Collecting Keys - Real Estate Investing Podcast

What did you think of todays show??Systems for SuccessEpisode 24: Show Notes.If you don’t have systems in place in your business, you will end up wasting a lot of time and money chasing leads that aren’t worth chasing. We’re big advocates for putting a lot of money into marketing, but we make sure that every dollar that we spend is either getting us a client or helping us better understand who we shouldn’t be targeting (the latter of which is the case the majority of the time). In today’s episode, we discuss the types of systems you should be incorporating into your real estate business, the four types of leads that exist, and why rising interest rates shouldn’t worry you as an investor. The real estate industry is a soft landing for failures, so unless you are being malicious or negligent, you’re not likely to get into any trouble for making mistakes, but rather than making the same mistakes we did, listen in and learn from ours!  Key Points From This Episode: An overview of our Instant Investor Program, and where you can sign up today. [00:04]Some highlights from Michael’s recent trip to Costa Rica. [01:56] Michael shares some of the epiphanies he had while he was away. [07:31]Why we stay in touch with sellers who have slightly unrealistic expectations about their selling price. [11:26]The importance of pre-screening your leads. [12:23]A brief description of the four different types of leads that we get. [13:51]Our reasoning for putting a lot of money into marketing. [14:50]Systems that you should be putting in place in your business. [16:29]What we consider to be a good response rate for a marketing batch. [17:45]Some of the mistakes we made in the early days of the business. [19:06]Why the real estate industry is a soft landing for failures. [21:00] The trouble that we are having at the moment with a client. [23:43]Why Michael doesn’t think the American housing market is at risk of losing value because of the Ukraine crisis. [26:35]When a rising interest rate will and won’t affect you as an investor. [28:20]Why having a short-term investment mindset is going to result in disappointment. [31:43]Tweetables:“[Traveling to less privileged places] gives you perspective. That’s why it's super important.” — Michael DeHaan [0:10:36]“Don’t think every lead is the only lead you’re going to get.” — Dan Austin [0:17:37]“The only time you’re going to get in trouble is if you’re negligent or malicious.” — Michael DeHaan [0:21:00]“That overnight paycheck doesn't really exist, that’s the exception. We’ve had some big wins here and there but that’s not what we invest for.” — Dan Austin [0:31:44]Links Mentioned in Today’s Episode:Instant Investor ProgramMichael DeHaan on LinkedInMichael DeHaan on InstagramDan AustinDan Austin on InstagramCollecting Keys PodcastCollecting Keys Podcast on Instagram

What did you think of todays show??What is Financial Freedom Anyways? Episode 23: Show Notes. Welcome back to another installment of the Collecting Keys Real Estate Investing Podcast. This week we discuss financial freedom and what that might mean for each individual. We all have different visions for what financial freedom entails, but how much do we interrogate what has shaped our vision? In today’s episode, we unpack what financial freedom looks like for different people, how it is influenced by your personality and your aspirations, and why having young kids is such a big motivator for having a business that runs itself rather than it being a time-intensive job. Tuning in you’ll hear an update on how business has been going for Mike and Dan, why so often in real estate you find yourself feeling like you’re on the cusp of something big, and why you should take the time to reflect on your data and appreciate your successes. Later, you’ll hear more on some of the best ways to get started in real estate investing, including how joining a group will make you grow infinitely faster than becoming part of a social club. We also break down why commitment and results will lend you credibility with other investors, even if you haven’t been in the space for all that long. For all this and much more, make sure you tune in today! Key Points From This Episode: The feeling of being on the cusp in real estate and taking stock of your successes. [01:49]The concept of ‘enough’ and what that might look like. [03:15] How to fill up your time once you achieve financial freedom. [04:58]The role that boredom plays in whether you choose to keep growing your business. [06:51]How to structure your work to accommodate your lifestyle, especially if it includes young kids. [08:21]The important role of self-development in relation to your family and your career. [11:42]Mike shares why a trip that he took with his dad to Iceland was one of his most memorable holidays. [14:30]Why it’s important to reflect on your data and keep track of your deals. [15:53]Some of the areas Mike is currently focusing on and why he’s currently focused on growth. [16:40]Why nationwide growth requires that you prepare your backend operations. [18:17]How Dan and Mike got started and scaled their growth. [20:31]Mike’s advice to anyone who wants to start investing in real estate: try it out and see if it’s for you. [22:56]Why commitment and results will give you credibility with other investors. [24:42]Some of the property management issues Dan has been dealing with recently. [27:58]How to increase your net operating income (NOI) and why it’s essential to growing property value. [30:10]Our Instant Investor Program and how you can get involved. [32:59] Tweetables: “I think that is one of the most misunderstood and untalked about things in the entire space is that self-development, and being comfortable doing things for yourself in almost a slightly selfish way.” — Michael DeHaan [0:11:42] “If you want to take the systems that we've established and that we teach in the instant investor group, which is literally our business, this playbook, you can do that working as a full-time job, doing it part-time, if you just want to have the opportunity to invest in like build a better retirement” — Michael DeHaan [0:19:53] “It's hard to not take advantage of that opportunity, and grow something and you and I both have an entrepreneurial spirit where we do want to run a business. And this just turned into that pretty

What did you think of todays show??Real Estate Is A Roller CoasterEpisode 22: Show Notes.Coming off one of the best months in the business and then having a slow week, today we talk about how to make the best of those quiet periods, not so much for us but for our staff. When people work on commission, employees often start to feel like adrenaline junkies for opportunity, and we, ourselves, feel like we’re on a rollercoaster. In this episode, we discuss the challenges of being an entrepreneur and what it feels like to pursue opportunities that don’t often work out.  We also discuss the pressure of generating leads as the owner and marketer, and the importance of tracking your KPIs as you do this. Tuning in you’ll hear some feedback about the start of the Instant Investor Program and how our hosts felt when they sent out their first batch of mail (as those in the program are in the process of doing). Staying true to this podcast’s mission statement to share our horror stories along with our big wins, you’ll hear about some of our first attempts at real estate investing, the leads we wasted our time on, and even some of the challenges we are dealing with today. Tune in for all this and more!Key Points From This Episode:The challenges of entrepreneurship. [02:17]Why Mike wasn’t cut out for working in a corporate office. [04:04] Why college is a waste of time and money. [05:56]How Mike is actively thinking about how to push the business forward. [08:49]Thoughts on how to make the best of slower periods from a staff perspective. [10:22]The pressure of generating more leads as the owner and marketer. [11:17]The importance of tracking your KPIs so you don’t waste money on marketing that doesn’t generate quality leads. [11:55]How Mike and Dan’s cost for acquisition hasn’t changed despite the company’s scaling. [14:21]Insight into a Ukrainian conflict deal they are currently working on. [16:33]Feedback from the kickoff of the Instant Investor Program. [19:42]The benefits of friendships and networking. [20:45]The value of healthy competition among investors. [22:43]How Mike and Dan felt when they sent out their first batch of mail. [24:37]Some of the leads that they wasted their time on when they were first starting out. [25:28]The challenges of landlording . [28:29]Some of the other property-related problems that our hosts are currently dealing with. [29:36]How to find out more about the group coaching program. [33:48]Links Mentioned in Today’s Episode:Instant Investor ProgramMichael DeHaan on LinkedInMichael DeHaan on InstagramDan AustinDan Austin on InstagramCollecting Keys PodcastCollecting Keys Podcast on Instagram

What did you think of todays show??A realtor’s experience level and savviness don’t necessarily correlate. In today’s episode, Dan and Mike talk about some of the experiences that they have had with realtors. Mike talks about a condo that he sold to good realtors, Mike shares his experience with a bad agent who messed up the inspection, and both our hosts discuss some of the ways agents try to get price reductions or get out of deals. They also talk about the benefits of working with investors and the value of a good reputation. Tuning in you’ll hear about the deals that they are currently working on, the great month that they had in February and why they believe the market is so good right now. This episode is full of tips for finding a good realtor and helpful advice for investors. You’ll also hear some of the scams our hosts have encountered in the past, the challenges of a complicated lead that they are currently dealing with, and some of the strangest things they’ve encountered in their property dealings from kidnappings to homemade sex toys. Tune in for all this and more!Key Points From This Episode:Dan’s latest deal and why he doesn’t want to be a full-time list agent. [02:03]The strategy of underpricing properties and how this can pay off. [03:48] Why agents usually don’t have the guts to make pre-listing offers. [05:40]How an agent’s experience level and savviness don’t necessarily correlate. [06:37]Stories of experiences with good agents and bad ones [06:58]The importance of a good reputation to investors and why they are good to work with. [09:12]How, as an investor, your income isn’t necessarily tied to the value of the property. [11:54]Tips for finding a realtor. [13:19]Some of the success Dan and Michael have had in February and speculation as to why the market is so good. [13:58]A particularly challenging lead that they are currently dealing with and some of the scams they have encountered in the past. [15:13]Some of the crazy things they’ve encountered from kidnappings to homemade sex toys. [19:59]Why being an investor or owning an investment company is not as easy as people think. [22:58]Insight into some of the deals Dan and Mike are currently working on. [28:28]More information about the Instant Investor Program. [34:37]Links Mentioned in Today’s Episode:Instant Investor ProgramMichael DeHaan on LinkedInMichael DeHaan on InstagramDan AustinDan Austin on InstagramCollecting Keys PodcastCollecting Keys Podcast on Instagram

What did you think of todays show??Today we're celebrating 11 signed contracts in 11 days! Dan and Mike sit down to take us through these different projects they've got going on and some valuable knowledge and tools they've acquired on the way. Learn what a novation contract is, some crucial things to be aware of when it comes to cash purchases or buying at a discount, and what we think of investing in motor homes and jet syndicates. This conversation also dives into a few case studies, one of which shows a truly unique win-win situation with a seller who knows what he wants. With so much to learn from, we're sharing some more great news: we're in the buildup right now to launching The Instant Investor Program, where we'll teach you to build a system exactly like ours! Discover how we'll help you build a business to whatever lifestyle you want to live, whether that's having a full-time investor business like us, or just casual investing to complement your W2. To hear more about this and the exciting things we've got going on right now, tune in, and let's get going! Key Points From This Episode:Starting with a shoutout to any podcast analytics wizards out there, we'd love to chat!Celebrating 11 signed contracts in 11 days!Outlining  the different deals and agreements we've got going.Learn what a novation agreement is and why it's a valuable tool.Touching on a lake house we're excited to start on.How taking a deeper dive and getting creative can change the way you view opportunities.The biggest problem sellers have with a cash purchase and seller financing.Dan shares some troubles he's having with insurance on a particular deal.Hear about our flexible closings and a super unique deal that benefits both sides. Discussing the pros and cons of prepaid rent.Dan debates getting a motor home or syndicating jets. All about The Instant Investor Program and what it can do for you!Buying at a discount and the knock-on effects of that.   Links Mentioned in Today’s Episode:Ballpoint MarketingBallpoint Marketing Discount Code: MD5Instant Investor Program@mike_invests@investormandanCollecting Keys Podcast

What did you think of todays show??Get Ready For The Instant Investor Program Episode 19: Show Notes. We are taking today's episode as a great way to round up some recent news and introduce our amazing new Instant Investor group coaching program! Things have been heating up recently, and with the arrival of the sun, deals have been popping up and new leads have been appearing. We discuss a little about why returning to old leads is always a good practice, the best ways to contact companies and their leaders, and why setting up processes and systems for these tasks is vital to their success. From there we dive into what we are offering through The Instant Investor Program and why it could be the thing that really moves the needle for you and your business. There are a lot of different possible steps to take when you start out, but we believe that focusing on early revenue generation is the most important one and that's what our coaching program is all about! So to hear all about this and how to sign up today, make sure to tune in to his episode of the Collecting Keys Podcast! Key Points From This Episode: The upswing in business and leads with the sun coming out! Following up on leads and revisiting old connections down the line. Tips for getting in contact with the owners of companies and sidestepping the main mailboxes.Dealing with undisclosed pet presences, late rent, and contractor drama.Details about the group coaching program that we are launching next week!Prioritizing revenue generation and getting down to what is most important for a new business. Who can benefit directly from the coaching program and the different types of investors we are catering to.  The importance of process; tracking incoming and outgoing money in the best way. How to sign up for the program and get started generating revenue! Tweetables: “Just because someone tells you 'no' right now, doesn't mean they are going to be a 'no' forever.” — Mike DeHaan [0:04:49] “We try not to charge late fees, we try to work with our tenants like they are our customers.” — Dan Austin [0:10:16] “The real keys to success are what you are doing to actually get leads.” — Dan Austin [0:20:11]Connect with us!collectingkeyspodcast.cominstantinvestorprogram.com@mike_invests@investormandan@collectingkeyspodcast

What did you think of todays show??Oil Spill at the Airbnb Episode 18 Show Notes What do you do when your Airbnb rental’s oil furnace springs a leak? In this episode of the Collecting Keys Real Estate Investing Podcast, we share the catastrophic story of how an oil furnace flooded our new Airbnb rental and what we did about it. We also talk about interest rates and how they could affect the housing market in 2022. Plus, we highlight the best way to work with difficult sellers, the biggest change investors will need to make in 2022, and why you should adjust your offers, especially if you’re doing BRRRR investments. Subscribe and stay tuned to find out how you can learn how to launch your real estate investing business exactly how we did! Key Points From This Episode:The reality of property ownership: The good, the bad, and the ugly. [00:36]How we handled the oil spill in our Airbnb & The benefits of having a property manager for your Airbnb rental(s). [03:32] How interest could affect the real estate market in 2022 & Why you should adjust your offers, especially if you’re doing BRRRR investments. [11:07]The biggest change investors will need to make as a result of rising interest rates and property prices. [16:58]Issues we’re facing with our new duplex investment. [22:02]The most challenges parts of being a real estate investor. [27:16]Our advice on dealing with difficult sellers. [30:17] Tweetables:“So now we’re faced with that in the middle of winter with no heat and the biggest problem is getting it mitigated and working with insurance before some of the pipes burst because… with no heat in an old home like that, pipes will burst.” — Dan Austin [0:06:58] “We are building a rental portfolio as an asset and as we’re growing it, there’s going to be costs to grow it.” — Dan Austin [0:08:19] “I think one of the biggest reasons that values have gone up so much is because people can just afford more house when interests rates are so low.” — Michael DeHaan [0:13:26] Resources Mentioned:Get your FREE 5-Step Guide to Start Generating Off-Market Leads Connect with us:Connect with Michael DeHaan on LinkedInFollow Michael DeHaan on InstagramFollow Michael DeHaan on TikTokVisit Dan Austin's websiteFollow Dan Austin on InstagramListen to more Collecting Keys episodesCollecting Keys Podcast on Instagram  If you enjoyed this episode, please leave a REVIEW and RATE it on iTunes, Apple Podcasts, and Spotify!

What did you think of todays show??3 Biggest Red Flags When Inspecting A Property Episode 17 Show Notes What should you look out for when looking to buy an investment property? In this episode of the Collecting Keys Real Estate Investing Podcast, we break down the 3 biggest red flags to watch out for when inspecting an investment property, like water damage. You’ll also learn small, practical steps you can take to make your marketing more competitive and how we’re planning to optimize our business, increase our profits, and create more free time for ourselves. We also address a major red flag we experienced recently when trying to close a deal, why flipping houses is riskier than wholesaling, and the benefits of going virtual/remote as a real estate investor.  Key Points From This Episode:How we’re dealing with the post office not delivering all our marketing mail. [03:20]Eliminating barriers to entry in the real estate industry. [10:38] Our goals for 2022: Optimization & Building a foundation to grow something much bigger. [12:39]Our goals when hiring a second salesperson & The benefits of going virtual/remote. [13:55]A major red flag we experienced recently when trying to close a deal. [18:50]How we’re optimizing our business, increasing our profits, and opening up more free time. [21:35]Finding the balance between profit and scale & Why flipping houses is riskier than wholesaling. [26:48]Biggest red flags to watch out for when inspecting an investment property: Identifying neglect, water damage, knob and tube wiring, and more.  [31:21] Tweetables:“If you’re super profitable on your flips, you want to keep doing those… It’s finding the balance of what scale do you want before it just because another business with a similar profit margin.” — Dan Austin [0:26:53] “The more complex something gets, the less people that are going to go through that process and the less competition you’re gonna have and if that leads to a 3-4% higher conversion on your deals, that’s gonna add up to 6 figures a year.” — Michael DeHaan [0:10:14] “You wanna know what I think is the biggest red flag, from my experience? DIY work on capex items.” — Michael DeHaan [0:34:44] Resources Mentioned:Get your FREE 5-Step Guide to Start Generating Off-Market Leads Connect with us:Connect with Michael DeHaan on LinkedInFollow Michael DeHaan on InstagramFollow Michael DeHaan on TikTokVisit Dan Austin's websiteFollow Dan Austin on InstagramListen to more Collecting Keys episodesCollecting Keys Podcast on Instagram  If you enjoyed this episode, please leave a REVIEW and RATE it on iTunes, Apple Podcasts, and Spotify!

What did you think of todays show??Mike and Dan talk about the future of real estate investing as remote work and virtual transactions are becoming more accepted by both employees and sellers. They also reveal the importance of tracking your Key Performance Indicators (KPIs) as they discover they have wasted of $25k on marketing in the past few months.Download our FREE Guide The 5 Steps to Start Generating Off Market Leads at our website at www.collectingkeyspodcast.com Connect with Us on Instagram: www.instagram.com/collectingkeyspodcast Follow Mike on Instagram at www.instagram.com/mike_invests Follow Dan on Instagram at www.instagram.com/investormandan  

What did you think of todays show??Top Tip to WIN in a Competitive Market Episode 15 Show Notes How do you compete with established real investors in a competitive market? Tune in to learn how! In this episode of the Collecting Keys Real Estate Investing Podcast, we share our top tips and tactics for investing in real estate and finding success in a competitive market. We also break down the first step to investing in real estate, how we coach and partner with new investors on their first deal, and why you need to determine the lifetime value of each relationship you’re building as an investor. You’ll also gain insight into how we approach remodeling and designing rentals and flips, why timing and responsiveness are so important in landing deals, and 3 methods anyone can use to build wealth. Key Points From This Episode:Is it worth marketing during the holidays? [01:18]What we’re working on right now & We got our second contract of the year! [01:47] How we partner with new investors on their first deal & What it’s like flipping old houses (100+ years old). [06:05]The first step to real estate investing for beginners. [10:07]Update on our current flip [11:36]How to WIN in a competitive real estate investing market. [12:32]What does a real estate investor’s work schedule look like? Is it flexible? [16:55]Should we start remote coaching for new real estate investors? [21:07]Why is it important to get leads quickly? [22:13]Is it hard to flip a house with no experience? Is wholesaling a better option for new investors? [23:42]3 ways to build wealth. [26:41]Why you need to determine the lifetime value of the relationships you’re building. [29:00]Don’t be afraid to spend money to learn - like on mastermind groups. [31:34] Tweetables:“If you want to take this seriously and compete with the people that are already established, one of the easiest ways to remain more competitive… is being responsive and really jumping on when new opportunities come up and not procrastinating.” — Michael DeHaan [0:13:49] “If you’re going to spend the money, have the systems in place to follow up and to be jumping on things immediately.” — Michael DeHaan [0:15:53] “If you’re working in the real estate industry, you don’t work on a clock. You work when you’re customer, when your clients, when your sellers, when your buyers are working… If you can’t you’re going to miss quite a few opportunities.” — Dan Austin [0:16:59] Resources Mentioned:Bigger Pockets PodcastGet your FREE 5-Step Guide to Start Generating Off-Market Leads Connect with us:Connect with Michael DeHaan on LinkedInFollow Michael DeHaan on InstagramFollow Michael DeHaan on TikTokVisit Dan Austin's websiteFollow Dan Austin on InstagramListen to more Collecting Keys episodesCollecting Keys Podcast on Instagram