Aug. 18, 2023
s5e60 2 Months to Success - Crushing it in the DealMachine Challenge with Jake D.
Jake D. crushed it in Traction's DealMachine Challenge. Jake is a current student of Tom’s and today, Jake joins the show to walk Tom through some of the latest deals he’s made using the strategies and best practices he learned from Tom’s course. Jake talks about overcoming paralysis by analysis, the value of going back and forth in negotiations, and his future goals to pursue everything from wholesaling and flipping to holding.
Key Takeaways
- 00:54 – Tom introduces today’s guest, Jake Draves, who joins the show to discuss his background in the real estate appraisal industry and what made him want to be an investor
- 05:42 – How Jake took advantage of The Deal Machine Challenge
- 07:10 – The negotiation process and the importance of going back and forth
- 12:17 – The duplex deal
- 16:59 – Jake talks about a third deal he recently made
- 19:08 – Overcoming paralysis by analysis
- 20:34 – Advice Jake would give to his younger self and what he would do differently if given the chance
- 25:42 – Initial fears Jake had to overcome
- 28:34 – What’s next for Jake
- 29:54 – Tom thanks Jake for joining the show and lets listeners know where to connect with him
Tweetable Quotes
“[Negotiation] was the one thing I was a little bit worried about because I was under this misconception that I had to be the Wolf of Wall Street in order to negotiate and then I’d hit a roadblock and it’s gonna show through. But, it couldn’t have been easier, especially having the framework of your courses.” (10:09) (Jake)
“I understand that mistakes will be made. I’ve accepted that. I’m just trying to make sure every time I walk away from a conversation, I’m replaying it in my head and looking at what went wrong and looking at what I did right.” (19:21) (Jake)
“If I’m just clicking away on YouTube, you just never know. You don’t have access to any of the ‘experts’ that you’re trying to learn from.” (28:19) (Jake)
“I would like to get to the point where any lead that comes in I would know what to do with it and how to deal with it, whether that’s wholesaling, flipping, or hanging onto it. It might take me a little bit longer to get to my end goal if I’m being split up down the three paths, but that is my ultimate goal.” (28:48) (Jake)
Guest Resources
This podcast uses the following third-party services for analysis:
Chartable - https://chartable.com/privacy
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