149: What are novations?

The DealMachine Real Estate Investing Podcast

You're here because you want to break the shackles of your nine to five and start a business that gives you more time freedom in your life. The proven business model we're covering on this podcast is wholesaling real estate, which is a strategy where you find a rundown house, you pass it to an investor to make $10,000 like our guest Andrew did exactly a year ago. And he's now done about eight deals so far. And he's finding out that wholesaling is a great strategy, but there's something new he learned that he's actually doing even more of called Novations. So he's gonna talk about what this real estate tool is and how you can use this in your tool belt as a real estate wholesaler so that you can help more people and make more money. My name's David Lecko. This is the podcast for 10Xing your income and replacing your W-2 through wholesaling real estate. I created a process called Deal Machine that's helped people close 10,000 deals on all 50 states in the last seven years.

Key Talking Points of the Episode

00:00 Introduction

01:15 How did Andrew find his first wholesale deal?

02:00 Why did Andrew decide to build a buyers list first?

03:23 How did Andrew meet with cash buyers he added to his list?

04:20 What was the first list that Andrew marketed to?

05:34 What is Andrew’s background?

06:32 What was it like when Andrew first started wholesaling?

07:46 How many deals has Andrew done since he started wholesaling?

08:42 What was the biggest surprise Andrew had in wholesaling?

10:40 How is a novation different from wholesaling?

12:30 When would a novation work best for a deal?

14:10 Why should you do 3 novations every 1 wholesale deal?

15:05 Why would novations work better than listing with a realtor?

16:07 What is Andrew looking forward to?

17:28 How has Deal Machine helped Andrew in his real estate business?