Florida Real Estate Mentoring Program 7 Figure Success
Dave: I’m Dave Dinkel. And today, we’re going to take a rare look at a third year mentor student who should net 7 figures this year or over one million dollars. In this video, he tells all about his methods and actual cost per lead in this must see video.
When Gabe joined our mentoring program three years ago, he had no experience, no money, and was let’s say credit challenged and boy have things changed. What was really unique about Gabe was that he wanted to quit his job so much. He kept asking me how soon he could quit even before he did his first deal.
And normally, I tell students not to quit their jobs or Just Over Broke’s until they have done at least 5 closed deals. By that time, you’ve got it. You understand what’s going on and how to do it.
But at the time, Gabe had a multifamily property under contract with a profit of about $60,000 and it was due to close in only about two weeks. Now, this deal would make him almost twice his annual salary at his Just Over Broke job. So I said to Gabe, “I have never told anyone to quit their job before their first deal but in this case, go for it.”
Well, Gabe did quit. And naturally, his deal didn’t close for almost two months, in which time he had no income whatsoever and was very nervous. However, it did close and Gabe has gone on to be one of my real superstars. Frankly, I’m very proud of Gabe and I give him all the credit in the world for working very hard and very smart.
Ironically, his supervisor who nagged him in his old job found out how successful Gabe had become and also joined our mentoring program. Gabe is a true inspiration to all current and future real estate investors.
What is also unique about Gabe is he is sharing how he does his business in this video. Well, I have third and fourth year mentor students generating more income than Gabe, none of them will share as much information as Gabe does in this video.
To be successful in real estate investing, you have to have a passion. And frankly, the guts to take charge of your life and make moves that are sometimes very uncomfortable. People who never leave their comfort zone are often destined to stay stuck in their life, and that may be OK but how do you feel about it? Are you stuck in your life and you want something different? As I say all too often, why not you?
Once again, I want to say thanks very much to Gabe for sharing this information. I know it will be helpful to many of the listeners. Do not be scared by the numbers because it took him three years to get here and he started where everyone of most of the listeners are starting. That’s at ground zero with no experience whatsoever.
Take it away Gabe.
Gabe: Hey, guys. This is Gabriel Garcia here. Just finished doing my yoga and meditation session in the morning. I feel great. I’m excited. And today is the end of quarter 2 which means tomorrow is the beginning of quarter 3. So what does that mean? It means that today or tomorrow is the perfect time to look at exactly where you’re going, look at where you are, and look at exactly what you need to do to get where you’re going.
All right. So now, I’m going to share exactly where I’m at in my business. I’m going to share where I plan on going and what I need to do to get there to finish off this year. So year to date, I’m at 16 deals so far. Out of those 16 deals, I’ve generated about $480,000 in revenue. It means that my average profit per deal is about $30,000 a deal, that’s including both wholesale and rehab.
Now, it’s taken me about 805 leads to get those numbers that I have as of to date. From those 805 leads, it costs me about $42,000 to generate all those leads for my marketing. Now, out of those 805 leads, I’m closing about 1 deal per every 50 leads that comes in and it is costing me on average about $52 to generate one lead.
So now, let’s talk about where I’m going. My goal this year is to hit 7 figures. This is my third year in the business and this would be the first year that I do that. So in order for me to get there, this is what I have to do.
So assuming that all my numbers remain the same, meaning that my average profit per deal stays the same, my average cost per lead stays the same, and my average closing per lead stays the same, I would have to do about 18 deals this year to hit the 7-figure mark. That means I need to do about 3 deals a month. I need to generate slightly more leads than what I’m generating thus far. So I generated 800 leads as of today, I probably needs to generate about 900, maybe to a thousand to stay on the safe side to make sure I hit my goals.
That means that I’m going to spend about $50,000 from now until the end of the year to generate the leads that I need marketing to close those deals. So, these are my numbers. This is how my business looks like. And for those of you who are interested in knowing how I’m generating these leads, all these leads are coming from a combination of direct mail and online marketing.
Those are the only two things we’re doing to generate leads right now. From online marketing, it’s basically just SEO that has been generating the revenue for us. If you don’t have time to track these numbers then train your staff to do it. There’s no reason why your staff cannot be held accountable, cannot learn how to track these numbers. Our staff does it because we don’t have time to track these numbers. We review them but we don’t do the numbers. They do it.
And we have systems in place to make sure that they’re doing it right. So with that being said, guys, gals, have a wonderful quarter. Have a wonderful year. Let’s keep each other calm. Let’s keep each other motivated. Please leave any feedback here on how I can make this video blog better for you. If you have any questions, please ask me because I need content and I want to answer questions to help you guys get to the next level.
And that’s pretty much it for today. Have a great day and I’ll see you soon.
To learn more about my Florida real estate mentoring program, click here http://www.davedinkel.com/mentoring-program/ or click below