Collecting Keys - Real Estate Investing Podcast

What did you think of todays show??As a real estate investor, you know that the key to success is closing deals. But what happens when the market slows down, and buyers are hard to come by? Don't worry — you can still use plenty of creative strategies to close deals and keep the cash flowing. Keep reading for tips on finding buyers and closing deals when the going gets tough.In this episode of Collecting Keys Podcast, we share tips on buying properties and finding buyers, especially when the going gets tough.Here are some power takeaways from today’s conversation:Take care of your health.Get deals at a conservative price.Offload properties that are affecting your finances.Make sure you have two exits.Consider creative financing.Episode Highlights:[03:44] Dealing with Weird and Shady DealsPeople believe that investors charge higher than realtors. But the thing is, realtors don’t want to accept weird deals. Listen to the full episode to learn about the recent weird deals they took on — such as the deaf and mute lady with squatters cohabitating in her house![16:57] Staying HealthyIt’s helpful to have somebody help you in fitness programming. Taking care of your health is also important in entrepreneurship — or any career — because it gives you focus and energy.[19:52] Finding BuyersThey take good care of their properties instead of just covering things up. Just because buyers won’t buy it doesn’t mean you don’t have a good deal.Don’t be afraid to get your hands dirty. If you find good deals, get deals at an extra conservative price and wait it out. If it’s affecting your finances and ability to buy more assets, then it would be better to offload it. Make sure you have at least two exits for safety.[26:38] Housing Supply and Rent RatesEven though the housing supply is increasing, the tenant base is still massive, and interest rates are rising. It’s more affordable to rent. Rent rates usually go up, though they may soften at times.As time goes on, real estate prices will always increase in value. Consider creative financing so that you can find more buyers. Creative deals will make it more affordable and accessible for more people to buy houses.Notable quotes from the Episode:[23:22] “Just because your buyers won’t buy it doesn’t mean you don’t have a good deal.”[25:19] “Unless you’re trying to do this as an institutional size business or like a full-on business, there’s really no point in being cut in your losses if you have these different strategies.”[29:16] “Real estate is consistency over time with everything.”Resources Mentioned:collectingkeyspodcast.cominstantinvestorprogram.cominstagram.com/collectingkeyspodcastinstagram.com/mike_investsinstagram.com/investormandan

What did you think of todays show??On this episode of the Collecting Keys Friday Focus, Mike Talks about how they have changed the ways they are making offers while the future of the market remains unpredictable.He talks specifically about how they are changing the ways the analyze and make offers on flips, rentals, and wholesale deals, as well as ways to ensure that you come out on top in case things get weird.If you have other focus Friday Topics you would like Mike or Dan to cover, please email them to mike@collectingkeyspodcast.com or DM him on instagram @mike_investsResources Mentioned:collectingkeyspodcast.cominstantinvestorprogram.cominstagram.com/collectingkeyspodcastinstagram.com/mike_investsinstagram.com/investormandan

What did you think of todays show??If you’re like most people, you probably think of real estate as a safe investment. And you’re not wrong — but safe investments can get boring after a while. Finding hidden gems in overlooked or undervalued neighborhoods helps you make a profit and adapt to the ever-changing market.In this episode of Collecting Keys Podcast, we discuss how you can create opportunities so you can increase profit and thrive no matter the market condition.Here are some power takeaways from today’s conversation:Learn to pivot and adaptLeverage market changesCreate opportunitiesDo your due diligenceAsk for help if neededEpisode Highlights:[0:53] The Current State of Airbnb’sThe Airbnb market is suffering from a lower rate of bookings. There are lots of additional costs when running an Airbnb, making it less appealing.The system is built to leverage excess capacity. Due to capitalism, Airbnb’s became expensive compared to when it first launched as a cheaper alternative to hotels. Because of that, hotels are gaining the upper hand with competitive prices.[09:55] Becoming AdaptableBeing a one-trick pony isn’t sustainable. As you pivot and adapt, you must learn how to analyze and underwrite deals. Determine what to do with your properties and leverage market changes.The buyer pool and buying power have become smaller. Figure out creative financing and find ways to provide affordability for people to recover some of your money and cash flow. You could also trade out lesser quality assets.[19:02] Creating OpportunitiesIf you want to make money in real estate, you must learn how to create opportunities despite the market conditions. Look at what’s going on around you and do what makes sense in the market. You need to recognize the opportunity in a property ahead of time.When you do find an opportunity, here’s what you can do:Choose a property in a great location.Consult whomever is responsible for the land development to find out options.Contact your zoning department if you must re-entitle a property.Find out where the utility hookups would be.Get a surveyor and builders if needed.Don’t be afraid to ask people what you need to know. Most people would be willing to help you. Total separation can be midrange-expensive.Notable quotes from the Episode:[22:46] “Look at what’s going on around you before you do stuff like that because it might not make sense for you in your market.”[26:12] “Don’t be afraid to just ask people.”[29:18] “We didn’t even look at building because we just knew the location was great, that we knew there would be a good spread on the land itself to sell to a builder because–not that we don’t want to do this but– we just haven’t ever done a new build.”Resources Mentioned:collectingkeyspodcast.cominstantinvestorprogram.cominstagram.com/collectingkeyspodcastinstagram.com/mike_investsinstagram.com/investormandan

What did you think of todays show??In this first Focus Friday episode, Mike does a short solo show talking about his thoughts on the best way to approach investing in Real Estate during the upcoming recession.Mike has 5 things that he suggests people focus on going into this recessionary period:1) Focus On Building Your Network to Identify Key Players 2) Be smart with your finances and get liquid3) Be more conservative with your estimates4) Be patient with your opportunities5) DONT do nothing and wait.If you have other focus Friday Topics you would like Mike or Dan to cover, please email them to mike@collectingkeyspodcast.com or DM him on instagram @mike_investsResources Mentioned:collectingkeyspodcast.cominstantinvestorprogram.cominstagram.com/collectingkeyspodcastinstagram.com/mike_investsinstagram.com/investormandan

What did you think of todays show??Branding is crucial in real estate. To be a successful investor, you’ll need to create a name and image that is instantly recognizable and synonymous with high-quality investments. But how do you go about doing that? And how do you make sure your brand stays strong?In this episode of Collecting Keys Podcast, we discuss how you can establish a strong, effective real estate investment brand and build connections that will pave the way for opportunities.Here are some power takeaways from today’s conversation:Make more competitive offersBuy at a good priceInvest in brand buildingEstablish connectionsBe humble, honest, and helpfulEpisode Highlights:[07:16] Leveraging the Market CrashThe main buyers now are the big-time flippers and businesses, but they are also marketing their own deals. On the other hand, the mom and pop flippers have put their brakes on due to fear. It is a buy opportunity in the market right now where you can place more competitive offers.[11:16] Buying at a DiscountMake sure you always have multiple exits. Buy at a good price. It’s also essential to be selective and prepared to hold it for the long-term if needed. But do not overleverage either — if you can financially sustain having one property, don’t buy more than that.Position yourself in a comfortable place. Establishing your reputation as an investor will give you an edge, security, and opportunities within the real estate market.[18:41] Building a Real Estate Investment BrandEstablishing a brand will give you more credibility with sellers, investors, realtors, lenders, and many other key players in the real estate space.There are many things you can do to build your brand, such as:Focus on talking to sellers.Get a Google review from sellers.Outsource tasks.Come up with a unique name.Establish a good professional online presence.Use social media for retargeting.Make sure that people will be exposed to your brand. If people start recognizing you, they’ll trust you more, and that will lead to more opportunities for your business.[33:07] Building a Brand Within Your Peer GroupThe peers you work with are essential for a successful business. You need brand recognition and action if you want to work within your peer group. Just be humble and honest. Reach out to help other people, too, so you can build connections and trust.Notable quotes from the Episode: [19:54] “... brand is built over time.”[27:03] “By putting your name and stuff out there, and your photo, and all those sorts of things, it makes you that much more credible to the sellers.”[33:35] “What makes your business successful, honestly, is the peers you work with.”Resources Mentioned:collectingkeyspodcast.cominstantinvestorprogram.cominstagram.com/collectingkeyspodcastinstagram.com/mike_investsinstagram.com/investormandan

What did you think of todays show??Running a business is hard work. Many business owners are always looking for ways to boost their business and make things a little bit easier on themselves. One way to do that is by hiring virtual assistants.In this episode of Collecting Keys Podcast, we discuss our tips on hiring effective virtual assistants that can help you elevate your business.Here are some power takeaways from today’s conversation:Stick to your principlesFocus on high-value tasksHire virtual assistantsSet clear expectationsBe honest and fairEpisode Highlights:[07:57] Sticking to Your PrinciplesMike and Dan are starting litigation season. After dealing with a difficult mitigation franchise and insurance, they filed a lawsuit due to the damages done to the property. Figure out how to stand by your principles while optimizing the financial situation.They also have their virtual employees do their lead management and marketing. Currently, they are starting to systematize things.[19:05] Hiring Virtual AssistantsOne of the easiest ways to scale a business and take some tasks off your plate is to hire a virtual assistant. People may have a misconception that virtual assistants are untrustworthy scammers. But hiring overseas virtual assistants are cost-efficient, hardworking, and skilled.They can help streamline your workflow and minimize expenses so you can focus on high-value tasks. Just be honest and fair with them.[30:17] Where to Find Virtual AssistantsYou can find virtual assistants on Upwork, Fiverr, Online Jobs, and other platforms. Interview the applicants, set clear expectations, and walk them through the tasks.You can track your virtual assistants’ time, but encouraging them to engage would be more productive. Ask them for feedback. If there are any tasks that you do not particularly enjoy or aren’t knowledgeable about, offloading them to a virtual assistant would be a great way to get it off your shoulders while still getting the job done.Notable quotes from the Episode:[24:36] “When you’re an entrepreneur, when you’re a business owner, you have to be spending your time doing the tasks that have the highest likelihood of generating revenue.”[36:52] “If it becomes a recurring problem, if you have several people come into the same role, it’s not working, it’s probably not a ‘them’ problem. It’s probably a ‘you’ problem.”[37:25] “It’s so much simpler than you think if you treat them {Your VA’s} like human beings with families and ambitions, which they are, honestly.”Resources Mentioned:upwork.comfiverr.comonlinejobs.phhubstaff.comcollectingkeyspodcast.cominstantinvestorprogram.cominstagram.com/collectingkeyspodcastinstagram.com/mike_investsinstagram.com/investormandan

What did you think of todays show??Troublesome tenants could cause issues with neighbors, landlords, and expensive evictions. Tenant horror stories are everywhere, but they can be avoided with the right screening process.In this episode of Collecting Keys Podcast, we discuss our tips on how to screen your tenants and make sure you get the best ones. We also share our thoughts on the current real estate market and the opportunities you can grab.Here are some power takeaways from today’s conversation:With The Economy Changing, Add extra margins to your dealsConsider purchasing off-market discounted real estateWhen it comes to tenants, character is more important than credit scoreBe firm but fair with tenantsTry hiring a property management company if its too muchEpisode Highlights:[01:12] Updates on the MarketWith the interest change, the market has skyrocketed. People are mostly reactive and no longer make rational, long-term decisions. Markets don’t like uncertainty, so once people know what’s happening, they can move forward.Rates get brought up and down depending on the needs of the economy. If you’re in real estate, add a little extra margin to be safe.[09:21] Navigating the Current Real Estate MarketYou’ll need to put in money, time, and effort to find opportunities to purchase off-market discounted real estate. But it eliminates a huge amount of risk due to the many options.The market is most likely going to change around you. It’s essential to find out what your excess and risks are. Demand may drop significantly with the new interest rates. If high prices become the norm, the costs will not come down even if the rates do.[19:53] Screening TenantsBe cautious because the eviction process can be daunting and expensive. Screening also helps make tenant turnovers less pricey.You’ll want tenants that won’t trash the place. You can use these pre-screening questions:What’s your base credit score?What’s your income?Do you have any evictions or criminal records?Financial indicators are important to determine their ability to pay rent. Follow through with their references. Judging their character can sometimes be more important than credit score. You can also observe them and get a feel for their personality if you can meet them in person.[35:06] Screening TenantsTenants are not your friends. You can be friendly with them, but don’t forget to be firm but fair. It is crucial to have rules and guidelines. Compromise might be on the table, but don’t bend those rules too much for them.If all this sounds like too much, hire a property management company. It’ll cost time and effort, but you won’t have to worry about the stressful stuff.Notable quotes from the Episode:[22:08] “Just because someone makes a lot of money doesn’t mean they’re not going to wreck your property.”[33:29] “You have to judge the character.”[35:11] “Tenants are not your friend. You can be chummy with them, but everything should be firm, but fair.”Resources Mentioned:collectingkeyspodcast.cominstantinvestorprogram.cominstagram.com/collectingkeyspodcastinstagram.com/mike_investsinstagram.com/investormandan

What did you think of todays show??It’s vital to maintain a healthy pipeline of leads. After all, you’ll want to be prepared when a lull or fluctuation in the real estate market threatens to stop your momentum. But finding leads is the easier part of the process — finding the motivated leads and pursuing them might give you a more challenging time.In this episode of Collecting Keys Podcast, we share our tips on how to find motivated leads and pursue them. We also share our thoughts on the bear market and how to survive it.Here are some power takeaways from today’s conversation:Keep your momentum up.Make your brand and marketing presence stronger.Be adaptable, consistent, and cautious.How to prescreen your leads to see if they're really motivated.Episode Highlights:[01:02] Surviving the Bear MarketIn the past few weeks, the numbers in the market have become low. Real estate relies heavily on momentum. You need the resources and the stomach to keep pushing through.To keep up your momentum, double down on marketing and optimize your systems. Make your brand and market presence stronger; be adaptable and consistent. However, you also need to remain cautious not to make offers based on assumptions that things will keep going up.[16:58] How to Pre-screen LeadsPrepare a checklist of things you want to ask your leads. Ask them the following:Do you actually want to sell?When are you looking to sell?What’s the general condition of your house?Why did you call me as opposed to a realtor?What’s your price expectation for the house?These questions can help you determine their motivations. Build these into conversations with them and establish trust.[25:35] Pursuing LeadsWhen pursuing leads, it all comes back to the core idea that real estate is a people business. Try to help them with their problems. Listen to their needs and wants. Likewise, don’t be shady or too aggressive. Most people don’t have a positive experience with salespeople, and this makes problem-solving a critical part of the equation. Ultimately, every transaction should be a win-win.If you’re a newer investor, don’t make the mistake of spending all your time building rapport without moving the dial. Qualifying them upfront will help you avoid wasting unnecessary time and weed out unmotivated leads from motivated ones. It also makes the initial sales process easier to outsource.Notable quotes from the Episode:[26:25] “This is a people business. It’s not a real estate business — it is because the real estate’s the collateral, but it’s all about the people and solving their problems.”[29:22] “The problem solving part of it and the relationship part of this business is super important. It will allow you to have a better brand, it will allow you to do deals more consistently, and it will allow you to be a positive contributor to society.”[35:08] “A big concern people always have is they’re like, ‘I don’t want to miss opportunities.’ And you know what sucks? You’re going to. That’s kind of part of the game.”Resources Mentioned:collectingkeyspodcast.cominstantinvestorprogram.cominstagram.com/collectingkeyspodcastinstagram.com/mike_investsinstagram.com/investormandan

What did you think of todays show??Nobody enjoys dealing with irrational sellers. But here are the facts: not every transaction is going to be easy, and the process of closing deals requires patience and persistence. Since there are many difficult sellers, you have to brush up on your people skills and learn how to handle them.In this episode of Collecting Keys Podcast, we share our tips on how to deal with difficult sellers. We also share our thoughts on the current shifts in the market and how you can leverage them.Here are some power takeaways from today’s conversation:Offload shitty properties and invest in more desirable assets. Buy cautiously and wisely.Establish your brand and reputation as an investor.Be firm, fair, realistic, and flexible in dealing with difficult sellers.Listen to sellers and help them out.Episode Highlights:[01:33] Changes in the MarketThe market is shifting. Interest rates have been climbing, and the slowdown has started. As a result of the bear market and inflation, companies are implementing defensive strategies.But for the everyday person, what the stock market does daily doesn’t affect them. In fact, it creates buying opportunities for people to generate wealth. It’s the perfect time to buy assets — whether in stocks, real estate, or crypto.[12:11] Preparing for the Long TermLeverage the changes in the market by hoarding cash or stabilizing your properties. Offload the dumpy properties and make sure you have the more desirable assets. Likewise, don’t gamble on things that make little sense in the long term.The economy doesn’t stop; it tightens up and goes through correcting. While flippers need to be more cautious and meticulous, there are still many opportunities to invest. Buy at future prices, not yesterday’s prices. Take action and learn how to deal with tough sellers.[18:29] Preparing for Market ChangesPosition yourself with knowledge of the market. You have to establish your brand as a business and your reputation as an investor. Furthermore, educate yourself on how to deal with difficult sellers.[20:55] Dealing with Difficult SellersSellers can be difficult for many reasons, such as temperament and situations. Here’s how you can deal with difficult sellers:Be firm, fair, and realistic.Be flexible in what you’re willing to do.Prepare a backup plan for your backup plan.If you buy right, you’re going to do well. However, you have to let the little details go when you encounter resistance or unfair situations. Sellers can be irrational at some point in the transaction. Listen to them and help solve their problems. At the end of the day, real estate is also a people business.Notable quotes from the Episode:[09:22] “Everyone’s fearful. Now’s the time to start being greedy. Now’s the time to start buying assets and doing all that sort of stuff.”[29:52] “You have to be able to pivot and don’t feel like the deal is dead just because the seller is acting that way because I would say, more often than not, sellers act somewhat irrational at some point during the transaction.”[33:38] “At the end of it, it’s not really a real estate business. It’s a people business, and you’re providing a service to your sellers.”Resources Mentioned:collectingkeyspodcast.cominstantinvestorprogram.cominstagram.com/collectingkeyspodcastinstagram.

What did you think of todays show??If you’re just getting started, you may not realize it, but as your business grows, so will your taxes — and they can be a big hit to your revenue. This is why it’s so important to minimize your tax liabilities.In this episode of Collecting Keys Podcast, we share our tips on how to hack the system and pay as few taxes as possible while accumulating as many assets as you can.Here are some power takeaways from today’s conversation:Don’t be afraid to branch out your business — experience is the best teacherLearn to realize when you’re at a loss and walk awayAccumulate as many assets as you can while reducing your tax liabilitiesFamiliarize yourself with 1031 exchanges to further reduce your liabilitiesEpisode Highlights:[01:00] Learning From ExperienceMike and Dan have recently launched in a tenth market. This may seem like a big deal, but they explain that once you have the basis of your business, scaling it becomes much easier.People tend to be afraid to make big changes too early into a business, but Mike and Dan share that even they are learning as they go. The easiest way to start learning things you don’t know is to start having conversations with people who do.[14:04] Minimizing Your Tax LiabilitiesYou may not realize it if you’re just starting out, but as you move up the supply chain — especially when moving large assets — taxes can be a big hit to your revenue. This is why it’s so important to minimize your tax liabilities.Mike and Dan cite taking the most reasonable, minimum salary you can, and using passive losses like depreciation against your passive gains. Listen to the full episode for their discussion on how and why this is effective![28:15] The 1031 ExchangeA 1031 exchange is a policy where you sell an asset without realizing any true gains, identifying a new asset, and closing on that one as well. It's a common strategy to avoid capital gains and depreciation recapture.This is a no-brainer if you’re in the real estate business and always buying and flipping houses. Listen to the full episode for Mike and Dan’s explanation on how to make a 1031 exchange!Notable quotes from the Episode:[03:25] “The easiest way to start figuring it out is to start having conversations with people and start shooting your shots.”[26:43] “At one point, it’s going to cross a threshold where it no longer makes sense to work your W2 job necessarily, because realistically, the tax savings that you're going to get could potentially be more than your total income on your job.[33:41] “That's the whole game, right? It's trying to figure out how to pay as few taxes as possible while being able to get as much equity, debt, and cash, and accumulate as many assets as you can.”Resources Mentioned:collectingkeyspodcast.cominstantinvestorprogram.cominstagram.com/collectingkeyspodcastinstagram.com/mike_investsinstagram.com/investormandan