What’s the worst thing that can happen in real estate? Probably, it’s having to spend money or losing money at some point. But if you’re willing to stay for the long term, things will be fine. If you want to succeed in real estate, then it’s all about the mindset.
In today’s conversation, Mike DeHaan, real estate investor host of the Collecting Keys Podcast, talks about his journey from leaving his engineering career to jumping into real estate head-first. He initially didn’t have everything figured out, but he followed what felt right and partnered with the right guy. The initial goal was 50 properties in 10 years, and they’re now on their 100th transaction in just 2.5 years!
Here are some power takeaways from today’s conversation:
[01:34] Mike’s beginnings and getting a job at Boeing
[03:48] Getting into a spiral state of depression
[05:14] The decision to leave his job and make the jump
[09:46] Having an entrepreneurial mindset
[12:24] His introduction to real estate investing
[15:55] The worst thing that can happen in real estate
[18:00] The value of networking
[20:05] Exceeding the goal of buying 50 properties in 10 years
[23:12] How their business partnership is structured
[24:32] Focusing on data over marketing when looking for deals
[28:17] More about the Collecting Keys Podcast
Notable quotes from the Episode:
“The residential real estate world is relatively forgiving unless you are just completely negligent on something, or you made a really bad decision. You're not going to lose everything. You might lose some money on a deal, you might lose some equity. But if you're able to hold it for the long term, you'll be fine. So what's the worst that could really happen?”
“Our initial goal was to buy 50 properties in 10 years… about two and a half years now, we have 10 employees and are about to do our 100th transaction.”
"Most people, when they start marketing for deals, they focus on the marketing. And really – what it comes down to is the data and the follow-up process.”
"Because you're dealing with situations, it's a people business. It's no longer a real estate business. You're dealing with situations that you never thought you would have to deal with."
Connecting with the Guest
Instant Investor Program
Podcast: https://podcasts.apple.com/us/podcast/collecting-keys-real-estate-investing-podcast/id1590409613
Instagram: https://www.instagram.com/mike_invests
LinkedIn: https://www.linkedin.com/in/michael-dehaan-20a27b63/
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