106: How To Make $20,000 Per Month Wholesaling Real Estate

Dominique Brown shares his journey into wholesaling real estate, starting with his discovery of the concept through an interview on the Breakfast Club. After getting fired from his job, Dominique decided to pursue wholesaling and partnered with a friend who was a real estate agent. They began driving for dollars and found their first deal, a hurricane-damaged property. They sold the property through a partnership with Net Worth Realty and made a profit of $7,000. Dominique has since completed over 50 deals and continues to build his buyer's database.

Takeaways

Wholesaling real estate can provide an entrepreneurial opportunity for those who are not suited for traditional nine-to-five jobs.

Driving for dollars is an effective strategy for finding distressed properties to wholesale.

Networking with experienced wholesalers and real estate agents can help beginners learn the ropes and find buyers for their deals.

Building a buyer's database and utilizing email marketing can help wholesalers quickly sell their properties.

Key Talking Points of the Episode

00:00 Introduction

01:14 What is Dominique’s background?

11:03 How has Dominique’s success impacted his lifestyle?

19:45 How has Dominique’s childhood impacted the way he approaches real estate?

21:22 Why is it important to focus on one thing if you want to succeed?

22:01 What was it like for Dominique to buy his first duplex?

26:32 How did Dominique find his first few off-market deals?

33:02 Why is it important to calculate your BRRRs accurately?

39:35 What does Dominique’s portfolio look like today?

42:03 How did Dominique make his business sustainable through market cycles?

47:16 What is Dominique’s favorite deal like?

54:26 Why is it important to get better at hiring people for your business?

57:27 What lessons did Dominique learn from his favorite deal?

58:28 What is Dominique’s least favorite deal?

01:07:34 What lessons did Dominique learn from his least favorite deal?

01:10:51 Why are relationships important in real estate investing?

01:19:01 What is Dominique's advice to his younger self?

01:21:10 What is the most overlooked or overhyped investing strategy today?

01:24:02 How can you connect with Dominique?

Quotables

“That’s a great thing as an investor – to actually hold your properties because it’s one of the things that set people apart, in the long run, is who has actually ridden through that time and allowed these properties to appreciate versus constantly selling and turning and chasing your tail to some degree.”

“I think it’s good to have a default setting of I’m gonna try to hang on to these and then when there’s really moments and times where it makes sense to let go of a property, then do so, but for it to be sort of Plan B and not Plan A.”

“If there are scenarios where you can own real estate and it didn’t really cost you anything, and now you’re getting the mortgage paid down and the appreciation and cash flow, then that’s great too.”