#102 Why 50% of Real Estate Deals Die at Closing (And How to Fix It) | David Olds
Why 50% of Real Estate Deals Die at Closing (And How to Fix It) breaks down the real reason so many contracts never make it to the finish line—and what professional operators do differently to close consistently. David Olds shares how title issues, foreclosure timelines, probate surprises, and “investor-friendly” misunderstandings quietly kill deals, plus the simple fix: frontload the entire closing process from day one with the right checklists, weekly seller touchpoints, and the right title company for the deal type. The episode also covers how transaction coordination frees investors to stay focused on sellers and buyers, why outsourcing can become a profit center, and what to do when market regulation and shifting conditions create new obstacles.
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Show Transcription:
Nobody really understood about getting deals closed. And why do 50% of the deals in the country never get to closing? Does that mean they’re going to do a innovation or a sub two or they understand what an assignment is? And they’re not going to tell you that that’s illegal because not every title company is built the same. I’m not saying title companies suck. I’m saying understand what they do and what they don’t do. There are so many opportunities out there we are seeing with our clients. We track relentlessly the data and we are seeing the average contracts per client are actually going up every month. We are here to solve problems and make people’s lives better. So don’t go out there and be a knucklehead and screw deals up for people, but go out there and just help them. Success is spending time with the people that I really enjoy.
Noah Kesslin (00:38):
What’s going on guys, welcome back. David, thank you so much for coming on today. I know you’re doing a ton in the real estate space, but I’m curious to figure out what got you initially into real estate in the first place.
David Olds (00:52):
Wow, man. If I can remember back that far, 22, almost 23 years ago, I read Rich Dad, poor Dad, the most cliche thing ever. I was in the Orlando airport picking somebody up and I was killing some time and I’m in the bookstore leaning on the bookshelf, just randomly picking up books. And I picked up this little book and I started reading it a couple of pages. I’m like, this is pretty cool. I kind of like this. I’d always been interested in real estate and doing stuff. So I bought that and I went home and just consumed it within a couple of days. It was really cool. A couple of years ago we actually got to meet Kiyosaki. But yeah, I read it and at the end he says something very simple like, Hey, if you want to be in oil, go get around oil people.
David Olds (01:27):
If you want to be in stocks, be around stocks, stocks, people, but if you want to be in real estate, go join a real estate group, a meetup or something like that. And this is my God, early 2000. So I did it. I went to my big computer. You were probably still in elementary school, and I’m hitting on the big keyboard and on web crawler. This is way 10 years or eight years before Google even came out. And I’m like real estate investment group in Orlando. And yeah, I found CFRI, which is Central Florida Real Estate Network or whatever it is. And I went to a meeting and that I was actually really afraid to go in the first time. I actually drove all the way to Orlando from DeBerry, Florida and didn’t go in because I was like, oh my God. I drove into the parking lot and there were all these cars with magnets and decals and wraps, and it was like, I buy houses, realtor, inspector, hard money, soft money, whatever, all this stuff.
David Olds (02:15):
And I drove through and I’m like, oh my God, I shouldn’t be here. I don’t belong here. And I literally drove out the backside and went home and I got so mad. I came back two months later and if you’ve ever done this, you’re driving white knuckle and I’m doing this. I was like, I had to psych myself up the whole way down there. And I went in and literally one of the best decisions I ever made, and it was a really active rehab. They literally had meetings four nights a week in all the different counties around Orlando. And yeah, I just got involved and got immersed and went to all the classes and did all the things and showed up and because this was back before YouTube and all that stuff, so you had to actually show up someplace to learn. And yeah, that’s how I got started.
David Olds (02:53):
And I did this in Florida until 2009. My wife and I at the time, at the time, I had a full-time job. She had a full-time job. I worked, I was a building material salesman for like 84 Lumber and Build, and she was a assistant purchasing manager for a custom home builder. So this was our part-time gig and we were buying and remodeling houses and reselling them, some of ’em we’d live in for two years also and be fixing those up. So yeah, that was how I got started until the end times 2009 when the market just absolutely crashed and she lost her job, I lost mine. We literally, all that money that we’d made, nobody ever saves that. I had to start looking for other markets, other places where we could go, where we thought real estate was going to be good. I had one last house that I had rehabbed and I couldn’t sell it just the market had crashed so fast because I’d been to all these classes.
David Olds (03:43):
I knew how to do a lease option. So I lease optioned that property. I literally left Florida with $5,000. It was a U-Haul, my wife, two boys and three fat dogs and my brother. And we relocated to Chattanooga and I bought this subject to house, and I had been going back and forth a little bit. We were planning on this move. So I had contracted this house probably like four months before. And if you’ve ever looked at a house or anybody listening, you look at it and in your mind you’re like, oh, that’ll be great. I was going to buy it as a rental. But when I actually needed someplace to move into, that was the only spot I had. And drove 577 miles. I’ll never forget, it was the longest day ever in a U-Haul, 26 foot U-Haul truck. Went to the closing, got to the house, and it was like eight o’clock at night by then.
David Olds (04:26):
I remember just like everybody’s exhausted, it was everything we could do to pull a couple of mattresses out and just throw them on the floor. And we left a nice remodeled house. And we’re here in Chattanooga, not the best area by the way. I would never buy that area again. For me, we’re in this house, it’s kind of on the side of Missionary Ridge, it’s June in Chattanooga, which is hot as balls. And I set up this oscillating fan. It was everything I could do. Got the kids, some couple of burgers. And I remember the house, it’s a little crooked. It was this a hundred year old house. The doors didn’t close. There was a mouse running around. One of the electrical poles was out. So half the power wasn’t working. There’s no air conditioning, and it’s dusty and cobwebby. It looked like the Adams family.
David Olds (05:05):
And I remember just laying there that night going, what in the fuck have I done? I left Florida this house that was remodeled. Yeah, probably could have found a job, probably could have figured it out. And I laid there and I’m like, this is the worst mistake, the worst thing that I’ve ever done. How as a dad and a husband and all this stuff, how could I do this? And I’m going to tell you, man, I cried myself to sleep at night. We all have those moments in our life that we kind of resonate and they stick with you forever. That feeling. And this was that. I just thought, this is just the worst thing that I’ve ever done. And a lot of times we’ve been in that position, whether it’s business or something else, but the next day you have to get up and go, okay, I got to figure this out.
David Olds (05:47):
My dogs want cookies and my kids need shoes. School is coming. We have to figure this the fuck out. And this is that kind of idea of burn the bridges or burn the boats or whatever. And I not recommend it for somebody that’s married with kids. It was the dumbest thing ever. But luckily it worked out and we fell back on what we knew, which was real estate. I had never whole sailed a deal, which people find fascinating because I’ve done over 1600 deals, but had not done a wholesale deal up until that point. And we went out and we had no money. I was half a broke. It wasn’t like we just picked this house. It was available. I had no money. We left with $5,000. I paid for the closing out of it, and there we were. So I went and bought some blank bandit signs and some markers and started drawing up signs. We bought houses and just started plastering them all over town. And we got our first deal within a couple of weeks, and then we just kept reinvesting and it just started snowballing. And within that first year’s time, I think we did like 35 or 40 deals, something like that. So yeah, just fucking bootstrapped it. We had to find a way to make it work,
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Noah Kesslin (07:29):
That’s awesome. And what does your business look like today?
David Olds (07:33):
Today? Completely different. If you’d have told me back in June of oh nine that we would own the largest transaction coordination company, helping investors and wholesalers all across the country close their deals, I would’ve been like, what is a transaction coordinator? I don’t even know what that means. So yeah. So we went through a long evolution like everybody’s business does. One thing I tell people is you always want a vision. You should have a vision, but that’s going to change. It’s just going to change. You’re going to change. Your business is going to change, the market’s going to change. So where we’re at now, where we are at now, we don’t run an active investing business. This business got too big. So we’ve got over 25 people here, and we work with real estate investors all across the country. And our job is to make sure these deals close and we handle all the title curative stuff, the things that really slow investors down and really take up so much of their time.
David Olds (08:19):
But in between, man, we were wholesaling and then we shifted to a rehab model a little bit. When the market got better, I brought in different partners. We went from working just in Chattanooga to 28 markets all across the country. So we’ve expanded, we’ve shrunk, we’ve done all of the different things. But one thing when I was coaching and doing, I coached a lot on dispositions and training teams all across the country, is we realized that nobody really understood about getting deals closed. And why do 50% of the deals in the country never get to closing? Because what do we do as investors? We go out there and we search for people with problems, even in TV ads, got a house you don’t want, got foreclosure, got bankruptcy, getting divorced, inherited a house, bad tenants, job transfer. Those are the people we go after. So those are naturally people with big problems.
David Olds (09:11):
And all of those big problems are title problems. And in order to get this thing over the finish line, somebody has to knock all those things off and fix them. And a lot of times, this is why 50% of deals don’t close because we don’t understand how to fix them. Or some title companies like, oh yeah, you can’t close this. You need to go through probate. You need to go through bankruptcy, or whatever it is. And what I realized in my own business after being told that nonsense over and over and over again was, yeah, a lot of times you can solve this. There are other ways to kind of navigate these things. So yeah, we realized there was just a huge just vacuum in our industry and that nobody was doing this at a really good competent level or at scale, and nobody could help investors with any deal type or in any state. And I think that’s probably one of the reasons we’ve had such big growth.
Noah Kesslin (10:02):
What do you think the most common misconception is about your offer?
David Olds (10:06):
Yeah, easy. A lot of people are like, oh, I can just keep doing it myself. Which yeah, the odds are still the odds. 50% of those deals are never going to close. And if you are going to close your own deals, that’s cool, but is that the best use of your time? If you’re running a wholesaling operation or you’re a CEO and you’re running your business, what is the thing that you do that moves the needle most? Is it being on the phone with buyers? Is it being on the phone with sellers? Is it fixing your marketing? No, they have you to make sure their marketing is right. But those two items right there, that’s what you should be doing as a business owner. Talking to buyers, talking to sellers, talking to buyers, talking to sellers. That’s how you fill your pipeline and that’s how you spin the wheel of your business faster and faster, not doing paperwork and not doing paperwork that you probably don’t understand.
David Olds (10:57):
So for us, yeah, that’s it. So no matter what phase you’re at, whether you’re doing one deal every three months or 40 deals a month, we have clients at all of those levels. And then the other thing is we can show you how to have your buyer pay for us, offset that cost. So why would you not want a team that’s done 8,000 transactions in the last four years? Where are you going to get that level of expertise? But also we’ve closed more than a half a billion dollars in transactions for our clients. So yeah, I think that’s one of the biggest ones. Or the problem for me, and this was a thing that really stunted my growth as an investor, was I wore this as a badge of honor. I’m the smartest guy. Nobody could care as much about my business as me. Nobody’s going to work as hard. And that’s all just such a bunch of bullshit because the reality is we’re all great at something. You’re good at stuff. I’m good at stuff. Every single person, if you’re listening to this, there’s something in your business that you’re absolutely amazing at, but you’re not fucking good at everything.
David Olds (11:57):
Let’s be real, and you’re probably not good at this. And figuring out what a monument of title is or where do I find lost death certificates? Or what if the trust documents are gone? Or, Hey, one of the heirs that’s in this deal is in prison and I need to figure out how to get them to sign, right? That’s just a Thursday for us. That’s the stuff that we do every single day. So imagine a world where you don’t jerk with any of that stuff. You’re just out getting your next deal, And
David Olds (12:23):
You literally just hand those contracts to us and it’s our job. It’s our job to make sure that they close. And now you’ve got 30% of your time back. How much more business can you do or go on vacation, go to St. Thomas, man, have margaritas on the beach. But just knowing that these deals are going to get closed. And that’s the thing I hear most from our clients after they’ve been here 30 or 60 days, man, David, I had no idea how much time this was taking, right? Because 20 minutes here, five minutes there, an hour there, right? It’s just death by a thousand paper cuts,
David Olds (13:00):
And you just don’t realize how much this consumes you and you just think you have to do it. And the other thing is, it’s exactly that. They’re like, man, I had no idea. I didn’t have to do this. I didn’t even know what a transaction coordinator was. And as much as I’m on as many podcasts like this as I can be on, there’s still people out there who they don’t realize that this is a thing that they can bring in the very best in the country, not just us tcs. We can bring in 10 X TV to do our marketing. I don’t need to figure out how to negotiate TV contracts for commercials. And that’s the biggest difference in our industry since I started in 2002 to where we are today, is now we have these resources, the internet, it’s an amazing thing. I can have the best marketers and the best transaction coordinator and the best bookkeeper and the best property manager, and I don’t have to hire them into my office. I can literally pick the best people in the country to come in and amplify everything that I’m doing in my business. And this is how the smart operators are growing.
Noah Kesslin (14:02):
What mistakes do you often see investors make when it comes to TC work that is different about your guys’ process that can either waste a bunch of time or money, but really what’s the biggest mistakes that you commonly see?
David Olds (14:19):
Yeah. Well, I mean, I can tell you what makes us different, and I think that’s going to really show it. A lot of times. Here’s what happens, right? Somebody gets a contract, they’re like, woo hoo, this is going to be a banger deal. This is going to be awesome. I’m going to make 50 grand on this order, the jet, I’m going to be rich. And they turn it over. They call some random title company and they say, Hey, are you investor friendly? What somebody on YouTube told me to ask? And they’re like, yeah, send it over, because the girl who’s answering the phone doesn’t give a shit. She’s like, just send it over, fax it over, we’ll put it in the system we’ll work on. But investor friendly means a lot of different things to a lot of different people to that girl. It could be, yeah, we have some builders who buy lots and build houses. He’s an investor. Yeah, we’re investor friendly. We’ll close your deal, but does that mean they’re going to do a innovation or a sub two or they understand what an assignment is? And they’re not going to tell you that that’s illegal because not every title company is built the same. It’s like restaurants. You got the Italian restaurant, the Taco restaurant, the muffin shop. They’re all built for different things. And we used to own a title company that was active in six states. This is the worst business because we bring the crazy,
David Olds (15:29):
We bring the bankruptcy, the divorce, all of this stuff, and those are hard deals for a title company and they’re risky.
David Olds (15:37):
I want everybody to listen to this just so you understand what you’re dealing with. It’s an insurance business. They are writing insurance, a title policy against your deal that if anything goes wrong, they’re going to cover that. It’s risk, man. It’s just risk and reward. So they don’t love our deals. That’s why they’re very particular about it. So one thing that we do is we’re very picky. We have over 600 title companies that we work with in the country that we have vetted, that we know. So if you get a wholesale deal in West Virginia or Novation in New York, or a sub two in Florida, or a sub two in FHA financing in California, that’s why we have 600 title companies. We know who the right person is to send your deal to. So first mistake is that just assuming that the title company is going to handle your deal, the title companies, their job is not to make sure your deal closes.
David Olds (16:27):
That’s a misnomer. People just think, oh, I have a title company. They’re going to handle it for me. This is why 50% of deals die, right? The title company’s job is to protect their interests. They are not chasing down your sellers, calling them every week just to make sure they’re okay and that they’re comfortable with the process. They’re not tracking down EMD from your buyer. Any title problem that comes up, they’re kicking it back to you and you need to go fix it. That’s not their deal. But when you have a coordinator, that’s the coordinator’s job, a transaction coordinator. And here’s the thing to kind of go back, the thing that makes us really special is when a title company intakes your deal, they’re going to look at a couple of things. They’re going to go buyer name, seller name. They’re inputting into their system.
David Olds (17:09):
I used to own the same system, and what’s the closing date? And if your closing date is in 45 days, that’s the date that goes in there, and that’s their target date. And they’re not going to do anything until about 10 to 15 days before they’re not doing title searches are not that complicated because they’re working on other deals and they’re working on those realtor deals where they make the most money for us. Here’s what we do that’s different is the minute you upload that contract, you’re going to upload it. We’re going to assign it to the right title company for that type of deal. We’re going to assign it to a coordinator, and then Claudia’s going to call up Mrs. Smith and go, Hey, Mrs. Smith, I’m working with Noah on your deal over here at 1 2 3 Main Street. Hey, Mrs. Smith, I’m going to be your point of contact from here.
David Olds (17:49):
The way to closing, you’re out. Go get your next deal. You’re done with this, right? You’re good, right? Hey, Mrs. Smith, I have some questions for you from the title company, so I’ll get you paid just as quick as possible what they want. So this is where we really specialize in, and now we’re going through and we’re asking all those questions that normally pop up at the end. Hey, is Mr. Smith going to be able to sign? I see he’s on title. Oh, Mr. Smith has passed away. I’m like, oh, we’re really sorry to hear that new checklist. Now we’re in the probate checklist. So now we’re like, fantastic. Here’s what we’re going to need. We’re going to need a death certificate. We’re going to need you to, who else? Are there any heirs? Did he have any children?
David Olds (18:29):
We’re going to need to get two disinterested parties to do an affidavit of heirship. Great. Or we’re just going through those questions. Hey, is it rented great? Is it rented? Awesome? Can we get a copy of the lease? Can we get the tenant contact? Can we get the rent, the monthly rent and the security deposit? We’ve got to get that on the hud. That’s literally always the last thing that a title company will ask you. We’re getting this on day one. Hey, Mrs. Smith, I’m going to give you a call every single week. What’s the best way for me to get ahold of you? Phone call, text, email, carrier pigeon? You tell me I’m going to reach out to you and I’m going to make sure that we hold your hand through this process. Or here’s one that happened the other day, so maybe two months ago.
David Olds (19:04):
This girl uploads a contract. Our client does a lot of deals, and this kind is going to go to mistakes that people make just like, ah, it’s just a wholesale deal. Normal stuff, everyday stuff. I think Abby gets on the phone talking to Mrs. Smith, Hey, I’m going to be your point of contact. I’m working on this deal with Penelope, and we’re going through these questions and everything is great until she gets to, Hey, you’re not in foreclosure, are you? And normally they laugh. We laugh, the toaster laughs, and we all go on, right? She goes, yeah, actually I am. Oh, okay. And again, 8,000 of these, our coordinators are trained to deal with this. She’s like, oh, okay, great. Have they assigned you a sale date? She goes, yes, it’s in 72 hours.
David Olds (19:49):
You should hear the emergency break being pulled. We’re like, whoa, okay. Literally, she grabbed another coordinator. They spent the next two days getting the trustee for the sale, getting them on the phone, usually an attorney, and we got that deal. The sale date postponed for three months. And because of that, this girl was able to assign this and make $68,000. I am here to tell you that deal. Never. I just would’ve sent it off to the title company and thought everything was good because the seller didn’t tell me. And by the time the title company got around to doing it in 20 days, the sale would’ve happened. The deal was gone
David Olds (20:26):
Because that’s just how they operate. I’m not saying title companies suck. I’m saying understand what they do and what they don’t do. But because somebody was on that girl’s side and was protecting her business and her profits, we ask all of those questions. So that’s the thing that we specialize in. That’s the thing that makes us special, is we are trying to isolate every single problem that could come up on day one so that by the time we get to the end, it’s smooth sailing. So we’re frontloading all that work instead of trying to chase our tail at the very end and solve these problems for people. And that’s the thing that really separates us, and that’s why we have a 94% retention rate with our clients. I don’t ever want to go back to doing this shit again. It sucks, right? Well, you guys handle it. I’ll let my buyers reimburse me. I’m going to actually turn this into a profit center. You do it. I want to grow my business.
Noah Kesslin (21:17):
That’s awesome. When it comes to the word success, everyone’s got their own definition for it. Everyone strive for it differently. How do you define success and how do you strive for it every single day in your life?
David Olds (21:28):
Yeah, you’re exactly right. Maybe for some people, success is a private chat or an extra house in the mountains or living virtually. And just being a virtual nomad for me, and I’ve chased the money, dude, I’ve chased the deal count, I’ve chased all of those things. Probably a little bit different for me now. I’ve been doing this for a long time, Tony. I’ve got a really scaled up office where honestly, other than doing these types of things, which I could do anywhere, I don’t have to be here because I’ve got an amazing COO and lots of different layers in my company that do all of the things, but for me, it’s spending time with people that I enjoy, doing deals with people I like. And once you get to a certain level, you don’t have to deal with if someone’s an asshole, you don’t have to do deals with them.
David Olds (22:19):
So yeah, I mean, that’s the ultimate goal is how do I just enjoy life? And honestly, I say it’s peak life experiences. How do I go do the things that I want to do in my life? And that’s awesome, and that’s a lot of what people see on Instagram and TikTok and Facebook and all of those things. But to get there, you’ve got to put in the time. You’ve just got to do the time. There’s the a hundred thousand hours or whatever it takes, and you do have to put in the work. And that’s the negative side of social media is people see the glory, but they don’t see the days where I was standing in a basement at one of my rentals in 12 inches of sewage water, sump, pumping it out the window, pouring bleach in there to kind of kill the bacteria. So for me, a hundred percent success is spending time with the people that I really enjoy and not feeling all of that stress. But to get there, to get on the other side of the fire or the tornado, you have to go through it and you have to do the work. So we could definitely come on another time and talk about scaling companies or there’s just a lot of steps, and it’s not always throwing money or people at it. It’s making sure you have good systems and SOPs and KPIs, that kind of stuff.
Noah Kesslin (23:36):
What’s the biggest change you’re seeing in real estate right now? As far as the market goes?
David Olds (23:40):
Yeah, man. Lot of regulation. A lot of regulation. In fact, we’ve got a free report at, if you go to the war on wholesaling.com, it’s free. You can have it, but we keep track of every single for all of our clients, every single state and all the regulations that are coming out. So that’s the biggest change. South Carolina’s got probably one of the most restrictive laws, and eventually, not every state, but a lot of states are going to copy that, and once they do, it’s going to be difficult to wholesale. I don’t know that wholesaling is going to die, but however, on the flip side, the one thing about investors is we’re very light on our feet. We’re on our tippy toes. We can pivot very quickly. We can pivot much faster than any state can enact any law. So there’s always opportunity in these things, and this is what we’re seeing with our clients, and I’m sure you see it with yours too.
David Olds (24:38):
We can tweak our strategy. The other thing is, when I was starting 22 years ago, money was not on every corner. Like, dude, you can close any deal. And maybe they do decide to do away with wholesaling, but here’s the thing, now you can go out and get funds close on these deals and put it on the market and you’ll probably make more money. So there are so many opportunities out there. We are seeing with our clients, we track relentlessly the data, and we are seeing that average contracts per client are actually going up every month. So the people that have these systems and understand this, they are growing their business. And we go to a lot of events together and we see a lot of stuff on social media and the people that are out there, it’s the end of the world. It’s all these fucking problems.
David Olds (25:24):
I don’t understand why they do it, but if you could do wholesaling, whatever it was three years ago at the peak, at the fucking peak where the real estate market is on fire, every single seller could have put their house on MLS with a realtor. I don’t care what condition it is, and they would’ve sold it like that. So if you can do business, then tell me why. Now you can’t do business when the market’s down, people can’t, houses aren’t selling on the market. People are getting more desperate, more motivated, and now you’re the solution. You’re telling me that this isn’t like shooting fish in a barrel. So it’s a mindset issue. That’s one of the biggest problems that people have, is they want everything to be fucking easy and nobody wants to do any work. My God, man. People need help more than anything, and this is our job as investors. We are here to solve problems and make people’s lives better. So don’t go out there and be a knucklehead and screw deals up for people, but go out there and just help them. There are a lot of deals to be had. You’re not going to work through all the deals. A thousand of us can’t get all of the deals that are out there, all of the people who are losing sleep tonight over that property.
Noah Kesslin (26:29):
Right. Well, let’s say, obviously you’re not actively investing currently, but let’s say you were to restart all your businesses, go away. You can keep the knowledge of everything you’ve learned over the years, but you were to totally restart from scratch. What would you focus on first?
David Olds (26:48):
Easy, and I’ll tell telling you after 22 years, this is what I would do. First off, I lose everything. I’m down to a pen and a paper in my car. I’m driving for dollars, right? I’m driving for dollars. I’m picking maybe some lower end areas where there’s going to be a high concentration of vacant houses. Why do I want to live there? No, but think about this, and I hate this word, but you’re driving through the hood and you see all these people on a Friday night hanging on the porch. Do you think those people own their house? No. No. This is why we did our first probably 200 deals in these areas. There’s a landlord that owns that. What do landlords want? More properties. So I’m going to go out and I’m going to find those properties. I’m going to offer ’em to landlords and rehabbers and those low end properties, that’s the highest moving properties that you’re going to get.
David Olds (27:37):
Think about this. If you were to have two buckets, my bucket of people with $150,000 or my bucket with people with a million dollars, which bucket is fuller? $150,000 people, of course, because there’s more people with less people with a million. So I’m going to go out there and I’m going to find properties that will fit in, the people in that bucket want to buy. So that’s the first thing I’m going to do. When I get a little bit of marketing money, I would probably target, honestly, I’m going to go after multifamily, two to 10 units. That’s the sweet spot. Anything you start getting above 20, 30 units. Now you’ve got the hedge funds and the Tim Brats and all those guys that are going after that. A lot of wholesalers don’t want to fool with multifamily. I don’t know why it sells really great.
David Olds (28:18):
So I’m going to target those. And then beyond that, I’m even going to look at those that are free and clear so I can make some owner financing offers. But once I get those first couple of deals, I’m going to look at some multi-channel marketing, right? I’m going to do some direct outreach to those sellers, but I’m going to call you and I’m going to get some commercials going. Because here’s the trick. If you want to build a business and you want to build it quickly, which who wants to do it slow? Nobody. But I want to have as many leads coming into me as humanly possible, and there ain’t nothing better than being on tv. My God. You become the neighborhood or community expert, and it gives you so much credibility. That’s why I love tv. But yeah, I’m going to pick a couple of channels that I know work and I know produce just as fast as I can, but if I’m broke, I’m going to drive for dollars. I’m going to get some deals, I’m going to get a little income, and then I’m going to start to branch out and bring in as much as I can.
Noah Kesslin (29:12):
That’s awesome. That’s awesome. What strives you personally to keep innovating, to keep helping other investors succeed?
David Olds (29:21):
Man, I don’t know. Something broken in my brain. I don’t know. There’s just something where you’re never satisfied and that that’s a common trait with entrepreneurs, right? You’re always trying to find another mountain to climb, another thing to fix another thing. Yeah, man. I mean, if we want to get into some therapy, probably just how’s Boston Catholic, Catholic guilt? Nothing’s good enough. Can you do better? Can you do all that stuff? So yeah, so there’s some of that, and I really want to see my client succeed. I like that. I enjoy it. I love, I just had a community call. I had some guy on earlier, he hasn’t done his first deal, and he’s going to St. Louis and he’s starting to market there and needed help on structuring some stuff. I enjoy that. I do enjoy teaching and helping, and I don’t get to do that as much as I used to.
David Olds (30:11):
So it’s always fun to get invited to local RIAs and come in and talk about just not even transactions, just dispo or marketing or scaling or something like that. So I actually love that. It’s easy, it’s fun for me, and just seeing it, hopefully it helps people and helps them grow. So yeah, I mean, I love doing podcasts where we don’t even talk about transactions, let’s just talk about marketing, let’s talk about other parts of the business where if you’ve got a little bit of expertise in something, you should just share it, right? There’s no hoarding. It’s not like somebody else is going to get your deal. So yeah, that’s probably one of the things that drives me is I get some joy from just helping other people. Once you get to a certain level, you have to give back. Right? Right. What are you gatekeeping? I don’t even know.
Noah Kesslin (31:01):
Yeah. Where can people learn more about you? Where can people find you? If someone is struggling with CC and needs someone like yourself, where can people go?
David Olds (31:12):
Yeah, it’s easy to find our company Easy. REI closings.com. It’s a letter E, the letter Z, and then REI, closings. But yeah, follow me on Instagram. David Old’s, REI. We’re putting a ton of stuff out there. You can see me walking through our rentals or being over at a rehab or dealing with contractors or being on podcasts like this. So yeah, we just put out just a ton of information as much as we possibly can, and that’s our goal. How do we help the industry? How do we bring some realism and kind of like you guys, this is what’s really happening in the industry, not the Rolexes and Lambos and all that bullshit.
Noah Kesslin (31:54):
Yeah. That’s awesome. First off, David, thank you so much for coming on. Everyone, thank you for walking and we’ll see you next time.
David Olds (32:01):
Awesome. Thanks for having me.
Noah Kesslin (32:02):
My pleasure.
