slave to your business brother and you're going to hate life. And I can't tell you how many times we have bought small portfolios of deals from people who just burned out they have 15, 20 30 properties because they do it all themselves. And they're like the rental business is the worst business. No, you're doing it the wrong fucking way.
David 27:21
Right? 100% That's probably one of my favorite reasons why I love the BRRRR method, Billy, obviously, I like to acquire assets with, you know, little to no money. But I like the BRRRR method because it allows me to leverage so many other moving parts and pieces, right? I'm leveraging the hard and private money, private money investors and hard money lenders to acquire and rehab these properties. I'm leveraging wholesalers sometimes to also find the deals, I'm leveraging general contractors and subcontractors to go do all the work, right, I don't swing a hammer, I leverage property managers to get them leased and to keep the rent coming in and to manage the tenants and if there are evictions or headaches, let them deal with those things. And then I leveraged my relationships with my local banks, I local credit unions, and even at some of these larger national institutions at this point to help with the refinance process. So leverage is my middle name. It's my best friend. It's what allows me to get into so many deals and to acquire so many assets. And here's the cool part. It's scalable. Billy, you can do multiple of these at the same time. You're not limited to doing just one at a time.
Billy 28:31
I love it. Dude, how could people find out about you your coaching? Like just talk about your coaching? What does it do? Is it an online course? Is it face to face? What does it look like? Yeah, so it's really all the above man, I have one of the best coaching programs out there, in my opinion. And the reason is, is I care man, I really want to see people succeed. So we have a course multiple, multiple courses actually, that we give our students. We do two calls a week. And then here's the coolest part. A lot of my students love this right. So what we do is we don't just do one call a week, we actually do two calls a week we do calls on Mondays, we do calls on Thursdays. But what we do is we have internal meetings, me my business partner and all of our staff and employees. And we get together twice a week for an hour and we talk through every deal we're doing if it's a wholesale deal, fix and flip deal or BRRRR deals and within BRRRR you have multiple steps, right you have the buy and acquisitions and the rehab and then the leasing process and then the refinance process. So twice a week we go through our entire business, and I let my students attend those meetings, they can come and they can be a fly on the wall. See the decision making process, they can see the wins and they can also see some some of the you know obstacles that we may be facing and they love that so they're invited to be a fly on the wall. And then what we do is we dismiss our team after that hour is over, and then we stay on with our students for an additional hour or even two
30:00
twice a week to help them in their business and answered questions that they may have about deals that we're doing. And instruct q&a All the above. So yeah, I just I love helping people. And you know, it's my passion to see people, quit their jobs, create financial freedom and build portfolios of real estate that are spitting off cash flow, you know, assets are the name of the game, Billy, if you don't buy assets, you will never be able to stop trading your time for money. So yeah, the program consists of a course it consists of multiple coaching calls a week, I even let my students attend my internal meetings with my team that's valued, they can see where we're at. And, yeah, it's just it's such an amazing program. Everybody loves it. If you guys want to learn more about it, the website to book a call or to learn more is wholesaling. inc.com, forward slash rentals. Very, very simple. Wholesaling. inc.com forward slash rentals.
Billy 30:59
I love it brother, congrats love your energy, love your enthusiasm. I love the fact that you love to give back like it shows. It's just it's coming out of you like it radiates the fact that you really do fucking care like you can only for three years, you definitely care. You're not one of these guys, like just trying to put the money in your pocket.
David 31:17
Oh, yeah. And additionally, I forgot, we also have a Slack channel. So I give my students you know, 24/7 support. Obviously, if I'm sleeping, I'll get back to you right away, right. But if there's something that comes up between two calls a week that they need help with, we have a built out in an amazing community, where not only did they get access to both me and my business partner, but access to my team and the other students in the community. So everybody's collaborating, and everybody's helping each other. And again, man, I mean, it's one of these things where, you know, I don't have to coach I do pretty well with my real estate business. But I do it because I like to help people. And one of the things that I don't want people to do is, like I mentioned earlier, I don't want them to go quit their job. That's a 40 hour a week job and then go work 60 70 80 hours in the real estate business. I want to show them a better way way that they can start buying assets. And if they use the BRRRR method, and they follow you know, the way we do it, you're able to do it with little to no money. In fact, the majority of the deals that we're adding the assets, the rentals. We're all in for $0 in the end Billy. It's an amazing strategy, bro,
Billy 32:27
love it. You're brought it gave some great value. I know there's going to be some people that could be hitting you up for this. Congrats on your success and I'm definitely gonna see you stay on after we get off. I just want to talk a little bit peace out bro.
David 32:38
You gotta go. Thanks for having me.
Billy 32:39
Yep.
32:41
Thank you so much. Listening to today's episode of unstoppable real estate investing wealth. My mission is to give you my listeners the blueprint for success, the insider secrets for starting, growing and scaling your real estate investing business, you could experience it live the unstoppable lifestyle. I've made it simple for you to catapult yourself to success. Go to billyssecrets.com and B I L L Y S secrets.com. There you will find every single tool, tip, trick strategy system and secret used to make millions of dollars as a real estate person. Everything my TV uses and my guest use all in one place for you to tap into. You can start grow and scale your real estate investment business. I really hope you implement what you're learning. I hope you utilize these tools, tips, tricks, strategies and secrets. And I hope to see you on the next episode. God bless bye bye