Welcome back to the REI Mastermind Network podcast! In this episode, we have a special guest, David Lecko, the founder of DealMachine. David joins our host, Jack Hoss, to share some exciting updates and a big announcement regarding DealMachine. They discuss the game-changing feature of skip tracing, which is now included in the DealMachine app. David reveals how this new functionality allows users to easily find people associated with a property, whether they are owners or renters, along with their contact information, net worth, and more. Jack and David also delve into the importance of simplicity and focus in business, drawing from their own experiences and mentorship. Plus, David offers exclusive Black Friday deals for listeners to take advantage of. Tune in to learn all about the latest enhancements in DealMachine and gain valuable insights into growing your real estate investing business. Connect with David Lecko: https://www.dealmachine.com/get-black-friday-2023 TIMESTAMPS: 00:00 Easier property information access with phone numbers. 05:05 Community builds better lives, beginner's guide. 08:31 Lowered fees, increased investment, game changer. 13:03 Simplified: Desk best data provider for real estate. Easy and reliable way for everyday people. 16:20 Focus on one thing like Gary Vaynerchuk. 18:33 App updates enhance and simplify app experience. 21:03 Apple pauses development, focusing on bug fixes. Look for REI Mastermind Network and subscribe through iTunes or your favorite podcast app! If you like what you hear please give us a rating, like, and share. It really helps the show grow. SUBSCRIBE to the PODCAST! • RSS: https://feeds.captivate.fm/reimastermind/ • Website: http://reimastermind.net • Apple Podcasts: http://bit.ly/REIApplePodcasts • Google Podcasts: http://bit.ly/REIGooglePodcasts • Spotify: http://bit.ly/REISpotify • Locals: https://reimastermindnetwork.locals.com/ • YouTube: http://bit.ly/REIYouTube • Facebook: https://www.facebook.com/REIMastermindNet • Twitter: https://twitter.com/rei_mastermind • Instagram: https://www.instagram.com/reimastermindnet SUPPORT THE SHOW! • RealDealCRM.com • Get Six Months of RentRedi for $1 https://app.rentredi.com/signUp/JCH191 • Join the Community on Locals! https://reimastermindnetwork.locals.com/ • Get $10 and Reduce Your Business Costs by Shopping at AppSumo: https://bit.ly/reiappsumo • Get $10 Towards Your First Purchase at Drop: https://drop.com/?referer=3DC729 "You can invest 10,000 hours and become an expert or learn from those who have already made that investment." - JD ... https://www.youtube.com/watch?v=8yuRezDOIxI

Mel Dupree is a successful real estate investor known for their ability to acquire multiple properties without using their own funds. Initially, Mel and their partner faced financial challenges after running out of money while following the traditional method of purchasing properties. However, their perspective changed when they discovered a legitimate and non-scam financing technique. Inspired by a book that transformed their mindset, Mel and their partner decided to fully commit to this new approach. In just one year, they were able to acquire an impressive 12 multifamily properties, totaling 56 apartments. This achievement was accomplished without relying on joint venture partners or their personal funds. Mel's story exemplifies their determination, resourcefulness, and ability to succeed in the real estate industry. Connect with Mel & Dave: https://www.instagram.com/investormeldave/ Key Topics: - Introduction to creative financing - Explanation of creative financing for those unfamiliar with the concept - Overcoming rejections and finding alternative solutions - Personal experience of being told by a bank that growth was not possible, but finding another way to continue buying properties - Importance of knowing who to approach and setting up creative financing deals - Success story of a student who implemented the system - Effective communication with sellers and gauging their openness to creative financing - Marketing efforts and the use of social media to find properties - Importance of networking and asking for referrals within the community - The domino effect of referrals leading to more opportunities - Starting conversations with potential lenders about owner financing - Benefits of owner financing and discussing win-win situations - Nurturing and maintaining relationships with investors who may have multiple properties - Various ways to structure deals, such as promissory notes and holding financing for the future - Encouragement to not be afraid to ask and pursue these opportunities - Educating others on the importance of taking action - Overcoming resistance from potential lenders and explaining the need for an exit strategy - Using a cash flow analysis matrix to show lenders how they will be paid back - Difficulty in finding lending institutions to make up the difference in creative financing deals - Determining the percentage that financial institutions may be willing to hold - Considerations when choosing where to invest, including proximity to the property and cash flow potential - Need for the right team, strategies, and training when investing in properties outside of one's local area - Excitement about summits and the success of a student who secured a deal with owner financing and 0% interest - "Unicorn deals" where owner financing is used instead of a financial institution - Need to look at a large number of deals to find the right opportunity - Working with investor-focused agents and finding off-market deals - Speaker's success in purchasing over 240 units in 5 different countries using these strategies - Explanation of down payment options and the rarity of fully financed deals - The importance of mindset and approach in real estate investing - Training and proper setup for new investors - Understanding that everyone's journey is different and being okay with rejection - Consideration of alternative funding sources if a deal doesn't work out - Variation in the number of properties reviewed before finding a good fit - Importance of cash flow, exit strategy, and equity strategy in each deal TIMESTAMPS 00:00:00 reimastermind.net 00:00:46 Buying properties, ran out of money, worked hard, raised capital, discovered financing, bought 12 properties, 56 apartments. 00:04:10 Educating, strategizing, and showing financial viability works. 00:09:12 Starting out is about mindset and approach. Training is crucial. It's okay to hear "no" and improve. Funding options vary for deals. The number of properties reviewed varies. Exit strategy is important in creative financing. 00:14:28 People can do it, despite initial resistance. 00:15:54 Starting conversations for vetting potential deals. 00:19:27 Marketing efforts: no direct mail, social media. Networking and community involvement are key. 00:24:42 Wrong business structure cost us $100k. Lesson: seek expert advice, outsource when needed. 00:26:18 Stop procrastinating and start taking action. ... https://www.youtube.com/watch?v=v7IH78phUfU