BRRRR 2.0 Method

Mike Hambright (00:01.006)
Hey everybody, welcome back to the show. Today I’m here with David Dodge and we’re gonna be talking about the Burr 2.0 method, which David has done a lot of coaching, has really been behind the Burr method for a long time, but it’s got some challenges in this market and it’s got some challenges that’ll wear you out to the point to where maybe you’re a tired landlord. So we’re gonna be talking about some pivots and some modifications to the Burr method today. David, great to see you buddy.

David Dodge (00:24.278)
Hey Mike, likewise man, always a pleasure to get to hang out with you man and thanks for having me as a guest.

Mike Hambright (00:28.94)
Yeah, yeah, excited to catch up today. And I think you’re feeling the pinch that a lot of investors have felt is, you know, rentals are they sound great academically. I’ve got a portfolio too. And, you know, I tell them like, I hate them, but I just tolerate them. And the question is, how much are you willing to tolerate? And, and you know, it’s kind of it is a love hate relationship, because it is a great way to build wealth over the long term. But that’s part of the problem is, it’s a long term. It’s a long game, right? No doubt about it, typically. Yeah, yeah.

David Dodge (00:42.497)
you

David Dodge (00:56.546)
so long.

Mike Hambright (00:58.892)
So hey, I’m excited to kind of hear some updates. You and I talked a little bit, so I kind of know a little bit about what’s going on, but to share that on the show today. Before we jump in, tell us a little bit about your history in the real estate space.

David Dodge (01:09.174)
Yeah man definitely so I’m 40 years old I’m a St. Louis Missouri born and raised guy I live here currently I invest within you know maybe 50 to 100 miles of St. Louis I don’t really do a whole lot outside of my market

Started investing as a landlord back when I was like 19, 20 years old and I’m 49, so I’ve been in the game for like 20, 21 years, give or take. Done it all. Done about thousand transactions, about a hundred million in total sales. Done six to 700 wholesale deals, two to 300 burr deals, probably 300 plus at this point, a hundred plus fix and flips.

You know made a lot of pivots along the way started out the first 10 years is just a landlord very passive investor And then about 10 years in or about 10 years ago. However, you want to look at it You know, I discovered wholesaling and motivated sellers and direct to seller marketing

And then I kind of gave my rental portfolio, which at the time I think I had 12 rentals over the first 10 years, again, very passively. I kind of gave that a rest for a few years and jumped into wholesaling and did that exclusively. And then I pivoted into doing more fix and flips and burrs. And then for a few years, I kind of did a lot of it, all of it at once, wholesale fix and flip and burrs. And then just over the last year or so, we’ve pivoted

again into kind of a BRRR 2.0 strategy where we’re still using all the you know knowledge that we gained to go direct to seller get you know off-market deals from distressed sellers and but instead of buying them rehabbing them renting them refinancing and repeating that’s BRRR we’ve kind of pivoted into more of a seller finance approach so I look at it like a BRRR 2.0

David Dodge (03:06.69)
But still buying properties and owning them, we’re just trying to eliminate a good amount of the property management, the maintenance, and also empowering our buyers to be owners.

Mike Hambright (03:20.824)
Yeah, yeah, that’s great. Yeah, let’s, so I want to dive into this today because I think there’s a lot of people that are, we kind of use this phrase, attire landlord, right? And it’s exhausting. I mean, I don’t even manage my own. I have a property management company and we still have, we still get pulled in all the time for.

David Dodge (03:35.052)
all the time. Yeah, I it.

Mike Hambright (03:36.076)
fire damage or this happened or we got a $30,000 make ready somehow and it’s only been attending there for six months. Are you like, my God, you know, that stuff will wear you out. Now, if you have a portfolio, you know, some of them are doing fine and some of them aren’t and it balances out on some level, but it’ll wear you out. talk about, know, when we first, when you first jumped on today, I was like, how’s it going? You’re like, I’m tired of being a landlord. So, and I get it. So talk a little bit about like, I guess,

David Dodge (03:38.84)
Yeah.

David Dodge (03:59.926)
Hahaha

Mike Hambright (04:05.75)
your feelings on the landlording business and of course, and maybe even talk a little bit about why you chose to manage them yourselves versus, you know, have a property manager. And I know there’s some pros and cons with that, but that’s part of why, part of why you’re tired, I think, is because you’re doing it yourself. Yeah.

David Dodge (04:17.152)
Yeah, man, mean, I am a tired landlord. mean, I am. I’ve been at this for 20 years and, you know, I love rentals. don’t really.

for see myself not owning rentals. Just trying to take a different approach because I’m just tired of it. Like you said, there’s always something. You got fires, you got evictions, you got 20 to $30,000 make-readies sometimes. So we have over 130 units total. We have two property managers that manage about 80 to 90 % of that portfolio.

I am managing about 15 of them myself because they are seller finance deals and the management’s very, very minimal. So I don’t necessarily want to pay a property manager to do that. It’s either they pay or they don’t. And if they don’t, then we come in and evict or foreclose depending on the situation. But yeah, man, it’s just such a long journey.

To create that wealth and you know I read rich dad poor dad when I was 19 and I’ve been a huge fan of you know Robert and the rich dad poor dad philosophy But lately I’ve just been kind of pivoting over into the I want to say Glenn Beck, but that’s not the guy Who’s the to pay everything off guy?

Mike Hambright (05:39.31)
Dave Ramsey. Yeah.

David Dodge (05:40.61)
Dave Ramsey, right? So you know, have this pendulum. Do you want to take the Dave Ramsey approach or do you want to take the Robert Kiyosaki approach, which is like total opposites, right? You have use debt and leverage to create wealth, or you have the, you know, don’t get into any debt at all and just do it a different route. they’re both, neither one of them is wrong per se, but there’s obvious pros and there’s obvious cons with each strategy. And I’ve been at the Robert Kiyosaki approach for…

20 years about at this point, you know, and we, have a few million dollars on my balance sheet. So, you know, I’m definitely not hurting per se. So we got a good amount of equity, but it’s just such a slow game, you know, so my pivot, and I don’t know if I answered your question or not, Mike, but my pivot is to try to, you know, move a little bit outside of the far spectrum for Robert and kind of more into the middle.

You know, it’d be a little bit more Dave Ramsey-esque. Still gonna use debt and leverage to buy rentals, but we’re getting away from this 20 to 30 year payoff. You know, in the seller financing approach.

is really helping a ton, eliminating the property management expense, eliminating the maintenance expense. And it’s like tripled my cashflow. You know, I’ve only been at it for about a year. So, you know, I’m not an expert in it by any means. But we are moving more into that approach because, you know, since COVID, I think you could, you would hopefully agree. And I know there’s a lot of other investors out there that both you and I are talking to and networking with that.

you know, COVID rentals are just really getting kicked in the butt, know, inflation’s not helping, know, rents aren’t increasing as fast as the cost to turn these over is, you know, and just…

Mike Hambright (07:30.35)
Yeah, and the cost of insurance and the cost of taxes like those are those have gone up, like probably at least depends on your market, right, but at least double the percentage that your rent has gone up probably. Yeah.

David Dodge (07:40.788)
At least, yeah, that’s a good way to look at it. Yeah, it’s at least double the percentage, if not triple the percentage of what the rent’s going up. Rent’s maybe going up, you know, 20 % and those have gone up 40 or 50%, right? So it’s like, it’s just, it’s a hard business. love rentals. I love the passive income. So, you know, we’re not exiting the rental game, but we’re just kind of finding a new approach to where we can still own properties, but we’re eliminating some of the expense.

and we’re also getting an interest rate on them. The great thing about the seller finance approach, and everybody does it a little differently, and that’s fine, but the reason I really like it is, A, I mentioned that I’m eliminating a good chunk of the maintenance and the property management, number one.

But number two is I’m basically able to sell these properties at full retail, even though they might still need 10, 20, 30 grand worth of updates to get the full retail because we’re selling them on terms. We get a down payment. It’s not a deposit. It’s a non-refundable down payment, which is also pretty cool. And I’m creating myself an interest rate on the debt that I’m giving them. So if I buy a property for 50 grand and I sell it for 100,

I’m gonna have underlying debt on that first 50 grand with either a private money lender or a bank and I may or may not arbitrage a couple of percentage points on that first 50 grand and that’s okay even if it’s zero. But on that second 50 grand I’m charging nine, 10%, sometimes more but usually it’s about nine or 10%. I don’t really know the best verbiage for that, I just call it the overage. But the goal here is to try to get like 20 million dollars of overage that I’m collecting 10 % on.

which essentially is like having $20 million saved in a CD that’s paying you 10%. I don’t even think there’s a CD that pays that amount, but that’s the best way to kind of describe it in my little brain here. But yeah, I’m really liking that approach.

Mike Hambright (09:31.746)
No.

Yeah, yeah. Yeah. Yeah, there’s pros and cons. Like the pro is, well, it’s not guaranteed payment, but you do eliminate, like you said, property management, you eliminate the taxes, you eliminate the turnover unless you have to evict or whatever. Right. Of course, the off side of that is you miss out on the depreciation, you miss out on the appreciation, I guess, unless you take it back. Right. But there’s definitely some balances there.

David Dodge (09:49.942)
You do, you do.

David Dodge (09:59.32)
is. Now, yeah, I mean, I don’t depreciate the ones I sell or finance. You know, we actually, you know, with our accounting team, we, we, you know, break those payments down into principal and interest payments. So I do, I do send my buyers, you know, at 1098 at the end of the year, so they can offset their taxes with the interest expense. And then I have a taxable income on just the interest expense. So I do lose out on a little bit of the depreciation. However, if I do have to evict or they just went out and mutual release, I can then turn around and resell it and collect another

down payment. you know, pros and cons.

Mike Hambright (10:31.768)
Yeah, yeah. So talk about how to convert the tenants. And I’ll say this, I have a rental portfolio here in the Dallas market. A lot of them I’ve had for a long time. A lot of them don’t have debt on them anymore.

I wish I’d refinanced them when they were like 3.5%, but I didn’t. But I just have a lot of equity, almost 95 % equity on my portfolio or something like that. we still have, there’s still some days that aren’t fun, right? But I’ve always wondered, my intention ultimately is to own or finance them off. That’s kind of my plan. Because if I sell them as a package, I’m gonna have to sell it at a discount. They’re gonna be beating me up on…

David Dodge (10:53.346)
Wow, that’s amazing.

Mike Hambright (11:11.854)
deferred maintenance and all that. And just like you said, I have an owner finance portfolio as well. And so for all of those, I think all but one, I just sold them as is and let them fix it up and it worked out for the same reasons you said, right? So.

But I’ve thought eventually when I sell my rentals, that’s how I’ll do it as an owner-finance them. And I’ve talked to my property manager before who manages a lot of, mean, he has nearly thousand units himself, so he’s got a lot of doors. And we’ve talked about like, our tenants the right buyer for a note? And I you said you’ve converted some people, but what do you see? Like how hard is it and how much does it make sense to convert a tenant into an owner-finance buyer or is that rare and you just have to go find somebody else to buy it?

David Dodge (11:54.172)
Yeah, and that’s a great question. You know, I think it’s going to vary amongst different investors and different markets and different price points. mean, lots of variables there, right? But I personally have had really good success buying properties that are tenant occupied and then going in and telling the tenants, hey, you know, I’m obviously going to honor the existing lease. I have to, and I wouldn’t even try to do anything different. However, after the end of the lease, I’m not going to renew it. I don’t really want you to

Mike Hambright (12:03.106)
Yeah. Yeah.

David Dodge (12:23.736)
I’m not telling you that you’re going to have to leave or that I’m going to kick you out, but I don’t really want to be your landlord. So if you want to stay in the home, I’ll sell it to you. No credit checks, no down payment. You stay in the home. We give you a new payment, but that payment is going to include principal interest taxes. And I also charge a sewer bill because it’s a super lien here in St. Louis.

And if they want to stay, then they can become the homeowner. And makes it really easy for them to do so. And if they don’t, then I just don’t let them renew. And they can move along. And then I do just list it online, Facebook Marketplace, MLS, Zillow, so on and so forth, as a seller finance deal. And then I just find that particular buyer. So in the last 12 months, I think I’ve done five or six where I’ve literally bought Tenant Occupied and I’ve converted them into buyers.

Mike Hambright (13:01.646)
Yeah.

David Dodge (13:14.746)
which has been great. I probably had an additional four or five that were rentals that turned over. They didn’t want to do that so they left and then I just found a new buyer for those properties. You know and I’m not typically asking for crazy down payments. If they’re living there already I don’t require any down payment. I want to make it easy for them. I want to remove…

Mike Hambright (13:37.315)
Right.

David Dodge (13:37.656)
I’m gonna remove the complexity or the obstacle, think’s a better word there. But if it’s a property that’s vacant and I’m selling it to a new buyer, I’m usually asking for like three to five grand down. There’s been a few I’ve done 10, 15K, nicer higher end houses. But anything under 100 grand that needs a few thousand dollars worth of work, I’m not typically asking for more than like 5K. There’s even been a few I bought like crazy low, like 28 to 35,000 and I’ll just charge like

$22,000 down just to get them in and they need work. I mean those typically need more work But you know just like anything you’re gonna have headaches you’re gonna have pros and cons like just pick your heart right you’ve heard that a million times so You know the downside to the seller finance that I have found

Mike Hambright (14:09.506)
Yeah, yeah, yeah. Right.

Mike Hambright (14:18.466)
That’s right, yeah.

David Dodge (14:24.152)
You know, and there’s obvious downsides on both sides of this. But sometimes these buyers will want to move in before they get occupancy because I’m not getting it. And you have to kind of manage that and you have to get in there and you got to be firm and you got to say, hey, you your agreement did not allow you to move into this property before you did the repairs and get the occupancy. And you did. I don’t want to kick you out. I don’t want to keep your money. So fix it. And most of them do and will. Sometimes they don’t have the funds and I’ll have to step in and I’ll have to help.

Luckily, I’m a fix and flipper and a bur guy, so I have a team and I have the resources to do so. And then I’ll work out a payment plan with them for those repairs or I’ll just tack it onto what they owe me plus interest. So, you you got to get a little creative with that and it does create a headache. Some municipalities require the person on the deed to have trash service in their name. You know, so we’re learning as we go. And, you know, sometimes we’re charging principal interest, taxes, sewer and trash. Sometimes we’re not.

We do require that they have their own insurance. We don’t strongly enforce it, but it is in the contract for deed that we use stating that it’s their responsibility. We also have a landlord policy on it to cover our debt and just cover our own rear end. So there is a little bit of complexity here. However, the way I weigh it…

trying to make sure my verbiage is appropriate here. The way I weigh it is that I would much rather have those problems of having to kind of manage the tenants a little bit in the beginning than having all the maintenance calls and, you know, 8 to 10 % property management fees and five to $7,000, which is pretty minimal actually, turn costs, you know, so.

Mike Hambright (16:05.357)
Right.

Mike Hambright (16:10.146)
Yeah, yeah. When you talk to your tenants about possibly, you know, are you doing that like 30 days out before their lease ends or is it typically further out or is it? Okay.

David Dodge (16:19.992)
No, I mean, I’m doing it right away. So if I buy a house today and there’s still four months on the lease, I go to them and I just say, hey, you know, I’m the new owner. My name’s Dave. You know, here’s my cell phone number. Here’s my office address. You know, I’m happy that you’re the tenant. And obviously I’m going to honor the agreement, but I’m not going to renew it because I don’t really want to be your landlord. Guess what? If you want to buy this home, I’ll sell it to you. No credit checks. I don’t care about your taxes, returns or any of that stuff.

You know, here’s what I’ll do. I won’t even make you put a down payment down. But obviously what’s the Zestimate give or take? We’re going to go with that number. That’s what we’re selling it to you as, you know, and we’ll adjust the payment. Yes, right. It’s not always a Zestimate, but you know, I mean, that’s a good rule of thumb for retail esque or ish. Yeah, definitely, you know, but you know what I’ve found is and I’ve maybe had one person that I bought occupied that didn’t want to be the buyer.

Mike Hambright (16:58.232)
Of course, you got to check this estimate before you say that, right, just in case.

David Dodge (17:17.88)
but they agreed to pay me $500 more a month because they were drastically under market. And it’s like, I already have 70 rentals. Okay, I’ll do that. So I’m not 100 % moved over, but I’m like 95, way high, big, big percentage moved over to that strategy. And I think this is kind of an optimistic goal, but by the end of 26, I’d like to have little to no property managers.

Mike Hambright (17:30.382)
Sure.

David Dodge (17:44.408)
Right? Like basically have most of these properties converted over to the seller finance play. Um, I don’t have any prepayment penalties so they can pay me off. They can refinance it with a bank. They can rent it if they want. And I’ve got a few out of state investors who have bought some of my seller finance deals and then just turn around and rented it to section eight or just market rate. Um, the only thing I do have is, is I don’t want them paying an extra $47 a month every month because I’m not a servicing company.

I don’t want to manage that so I basically just tell them hey, know I would like to see at least two grand in principal only payments So just instead of making an additional forty eighty hundred dollars a month to save your money And you know every six months or a year if you want to try to pay it down a little bit more rapidly I’ll work with you, but you know bring me a substantial principal payment and I’m flexible with that number But you know I tell them you know bring me at least a couple thousand You know we use amortization tables, and we have a little CRM that we use

that allows them to pay their rent with ACH, credit card, debit card. We also accept Cash App, Zelle, Venmo. we’re easy, make it real easy for them to pay.

Mike Hambright (18:52.782)
Wow, yeah, yeah. For my notes, I’ve definitely used a servicing company and I learned along the way that I, because the servicing company, you I put the, the first one, you’re responsible for paying, this is, gosh, this is probably 10 years ago now, the $30 a month servicing fee, and then they raised it to 40 and then they raised it to 50. So then my second note, I was like, well, you need to pay, you know, you need to.

you’re responsible for paying the servicing fee, whatever it is. And so if they raise the price over time, it’s not eating me up. But that way I’m just out of it. None of the payments are flowing through me. Of course, now we got to manage our servicing company, which isn’t we have challenges with us too. But for the most part, we’re out of the middle of it.

David Dodge (19:20.353)
Right.

David Dodge (19:32.6)
Yeah, I only have 18 right now, you know, of the 80-ish properties that we own, you know, 130-ish doors. I only have 18, because I’ve only been kind of moved into this strategy for, you know, a little under a year. And it’s manageable.

You know, it’s half an hour a day at most that I have to do it. You know, and I think that it’s probably something that I could do up until I’m at 50, 60, 70. And then at that point, we may move it over to something along those lines. I know a lot of people do use servicing. They build their tenants back for that. I’m just still trying to learn the whole thing. So to me, was like…

Mike Hambright (20:10.722)
Benefits are they escrow the insurance they escrow the taxes and so they’re kind of handling all that and you don’t have to and I think even a traditional mortgage people are paying a servicing fee for a traditional mortgage too. So it’s like it’s not it’s not like alien, you know. Yeah.

David Dodge (20:15.532)
correct.

David Dodge (20:21.9)
Yeah.

Absolutely, and I’m sure I’ll move into that, you know, maybe maybe sooner than than that, right? But as of right now, it’s it’s pretty simple, you know, I mean we use a Google spreadsheet and we have a little CRM. That’s a property management system It’s not a big one like app folio. It’s it’s a smaller one But it’s simple because there’s no maintenance requests and I don’t need any of that stuff and then we manage the amortization tables Which really is not a daily or even a monthly thing. It’s just every couple of months. I’ll log into each one and update

You know, so it could be better, but it works for now and yeah.

Mike Hambright (20:59.288)
So David, what do you, let’s talk about the financing side. So you’re raising, generally is it private money that you’re doing the acquisition with and then you’re just kind of arbitraging that when you sell them off.

David Dodge (21:10.188)
Yeah, it’s always private or hard money on the acquisition every time. I mean, that’s how I’ve been doing burs. I’ve done about 300 of those over the last, you know, seven, eight years. So it’s always private or hard money.

Mike Hambright (21:22.894)
But if you know you’re gonna own a finance, are you using hard money for that, like over a five, six, seven year period?

David Dodge (21:28.596)
Not long term, no. So it’s private or hard money to acquire. I’m not really using hard money beyond like four to six months. I mean, I’m refinancing it with a bank or a local credit union. I do have a handful of private money lenders that will do five to seven year fully amortized loans. It’s 12%, but it’s five to seven year fully amortized and most of my banks don’t really wanna do that.

Mike Hambright (21:34.006)
I see.

David Dodge (21:54.456)
I’ve also packaged together three to five properties at a time and gone to a local bank and I can get a 10 or even a 15 year fully amortized loan. The rate varies of course, know, every three to five years, but it is fully amortized over, you know, 10 to 15 years. I’m really just trying to get away from the 20 to 30 year pay downs on.

these rentals. I mean, that’s another pro to the strategy. You it doesn’t always work with a 250k house by any means. Our average price point is probably around 80 grand. You know, I have a handful that are, you know, high 20s, low 30s, and I have a handful that are, you know, 150 ish, ish, right? But the sweet spot…

Mike Hambright (22:37.218)
Yeah. St. Louis is one of those pretty affordable markets still,

David Dodge (22:41.592)
It is. Yeah, the sweet spot I would say is probably between 40 and 60, which I know is kind of low, but it allows me to pay these off in five to seven years while selling them over a 30 year term.

Mike Hambright (22:55.374)
That’s great. what are you doing? So what are you, obviously I know you have some students and stuff now too, or you were teaching the kind of BRRR 1.0 method for a long time. And I’m sure that just like most of us that do coaching and stuff, you often talk about, here’s what I’m doing. I mean, people want to follow suits. Are you teaching this to your students now as well? Like if a rental doesn’t work.

David Dodge (23:15.872)
Yeah, absolutely.

Yeah, most of my students are new, not all, but most are new. They’re typically starting out learning direct to seller marketing and how to find off-market properties and understanding what distress is and learning that approach. So I really teach people how to acquire properties at good deals. And then from there, if they want to wholesale those deals, I’ll teach them that. If they want to fix and flip those deals, I’ll teach them that. If they want to do traditional burr 1.0,

We’re still doing some, very little, but some of that. And then I’m obviously encouraging them to learn this new 2.0 seller finance strategy. The BIR 2.0 is kind what I like to label it as. Some people just call it seller finance, whatever. So all in all. But at the end of the day, and I think you would definitely agree with this, none of it really matters if you’re not getting a deal.

Mike Hambright (24:11.322)
for sure, yeah.

David Dodge (24:11.532)
You you gotta learn how to get a deal. again, a lot of my students are new and they come in wanting to do wholesale, wanting to do fix and flip or wanting to do burr or whatever, right? They don’t typically understand that, hey, if you get a really good deal, you have a lot of options here. So that’s another big piece of it is like teaching them like, hey, you got options, but you will have no options if you don’t buy this property at 60 or 70 cents on the dollar at most.

So, you know, quit paying 90 % or 100 % on deals. If you’re doing that already and if you’re not, don’t do that. Learn how to find the distressed sellers that you can help out, create a win-win scenario. And then from there, it’s like, what do you want? Do you want to wholesale it? Do you want to fix and flip it? Do you want to own it as a rental or a seller finance it? You know, again, you have those options. So we were kind of a Swiss army knife when it comes to teaching people. But again, we do focus a good amount of our time on marketing,

acquisitions, know, on negotiating and really just getting people to understand that this is a marketing business. You know, even the landlords out there that don’t wholesale, don’t fix and flip, like you got to get deals and that requires marketing. So, I mean, I would say like a big chunk, like 40, 50 percent of what we do with our students is really just teach them how to get the deal, how to find it, how to how to run appointments, how to negotiate, how to make offers and really just eliminate the fee.

year. know, and once they get a deal or two, typically, then they’ve at that point, really nailed down what their disposition or exit strategy wants to be or should look like. And some students pivot. You know, I’ve had some students that come in that all they want to do is wholesale. And then they look at my books and they’re like, wow, I really like this seller finance or I really like the fix and flips. know, it’s so I’m not necessarily pigeonholed into one strategy. And that’s one of the reasons why I love real estate.

Mike Hambright (25:36.494)
Yeah.

David Dodge (26:05.146)
is if you get a good deal, you have a lot of exit strategy. But you gotta get that deal. And I have to really, you know, hammer that into some people that, you know, the disposition may change even once you get the deal under contract, but you gotta get a deal. So that’s really what we focus the majority of our time and energy on is teaching people how to find really good deals. Yeah.

Mike Hambright (26:08.75)
That’s right, yeah.

Mike Hambright (26:27.566)
Yeah, that’s great. That’s great. You really, as a real estate investor, you need to be a Swiss army knife. You need to be willing to let the deal dictate what the extra strategy might be or it could be your situation. Like you’ve got your cash constrained, so you’re not gonna fix and flip. You need the quick money now. Or if you have the ability to tuck one away as a rental or an owner finance type deal, like, you know, that’s where you kind of build wealth at. So as a real estate investor, you need to be that Swiss army knife, right?

David Dodge (26:53.772)
You know, you really do. And like I have a handful of students that come in and all they want to do is buy rentals or seller finance deals. But I tell them, like, you’re leaving a lot of money on the table because you’re doing marketing, you’re talking to sellers. And if you get a property and a zip code that you don’t want to own rentals in, but you can get it at 50 cents on the dollar, why would you not get it under contract and wholesale it to make 10 or 20 grand? And then they’re like, well, yeah, guess that does make sense. And then they do that. And they’re like, well, now I have another tool in my belt.

So, you know, I think, you know, nothing wrong with anybody that’s just coaching, know, pigeonholed, like just do rentals, just do fix and flips, just do wholesale. Nothing wrong with that. I just think that’s inefficient. Like, you know, at the end of the day, you need to learn how to market and find distress properties and get good deals. And if they don’t fit your buy box, you can still make money on those.

You know, so it’s like, just, try to give people the big picture, but again, we really focus on acquisitions and getting the deals. And sometimes people will have an idea with the property and then they close on it and the idea changes, but it’s a good thing because they get paid quicker or they make more money because they’re, learning about options, right? You got to have options.

Mike Hambright (27:43.448)
Yeah, absolutely.

Mike Hambright (28:03.49)
Yeah, absolutely. Yep. David, thanks for giving us an update and sharing what you’ve been working on. Yeah, yeah. Hey, if folks want to connect with you, where can they go?

David Dodge (28:09.378)
Thank you for having me, Mike. Much, much appreciated,

Yeah, definitely man. Follow me on Instagram, DavidOlandodge, D-A-V-I-D-A-L-A-N-D-O-D-G-E is my full name. Or you can check out my school community. It is R-E-I-S-K-O-O-L.com. It’s real estate school. We do coaching and again, we do it all in terms of different strategies. But again, highly emphasized on acquisitions and learn how to buy.

Yeah, it’s very, very affordable, no long-term commitments. And yeah, we’d love to work with you, so check it out. Thank you, Mike.

Mike Hambright (28:45.902)
Awesome man, great to see you, thanks again. Yeah, hey guys, you gotta pivot sometimes. In this business, like over time, interest rates change, market changes, you and your goals change, your family changes, your age changes, we can’t stop that. And over time, you just gotta be willing to pivot. at the end of the day, as entrepreneurs, you gotta bob and weave or do whatever it takes to kind of make it happen. So keep that in mind as you’re growing your business. Thanks for joining us today. We’ll see you on the next show.