072: Creating a Deal Machine by Driving for Dollars with David Lecko

Most real estate investors have heard the term “driving for dollars.” In the past, it meant using paper and pen to take notes. Maybe you’d follow up--but perhaps you’d forget.

In this episode of Zen and the Art of Real Estate Investing, Jonathan sits down to chat with David Lecko, CEO of DealMachine, an app designed to help investors “drive for dollars” using modern technology. DealMachine strives to streamline the process of locating properties, including information like property data and owner contact information. David designed this app after becoming frustrated at losing out on a property he had previously targeted as a potential investment. Ultimately, he learned there was a market for this kind of tech in real estate, and the rest is history.

Jonathan and David unpack the crux of the driving-for-dollars strategy, what lies at the heart of the success of DealMachine, and why meetup groups matter so much to real estate investors. They explain why it’s okay not to have a script when speaking with property owners, what they’re both doing in real estate as interest rates and prices remain high and how David helps investors overcome analysis paralysis. Finally, they explore the idea of creating your own luck in this business.

Jonathan’s conversation with David Lecko is insightful, interesting, and thought-provoking for new and seasoned real estate investors.

In this episode, you will hear:

David Lecko’s introduction to real estate and how a demanding job ultimately led him to make a career switch
A chance encounter at a meetup that gave him the idea to sell the app he developed
David’s first property investment and how he funded the renovation with credit cards
The goal of the Driving for Dollars app and why it makes it easier for potential investors to follow up on properties
The role of meetups in his investing journey and business model
What investors are struggling with in today’s market
Why your goal shouldn’t be to try to time the market
How David handled his first deal opportunity and what he would tell someone else to do in that situation today
Some issues that prevent investors from getting started and David’s tips for overcoming analysis paralysis
Where his customers initially came from, and what he does to retain them today
His podcasting experience and the most enjoyable parts of podcasting
The biggest lesson David Lecko has learned about investing

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