Episode 21:
Don Costa is a husband and a father, a real estate investor, and for better or worse, an entrepreneur. In 2012 he was broke and not in the “I don’t have enough to do what I want” kind of way. He was broke and had to choose between groceries for the week or the electric bill. He would literally grocery shop with a calculator in hand so that he wouldn’t embarrass himself at checkout. More than once, Don pulled up to the gas station and bought one gallon of gas with quarters so that he could get his kids to the sitter.
That year Don mentally hit his lowest point, feeling defeated, scared, and in a deeper hole than most of you that are just starting out. He looked in the mirror and had that honest conversation with himself. “What is it I really want to be doing?” He knew he wanted to get back into real estate, but this time being more focused and running it like a proper business. He made the decision to build a true real estate investment company.
As Don looks back, one thing stands out – “as if”. From day one, Don acted “as if” he had money in the bank and was already crushing it. He acted “as if” he had been doing it for years with all the confidence that came with it. From day one, he acted “as if” he was building one of the largest and most reputable house flipping companies in his market. That mindset gave Don the strength to overcome obstacles and the confidence to build the necessary relationships to succeed.
He won’t even try to pretend it was easy; it was some of the hardest work he’s done. But now he has the checks to prove it was worth it! Four and a half years after that day, Don is simply amazed at what was accomplished. His company has become such a strong force in his market.
Don currently has a team made up of 14 and with systems, discipline and a willingness to do the work, will do over 200 deals in 2018. These are a combination of Rehabs, Wholesales, and Wholetails.
What you’ll learn about in this episode:
- How Don got started in real estate, a story much like the one many real estate investors tell
- What Don does in real estate. Learn the three ways he makes money with real estate and why it’s good to have a little variety in the way you do business
- What “hoteling” is and who coined the phrase
- The average profit Don earns when rehabbing a low to middle end property and why he prefers to stay away from high-end properties
- The average profit Don earns on wholesale properties and how he’s finding the properties he deals with
- The different marketing tools Don has in his arsenals and which ones he believes deliver the most tremendous results
- The number of real estate deals Don does in a year
- Why Don steers clear of MLS listings and why you might want to as well
- Why Don believes it’s important to build a strong team of professionals and then “get out of your own way” so you can become successful in real estate
- Don’s belief that surrounding yourself with people going in the direction you want to go is critical in business and can prevent entrepreneurs from being held back from success
- The power of an automated business process that does the work for you
- Why Don believes direct mail is one of the most powerful marketing tools to use in the digital age
- Why entrepreneurs need to understand, know, and test their markets constantly to stay competitive in real estate
- How much Don spends each year on his marketing efforts and how much he’s bringing in for every dollar he spends. That number will inspire you to rethink your opinions on direct mail
- Why Don believes part of his success is in the quality of the lists he’s using for marketing purposes
- The turning point for Don between getting by and building wealth
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