BiggerPockets Real Estate Podcast

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

Oct 12, 2023

Former burnt-out tech worker David Lecko achieved financial freedom in just two years through off-market real estate deals. He shares his strategy of finding deals by driving for dollars and purchasing the properties nobody else wanted. David explains how to find off-market real estate deals the RIGHT way and turn a few properties into millions of dollars of wealth and close to six figures a year in passive income.

01:05:26

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Episode guests

David Lecko

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Episode notes

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Quick takeaways

Finding off-market real estate deals by driving for dollars or paying someone else to do so can lead to financial freedom in just two years.

Scaling the driving for dollars strategy by hiring a driver and having regular meetings to review properties added can help in expanding the real estate investment business.

Building a large list of potential opportunities in the driving for dollars strategy, analyzing deals based on profit margins and rental cash flow, and networking with experienced investors are critical for success.

Deep dives

First Deal: A House with High Equity

David shares his experience of getting his first deal by offering $4,782 for a rundown property worth 600 square feet. He repaired it and rented it out, resulting in a successful investment.

Introduction

2min

Founder of Deal Machine, Taking Action, and Sponsors

6min

Changing Landscape of Real Estate

20min

Passive Income and Sponsors

3min

Lessons Learned from a Real Estate Deal

20min

Equity, Distressed Properties, and Rental Potential

14min

Resources, Thanks, and an Advertisement for BiggerPockets Agent Finder

3min

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

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