Meet David Lecko, the founder and CEO of DealMachine, the highest-rated mobile app for real estate investors seeking off-market deals.
In 2017, as a novice in real estate investing, David recognized the effectiveness of driving for dollars and direct mail to find such opportunities. After missing out on a potential deal when he failed to follow up on a lead, he became determined to automate the process and developed DealMachine. Leveraging the app, he successfully built a $2 million rental portfolio, starting with his first property acquired through the Driving for Dollars method.
Tune in for another insightful episode of Raising Private Money!
Key Takeaways:
- The development of DealMachine
- Why buy off-market or run-down properties instead of those listed with Realtors?
- How to use Direct Mail in the DealMachine app
- Off-market properties are where the action is today, which makes DealMachine an important tool.
- Reach out to someone via direct mail at least six times.
- Using AI to find motivated sellers.
- Can AI compute the maximum allowable offer of a property?
- The benefit of using AI for real estate investors.
- How AI can help investors raise private money
Connect with David:
Website: https://www.DealMachine.com
Instagram: https://www.instagram.com/dlecko
Check out my book: 7 Reasons Why Private Money Will Skyrocket Your Real Estate Business and Help You Build Incredible Wealth!
Get it here for FREE: www.jayconner.com/moneyguide
Sign up for the Private Money Academy and get 4-weeks free: https://jay-conner.mykajabi.com/offers/AMM4hCPW/checkout
Sign up for the Private Money Academy Conference: https://www.JaysLiveEvent.com
Timestamps:
0:01 – Raising Private Money with Jay Conner
0:02 – Today’s Guest: David Lecko
3:34 – The Deal Machine App
9:27 – How To Use Direct Mail In The Deal Machine App
12:40 – Connect With David Lecko – https://www.DealMachine.com
13:33 – How To Use Artificial Intelligence To Find Motivated Sellers
18:47 – Can AI Compute The Maximum Allowable Offer Of A Property?
23:06 – Jay’s Free Money Guide: https://www.JayConner.com/MoneyGuide
23:52 – Artificial Intelligence & Raising Private Money
25:08 – https://www.JaysLiveEvent.com – June 21-23, 2003
28:20 – Would You Like To Get High Rates Of Return, Safely & Securely?
How To Use Artificial Intelligence To Find Motivated Sellers
[00:00:00] Jay Conner:
My special guest here today on Raising Private Money is a dear friend of mine. We’re in a mastermind together, known each other for years now. He is the founder and c e o of a company. There’s a good chance you’ve heard of it. It’s called Deal Machine, and just in case you haven’t, Deal Machine is the highest-rated mobile app.
To help real estate investors like you find off-market deals. Now, what do you mean by off-market deals? We’re talking about real estate deals, houses that are not in the multiple listing service. Why is that so important? It’s so important because there’s nothing in the MLS to buy. There’s no inventory.
So if you wanna be an active real estate investor having consistent deal flow coming in, then you’re gonna be buying houses directly from for sale by owners. When my friend created Deal Machine back in 2017, he knew even back then that the best way to find these deals for sale by owners was to go driving around what we call driving for dollars.
Looking for houses that may be grown up for vacant or whatever, and then send direct mail to the owners of those houses. Here’s what it is. Starting out, he drove it around. He manually, on a pad, wrote down the addresses of these distressed properties. When he would come across one, then he’d send mail to the addresses that he had written down.
That’s simple. But then something happened. One day he realized that this particular property that he had written down had been sold to someone else, and he knew he had missed out on this deal because, He had failed to follow up with his leads, so he knew he needed a solution to automate this process.
He’s a smart, pretty smart dude and he knows how to write code, so he wrote the first line of code that became a Deal Machine. Shortly after that, he acquired his first rental property. And by driving for dollars using the Deal Machine method and process, he went on to build this 2 million rental portfolio by using the Deal Machine app.
In just a moment, you’re gonna meet my good friend and the founder of Deal Machine, David Lecko.
[00:02:09] Narrator:
If you are a real estate investor and are wondering how to raise and leverage private money to make more profit on every deal then you are in the right place on raising private money, we’ll speak with new and seasoned real estate investors to dissect their deals and extract the best tips and strategies to help you get the money because the money comes first.
Now, here’s your host, Jay Conner.
[00:02:48] Jay Conner:
Welcome to the show, David. How are you, man?
[00:02:48] David Lecko:
I’m doing so well. I loved hearing your intro. You’ve got a perfect voice for doing this job. You’ve got a great voice, man. And then last time I was here, you really changed my life. You introduced me to a group that I absolutely love and that I get to see you at once a quarter.
Collective genius, but I wouldn’t have been able to get into the group without your invitation and even knowing about it. So thank you. Thank you so much, Jay. I appreciate that.
[00:03:11] Jay Conner:
Yeah. Collective Genius is a fantastic mastermind founded by yours and my dear friend Jason Medley. And yeah, it’s a fantastic group and I’ve just enjoyed so much David getting to know you and hang around you.
You are a just fantastic human being with a servant’s heart and that’s why everybody’s attracted to you. So let’s dive in on this Deal Machine. So I had you on sometime back time to have you back on again. Tell everybody what a Deal Machine is. I certainly can myself cause I use it, but. What is Deal Machine And what is it about this process of finding these motivated sellers that set your service apart, say so from other folks?
[00:03:51] David Lecko:
So we’re on the Raising Private Money podcast, and part of putting private money to use is actually finding a really great deal. And as you said before, a lot of what’s listed with realtors is just priced too high. If you buy it, it would be really challenging to cash flow it, meaning you could charge rent higher than what your mortgage and financing payment would be.
So you know how House flippers, have to find rundown houses to flip? Deal Machine is a tool for discovery and also, Outreach to property owners that have a rundown house that may need to actually sell their properties. And so that’s exactly what Deal Machine is it’s a marketing tool. And we started out because I was driving around looking for those rundown houses and I wasn’t following up.
And I was really frustrated when I realized I, I’d invested like a month, but somebody else bought a property I had on my list. I didn’t even have an opportunity to buy it. Because I hadn’t followed up yet, and it was for a price. When I checked the county records, that would’ve made an amazing first deal for me.
So I built it for myself just out of necessity to help overcome my own human nature of not following up. And then it wasn’t until later that somebody else wanted to use it, that I put it on the app store and it grew into its own separate business. But Deal Machine today, not only does driving for dollars, we also help build lists of vacant property owners and all those other goods.
Types of lists that you want to, that you can pull if you have if you wanna put that money to use, send direct mail marketing and then get in touch with those property owners. And the latest thing that we’ve actually deployed is an AI assistant, because even as much as I’ve done nine deals, which isn’t a lot of deals, but it’s several, to get under your belt, I still would take a lot of time cause I’m so analytical to figure out what the heck should I be offering on this property?
And I’m so pumped the number one thing, that the AI can do now is you can just ask it like, Hey, what’s the B on this property? How do you know? And it’ll tell you and give me a lot more confidence going in to talk with those sellers because I know the ballpark of where I’m gonna need to be at with my offer right away without having to do all that analysis, that I was doing.
Kind of after the conversation and then coming back and giving them the offer maybe 24 hours later.
[00:06:02] Jay Conner:
Artificial intelligence is all the talk, all the buzz now. I never, I didn’t even hear of chat G P T until about four months ago, maybe three months ago. Excuse me. How many people still haven’t even heard?
My sister has been teaching fourth grade for almost 30 years now. And she was here visiting in town a couple of weeks ago and I said, have you heard of Chad GPT? She says, no. I said let me ask you a question. Do you ever have to write out award certificates for your kids? She says, yes, and I hate it.
I said let me open up my little chat GPT thing right here, and I’ll type in and I’ll get it to write you an award for a fourth grader. Give me three characteristics I did. And she watched it go, oh, that’s amazing. And it was done right. She says, oh my word. And then her daughter my niece is working on her Ph.D. and she never heard of chat, GPT, and I said, what kind of papers do you have to write in college?
She told me, I said let me give you a headline for your next paper. Boom. Hand it in three seconds. So artificial intelligence is all the bus. I want you and me, David, to dive deep into ai, artificial intelligence, and how that can help a real estate investor. But before we do, Deal Machine. Walk us through step by step.
Some. A real estate investor gets the deal. Machine app, they got it on their phone. Now how do they use it and what does it do? Step one, step two, step three.
[00:07:33] David Lecko:
Yeah, exactly. So step one is you’ve gotta decide if you have more money or more time. If you’ve got more time than money, then what you’re gonna do is, step one go look for a rundown house.
Step two is to take a picture of it. Step three, you’re gonna see who owns it right there. Step four, press send mail. It’s gonna send mail to that property owner. And step five, go do that again, 300 to a thousand times now if you’ve got more money than you do time. You can actually, instead of driving for dollars, that step one is gonna go to list builder, and then you’re gonna pull expired listings with 35% equity that’s in your market.
And then you could also pull the pre-foreclosure list that is gonna go to sale that actual month and try to reach them before that auction happens so they can save their credit. And you could buy that house before it goes for sale. In the foreclosure auction. You could pull lists like that. And the reason why I say that is for people that have a little bit more money than time.
This is because those lists are easier to get. And so for their, therefore, you’re gonna have to send a little bit more direct mail marketing. But the benefit of Deal Machine is, it’s gonna be easy to do because it’s a mobile app that lets you pull those lists, make those choices, and send that mail using a postcard that we’ve provided to you.
Or designing your own. Or even uploading your own. And so that’s basically the five-set process, no matter which boats you’re in to get started finding off-market deals.
[00:08:54] Jay Conner:
Your service through Deal Machine is just critical today for any real estate investor, particularly interested in single-family houses.
Again, as I said in the introduction, the off-market houses and properties are where the action is today. It’s not in the mobile listing service. Now, for direct mail, let’s talk about the direct mail that your Deal Machine service provides. When you send out the direct mail one of the choices that the user has is to send a postcard that’s an actual picture on that postcard of the house itself, right?
[00:09:29] David Lecko:
Totally. Yeah, totally mo. Most people, if I get a callback, I just got a call back last week actually, and she’s Hey, I’ve gotten a bunch of these pieces of mail, but for some reason I just, I picked up yours and gave you a call. It looks like you actually were local because th this photo was actually on the postcard.
It wasn’t a Google photo, and I can tell you actually took it with your camera and I was like, oh, wow. That’s so interesting. I’ve heard that several times before and I’m really glad. Yeah. I’m involved in the community and I’m definitely interested in helping you out. So that’s actually built into the app.
You take a photo of the house, it tells you which house it is, and who owns it, and you can put the mail piece together with the click of a button, which features that photo that you take.
[00:10:09] Jay Conner:
So when it comes to direct mail and you’ve got a ton of experience, you’re, you, yourself, and your team on direct mail as it ties in with Deal Machine, how many pieces of mail do you recommend a minimum of, and how far apart, and of course, your Deal Machine has got this automated, but I want everybody to hear it.
How many touches, and how often should direct mail go out? How often, how far apart?
[00:10:34] David Lecko:
Yeah, absolutely. Let’s talk about the lower budget option, which is driving for dollars. So that’s gonna range from 300 distressed homes to 2000 distressed homes, depending on the average price in your market.
Indianapolis’s average price, is $200,000 for a perfect house, so that’s on the low end. Now, if you’re in North Carolina, like U R J, that price point’s a bit higher than Indianapolis. So I’d bump it up to finding 600 rundown homes. And if you’re in the most expensive markets like the outskirts of Portland or Seattle or Los Angeles, find 2000 properties.
So then you’ll have to mail all of those houses six times each, and I suggest doing it every three weeks. Okay? So that can help you calculate your all-in marketing costs, knowing that a piece of mail is like 50 cents, including postage. So that could help you guys figure out what you need to commit to doing if you want to find one of these off-market properties and the cheapest way possible.
[00:11:31] Jay Conner:
And so I’m so glad you said that. I have got a mentor of mine that told me years ago. He said, Jay, if you’re only planning on sending out one piece of direct mail, don’t waste your money. Yeah. Don’t waste your money on one piece of direct mail because it’s the sequential mailing of pieces that makes the magic work, right?
[00:11:53] David Lecko:
It is. Yeah. Really any industry, marketing advice? Will say people don’t convert until they’ve, you’ve reached seven to 12 touchpoints. So even when I’m saying send them six times each, you know you, I’m playing the numbers game. Cause you’ve added a lot of properties. Not everyone’s gonna reach out to you within six times, but you need to do it at least six times when you’re planning on how much direct mail marketing you’re gonna do.
[00:12:19] Jay Conner:
Absolutely David, just in case someone has to jump off early, I want everyone to go ahead and learn and hear how to get in touch with you and your team and get signed up with Deal Machine, and learn all about your services. How can people reach out to you?
[00:12:33] David Lecko:
The best way to give feedback on this podcast is to leave a five-star review on the actual podcast.
If you wanna get in touch with me. I’m available on my company’s www.DealMachine.com and my Instagram is https://www.instagram.com/dlecko/. I’m actually very active there, posting four times a day and responding to comments and DMs.
[00:12:54] Jay Conner:
So that’s www.DealMachine.com And again, your Instagram is https://www.instagram.com/dlecko/. Alright, David, let’s dive into the hot topic, artificial intelligence, ai. You touched on it just a little bit. What’s going on? Things are changing so fast. Every week. Every week. It’s changing so fast.
What’s going on right now? For real estate investors and how AI can help them?
[00:13:28] David Lecko:
It’s truly at a breakneck pace. So if you guys have messed around with ai, you’re doing great. You’re ahead of the curve because if you don’t know how to use ai, it’s gonna be like not knowing how to use Microsoft Word. So basically, in the next two years, if you don’t know how to use AI, your job will be obsolete and you’ll be replaced if you’re actually working a job still.
But if you own a business, the risk is even that much greater. You need to learn how to use AI so you can keep up with the pace and productivity that your competitors and others may be using as well. Now if you’ve used chat G p T, fantastic job. The main difference between the AI that we have inside of Deal, machine and Chat G P T, is that the AI and Deal Machine just know real estate data.
Chat GPT doesn’t have access to real estate data, so it can’t tell you what it was worth, what it was purchased for, who owns it, and all that stuff. So that’s the biggest difference. It operates the exact same way and we’ve predefined 10 prompts that might be the most helpful for you whenever you’re learning how to use the AI for your real estate investing.
And I’ll tell you what, my personal favorite is just analyzing this property for a wholesale deal or analyzing this property for a fix and flip. Will this property have enough room that I could put private money where I’m paying, 8% or whatever I’m paying on it, will that work with this property financially and will it cash flow?
So that’s the type of, it knows all the real estate data, so it can help you get answers to those types of questions quickly. It’s my personal favorite way to use it, but I also forget what to say whenever I’m walking up to a door and knocking on it, or actually gonna call the seller because I usually just send direct mail.
It’s like I’m a little outta my comfort zone. So if I wanna do something like that, I can say, Hey, can you just tell me a script, what I should say, where this conversation might go? Or would you type up a text for me to this person? And so these are some of the other ways that can help you figure out what to do with the real estate deal more quickly, which I personally value because I hate getting stuck in that analysis paralysis.
[00:15:19] Jay Conner:
David, you just mentioned that the ai, artificial intelligence in your Deal Machine, app, or service here, first of all, you can ask it to analyze it for a wholesale deal. So what’s the logistics of that look like? Like when they go into the app, type in the physical address and then give that kind of prompt. Unpack that for us a little bit.
[00:15:43] David Lecko:
Yeah, of course. Yeah. You just pull up the app and actually, it’s right there. It says, Hey, I’m Alma, your AI assistant. What would you like to do? Analyze the properties. One of the things you can autotype in. You can free type in whatever you want as well, but yeah, you just say, analyze this property, and then it’ll say buy and hold, wholesale, fix and flip, and then it’s gonna run the analysis for you.
If you want, I could even do it on the phone here. I just need to sign in.
[00:16:07] Jay Conner:
Oh, sure. Let’s do it. Let’s like to do like a real, like a property or whatever, may, maybe there’s a, I don’t know, a property that you’ve been working on recently or whatever, but so will your AI tell the real estate investor if I’m gonna wholesale this is the maximum that I should offer?
[00:16:25] David Lecko:
That’s exactly right. Yes.
[00:16:28] Jay Conner:
That’s amazing. That’s amazing. So your AI must be pulling, or no, I shouldn’t say, must be pulling. Let me ask the question. Is your AIpulling sold data sold comps?
[00:16:42] David Lecko:
Yeah. It knows everything. It knows the comps. It knows the, yeah, what that property sold for as well.
[00:16:49] Jay Conner:
Man, I’ve been using Deal Machine for years, but now I gotta get over there and play around with your AIthing and Deal Machine and see how close your AI comes to my realtor.
[00:17:02] David Lecko:
I know I’ve been running tests on that too, and I think you’ll be pleasantly surprised. That’s amazing. Alright, so here’s a property. I’m gonna see if this will focus on my phone. It’s struggling to focus. Okay. You can just read it to us. Yeah. Okay, so it’s, I’m your AI assistant.
What do you wanna know about 2301 Calhoun Street? I’ll say, analyze the property and now it’s gonna gimme the option, of wholesaling, fixing, and flipping. Buy and hold. And so I’ll do wholesaling.
[00:17:39] David Lecko:
It says this property could be a good wholesale deal based on the information, the property has no existing lien, which may indicate that it’s free and clear of any current loans.
The max allowable offer is $97,000, and since there’s no mention of a loan amount in the property that was previously sold in February 2023 it’s safe to assume that the property’s free and clear. So you can also ask it like how did you get the arv? Let’s see.
[00:18:07] Jay Conner:
Yeah. And before you get to that piece, David how can the AI give you a maximum offer and it doesn’t know what the estimated repairs are yet, is that maximum offer less repairs?
[00:18:21] David Lecko:
Let’s ask it. So it says the average sold price of the property which was $68,000. The average price per square foot which is comparable to comparable properties, is $241. And using the information I estimate the current value of the property is $176,000. What would you estimate for repairs?
[00:18:48] Jay Conner:
Yeah, that’s like your AI’s gotta have E S P N to know what that is.
[00:19:00] David Lecko:
So based on the info provided, estimated repair costs 20 to $50 depending on the condition. And let’s see here. Additionally, the building condition is listed as fair. So these two P of info estimate the repair costs to be about $25,000. However, please note that this is only an estimation. The actual repair costs could be higher or lower depending on the actual conditions of the property.
[00:19:23] Jay Conner:
Okay, that’s really important information right there. So it came back in a millisecond and said, okay, your maximum offer for a wholesale deal should be $97,000. And it just told us that it was using an estimation of repairs at $25,000. Yeah. So, what would the wholesale be fee in that case?
[00:19:42] David Lecko:
That’d be a pretty healthy fee there.
[00:19:47] Jay Conner:
Yeah. Can you ask him what the wholesale fee would be? Yeah. And so that $97,000 includes having enough wholesale fee in there to make money on an assignment fee, I’m assuming?
[00:20:05] David Lecko:
Yeah. So the wholesale fee would be like 10 to 15% of the actual ARV price is what it’s saying.
[00:20:12] Jay Conner:
That is amazing. Amazing. David. I think Deal Machine may be the first, or at least the first I’ve heard of this type of service for real estate investors. Using ai?
[00:20:26] David Lecko:
Yeah, I, it definitely is. It definitely the first mobile app, so if there’s an AI solution out there, I’m seeing it on a desktop. So this is, I think, really important for the crowd that’s looking for their first deal because 80% of real estate investors out there get their first deal by actually driving for dollars, looking for a rundown house, getting in touch with the owner, and then actually getting that house under contract for a discount, passing it off to an investor.
And they’re out there in the field. They’re not spending a lot of time at their desks, and so I’m pumped. This is available for me as I’m doing that as well. Outside, I want access to the AI right there before I knock on the door or right there, whenever I’m deciding what I’m gonna say if I’m gonna cold call that person.
So yeah, it’s the mo, it’s the mobile app. It’s the only mobile app that I’m aware of. It’s the only AI that has access to real estate information like that as well, that’s used in this manner for helping you negotiate, helping you analyze a deal.
[00:21:19] Jay Conner:
All right, so now I got a question for you. So I’m gonna put you, I’m gonna put you on the spot, but you, boom,
[00:21:25] David Lecko:
I’m ready for the hot seat.
You, I’ve been doing a lot of hot seats since you got me into that Collective Genius group, Jay.
[00:21:33] Jay Conner:
So I’m the private money guy, right? I know how to raise a lot of private money. I work with that, thousands of real estate investors showing them how to raise their own private money. Here’s the question, and I don’t have a clue to the answer, but you do.
Is there a way to use artificial intelligence in helping raise private money? If so, how?
[00:21:54] David Lecko:
Boy, I would need to know even more about raising private money than I already do.
[00:22:11] Jay Conner:
David, I wanna give our listeners and viewers, oh, you’ve already got the answer. Hang onto the answer. I wanna give our viewers a free gift for tuning in. I’ve got my new downloadable ebook. It’s called Seven Reasons Why Private Money.
We’ll skyrocket your real estate business and help you build incredible wealth. Now’s the time to get private money. This guide will put you on the fast track to getting private money. You can download it for free at www.JayConner.com/MoneyGuide to get on the fast track to get private money for your real estate deals. Alright, David, what does your artificial intelligence tell you about raising private money?
[00:23:05] David Lecko:
Raising private money can be a good option to finance a real estate deal like this one. Here are some general suggestions. Personal network. Reach out to people you know who might be interested in getting better rates than their savings account.
Real estate meetups advertise the opportunity on social media, crowdfunding platforms, or hard money lenders. I think it needs to add number six, Jay Conner’s event. June 21st and 25th.
[00:23:33] Jay Conner: Absolutely. That’s pretty cool.
[00:23:37] David Lecko:
So you go in there and you give it a prompt of how to raise private money for real estate deals.
[00:23:38] Jay Conner:
So it’s giving you a checklist of different ways that you can use.
[00:23:44] David Lecko:
I’m gonna write it. What would I say to a family member that might want to be my private lender? Let’s see what it says.
[00:23:52] Jay Conner:
Don’t you love playing with that stuff? Yeah. And it comes back so fast.
[00:23:59] David Lecko:
Okay. Yeah. It says, Hey, family member. I wanted to talk to you about an investment opportunity that I think you might be interested in. I found a property that has a lot of potential. I’m looking for a private lender to help me finance the purchase. This is a safe and secure investment that can provide a good ROI. Would you be interested, how does that differ from what you would say?
[00:24:18] Jay Conner:
Yeah, so what I do is I’m, I separate and I teach, separating the conversations. Of talking to a new potential private lender and talking about a deal, because I got eight and a half million dollars of private money that we use from project to project. And interestingly enough, David, I’ve never asked for money.
I’ve never asked for money, I’ve never pitched a deal. And they say, Jay, how do you get all that private money and you never ask anybody for money? The answer to that question is I put on my teacher hat and I start, and I teach people. People that I’ve got some kind of connection with, I teach ’em what private money is.
They never heard of it. Right now I’ve got 47 private lenders. None of them ever heard of private money. They didn’t know what it was until I taught ’em about it, and they never heard of self-directed IRAs and how they can use their retirement funds in addition to just investment capital to get unlimited earnings per year, either tax-deferred or tax-free.
So I teach ’em what it is. I teach ’em my program. What interest rate can they earn safely and securely? How we protect them, how we sell our houses, how they get their money back in case of an emergency. Takes about 20 minutes to teach the program. I don’t even have to ask ’em for money, and when I get through teaching how it works, then if they’ve got investment capital or retirement funds, they’re gonna be saying how do I get started?
Do I write you a check? And of course, the answer is no. You never write me a private lender. Don’t write me a check. They’re gonna wire their funds to my closing agent, my real estate attorney when we have a deal. So they tell me how much they got. And so then I said, I’ll put your money to work for you just as soon as possible.
So let’s say in a couple of weeks, I call ’em up. Believe it or not, David, we actually still have handsets and cords attached to handsets here in North Carolina. A lot of people haven’t even seen that. But anyway, I’ll call up my private lender and I’ll tell ’em I’ve got great news for you. I can now put your money to work.
And I’ll tell ’em where the house is located, the township, what the after-repaired value is, the funding required for the deal. I know they got it. They already told me the date that we’re going to close on the deal, and that’s it. And so I’m not asking ’em if they want to fund the deal. That’s the most stupid question in the world I would ever ask.
Of course, they want to fund the deal. They’re waiting for that phone call. So to answer to your question, What do I say to a private lender? One of my favorite ways to start a conversation with a potential private lender is by asking them, did you know questions I love? Did you know the questions? One of my favorite, did you know questions is, did you know that there’s a way people can earn unlimited money per your tax-free?
Of course, I’m not gonna know the answer to that. And the answer is it’s by using self-directed IRAs where you have a Roth IRA and a separate ira, and then that leads to a conversation. So again, in answer to your question, David, we separate the conversations. Teaching and someone learning about private money, and then we actually deploying and putting their money to work to invest in their first deal with us. Does that make sense?
[00:27:26] David Lecko:
It makes a lot of sense. Yeah. I always forget about that Roth IRA I’ve got sitting around Jay. I need to invest that stuff in real estate. Geez.
[00:27:34] Jay Conner:
Yeah. My question is you know, would you like to get high rates of return safely and securely?
[00:27:39] David Lecko:
Oh yeah. All day, every day.
I’m your man.
[00:27:43] Jay Conner: Cool.
[00:27:45] David Lecko:
I got $60,000 in there. What can I do with $60,000, Jay?
[00:27:50] Jay Conner:
I can’t buy a house with $60,000, but I can put your minute to work and I can use it for rehabbing a house. Most of my rehabs are 40, 40, 50, and $60,000 of the rehabs.
[00:28:01] David Lecko:
Amazing. And what type of return and timeframe could I expect for doing that?
[00:28:06] Jay Conner:
10% would be your return. We pay 10% for rehab money and typically on the rehab money, we’re gonna be using it for about six to nine months, depending on, the scope of work that we’re gonna be doing.
[00:28:18] David Lecko:
That’s amazing. Less than a year. 10%. And if something goes wrong, I’ve got the house, but nothing’s gonna go wrong.
You’ve done this so many times.
[00:28:26] Jay Conner:
475 rehabs. Of course, we never get the estimation of repairs. Totally correct. It always costs more. Murphy always shows up, but the magic is not in estimating repairs. The magic is in making the right offer, which there you go with your AIin your Deal Machine, knowing what to offer.
David, one more time. Tell everybody how to get signed up and signed on with the Deal Machine and get any questions answered.
[00:28:55] David Lecko:
This is something you’ve gotta put in your hands and try yourself. I promise you, you’re gonna have so much fun and you’re gonna be able to analyze deals so much quicker by getting a quick response and analysis through ai.
The best place to sign up is a seven-day free trial at www.DealMachine.com. And then if you have any questions, we’ve got an active support team. You can ask the ai, you can ask my support team. You can ask me at Delco on Instagram. And then I think that’s everything that you asked for Jay. That’s where you can get ahold of me and try out the AI that can tell you.
It knows everything about that property you’re looking at, and it’s also available on the mobile app in the palm of your hand while you’re out there looking for deals.
[00:29:32] Jay Conner:
Head right on over to www.DealMachine.com and you can follow David at https://www.instagram.com/dlecko/ on his Instagram. I love you, brother. Thank you for joining me in Raising Private Money.
[00:29:47] David Lecko:
Love you too, Jay. Can’t wait to do a deal with you.
[00:29:50] Jay Conner:
You got it, man. There you have it, my friend. Another amazing episode of Raising Private Money with Jay Conner, and I need your help. I know you don’t wanna miss out on any upcoming episodes, so be sure if you are listening on iTunes or Spotify. Be sure and follow and be sure to, if you’re watching on YouTube, click that bell and subscribe and be sure and share this episode.
What an amazing episode with David Lecko. I’m Jay Conner, The Private Money Authority. Wishing you all the best. Here’s to taking your real estate investing business to the next level, and I’m looking forward to seeing you right here on the very next raising private money with Jay Conner.
