We all want to close more deals. We all want easier transactions. We all want to make more money from those transactions. That’s exactly what David Dodge talks about in today’s value-packed, no fluff episode. He highlights the top 6 tips he teaches all his students to help them buy more deals, sell more deals, and simply make more money. If you like today’s episode and want to go even deeper, join David by applying to our Brrrr Method Mastery program. We’re running a very special 4th of July offer until July 7th, so don’t miss out.
6 Tips That’ll Guarantee You More Deals
We know that finding discounted properties is the most proven path to financial freedom. Let’s face it, we all want financial freedom and security, but few of us have been taught how to build long-term wealth while still earning an income. The truth is owning rental property is the best and most effective way to increase your income and build legacy wealth fast. On this show, you’ll discover how to take control of your finances and make your money start working for you. I am here to show you how to build long-term wealth and cashflow while paying less in taxes through owning rental properties. Stop trading your time for money and get off of the transaction treadmill. Let’s get started.
I’m going to be speaking on the six pro tips that any new or experienced investor can use to help them do more deals, make more money and ultimately, get more properties under contract. These are essentially my six pro tips that I use and that I love to teach my students at any and all times. These tips are going to help you be better at investing, buying, wholesaling, doing inspections, and making more money.
In “Business Days”
Pro-tip number one. The first pro tip here is to add the word business after the word days on your inspection period. This is a simple one, but it is an important one. Why? It’s because you buy yourself 40% more time when you add in the word business after the word days on your inspection period. Let’s run through a quick example. You put down on your contract that you want ten days to do your inspections. Ten days is ten days. That’s straightforward, but if you add the word business after days, ten business days is fourteen days.
You’re talking about a difference of 40% more time by adding one word to your contract. Pro tip number one, your inspection period needs to be in business days. Not just days because you’ll get 40% more time. Twenty days is not the same as twenty business days. Twenty business days is 28 days. That essentially is a month. When you were telling your seller that you need time for inspections and you say ten days, that’s fine, but when you are writing your contract, make sure that you put in ten business days. That is going to buy you 40% more time. More time often is what’s needed to get the deal done if you can’t get it done right away. Pro tip number one, business days on inspection period is super important.
Always Make The Offer
Pro-tip number two, always make the offer. I can’t tell you how many new people I talk to and how many students I work with that are gung-ho. They’re excited. They’re all pumped up. They start doing marketing. They may run a couple of appointments, hopefully, more than a couple, but then they don’t make the offer. Pro tip number two is to always make the offer. If you can make the offer while on the phone, make the offer while on the phone.
If you are out in the field on an appointment, make the offer. If you don’t know what offer to make, then call the seller an hour or two later and make the offer after you figure out what your offer should be. One of my favorite things to do is to print out 100 contracts and throw them in my trunk. If I’m out in the field and I know what I want to make an offer on to the seller, I want to be able to leave that offer behind in the form of a contract. Always make the offer.
You can’t make money in real estate unless you have something to sell or rent out to somebody.
Why would you want to go spend a bunch of money on marketing and maybe run some appointments, make some phone calls or get on the phone with sellers that are interested in your marketing efforts and then not make the offer? That’s essentially the same thing as throwing money into a fire. Don’t do that. Be prepared and make the offer. If you’re not prepared, call right away that next hour or two, that evening or in the worst-case scenario, the next day at the longest, but always make the offer. You got to make the offer. It’s incredibly important.
Go The Extra Mile
Pro-tip number three, go the extra mile. What I mean by that is to use social media to connect with the seller if you can’t connect with them from a phone number. When you skip trace a phone number, the odds are you’re going to get a good number, ideally, if you’re using a good skip trace provider, but not all numbers are going to work. Not all sellers are going to answer their phone, call you back or respond to a text message that you send them.
Sometimes my business, my partner and my team go to social media to connect with the seller. We’ll use Facebook and Instagram. We will even use LinkedIn or TikTok sometimes to send a message to them, especially those that are warm. That may not the best strategy for cold, even though it will work, but if you’ve already run an appointment and sent somebody an offer and they’re ghosting or ducking you, and you want to follow up with them, go to social media. It’s a great way to connect.
Also, a lot of social media will even show you if they’ve read the message or not. The reason that matters is sometimes people change their phone numbers or they move. They may not be easy to get ahold of but it’s not intentionally. Pro tip number three is to go the extra mile. Use social media to connect with sellers and follow up with sellers as needed.
Do More Deals
Pro-tip number four to do more deals is to use CYA Clauses in your contract. There are multiple reasons why we always want to have a couple of CYA Clauses in there. Number one, you want to have an out obviously, but number two, if you understand your CYA Clauses and you have a couple of them in your contract, this should help you reduce the fear and the anxiety of making the offer, which was the pro tip number two, always make the offer. If you have CYA Clauses and CYA stands for cover your rear end. You can mitigate the fear and anxiety that you may have when you make an offer.
This goes back to pro tip number two, always make the offer. Why would somebody not make an offer? Most of the time, they’re afraid that the offer is going to get accepted. How crazy is that? If you are new to this business, new to wholesaling or new to real estate investing, the goal is to get the offer accepted and to get the property under contract. A lot of people have the fear of sending or making the offer because they are afraid the seller is going to say yes. When a seller says yes, that’s when you now have the inventory to go sell.
Think about this for a second. You can’t make money in real estate unless you have something to sell or rent out to somebody. Both of those things require you to have a property. You either own it or have it under contract. Use CYA Clauses to give yourself an out, but also to mitigate and reduce the fear, anxiety and risk. What are some examples of CYA Clauses? My favorite one is, “Contingent upon the partner’s approval.” Your partner can be your cash buyer, investor, business partner, lender, general contractor or anybody. Partner is general and broad, but contingent upon my partner’s approval is a great CYA Clause.
More CYA causes could be contingent on a roof inspection or a sewer inspection. Don’t forget to put business behind days. It could be to verify taxes, title and value. Another one of my favorites is, “Contingent upon verification of taxes, title, and value.” It rolls off the tongue. It sounds clean and smart, but here’s the thing about value. It is subjective. What I may see in a house is different from what you may see in a house. If I don’t see value in that deal towards the end of my inspection period, by having that CYA clause, I can exit the deal. I’m going to exit the deal and do it legally and ethically because I put it into my contract from the beginning that this is one of the terms of the deal.
It’s based on the partner’s approval. It could be contingent upon inspections. I like roofs and sewer. It could be contingent upon financing, appraisal or verifying taxes, title and value. All those are great CYA Clauses to add to your contracts. It’s going to give you the ability to exit if you need to. The main thing that we want to put these in there for is to reduce your own fear of somebody saying yes. When somebody says yes, that’s great news because now you have a property under contract, but also you have inventory now. You have something to sell. It’s very important.
Make A Friend
Number five might be my favorite one. Make a friend. I don’t care how many sales courses, books or YouTube videos you watch. There are ways to build rapport with a seller. There is NLP, Neuro-Linguistic Programming. There are certain things you can do and say to give you a better chance of getting that property under contract. Most sales techniques in my opinion are slimy. Do you know what isn’t? Making a friend. You put me up against somebody else that’s going to have all these sales techniques and they’re going to say, “You don’t need to talk to your wife. You should make this decision right now.”
I say, “I want the wife involved. Go call her up right now. Let’s get her on the phone. If you need to sleep on it, go sleep on it. No problem.” Making a friend is going to be one of the most powerful things that you can do in this business. I’m talking about making the friends with the seller here. You always want to make a friend with the seller. Have you ever heard of building rapport? I’m sure. Building rapport is making a friend.
Building rapport is doing three things primarily. It’s getting people to know, like and trust you. You’ve probably heard this before. When you make a friend, you check all three boxes. If you’re out on an appointment and you’re trying to use some sales technique to force somebody into signing your contract and they have remorse or regret the next day, are you going to feel good about yourself? I know I don’t.
Building rapport is doing three things primarily. It’s getting people to know, like and trust you.
I want them to be happy about doing business with me. How do you do that? You make a friend. You treat them like a friend. You listen to them and it’s very easy to get somebody to know, like and trust you. That’s what building rapport is. It’s when you make a friend with them. People want to do business with those that they are friends with. Make a friend. It’s going to go a long way, and it’s going to be more valuable to you than any book, course or podcast you can listen to on sales.
Number six is to follow up. Following up is so incredibly important. I have done an episode called the Three Pillars Of Wholesaling. This talks about the three money-making activities in real estate investing, specifically wholesaling, that you need to be doing daily. I like to look at these three things as the three legs to a bar stool. If you have three legs on a bar stool and you pull one of these legs away, that bar stool is going to fall down. What are those three pillars? We have a whole episode on this, but it’s marketing, making offers, and following up. It is important that it made the top three. Following up is crucial to your business.
I have about eight years of data from all the leads that have come into my system. On average, from the time a lead comes in, to the time that I’m able to get that property under contract to buy it, fix it up, sell it or add it to my portfolio of rentals with the BRRRR method, which is my favorite strategy, or even wholesaling it, it takes 4 to 6 months on average from the time that leads comes to the time that we’re able to get that property under contract.
I’m not saying it’s every deal. Not at all. One or two out of ten, we’re going to be able to do right away. The other eight out of ten are going to require a follow-up. They often require several months of follow-up. You need to be following up with sellers that you talk to that aren’t interested. You need to be following up with sellers that you go run an appointment on and they don’t like your offer. You need to be following up with people that you’ve made an offer to that didn’t accept it, and hopefully, will later.
Follow up with them. Once you get a property owner on the phone and you create an appointment, and you set up a time and a date to go meet them, you need to follow up the day before or the morning before to make sure they’re going to meet you there. You need to follow up when you send somebody an offer to make sure they received it, assuming it was sent by email. You need to follow up with them after they sign your contract and make sure that they know where the title company is located at.
You need to follow up with them after you buy the property from them, regardless of what the exit strategy is, to make sure that they’re satisfied. If they are, use that opportunity to get a testimonial for your website or your social media. Following up isn’t just one thing. It’s a bunch of things. Following up matters. The average deal we do, and we do several a month, comes from 4 to 6 months of follow-up guys. I cannot stress this last one enough.
This short list of six items here is a list that I like to refer to as my favorite pro tips. I wanted to share them with you because all of these can help you even. If you agree with all of them, but 1 or 2, that’s okay. I would imagine that you’ve learned something here because these are pro tips that have helped me make more money, do more deals, get more properties under contract, build rapport better, and buy myself more time and have more opportunities to go sell these wholesale deals, buy these deals, find that partner or whatever it may be.
Let’s recap. Pro tips to make more money, do more deals, and have more fun in this business. Number 1) Use business days. It’s simple, 40% more time, not 5% or 10%. Use the word business after days in your inspection period. Number 2) Always make the offer. Don’t spend money on marketing. Run appointments and spend time on the phone with people if you’re not going to make an offer to them. You got to make the offer no matter what every single time. Number 3) Go the extra mile. Use social media. Use anything and everything that you can to get a seller on the phone. If that means driving to their house and knocking on the door, do that.
One of my favorite quotes and sayings of all time is, “Success is a combination of consistent and persistent action.” I love that quote. You got to be consistent and persistent. If that means driving to somebody’s house, knocking on the door, using social media, or maybe even sending a letter via snail mail or a contract, we send contracts via snail mail all the time to elderly people. Go the extra mile. Number 4) Use the CYA Clauses. Not only is it going to help you get out of the contract if you need to, hopefully, you won’t, but it’s also going to help you reduce your fear and anxiety of sending the offer, which was Number 2) Always make the offer.
Number 4) Use CYA clauses. They are going to help you tremendously. Number 5) Make a friend. That’s always my goal. If you put me up against a sales guy that got all these tips and tricks, and I go in and I just want to learn, listen, talk, and make a friend, who do you think is going to win? People want to do business with those that they know, like and trust, and that they’re friends with.
Put yourself in the shoes of the seller at any given time. Do you want to be sold? Do you want somebody coming into your house and giving you some sleazy sales trick and trying to convince you to sign their contract? Nobody wants to be sold or convinced. People want to make friends and they want to make these decisions on their own in their own time. Let them, and you’re going to get the testimonial that way too because they’re friends.
Last but not least, Number 6) Follow up. It is incredibly important. You must follow up unless you like doing 10% to 20% of the number of deals that you could be doing. That is my short list of pro tips that I am confident will help you do more deals, make more money and hopefully, have more fun in this business. I love it. This has been great. I enjoyed doing this episode.
I hope you enjoyed this episode and found a ton of value in this episode. If you are interested in creating wealth through rental properties using the BRRRR method and achieving financial freedom in your life, go check out WholesalingInc.com/Rentals. Check out what this program is all about and schedule a call with my team. On this call, we’re going to discuss your real estate investing goals and how the BRRRR method in the BRRRR Method Mastery Program can help you get there. I would love to help you get started on your way to generating passive income and creating legacy wealth with rental properties. Every single one of you is capable of success. More importantly, every single one of you is worthy of it. Thanks for reading.
- Three Pillars Of Wholesaling – past episode
- Be Sure To Join The Wholesaling Inc Facebook Group
About David Dodge
David Dodge is a real estate coach, author, and investor with over 17 years of experience. David specializes in using the BRRRR Method to acquire Rental Properties with NONE of his own money and has taught others how to generate passive income using his systems. He’s also the co-author of the book “The Brrrr Method” and currently has over 90 properties in his rental portfolio with a goal to grow to over 200 properties in the next 24-36 months.