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:
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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.
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Time Management:
- Time Blocking: Allocating specific hours for calling, follow-ups, and transaction coordination.
- Consistency: Maintaining a disciplined schedule to ensure sustained lead generation.
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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:
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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.”
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Take Action:
- Implement the strategies learned without hesitation.
- Damola Olomo [38:49]: “Watch, listen, and take action. Don’t just watch and keep moving.”
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Stay Consistent:
- Persist through challenges and maintain regular lead generation efforts.
- Brent Daniels [35:18]: “Stay in business even during downtimes. Consistency is crucial.”
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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.
Notable Quotes:
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Brent Daniels [03:00]: “Is it an actual deal? Did I run my numbers right? These are critical questions every investor must ask.”
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Damola Olomo [07:20]: “The hard part is just waking up and doing it. Consistency in lead generation is key.”
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Brent Daniels [09:09]: “Skills build mindset. The more reps you take, the better you get.”
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Damola Olomo [27:05]: “Consistently making calls increases my lead generation and deal closure rates.”
Key Takeaways:
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Consistency is Crucial: Regular lead generation through cold calling and texting is essential for success.
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Leverage Community Support: Engaging with mentorship groups and virtual offices can provide accountability and valuable feedback.
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Continuous Learning and Adaptation: Learning from mistakes and continuously refining strategies leads to growth and scalability.
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Time Management: Structuring daily activities through time blocking ensures focus on high-impact tasks.
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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.