17 Deals in 12 Months: How This Beginner Did It

Summary

Podcast Summary: Rich Dad Radio Show – Episode: "17 Deals in 12 Months: How This Beginner Did It"

Introduction

In Episode 17 of the Rich Dad Radio Show: In-Your-Face Advice on Investing, Personal Finance, & Starting a Business, host Brent Daniels engages in an insightful conversation with Damola Olomo, a burgeoning real estate investor from Indianapolis. Damola shares his impressive achievement of closing 17 deals within a year, offering listeners a comprehensive look into his strategies, challenges, and growth within the real estate wholesaling business.

Damola’s Real Estate Journey

Damola began his foray into real estate wholesaling in 2022, inspired by content from Robert Kiyosaki and other real estate influencers. He recounts discovering Kiyosaki’s teachings on Instagram, which propelled him to dive into the world of real estate investing.

Brent Daniels [00:46]: “Welcome to the podcast, Damola Olomo.”

Damola Olomo [01:14]: “I started in 2022 after finding King Kong on Instagram. Once I began following Robert Kiyosaki and engaging with the community, opportunities started to pour in.”

Damola's initial foray involved a mix of assignments and a double close, predominantly leveraging cash transactions. His first deal closed in June 2022, navigating through fluctuating interest rates and the complexities of real estate negotiations.

Damola Olomo [02:32]: “I jumped into it by sending out my first text campaign. Even though the delivery rate was poor initially, I secured my first deal.”

Business Operations and Growth

Starting solo, Damola managed all aspects of his business from lead generation to deal closure. Recognizing the need for scalability, he expanded his team by hiring an admin and a cold caller, aiming to streamline operations and increase deal flow.

Damola Olomo [05:35]: “About a month ago, it was just me. Now, I have an admin handling the administrative side and a cold caller to boost our lead generation.”

His daily schedule is meticulously structured to maximize productivity:

• 7:59 AM - 10:00 AM: Cold calling using a dialer.
• 10:00 AM - 12:00 PM: Follow-ups and transaction coordination.
• 4:00 PM - 6:00 PM: Additional calling sessions.

Damola Olomo [07:04]: “I hit go on my dialer at 7:59 and make calls until noon. It’s a rigorous schedule, but consistency is key.”

Challenges and Insights

Damola addresses common myths in real estate wholesaling, emphasizing that consistency in lead generation is more challenging than it appears. While many believe wholesaling is an easy path to wealth, the reality involves persistent effort and resilience.

Damola Olomo [03:54]: “People say it’s easy and you can do it with no money, but while the concept is simple, the execution requires relentless lead generation.”

He shares his initial struggles with text campaigns, where poor delivery rates hindered early progress. However, his proactive approach led to adjustments and eventual success.

Damola Olomo [05:26]: “I sent out my first text campaign incorrectly, but I still got a deal. Over time, I figured out how to optimize my approach.”

Strategies for Success

Damola attributes his success to a combination of cold calling, texting, and active participation in the virtual office (VO) community. The VO provides a supportive environment where members make calls simultaneously, fostering accountability and shared learning.

Damola Olomo [28:15]: “Joining the Virtual Office changed everything. Listening to others and receiving feedback helped me refine my approach.”

Key strategies include:

1. Lead Generation:

   • Cold Calling: Utilizing dialers like Mojo to reach property owners.
   • Texting Campaigns: Sending out thousands of texts to generate leads.
   • Virtual Office Participation: Engaging with a community to stay motivated and receive real-time feedback.

2. Time Management:

   • Time Blocking: Allocating specific hours for calling, follow-ups, and transaction coordination.
   • Consistency: Maintaining a disciplined schedule to ensure sustained lead generation.

3. Team Building:

   • Hiring Admins and Cold Callers: Delegating tasks to focus on income-producing activities.
   • Training: Ensuring the team understands the nuances of real estate wholesaling through scripts and continuous learning.

Damola Olomo [14:33]: “I average out my calls to ensure consistent lead generation. My co-caller and I aim for at least 500 contacts a week.”

Future Plans and Wealth Building

Looking ahead, Damola aims to double his transactions and increase his income. He plans to expand his market reach to Maryland and D.C., leveraging his established systems to scale operations effectively.

Damola Olomo [10:57]: “Going into 2025, I aim to double my transactions and triple my income by expanding to new markets and optimizing deal sizes.”

Interestingly, Damola expresses a preference for building businesses over accumulating real estate assets, differing from strategies advocated by some industry giants like Ken McElroy and Grant Cardone. His focus remains on creating and scaling businesses that employ people and generate sustainable income.

Damola Olomo [21:18]: “I prefer building businesses and buying businesses over owning multiple real estate properties. It aligns better with my long-term wealth-building strategy.”

Advice for Beginners

Damola offers practical advice for those new to real estate wholesaling:

1. Educate Yourself:

   • Utilize resources like YouTube to learn from experts.
   • Brent Daniels [37:05]: “Go to YouTube and search for Brent Daniels, real estate coach, and start from there.”

2. Take Action:

   • Implement the strategies learned without hesitation.
   • Damola Olomo [38:49]: “Watch, listen, and take action. Don’t just watch and keep moving.”

3. Stay Consistent:

   • Persist through challenges and maintain regular lead generation efforts.
   • Brent Daniels [35:18]: “Stay in business even during downtimes. Consistency is crucial.”

4. Join a Community:

   • Engage with mentorship groups like the Rhino Tribe to gain support and insights.
   • Damola Olomo [28:15]: “Being part of the Virtual Office and attending meetups have been game changers for me.”

Conclusion

The episode underscores the importance of consistency, discipline, and community support in achieving success in real estate wholesaling. Damola Olomo's journey from a novice to closing 17 deals within a year serves as an inspiration for aspiring investors. His commitment to learning, adapting, and scaling his business offers valuable lessons for anyone looking to navigate the complexities of real estate investment.

Damola Olomo [38:49]: “Watch, listen, and take action. It’s not going to be easy, but if you keep pushing, success is inevitable.”

Brent Daniels wraps up the episode by encouraging listeners to engage with the Rich Dad Radio Show community and take actionable steps towards financial independence through real estate investing.

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Notable Quotes:

• Brent Daniels [03:00]: “Is it an actual deal? Did I run my numbers right? These are critical questions every investor must ask.”

• Damola Olomo [07:20]: “The hard part is just waking up and doing it. Consistency in lead generation is key.”

• Brent Daniels [09:09]: “Skills build mindset. The more reps you take, the better you get.”

• Damola Olomo [27:05]: “Consistently making calls increases my lead generation and deal closure rates.”

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Key Takeaways:

• Consistency is Crucial: Regular lead generation through cold calling and texting is essential for success.

• Leverage Community Support: Engaging with mentorship groups and virtual offices can provide accountability and valuable feedback.

• Continuous Learning and Adaptation: Learning from mistakes and continuously refining strategies leads to growth and scalability.

• Time Management: Structuring daily activities through time blocking ensures focus on high-impact tasks.

• Team Building: Delegating non-core activities allows investors to concentrate on deal-making and expanding their business.

For more insights and actionable advice on real estate investing, visit richdadrei.com and join the most proactive community in real estate investing.

Transcript

[Brent Daniels]

This is the Rich Dad Radio Show. The good news and bad news about flipping real estate. Here's your host, Brent Daniels. Welcome back to the Rich Dad Radio show where we're talking about the good news and the bad news about flipping real estate. I'm your Host, Brent Daniels, Mr. TTP, Mr. Talk to People. And I am telling you this, if I can do this business, so can you. On today's podcast, we are talking to an investor out of Indianapolis, and we're going to be uncovering some of the most common myths and surprises that you're going to have to face as you start your real estate journey. So here we go. Welcome to the podcast. Damola Olomo.

[Damola Olomo]

Yes. Nice to. Nice to be here. Nice to see you.

[Brent Daniels]

Right, so last 12 months, how many deals have you closed?

[Damola Olomo]

17 so far.

[Brent Daniels]

17 deals and what, what type of deals?

[Damola Olomo]

So assignments mostly. I have a sub two assigned that as well at one double close. But most of my deals are assignments, typically cash. Cash transactions. Yep.

[Brent Daniels]

Awesome. And in what market?

[Damola Olomo]

Indianapolis and about an hour outside of Indy is where I'm at.

[Brent Daniels]

Nice. And so are you. So you live in Indianapolis and doing business in your backyard?

[Damola Olomo]

I live and do business in Indianapolis.

[Brent Daniels]

Do you like it?

[Damola Olomo]

Oh, I love it. Just to see what's going on on the ground, you know, go to the appointment myself, kind of just run the business myself. See what's going on, go to meetups, see what the buyers are about. Yeah, it's. It's cool.

[Brent Daniels]

Nice. When did you start your real estate journey?

[Damola Olomo]

2022 was when I started. I think I found King Kong on Instagram.

[Brent Daniels]

Sure.

[Damola Olomo]

And once you follow one person, you know, then everybody started coming down pace. Then I found pace. I bought a recording of one of the challenges it did in like 2021. Just driving for dollars. And then he mentioned also hotline in one of those zoom recordings. Right. So I just stuck on it, started to listen from episode one or true. So by May, I did my first campaign. It was texting and June I got my first deal.

[Brent Daniels]

Awesome.

[Damola Olomo]

And it closed in August because it was right then when interest rate completely went crazy. So I added a sign and next day the guy was like, hey, we're pulling out of all our deals. And I was, okay, now I have to sell it again. So fortunately, I was listening to also the hotline and Brandon Bowers was on it. It was like sticker sign in it. Somebody might call you. So I did that.

[Brent Daniels]

So it was a piece of land.

[Damola Olomo]

Yeah.

[Brent Daniels]

Got it.

[Damola Olomo]

I sent out text message to I reply and I looked it up, I sold it. I got it for like 4700. First time I sold it, I sold it for 12,5. But after that fell through, there was no more buyers. So somebody local called from the sign and I sold it for 6,500. But at least it wasn't the first one, right? So I took it.

[Brent Daniels]

Well, listen, proof of concept, critical. That's like step number one, right? Is do a deal. Because when you cross the bridge from faith to fact, now you know, you could do it now, you know, it changes something in your brain. And you're like, okay, I've done it once. It got, you know, I actually made income from my real estate efforts. And now I could do it again and again and again.

[Damola Olomo]

Yes.

[Brent Daniels]

Awesome. What surprised you the most when you were getting started?

[Damola Olomo]

It's the fact that people say is. Is easy. You know, you can, you can, you know, you can do it. You can do with no money. But it's. It's a simple concept. But it's not easy, right? It's a very simple concept for the business, but it's not just what's the hardest part? Making sure that you're consistent with generating leads is hard.

[Brent Daniels]

You know, when I was, when I was getting started, I thought the hardest part was, is this an actual deal? Is it a deal or not a deal? Right. Did I run my numbers right? Do I know how much it'll cost to fix up this house? Right? Because I was looking at the. The ugliest properties that I could. Right? Just going down the street looking for the ugliest properties. Okay. That property is in terrible shape. Somebody has to buy it cash. Because no bank's gonna finance this. An investor has to come in and invest in this property to get it up to full market value. And I was very confused as to, okay, well, how much money is it going to cost to fix it up? How much is it? How much would an investor pay to even take on this project? All those things. Did you go through that or were you pretty confident?

[Damola Olomo]

I just took action. I didn't wait. You know, I just jumped into it. Like, I sent out my first text campaign. In fact, it was the wrong way because I just signed up on IR reply, put my contact in it. The delivery rate was horrible, but I got a deal out of it.

[Brent Daniels]

Sure.

[Damola Olomo]

So along the line, I kind of figured that out, how to set that up the right way, but I just jumped in and. Yeah. And I've not turned back since then, so.

[Brent Daniels]

So what does your company look like? Is it Just you, is it?

[Damola Olomo]

You're up to you about other people working with you. About a month ago it was just me. So now I have an admin that does admin side of it and texting. And then I just got a cold caller just to start to season that out going into 2025.

[Brent Daniels]

So up until 2022, what were you doing before you started in your real estate journey?

[Damola Olomo]

Yeah, I was in. I was in school. In between, I was delivering for, you know, just hustling, trying to make money as much as I can in just about a business. For me, I'm somebody that I never would like to work for somebody else. So since when I was young because just like get money, do something on the side. So I tried to flip cars, I flip merchandise. And then I found wholesaling. I think this is the one, you know, so. Yeah.

[Brent Daniels]

So it's been just you for the last couple years. You hired somebody to do administration, probably some transaction coordination just to make sure that you can focus on the actual income producing parts of the business. So with that being said, what's your daily schedule?

[Damola Olomo]

Just what you tell us to do. Wake up in the morning, 8. I'm on the dial up to 12. Take a break.

[Brent Daniels]

So you're making. When do you start making calls?

[Damola Olomo]

7:59.

[Brent Daniels]

So you. 759?

[Damola Olomo]

Yes.

[Brent Daniels]

You hit go on your dialer. It's calling the numbers of the property owners you're trying to get a hold of and you're just talking to them until noon, four hours a day.

[Damola Olomo]

Yep.

[Brent Daniels]

Isn't that boring?

[Damola Olomo]

No. With the vo, with the virtual office, you got everybody in there. So it's, it's. Yeah, it's. That's the tough part that I was saying about lead generation. Like just waking up that today I got to do four hours again. I might not get a lead, I might not get a contract, but just wake up and do it. That's nice. That's the hard part.

[Brent Daniels]

It's exciting though, when, you know, one conversation initiates.

[Damola Olomo]

That's what actually gets me going.

[Brent Daniels]

You know, you can make 10,000, 20, 50, 100, whatever. You know what I mean? From one conversation with a property owner, that's. That has made the decision. And I think that's a really important thing is people ask me all the time, what is a lead, what's, what's a real lead.

[Damola Olomo]

Right, right.

[Brent Daniels]

It's somebody that's made the decision that they're going to sell their property. That's it. Everybody else get rid of. Everybody else is just wasting Your time. Everybody else is just looking for free appraisals or they're curious as to what an investor will offer them. Get rid of those because that'll. That'll just totally slow down your business, right?

[Damola Olomo]

Yeah, for sure. I think I struggle with that as well, just because I know you do. I. I just jumped into business without not knowing a lot.

[Brent Daniels]

Right.

[Damola Olomo]

So there were a few guys that were just in my CRM for the first few months or year because it was just YouTube University. Right. I did my first studios was just watching you before I joined the tribe. So it's. Yeah. But along the line, I just learned that, you know, this is what a real lead should be, you know, and this is what you should be throwing away, so.

[Brent Daniels]

Yeah.

[Damola Olomo]

Yeah.

[Brent Daniels]

So what's your favorite part of your day in your schedule?

[Damola Olomo]

Still generating leads. Cause that's the hunting part of it. That's like, no leads, no money, no business.

[Brent Daniels]

That's the exciting part because it's like we're kind of hesitant to start, and it kind of feels very awkward. But then once you start building those skills. Skills build mindset. Right. You want a strong mindset. Build strong skills. And you. The more reps you take, that's how you build the skills. And then all of a sudden, flip the switch, flips. There it is. And you go from like, oh, my gosh, I don't want to be doing this to. I actually enjoy this. I actually really enjoy going out on the hunt. I really enjoy initiating conversations. I really enjoy adding some new opportunities to my pipeline.

[Damola Olomo]

Yeah, it's. It's just wake up in the morning, and I just know that 7:59 my dollars to start running. You know, let's see what we can get today. That's just starting the day from zero, you know, and hoping that we. We get something. Yep.

[Brent Daniels]

Awesome.

[Damola Olomo]

That's.

[Brent Daniels]

How do you define success in your.

[Damola Olomo]

Business for this year? I would say, yeah, I got success. Like, I wanted to double my deals as far as, like, number of transactions, and that happened. I wanted to get my business to at least a deal a month. And that happens as well when you average it out.

[Brent Daniels]

Right.

[Damola Olomo]

Because there were some months that there was no deal, but when you average it out. Yeah. And minimum 10k a month, that happened as well. So, yeah, I think going into 2025, success would be like doubling my transactions again and tripling the income. So increase my deal size and double my number of transactions.

[Brent Daniels]

How are you going to do it?

[Damola Olomo]

I already put a cold call in place. So when I have a New deal. I, I don't worry about generating leads anymore because if I haven't sold a deal in three days now I start to panic because I'm not back on the phones. And then now I'm going to sell the deal for cheaper because I'm like, I need to get back on the phones. Right, Right. So if I have lead generation just going, I can confidently sell my deals. And now I opened up to Maryland and D.C. so that that spread can go from like 9 to 20.

[Brent Daniels]

Yeah.

[Damola Olomo]

So that's the.

[Brent Daniels]

So you get on the phone eight to noon every day still, even with your VA starting.

[Damola Olomo]

It's changing now. So I'll be on the phone from 8 to 10, then do follow us from 10 to 12. Transaction coordination in between calling buyers and then I'm back on the dial at 4, 4 to 6.

[Brent Daniels]

I think it's so important. I think it's important as you're, as you're building people into your team, don't get away from what's working.

[Damola Olomo]

No.

[Brent Daniels]

You know what I mean? You got to keep that going because I see that a lot people are like, I want to get out of, you know, the day to day outbound prospecting as soon as I can. But it's a huge mistake to do it after you're closing so many deals and then just have somebody else take over. They're never going to be as good as you.

[Damola Olomo]

Yep.

[Brent Daniels]

They're never, they just don't have the critical thinking skills. They don't, they're, they're not as invested in the outcome as you are.

[Damola Olomo]

Yeah. In fact, this is what I did. Like you tell us, right, if, if you're making the calls is 200 contacts on the average to a deal, Right. It's a cold caller, it's about 800.

[Brent Daniels]

It could be 2,000, it could be 20,000. It just depends, Right? Depends on their skills and in the list that you give them. Right. I see that when people start hiring people to reach out to property owners, a lot of times those lists get real diluted because now they can call way more. They could call 40 hours a week. So you need to have more addresses to call. And then it starts diluting the quality of those lists because the more motivated list, the better conversations you're going to have. And those lists are typically tend to be smaller, so you have to broaden it. So you know, with, with VAs, you can expect, you know, and VA stand for virtual assistant and they're just, they have to talk to way more people. It's Just, you know, the way more people per deal. For sure.

[Damola Olomo]

Yeah. So I. What I did was I just averaged it out if the caller is at 800, because these guys used to call for Keller Williams. So basically now we're just working on switching the script because it's like calling for retail and now it's calling for wholesale. So that's just the training that I'm doing right now. And yeah, I think we'll get there where I can focus on just calling in the morning because people pick up 8 to 10, the pickup is very high and 4 to 6. So at least I want to catch those four hours even if I'm not going to be on the dialogue like.

[Brent Daniels]

I used to love it.

[Damola Olomo]

So I just average it out. If I expect him to make 800 contacts to a deal and I expect me to do 200, we have to do combination of 500 contacts to average both of us. So that's the goal for every week.

[Brent Daniels]

You got it broken down.

[Damola Olomo]

I love this between me and my co. Caller is minimum 100 a day, 500 a week. We can do more, but.

[Brent Daniels]

And at the same time you have that many conversations.

[Damola Olomo]

Yeah. I cannot lose.

[Brent Daniels]

You can't lose. You can't lose. That's it.

[Damola Olomo]

And I'm doing texting as well. So it's 5, 000 text messages a week at this time, at this point. So. Yeah.

[Brent Daniels]

Amazing, Amazing. Did you. Was there any part of you that hesitated getting on the phones?

[Damola Olomo]

I actually got.

[Brent Daniels]

Any hurdles that you felt?

[Damola Olomo]

No.

[Brent Daniels]

Because would stop you from doing it?

[Damola Olomo]

No, because when I started wholesaling, it was like my fourth business in like four years because I was trying to find something that can make me money. Right. So I just brought the experience from failing.

[Brent Daniels]

Yep.

[Damola Olomo]

From those other ones into this one. And I knew that I had to just work. And one of the reasons why I resonate so much with you is like back in 2017, I read a book, very small book. I forgot his name, which is too bad. It was about like business and prosperity. It was written by a pastor, like 30 pages. And there was a line in there that says that we've been caused to work, that this is what it is just working. That's how you can make money. And while I was listening to also outline from the beginning, you said the same thing, the same line. So I was like, yes, this is my guy.

[Brent Daniels]

Yep.

[Damola Olomo]

And I just hit subscribe, turn on the bell. And I've just been watching your videos since then. So just wake up and know that it's Just work.

[Brent Daniels]

Yeah. Well, let me, let me ask you this. If, if money weren't a factor, what would you do? You know what I mean? What would you do with your time? If you had all the money in the world, what would you do with your time? Because you, it seems like you're just a serial entrepreneur.

[Damola Olomo]

That's what I would do. Yeah, that's basically what I would do. Try to buy a business. There's this pride in building something that you're like, oh, so I can make good money out of this, connect with people out of this, provide for family out of this. So it's. So let's pride in, you know, building something from ground up and then it's. Yeah, so I would still be doing business, buying business, developing businesses. You know, I'm just like, I'm a business guy. I want to break it down. Like what are the numbers? Right.

[Brent Daniels]

Yeah.

[Damola Olomo]

What's the income? What can we optimize to make more money? Where can we cut off like useless expenses? So yeah, so that's, that's what I would do. I love it.

[Brent Daniels]

What do you think is a common myth in real estate?

[Damola Olomo]

Yeah, that's, that's easy. That's easy. And you know, you would always make money. No flippers lose money. As wholesale sellers will lose money. As landlords, we lose money. So it's very risky. But people don't tell you that when you're starting out. People don't. Yeah, they don't tell you you're going to have to make calls for years. Right. So it's like.

[Brent Daniels]

Or have marketing. I mean if you have marketing, if you have the budget to be able to have people call you, great. But again, if you, if you don't have the skills of knowing what to say when they call in, it's a problem. You're going to, you're going to just be throwing money out.

[Damola Olomo]

Yep.

[Brent Daniels]

Right. So, so you have to really learn, you know, how to pre qualify, how to, how to do the discovery process when you actually do speak with the property owner. And that's 80% of this business is discovery. That's it. What is their current state? What's their desired state? What's Heaven Island? What's Hell Island? How do they want to get off Hell island and get to Heaven Island? That's it. That's our job.

[Damola Olomo]

I think sometimes it's hard for new people to figure that out because you cannot jump steps. That's what I realize. Like you have to master lead generation before you can master acquisition, before you can master Disposition, you can do all three all along, but you cannot beat the best or you cannot reach your potential just juggling the three of them. So I just figured out that if I can have lead generation handled, then I'll talk to more people trying to make offers. And then the more you do it, the better, the better you get.

[Brent Daniels]

Listen, lead, solve all problems in business, you know what I mean? Especially in the real estate business. You know, great leads for great opportunities, solve all the problems. So if, if you're not hitting your goals in your real estate journey, you're just not doing enough lead generation. That's it. That's all it comes down to.

[Damola Olomo]

Yep.

[Brent Daniels]

Right?

[Damola Olomo]

Yeah. And I started texting because I was, I wasn't going to make cold calls.

[Brent Daniels]

Right.

[Damola Olomo]

I didn't like it.

[Brent Daniels]

But why weren't you going to make cold calls?

[Damola Olomo]

I was just probably fear like of being naive and starting making mistakes. But from all the businesses that I've done, I was like, there's no way I need more opportunities and then I have to talk to more people. Right. So the texting alone wasn't doing it for me anymore. Right. So I was like, okay, time to cold call. So I bought the dialer was mojo at that time. So I started cold calling. I would call from 9 to 11 before I went to class or went to drive, and then I'll reply my text messages while I'm out. So. Yeah.

[Brent Daniels]

And that's how you got your first deals?

[Damola Olomo]

Yeah, my first deal was 5,000 text messages out. I think about only 3,000 of them delivered because I just did it the wrong way. I sent it out at once. But I got the guy who said, yeah, I'll sell it. You know, it took like a week or two to negotiate, go back and forth. But yeah, I got that one looked up and I got the bail as well. It was like 1600 $40. But I was able to understand what the business was.

[Brent Daniels]

Yeah.

[Damola Olomo]

So I just repeated the same thing.

[Brent Daniels]

So is your wholesaling business and, and assigning these deals, is this a stepping stone to buying real estate? Like, what's your strategy for long term wealth? Because this will get you rich. But to really, you know, make, make those huge strides and really get out of the rat race. We're talking about building wealth, buying assets, putting assets in the asset column. Are you, are you looking at more, Hey, I want to make a bunch of money so that I could buy businesses. Are you saying I want to make a bunch of money so I could buy real estate?

[Damola Olomo]

No, it's just Businesses. I don't think I would have more than two houses, Maybe one primary residence, one vacation home.

[Brent Daniels]

Right.

[Damola Olomo]

But it's just businesses for me. Probably a commercial building like you got this one, maybe just one. Yeah. But no, I don't have any interest in owning in Odin Real estate.

[Brent Daniels]

Why not?

[Damola Olomo]

I do this. 75% of our business is from tired landlords and speak the truth here.

[Brent Daniels]

I love this.

[Damola Olomo]

I don't want to be that. Right. Except you're somebody like Ken McElroy, Grant Cardone that want to owe thousands of units. Yeah, it's. I don't think somebody's gonna sell it at some point. It might not be you might be three generations from now. So it might just be my grandkids buying it a wholesale from your grandkids, you know, and making money. So yeah, I just rather build businesses, employ people, do all the good things money can do. So yeah, yeah, I don't plan to build portfolio of real estate. No, it's just keep it simple, do business, build businesses and stuff. Like I like to try things testing out. I came in, in that driverless Waymo. What's it called?

[Brent Daniels]

Waymo. Yeah, yeah.

[Damola Olomo]

So I was like, you know, let me test it out. It's not in indie, so I tested it out. So yeah, I'm, I want to try businesses. That's where my, my money and time will be spent.

[Brent Daniels]

Yeah, it's really interesting. I thought that I wanted to own a ton of single family rental properties and, and, and build a great portfolio there. And I'd have a hundred, two hundred, three hundred houses here in Phoenix. And then you get into this side of the business, the whole side, wholesaling side of the business. And you, you look at all these deals that we're doing and we're like, holy cow. A lot of these are landlords that we're talking to that have these houses that just are, are not in great shape. They're totally exhausted. It's huge stress on them. Their tenants didn't pay rent or their tents didn't tell them about repairs that need to be made. Or they made that deal with the tenants that says, hey, tenant, you don't call me when something breaks. But I won't and I won't raise the rents on you. Right. That's a classic line that goes on between tenants and landlords. And it always ends up that a $50 repair turns into like thousands of dollars down the line because if it was taken care of for $50 wouldn't be a problem. But now the electrical is all messed up or there's mold growing or the roofs caving in when it could have been an easy fix. No, thank you. I like, it's really important. Right. Tomorrow. I think what you're talking about, and this is something that I've really investigated recently is attention management. There's, it's like this, it's, it's this weird filtering system because we start with time management. Okay, great. Oh yeah, time management. Then we go priority management. Oh yeah, priorities. Yeah. You got to put priority management. And then it's like, okay, well you can have as much priorities, but if you don't have energy for those, like real energy for them, then that's not going to work. So then it goes to energy management and then it's like, okay, yeah, well, energy is all about where you put your attention. So what is grabbing your attention? So really at the end of the day it's a. Attention management. And if you're constantly running all over, you know, doing your own property management on single family houses, you're going to get exhausted.

[Damola Olomo]

Listen, I think like.

[Brent Daniels]

And then you sell to us.

[Damola Olomo]

Yeah, exactly. Right. I think the best blessings I have had in this business is just connecting with you and your team.

[Brent Daniels]

Sure.

[Damola Olomo]

Just cutting out all the fluff. Right. Is that nobody else comes close. Right.

[Brent Daniels]

Thank you.

[Damola Olomo]

Nobody else comes close to.

[Brent Daniels]

Yeah.

[Damola Olomo]

Like, I'm so grateful that you're just like, listen, don't do flips. Don't mess around with this.

[Brent Daniels]

Sure.

[Damola Olomo]

You know, so. And I just wake up and listen to you. In fact, George messes with me every time. Like, yeah, you're just a fan of brain. I'm like, no, I, I want to build a business.

[Brent Daniels]

Yeah.

[Damola Olomo]

And I have somebody I can model a business after.

[Brent Daniels]

Sure.

[Damola Olomo]

So.

[Brent Daniels]

Well, listen, people have to understand if you, if you want to have a flipping business, that's great. I just don't think that you should be wholesaling and flipping at the same time when you're getting started. Because they're two totally different businesses. You want to flip a thousand houses, great, no problem. I can show you how to do that. I've done it. No problem. But I love the wholesale business because I'm in and I'm out and it, and it doesn't require my attention that much. You know what I mean? I'm not worried about what's going on with all my construction crews and, and are people breaking in the house and stealing the appliances mid renovation and all these other things. I'm just. Let's find the best deals and decide afterwards. Once we have the best deals, what we want to do with them.

[Damola Olomo]

Yeah. I call my buyers from time to time. Hey, how is this project going? And sometimes it's just bad news. Oh, yeah, right. So, okay, you might not even buy another deal from me because, you know, this one is not going good. But I learned my lesson from there. Like, just sell this paper and keep it moving.

[Brent Daniels]

That's right.

[Damola Olomo]

That's. That's what I want to do.

[Brent Daniels]

That's right, basically. So this is the cash machine. You know, finding discounted properties, getting these big checks for going out there and finding great deals. That is what we use to go and buy assets, whether they be businesses, whether it be real estate, whether you're in stocks, whether you're in gold and silver, whether you're in crypto, whatever it is, whatever asset class you want to get into. Awesome.

[Damola Olomo]

Yep.

[Brent Daniels]

I endorse it. Go, go, go bananas. Go have fun. But you need to have enough income. You need to have enough active income.

[Damola Olomo]

Yeah. I mean, so this year is, like, now I know how to make money. So going into next year is, like, now, how do we keep.

[Brent Daniels]

That's right.

[Damola Olomo]

Keep the money. Right. So. Because I made mistakes here and there with marketing, you know, but it's a learning curve. But it's. It's worth it to just pay attention to those things. Like, the back end of it. And, like, you show your. Show us your numbers every week.

[Brent Daniels]

Yeah.

[Damola Olomo]

Right. I took screenshots. I used the same Excel.

[Brent Daniels]

Yeah.

[Damola Olomo]

Good thing. That you guys use. Yeah. So I'm kind of, like, making sure I'm following the steps. I asked you about Joan Bayer, because I'm really serious about setting up a good wholesale business.

[Brent Daniels]

Yeah.

[Damola Olomo]

So, yeah.

[Brent Daniels]

Awesome.

[Damola Olomo]

That's what I want to do.

[Brent Daniels]

Talk about the virtual office. You mentioned it. And I love this about this. And this is something that you guys put together in the Rhino Tribe. The Rhino Tribe is our mentorship group in Wholesaling, Inc. And it's in that they created a pretty much 24. Well, not 20. We'll call it 12 to 18 hours a day. Every single day, somebody's in a zoom link making calls and having conversations with property owners.

[Damola Olomo]

Yep.

[Brent Daniels]

How big has that been for you?

[Damola Olomo]

Ooh. Shout out to Stephanie for just putting together. Yeah. Stephanie Hunt. Big, big, big, big. Plus, in my. In my business, I used to make those calls alone. And then, you know, just plugging into that, it's just changed. Because I knew that just building this business, I was my own staff. I used to say, it's me, myself And I, right, me does the lead generation, myself does the conversion. I sell the deals. Right. So being able to listen to you and say, you need to have a schedule. If it's part time, you need to have a schedule. You need to time block. Right. So it's the same thing I just did.

[Brent Daniels]

Right.

[Damola Olomo]

So in time blocking, your time blocking just helps you to figure out exactly what you want to do every day. So and virtual office is where I go in and clock in in the morning. That's like, that's my office. I go in and clock in 7:59. As soon as my dialer is running, the zoom is running as well. So, yeah, it's like, come in. We all make calls, we call ourselves out. Nah, that was a bad call. You should have done this. You know, you're just wasting your time with this lead. You know, so it really, really helps to get feedback from people that you're doing the same business with.

[Brent Daniels]

Well, and then you got these crazy people in there doing empty the clip every day that are talking to a hundred new property owners every day. Every day. When I say nobody, I mean no group in real estate, no community does more deals than us. It's because we talk to more people than anybody.

[Damola Olomo]

No one. No one comes close.

[Brent Daniels]

Like, no one comes close.

[Damola Olomo]

I keep. And when I see people now, I just, hey, I want to get into Ocean. Just go watch Brent, like.

[Brent Daniels]

Yep.

[Damola Olomo]

Just if you don't want to waste your time, just go watch brand. Even if you don't join the tribe.

[Brent Daniels]

Yeah.

[Damola Olomo]

Just stick to the. And your. Your weekly lives are back. I love them a lot.

[Brent Daniels]

Yeah.

[Damola Olomo]

And I'm happy. I watch them every morning now. Yeah.

[Brent Daniels]

So we'll have you on in January. It'd be great. But, yeah, you're. You're absolutely right. I mean, getting in, being around people that are going to challenge you, that are going to support you and cheerlead you. And actually, but most importantly, we stress this all the time on our support calls. You have to do the work. You have to be around people doing the work. Right. Because you can see people making calls on YouTube. You could watch it forever and ever. There's plenty of channels of people doing live calls to property owners and all that and doing that. But when you're there, live with people doing it and they're actually like, closing deals. You see people have that first conversation. Demola. Right. And then you see them popping up their checks and. And talking about the closings and really, you know what I mean? You saw the whole thing. The problem. I have with these YouTube and people doing like live calls is none of those deals close, right? None of them. None of that's not real. It's just a show. You could have a great conversation with any property owner. Show me start to finish. Did you actually get paid on this?

[Damola Olomo]

Right.

[Brent Daniels]

We do that every day.

[Damola Olomo]

What did you have to sell?

[Brent Daniels]

We do it every day.

[Damola Olomo]

Yeah, we, like. I mean, we. We do so many deals in the VO that sometimes you're just part of a deal. It's not your deal. But you were right. You're part of it. You're right in the VO on the first call until it closed. Like, you went through the emotions with the wholesaler. Like, so it's. It's been great just to have to witness all part of the. Part of the business, right? The disposal side of it, acquisition side of it. What's others are facing compared to yours and how you can adjust is really good. I love those guys. We just push each other, right? And it's been great.

[Brent Daniels]

Awesome.

[Damola Olomo]

It's been great.

[Brent Daniels]

Let's break down the deal.

[Damola Olomo]

So I think this one was the biggest one so far for the year.

[Brent Daniels]

Okay.

[Damola Olomo]

This is one of the sellers, whereby they pick up the phone, they're like, yeah, we want to sell, but we don't know. We have some taxes to pay, but we don't know if we're going to sell it. So you're like, you know what? Just here's my number. Because I don't want to put you as a lead in my system, right? Just here's my number. Once you guys are ready, just call me. And she called me one day. She was ready to sell.

[Brent Daniels]

So what this was. How did you initiate the first conversation?

[Damola Olomo]

It was a cold call lead.

[Brent Daniels]

Okay, what list?

[Damola Olomo]

Tax delinquent.

[Brent Daniels]

Where'd you get the list?

[Damola Olomo]

Deal machine and from the city.

[Brent Daniels]

Got it. Okay.

[Damola Olomo]

Just stacked both. So I think my first call was sometimes in May, and then she called in July out of the blue. Like this dude just brought me out of like a difficult time in the business at that point because it was like two. Two months of no business at all, right. And then end of the month, she calls me up. We lock up two. Two deals the same day, right? And the biggest one was $34,000.

[Brent Daniels]

Awesome.

[Damola Olomo]

So from one call. So that. That one was, you know, going from like two months of nothing and coming up in 10 days, boom, $34,000.

[Brent Daniels]

I love it.

[Damola Olomo]

So. So it was.

[Brent Daniels]

But that, that. That's important. And we talk about that a lot too. 75 of your income, you're gonna, it's gonna come in two quarters, it's gonna come in your top six months.

[Damola Olomo]

Right.

[Brent Daniels]

And then so it's the other six months that, the 25. And you, you said for yours, you looked at your numbers actually.

[Damola Olomo]

80. Yeah, 80, 20.

[Brent Daniels]

So 80% of your income came in six months and 20 in the other six months. It's in the six months. It's in both sides. You got to be careful because when you're making a ton of money, you're like, oh, this is never ending. I better go spend this on new marketing channels or hiring people or this new whiz bang, you know, software that's going to do the, all the work for me or whatever else. Right. And then in the times when it's slow, we're like, oh, my gosh, can I do this? Am I really, Is this life changing? Should I look at different businesses? Should I make a pivot? What are other people doing? Why, why am, why am I not as successful as other people? And then, right, you're looking and comparing yourself and that's, you know, that's just the thief of joy. Right? Comparison's the thief of joy. And so then you start making silly emotional decisions. And we know that the biggest expense as an entrepreneur are our emotions.

[Damola Olomo]

Yes, correct. I think one thing I would point out is even during those downtimes, just stay in business.

[Brent Daniels]

That's it.

[Damola Olomo]

Just, just try your hardest to, to stay in business. Because consistently making calls, this, the skills keep increasing. Right. If you stop for a month or two because there's no business, you fall back a little bit.

[Brent Daniels]

Right.

[Damola Olomo]

But even though you have to go back to pick up extra shift during that time, just still call if it's an hour or two a day, just, you never know where it's going to come out from.

[Brent Daniels]

Yeah.

[Damola Olomo]

Because I got that lead in May. I didn't close any deal in May at all. And she called back in July and it just changed everything. So. Yeah.

[Brent Daniels]

So the last 12 months, what, total income wise, gross income for the company.

[Damola Olomo]

What'D you earn so far? 146.

[Brent Daniels]

146,000.

[Damola Olomo]

Yeah.

[Brent Daniels]

Awesome.

[Damola Olomo]

And all in Indiana. Yep. So, yeah, 17 deals closed. We still got three in escrow. So. Yeah, nine cancelled due to whatever reason, you know, title issues, two that I looked up too high, couldn't get the price reduced.

[Brent Daniels]

Sure.

[Damola Olomo]

And seller was impatient enough to give me more time. I think it was good that I also moved on from those. But yeah, and then just orders with like tattoo issues, I think There was another seller that sold it to somebody else, so. Yeah, great. Yeah, it's been good.

[Brent Daniels]

What advice would you give to somebody that's just starting out? They're just, they just found that they, they're hearing us on the podcast and they're like, oh, my gosh, I want to do this business. What advice would you give them to get started?

[Damola Olomo]

Go to YouTube and put in Brent Daniels, real estate coach, and just start from there.

[Brent Daniels]

Sure.

[Damola Olomo]

Get to the 90 day plan. You got that video in there? Start with that and just listen to Brent. Like it's, it's a lot of people that do these videos because they want to sell you something.

[Brent Daniels]

Sure.

[Damola Olomo]

You're not.

[Brent Daniels]

Right.

[Damola Olomo]

You're not one of those.

[Brent Daniels]

Well, I'm trying to sell people on the fact that they can do this business.

[Damola Olomo]

Oh, yeah.

[Brent Daniels]

And if they want to be in our world, there's opportunities for that. And if they want to be around us and get, get our support and our expertise, they can certainly do that. But if you want to go out and do this on your own, go. Go and do it. I mean, countless people have. I just love the people that filter through and decide they want to be, you know, around us. My team, the incredible community. And I think, you know, we're in the social age, right? Early, early in the 1900s, it was the industrial revolution, and then we got into the information age, and now we're truly in the, in the social age. And so people need community, they need to connect. They need to see people doing this business. They need to, you know, have, have somebody pick them up on, on tough days, when you're going through tough months, right. When you're going through a couple months where you're not making the income, but you're. You're putting in so much, so much effort on the top end. And so, yeah, for people that want action, they, they, they want to be a part of that. I got arms wide open.

[Damola Olomo]

Yeah. Aside from just watching you and just listening, I mean, there's, there's a difference between watching you and listening to the instruction and taking actions. Right. So I would say just watch and listen. Just don't watch and just keep moving.

[Brent Daniels]

Yeah.

[Damola Olomo]

Watch, listen, and take action. And just after mindset that it wouldn't be easy because a lot of us went into it, like, it's gonna be easy, but just after mindset, it's not gonna be easy. We're gonna have to work.

[Brent Daniels]

And yes, it's not easy, but it's inevitable. It is. You have it. You talk to enough People make enough offers, it is in inevitable you'll be successful.

[Damola Olomo]

Yep. 100.

[Brent Daniels]

So awesome.

[Damola Olomo]

For sure.

[Brent Daniels]

Jamal, how can people get a hold of you? What's the best way?

[Damola Olomo]

Instagram is fine.

[Brent Daniels]

We'll put your link to your Instagram.

[Damola Olomo]

In here and if you got, you can reach out to me. 317-747-3884 is the business line, but you.

[Brent Daniels]

Can put your phone number out there.

[Damola Olomo]

Yeah, 317-67-473884. You can. Especially if you have like leads in indie or deals out there. You know, I can at least if it's. If we cannot sell it, I can at least put you in the right direction. Yeah.

[Brent Daniels]

So awesome. Damola, you're the best. Thanks for being on here.

[Damola Olomo]

I mean I. I'm grateful for you, Brian. I'm grateful for your team. Absolutely. Changed my business. Shout out to Chad Ryan.

[Brent Daniels]

Yeah.

[Damola Olomo]

Jamie, Jackie, everybody. So. And pretty soon I'm just at pizza with. Yeah. Everybody. Yeah. Right. So my next step is just getting to work with Jesse, you know. But I think I'm working on that. Hopefully maybe second quarter or third quarter next year we can.

[Brent Daniels]

We're ready for it. So Jess, Jesse is the guy that I stole from Google who runs our pay per click campaigns. And he is just an absolute master. So anybody interested in that can go to talk to people.com. but yeah, you'll be ready for it.

[Damola Olomo]

I had like a 30 minutes conversation with him today already. So.

[Brent Daniels]

Did he audit your market?

[Damola Olomo]

Yeah, he showed me some. I mean we. We spoke before. Yeah. You know, kind of see what the. The guys in my market are doing. But yeah. Awesome. Hopefully we can get that going sometimes next year.

[Brent Daniels]

Good. So happy to have you in the office and, and have you around the whole team. But you're doing incredible things. Thanks for being on here.

[Damola Olomo]

Yeah. I have one question though.

[Brent Daniels]

Yeah.

[Damola Olomo]

What do you point me in the right direction? Like what? Everything I got going on, what are the things you think I should kind of like focus on or you know, just make sure I keep a tab on them.

[Brent Daniels]

Make sure you're staying on the phones. Make sure that with your VA, you are listening and auditing. Every conversation is over. Three minutes. Meet with them every morning for 15 minutes just to go over those audits. Tell them the stuff that 85 sugar. 15 spice. Right. 50. 85. You did great. You're doing great here. 15. You got to pour into their critical thinking skills about your market specifically. It's gonna be really critical for building up their skills. Start playing around with pay per Lead. Right. Start getting some pay per lead. Get a budget of at least 2,000 that you can spend a month for pay per lead to get your rhythm going. So that when pay per click kicks in, you've got all your process in place and it's really tight, which means that you respond in 30 seconds to any inbound leads. Right. And then third quarter, you're being ready to rock and roll. And then just stay focused. Make sure you're in the virtual office as often as possible. Make sure that any new software technology that pops up that's going to revolutionize you don't fall into the trap. And make sure that you're continuously adding to your cash buyer database so that you can increase the amount that you make every deal. Right. If your average right now is 11,000, let's get it to 15, let's get it to 16, let's get it to 20. Right. So that you're doing the same amount of deals, but you're making 30% more. And then you're just pouring on top of that. So it's really. Make sure that your cash buyer database is fresh and new and always being built and always being communicated with and stick to what works.

[Damola Olomo]

Got it. Yep. It's cold calling, texting. That's working for me. We refers in jv. So, yep. I think that's.

[Brent Daniels]

And then get loud. Are you posting every single day to your Facebook? I buy houses.

[Damola Olomo]

Yeah, I do. I struggle with that brand, to be honest, because some kind of attention that comes with social media that I don't want. Cause it takes me away from actual day to day of building the business.

[Brent Daniels]

Yep.

[Damola Olomo]

But I think that once I get to the point where I am only despoiling my deals. Excuse me. I think at that point I can get a little bit more louder because now I'm still trying to supervise lead generation, acquisition and. But I think just for me personally, I get it. It's. But I do it once in a while. But sometimes you just get people to reach out to just, you know, what.

[Brent Daniels]

What are they saying? What. What distractions you get when you say I buy houses. And then people reach out and what distracts you?

[Damola Olomo]

I mean, this is not what happens generally to everybody.

[Brent Daniels]

Right.

[Damola Olomo]

I'm just saying, like, I just don't want, like, social media attention because I got nothing to sell. I just want to focus on what I'm building.

[Brent Daniels]

Okay.

[Damola Olomo]

But I think I'm wrong. But so you're wrong. Yeah, I think. I know I'm wrong. I'm just like, maybe I'm not ready for it. But my thing is I want to.

[Brent Daniels]

Challenge you this year to get a lot louder because you do a really good job for the property owners. And the way that I always think it is, my business is the best of the best. We treat people. Unbelievable. We make sure that we over communicate with them. And if, if I am not loud, if I'm not doing everything to bring as many of these sellers into our world as possible, I'm doing them a disservice because they might go with somebody that doesn't treat them the right way, that doesn't communicate with them, that doesn't.

[Damola Olomo]

That.

[Brent Daniels]

That. That plays games with them and sets crazy expectations. We're truth tellers, truth seekers. And we can sleep well at night knowing that. The fact is people, people in this business don't. And so those sellers come to us afterwards and we have to kind of clean up all the pieces. And that's fine. But in my mind, the pride that I have in our business is we're the best of the best. We're going to treat them the best. So we got to be as loud as possible. And so I don't care if on social media people want to reach out with questions or if they throw shade or whatever. You can just block anybody. And for the most part, it's always been positive. People know what we do and when they know what we do, we get referrals for that.

[Damola Olomo]

I think mine is just. I go to a lot of meetups locally. I think my KPI for meetups for this year was like two a month and I think I did that. So I mean, on. On ground, I get out. I put myself out there.

[Brent Daniels]

Good.

[Damola Olomo]

But only on social media. I still struggle with that.

[Brent Daniels]

I understand.

[Damola Olomo]

But yeah. Well, I think we'll get there.

[Brent Daniels]

Yeah. I'm gonna look back in like 18 months and you're gonna be like number one on social media or something. I'm gonna be like this guy. This guy's crazy. Anyway, awesome.

[Damola Olomo]

Yeah. Nice. Nice to be here. Appreciate it.

[Brent Daniels]

Thanks. N. Have a good one. Thanks. Yeah. Thank you for listening or watching this podcast episode. I hope you got so much out of this. What an inspiration. If you're interested in joining the most proactive community in real estate investing, go to rich dad rei.com rich dad rei.com check out what it is all about. And that is it. That is it for our podcast episode. I will see you guys next time. I love you and as always, I encourage you to go out there and talk to people. See ya. Thanks for listening to Rich Dad Radio, the good news and bad news about flipping real estate, hosted by Brent Daniels. To learn more, go to richdad. Com. Don't forget to like and subscribe wherever you get your podcasts.