On this episode of House Flip Masters Holly is joined by guest Dana Klaft. Dana was a landscape entrepreneur until he retired at the age of 50. Since his retirement 10 years ago Dana has been practicing and teaching real estate.
After high school Dana started a landscape company and was a landscape contractor until he was 50. When his dad passed away he realized that he had no way to help his mother. He didn't know how to generate income so that he could help his mother but had been looking at real estate since about 1998. In December 2003, he pulled out a program that he bought on the internet years prior and decided to watch it. The video prompted Dana to write down his goal; which he did. His first goal was to own 3 house in 60 days - on day 58 he closed on 2 properties that had 3 houses.
Dana used the principle that he learned in the course which said to borrow a down payment from somebody and ask for owner financing and make three offers, so that is what Dana did. Dana got the properties that he wanted and after fixing and selling them Dana and his wife ended up walking away with $55,000. Dana and his wife decided to continue to use this technique to purchase more properties.
In his first 3 and a half years of real estate Dana and his wife purchased 50 properties. When asked how much of his own money was invested into these properties Dana tells Holly that he did not invest any of his own money on down payments into these properties. While he did not spend any money on the homes he did have to spend money on repairs during his process.
When asked what he attributes his success to Dana says writing down your goals is huge, the course that he purchased prompted him to do so before doing anything else. Dana also believes that educating yourself is important to be successful in real estate. Dana and his wife purchased training courses, and seminars to make sure that they knew everything that they could about real estate. Dana says that if he had known better he would have invested in coaching sooner than he actually did.
When asked to share the opportunities that he has found during his time in real estate Dana shares about a home that he purchased from foreclosure. The homeowner was an 80-year old man who moved out of state due to his wife's illness. Dana called the homeowner to talk to him about this foreclosure, they agreed that Dana would bail out the home so that his credit would not be ruined. After the home was obtained the homeowner's daughter called to thank him for taking the burden off of her father. After the home was completed and sold Dana and his wife made a trip to Oregon to visit Russell to give him $5,000 for the home that they had purchased from him. Dana prides himself in helping others on his real estate journey.
When asked how he gets his deals Dana says that he tells people all the time that they need to have signs on their vehicles. On Dana's car he has large signs on the back window and doors. He said the signs need to be large especially when you are driving at high speeds so that people can see them and that they grab their attention. Dana is constantly being approached by people who see the signs on his vehicle, while the signs are a large investment upfront they have paid themselves off numerous times over by the amount of business that they have generated for him.
Dana advises new investors to get knowledge about the business before you jump in, do not quit your job! Get all the knowledge that you can and make sure that you market yourself for success.
If you are interested in getting in touch with Dana and learning his tricks to make money out of nothing you can reach out to him by email or by text message.
Text: (805) 550-8502