In our latest blog post, we explore how Diego, a college student attending Texas Tech University, has successfully closed over 20 wholesale real estate deals while managing his studies. Diego's journey into real estate investing is a testament to the power of perseverance, dedication, and the ability to control one's emotions in the face of challenges.
The First Deal
Diego's first deal took seven months to secure, and the process was far from easy. In months three, four, five, and six, he found himself questioning whether wholesaling was a viable business model and if he should continue pursuing it. However, deep down, he knew that it was a proven strategy, and that knowledge pushed him to keep going.
"My first deal, that was definitely a journey. It took me seven months to get it, and it was a process. Month three, four, five, and six. I'm thinking to myself, does this really work? Is this something that I should continue doing?"
Before landing his first deal, Diego had several contracts fall through. As a newcomer to the industry, he was still learning the ropes and didn't know how to run comps or market properties effectively. Despite these setbacks, he persevered and finally secured his first deal, which turned out to be a lead that came in on his very first day of cold calling.
Balancing College and Real Estate
One of the most remarkable aspects of Diego's story is that he has managed to close over 20 deals while attending college. He credits his grandparents' financial support for his education, which has allowed him to focus on his studies and devote his free time to wholesaling.
Diego's unique situation has enabled him to make calls from his dorm room and work on his real estate business without the added pressure of covering his living expenses. This financial stability has been a significant factor in his success as a young investor.
Marketing Strategies
Diego's marketing strategies have evolved over time. Initially, he performed cold calling himself, which led to his first deal. As he closed more deals, he was able to hire cold callers to assist with lead generation. Recently, he has shifted his focus to pay-per-click (PPC) advertising and ringless voicemails, both of which have proven to be highly effective.
To source his data, Diego relies on DealMachine's absentee data and skip tracing features. He pulls the data, uploads it to Excel, and then uses it for his marketing campaigns. By sending out approximately 40,000 ringless voicemails per month, Diego generates an average of 10-12 leads per week, with a conversion rate of around 11 leads per contract.
Investing in the Future
With an average deal size of $20,000 to $22,000, Diego is investing his profits back into his business. As a young entrepreneur, he has big goals and a clear vision for his future. He aspires to own multiple businesses and invest in real estate for long-term wealth building.
Diego's long-term plan involves building a systemized business with people, processes, and systems in place to generate consistent cash flow. This will allow him to focus on acquiring other businesses or cherry-picking deals to grow his real estate portfolio.
Advice for Aspiring Wholesalers
When asked what advice he would give to someone looking to get into wholesaling, Diego emphasized the importance of learning to control one's emotions. He acknowledged that it's easy to feel discouraged when things aren't going well and to become complacent when success starts to come.
"Learn to control your emotions. When things are good and when things are bad, it's hard. When things are going good, it's very easy. When things are going bad, it's very easy to say, like, hey, this doesn't work. It's not worth it, and it's easy to quit."
Diego's story serves as an inspiration to aspiring real estate investors, particularly those who are still in college or just starting out in their careers. By staying focused, persistent, and emotionally grounded, it is possible to achieve significant success in the world of wholesaling real estate, even while juggling the demands of higher education.
As Diego continues to grow his business and work towards his long-term goals, his journey will undoubtedly serve as a powerful example of what can be accomplished through hard work, dedication, and a willingness to embrace the challenges and opportunities that come with being a young entrepreneur in the real estate industry.
About Benjy Nichols
Benjy has been a media specialist at DealMachine for the last 2.5 years. He produces, writes, shoots, and edits our media content for our member's DealMachine and Real Estate education.