Real Estate Coaching – See How Much Success It Brought This Student
Hi, I’m Dave Dinkel and today we’re interviewing John Aaron. John happens to be one of our Mentor students who has been in the business for a while now. His goal when he came to me originally was to do a deal a week and I said to him that’s an aggressive goal but it can be done. And then in about six months now that he has been on the system, he’s gotten to a point where he is doing a deal a week. Now, tell us about your background in real estate investing before you came in.
John: Well, I was always very interested in investing in real estate. When I came here I was looking everywhere for it online, looking at different gurus, getting information from almost anybody who would give it to me. And then I find out about Dave Dinkel and his educational hours and I started getting into that and I found out about the Mentoring Program and I joined that in November and it has been great since then with Dave.
Dave Dinkel: We’ve given you all the support you need and more, haven’t we? And it has been working pretty well.
John: Way more. I used to email and call, thinking that he wouldn’t answer back and it was never a problem. It was always quick responses.
Dave Dinkel: One of the things that’s kind of the ultimate goal in our system, our mentoring system, is to do the $100,000 a month. We have a number of students who achieved that level. And once you achieve it, it’s pretty easy to maintain. Now, if you’re doing a deal a week, our average in commission or profits on these deals is around $15,000 to $18,000. So this month, you’re going to be closing four or five deals and you’ll be right at $60,000.
John: Yeah, around $60,000 yeah.
Dave Dinkel: So, he’s on his way and let’s just generally talk about what do you do? How do you do that?
John: It’s not easy. There’s a lot of work that goes into it, yeah.
Dave Dinkel: But again, if you’re earning $40,000, $50,000 a month…
John: Yes, it’s worth almost a little bit.
Dave Dinkel: A lot of people work 20 hours a day and they don’t earn that in a year.
Dave Dinkel: So the reality is it is hard work but it’s much rewarding.
Dave Dinkel: So, tell us some of the things you do. Some of the things…
John: The first thing I do is when I wake up in the morning is I make my offers, like you say. From that, I follow up by calling and emailing sellers and agents who I’ve made offers to. And that’s the most important part as you’ve taught us is the follow-up. You can make all the offers you want but if you don’t follow-up they’ll forget about you. So the follow-up is what I focus on the most.
Dave Dinkel: One of the things we like to talk about every once in a while is how long ago he started on a deal. And some of these are three or four or five months.
John: Yeah. Like the one in– so I did it was last year I think December or November and it just closed a couple of months ago.
Dave Dinkel: Yeah, it’s amazing.
Dave Dinkel: But that’s the key, that’s where the money is. So, we don’t have a specific deal in mind at the moment that we’re talking about because you’ve got a whole bunch of them going on but for aspiring potential students that might be coming onboard or people who want to get into real estate investing, do you have any comments for them?
John: Just stick with it. If you decide to do it, stick with it. If you have a month or a week that doesn’t look good, just stick with it. Listen to your mentor, Dave. They have done it before. They have been there before. If you stick with it, it will come out how you need it to come out. A lot of people quit like a lot of friends that I knew at the beginning. They are not doing anymore. They say it doesn’t work. This, this, that because they don’t listen. If you listen to what Dave says it will work 100%.
Dave Dinkel: How many deals do you think do you have in the pipeline right now?
John: Deals that I have in the pipeline now let’s say four to five.
Dave Dinkel: Now, did you know we’re closing?
Dave Dinkel: But in prospective deals, do you have any concept on that like 20 or 30? Do you keep– try to keep it in your pipeline?
John: Yeah, at least that, yeah.
Dave Dinkel: Yeah. There’s something else I want to ask you about. Oh, the other thing I want to mention was how many of the deals that you’re getting are listed deals?
John: I would say 60%, 50% that I…
Dave Dinkel: OK. That actually wind up being done.
John: Done. Yeah, yeah, yeah.
Dave Dinkel: OK, out of that 50% or 60% of the deals you’re doing, how many of those are you’re having to pay over list price because there’s so much competitive bidding from other investors?
John: Zero. [Laughter] I never paid over list price.
Dave Dinkel: That’s what we can’t get people to understand. The average concept is that it’s reinforced by the Realtors® is every deal that they have listed is going to sell higher than the listing price and you have to offer more. The reality is if you do, you can’t do anything with it. You can’t wholesale it.
John Aaron: Right.
Dave Dinkel: So, John thanks for being here. A couple of days ago, John picked up a check which he went over and cashed. I think he spread out all the money out on his bed. But thanks very much. Thanks for being part of the system.
John: I appreciate you guys.
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