830: From Burnt-Out Tech Worker to $95K in Passive Income in 2 Years w/David Lecko

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 12 October 2023

⏱️ 67 minutes

🔗️ Recording | iTunes | RSS

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Summary

Off-market real estate deals can make you a millionaire in just a few YEARS. Instead of buying the nicest-looking rental property in the best area through a brutal bidding war, David Lecko went the opposite route, purchasing the properties nobody else wanted, finding deals simply by driving for dollars or paying someone else to do so. He went from a burnt-out nine-to-five worker to financial freedom in just two years by following this strategy, and you can do it, too! David was working all day and all night, making a meager salary with almost zero time freedom. His boss, who worked far less than he did, outsourced his business and had rental properties on the side. David knew that to be in the same position, he’d have to mimic his boss’ path to wealth. So, after work, David would drive around his local area, looking for the tallest grass, the biggest roof repairs, and the worst paint jobs. He finally found his first deal, which cost less than a used car, but ended up springboarding David to make millions. In today’s episode, David will walk through EXACTLY how to find off-market real estate deals the RIGHT way, how to get around the lazy lists that most off-market investors use, and how to turn a few properties into millions of dollars of wealth and close to six figures a year in passive income. And in today’s tough housing market, finding deals like these is even MORE crucial. So, what are you waiting for? Financial freedom is only a couple of years away! In This Episode We Cover: How to reach financial freedom in just a couple of years by buying off-market real estate Driving for dollars and using this strategy to find massively underpriced deals Outsourcing your deal finding so you can drive less and make more money Building your off-market deal list and how many houses it’ll take to get your first payday To BRRRR or not to BRRRR and why NO cash flow isn’t always a bad thing And So Much More! Links from the Show Find an Agent Find a Lender BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast BiggerPockets Merch Listen to All Your Favorite BiggerPockets Podcasts in One Place Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts Get More Deals Done with The BiggerPockets Investing Tools Find a BiggerPockets Real Estate Meetup in Your Area Davids's BiggerPockets Profile David's Instagram Subscribe to David’s YouTube Channel Join David’s Spartan League Rob's BiggerPockets Profile Rob's Instagram Rob's TikTok Rob's Twitter Rob's YouTube BiggerPockets Podcast 731 with Brent Daniels BiggerPockets Podcast 781 on Finding Off-Market Deals BiggerPockets Podcast 663 with Pitch Anything Part 1 BiggerPockets Podcast 664 with Pitch Anything Part 2 Real Estate Rookie Podcast 241 with Sahleem Lee Books Mentioned in the Show Buy, Rehab, Rent, Refinance, Repeat by David Greene Pillars of Wealth by David Greene Rich Dad Poor Dad by Robert Kiyosaki Connect with David: David's BiggerPockets Profile DealMachine David's Instagram David's Podcast Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-830 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Bigger Pocket Show 830.
0:03.6	I actually started in 2016 when I worked for somebody who had five rental properties and I was like,
0:09.2	why do you have this? And he said, well, unlike the stock market that can go up and down,
0:13.2	if you get rentals and you buy them right and manage them well, they'll always make money.
0:17.3	And so that's what motivated me to go looking for, you know, some of these real estate deals,
0:21.1	but there weren't any, nothing was going to cash flow until I found out about going off market
0:26.0	and then providing value to somebody, getting a discounted property fixing it up.
0:30.3	And so that's actually led me to two million in rentals that I have today with a million
0:34.9	dollar equity position. What's up everyone? This is David Green, your host of the Bigger
0:39.2	Pocket's real estate podcast, the biggest, the best and the baddest real estate podcast
0:43.8	in the world. Every week we bring you stories, how-tos, and the answers that you need to make smart
0:48.8	real estate decisions now in this current market that is ever changing. And we have a great story
0:54.9	for you today joining me is my overly eccentric co-host Rob Abasolo, who is either being a mime
1:01.6	or doing ASL for those who are watching on YouTube. Rob, how are you today? Oh my gosh, dude,
1:06.6	I got home at 4 a.m last night and now I feel like I'm on vacation. Now I feel like I'm on
1:11.7	vacation because being on a plane with with the two and a three year old for 12 hours, whoo,
1:16.3	today we're about to speak with David Leco. He's going to be describing the strategy that he's
1:21.0	used to build a two million dollar portfolio with $72,000 a year in cash flow that he started
1:28.0	with only $4,000. Yeah, it's crazy, man. And on top of that, a little fun fact, he's also
1:33.2	the founder of Deal Machine, which we didn't really talk about in the podcast today, but
1:37.9	yeah, he's got a really cool story and really breaks down, I mean, really everything from the
1:42.8	beginning. I think it's going to be encouraging for a lot of people to hear a story. Absolutely.
	...

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