Collecting Keys - Real Estate Investing Podcast

The BEST Way to Force Equity In A Property

Episode 10 Show Notes

What are the best ways to increase the value of your property so as to maximize your profit? In this episode of the Collecting Keys Real Estate Investing Podcast, we talk about which rooms in a house you should add or renovate to increase the value of your home the most, how to get the most out of your property appraisal, and the savviest way to increase your rental home profits by up to 30% or more.

You’ll gain insight into the strange experience we had with our first ever Airbnb guests, Airbnb/Vrbo rental pricing strategies, and the absolute BEST way to get started in real estate investing, flipping, wholesaling, rentals, and more.

Plus, you’ll learn how to gain access to our FREE 5-Step Guide to Start Generating Off-Market Leads!

Key Points From This Episode:

• For house flipping to be profitable, you need to increase the value of the property as much as possible. This is how we do it… [02:07]
• What is the BRRRR Method of real estate investment? & Things that decrease your home appraisal price. [04:29] 
• The best and worst types of buildings to add a bathroom into. [09:25]
• Our experience with our FIRST Airbnb guests (spoiler: It was turbulent!). [10:17]
• Maximizing your rental profits by pricing your rentals based on busy seasons and local events. [16:22]
• Real estate investing vs. Hospitality: Things to consider when deciding between house flipping, wholesaling, and Airbnb/Vrbo rentals. [20:01]
• What’s the best way to get started in real estate? [22:10] 
• Lessons learned from this week: Systems are necessary for operating rental homes & Find the sweet spot between analysis paralysis and not paying attention to anything. [28:17]
• One of the best ways to learn is putting yourself under extreme pressure. [28:58]
• How to get our 5-Step Guide to Start Generating Off-Market Leads. [30:48]

Tweetables:

“You can buy it and put in some new granite countertops but it’s not going to increase the value as much as increasing the square footage.” — Michael DeHaan [0:02:43]

“You’ve got to show up, you’ve got to be consistent. It does take patience, but all of a sudden you look back and you’re like, holy cow, how did I do four flips… and it was just by showing up every day.” — Dan Austin [0:27:34]

Resources Mentioned:

Book a stay at our Airbnb!

Connect with us:

Connect with Michael DeHaan on LinkedIn

Follow Michael DeHaan on Instagram

Follow Michael DeHaan on TikTok

Visit Dan Austin's website

Follow Dan Austin on Instagram

Listen to more Collecting Keys episodes

Collecting Keys Podcast on Instagram

If you enjoyed this episode, please leave a REVIEW and RATE it on iTunes, Apple Podcasts, and Spotify!

Treasure Hunt in a Hoarder House

Episode 9 Show Notes

In this episode of the Collecting Keys Real Estate Investing Podcast, we review the walkthroughs we did this week and address a few important concepts in real estate investing that you should know about: having multiple exits on a real estate investment deal, vetting the people you work with, and not letting a junk-filled hoarder house scare you away from making a smart investment. You’ll gain insight into what we’re learning as beginner Airbnb hosts, a few new investment opportunities we’re considering, and the surprisingly great things that come from flipping hoarder houses. Plus, we give you another shocking update on our kidnapped seller and share another horror story from this week! Buckle up, this episode is a fun one!

Key Points From This Episode:

• Detailing our walkthroughs from earlier today & What we’re learning from being a beginner Airbnb host. [01:25]
• Why it’s important to have multiple exits on a real estate investment deal & Details on our new opportunity for a vacant double lot build. [07:11] 
• What happens when you a sign a deal with someone who’s associated with untrustworthy people? & The mutual benefits of mentoring a new investor. [09:02]
• A new way of looking at your personal finances as an investor. [12:54]
• Stocks vs. Real Estate: Which is a better investment? [14:15]
• Tips and advice for new real estate investors: Getting partners, taking risks, and vetting the people you work with. [15:22]
• What it’s like buying a hoarder house and flipping it into a rental property (opportunities are everywhere!). [17:42] 
• When to convert a garage into an extra bedroom. [27:33]
• How we’re preparing for January 2022 & Helping our Acquisitions Manager close his first deal. [31:35]
• Horror stories from this week & Another update from the kidnapped seller. [34:08]

Tweetables:

“Recently, we’ve come across this a lot where we’re meeting all these people and there’s just so much talk going on and no one’s actually doing what they’re saying, so you’ve got to be careful.” — Michael DeHaan [0:16:33]

“There are opportunities everywhere! People find good stuff. Somebody in our mastermind group found a classic car.” — Michael DeHaan [0:26:04]

Resources Mentioned:

Book a stay at our Airbnb!
https://www.airbnb.com/rooms/53241923
https://www.airbnb.com/rooms/53892018

Connect with us:

Connect with Michael DeHaan on LinkedIn

Follow Michael DeHaan on Instagram

Follow Michael DeHaan on TikTok

Visit Dan Austin's website

Follow Dan Austin on Instagram

Listen to more Collecting Keys episodes

Collecting Keys Podcast on Instagram

If you enjoyed this episode, please leave a REVIEW and RATE it on iTunes, Apple Podcasts, and Spotify!

Stocks and Crypto Dipped Big, but a House is still Worth a House

Episode 8 Show Notes

With the rise of inflation and the dip in stocks and crypto, is real estate a better investment? In this episode of the Collecting Keys Real Estate Investing Podcast, we discuss our reasoning behind why real estate is a better investment than stocks or crypto. We also talk about the benefits of switching to electronic smart keys and locks for your rental properties, how to scale residential real estate deals, and the power of hiring employees that are system-builders.

Key Points From This Episode:

• Is it worth switching from physical keys to electronic smart keys/locks, even for long-term rentals? [01:54]
• Is residential real estate actually scalable? [05:35] 
• No deal in real estate or entrepreneurship is a perfect deal, so stop being a perfectionist! [09:03]
• Why real estate is a better investment than stocks or crypto. [11:35]
• When you buy real estate, you make money. [17:46]
• Lessons learned from this week: The 2 types of employees, finding systems that work for your business, and enabling your employees to build systems that automate your business. [26:35]

Tweetables:

“A lot of people [are] worried about leaving money on the table or worried about something being perfect, so they don’t pull the trigger. That’s like saying I’m gonna hunt for my dinner but I only want to eat unicorn.” — Michael DeHaan [0:09:03]

“The one thing that I can know about real estate is even if the real estate values go down and inflation goes crazy and our dollar is now worth nothing, a house will still be worth a house.” — Michael DeHaan [0:14:39]

“If we lost 40% equity in our properties overnight, what would that look like? That’s a huge swing… we’re talking housing crisis… we’d still be okay.” — Daniel Austin [0:15:07]

“Just make the best decisions you can for today and keep investing consistently and keep buying the deals that make sense in today’s market and over a period of time, you’ll be okay.” — Daniel Austin [0:17:46]

Resources Mentioned:

Mind Pump Podcast

GoBundance Who Not How by Dan Sullivan

Connect with us:

Connect with Michael DeHaan on LinkedIn

Follow Michael DeHaan on Instagram

Follow Michael DeHaan on TikTok

Visit Dan Austin's website

Follow Dan Austin on Instagram

Listen to more Collecting Keys episodes

Collecting Keys Podcast on Instagram

If you enjoyed this episode, please leave a REVIEW and RATE it on iTunes, Apple Podcasts, and Spotify!

The Riches Are In The Niches

Episode 7 Show Notes

Should I pick a niche as a real estate investor? What makes a marketing campaign successful? Listen in to find out! In this episode of the Collecting Keys Real Estate Investing Podcast, we talk about the importance of being consistent in your marketing, how investors can benefit from specializing in certain niches of real estate, and the opportunities that come from analyzing different real estate investment exit strategies.

You’ll also learn a few factors that contribute to slow or fast growth in real estate investments, how to decide whether you should keep an investment property for the short term or long term, and how to make yourself known as a trustworthy investor in your community.

Plus, we share the perfect way to get into real estate as a beginner, along with a few updates on our current deals!

Key Points From This Episode:

• Dealing with uncertainty of ROI on marketing campaigns. [00:33]
• Factors that contribute to slow or fast growth in real estate investments. [01:50] 
• Consistency in deals comes from consistency in marketing and business operations. [05:58]
• Analyzing different exit strategies has created more opportunities… here’s how! [08:31]
• Distinguishing short-term investment properties and legacy investment properties. [14:38]
• What are our niches? & The niches we may specialize in in the future. [17:24]
• The perfect way to get into real estate investment & How to collaborate and partner with experienced investors. [19:33]
• How to make yourself known and trusted in your community & Networking do’s and don’ts for real estate investors [21:28]
• Live updates on our current deals! [26:58]
• Reflecting on this week & Lesson learned: Listen to your gut. [32:25]

Tweetables:

“It is surprising how many people are not consistent with their marketing, including us in the past… And now that we’ve been doing it pretty solidly this year, I would say… it’s paying dividends.” — Daniel Austin [0:05:37]

“That’s the great thing about investing, especially the way that we do it… We take these janky little houses that wouldn’t provide an opportunity to the average person and we can make them pretty badass investment opportunities.” — Michael DeHaan [0:12:16]

“Build your base and then find things that are progressively easier to manage and continue to give you a fantastic return for your money.” — Daniel Austin [0:17:06]

Connect with us:

Connect with Michael DeHaan on LinkedIn

Follow Michael DeHaan on Instagram

Follow Michael DeHaan on TikTok

Visit Dan Austin's website

Follow Dan Austin on Instagram

Listen to more Collecting Keys episodes

Collecting Keys Podcast on Instagram

If you enjoyed this episode, please leave a REVIEW and RATE it on iTunes, Apple Podcasts, and Spotify!

How Landlords Make Landlords Look Bad

Episode 6 Show Notes

Want to hear some landlord horror stories? You really can’t make this stuff up! In this episode of the Collecting Keys Real Estate Investing Podcast, we talk about the logistics behind regulating landlords and why landlord regulation could be very beneficial for communities around the U.S. You’ll gain (shocking) insight into the state of homeownership across the nation while learning how you can become a better landlord. We also discuss one of the biggest challenges of being an entrepreneur with a small team, the power of hiring an assistant for your real estate investment business, and why it’s so hard to hire people right now. Then, we share why you need to interview your accountants and/or bookkeepers before you hire them!

Plus… In less than 2 months, we’ve signed 14 contracts! How many will we close and flip? What will our revenue be? Tune in to find out!

Key Points From This Episode:

• The biggest challenge as a small business owner: Spending too much time on the little things you can’t automate or delegate yet and neglecting other parts of your life.  [02:27]
• Why it’s so hard to hire people right now. [07:42] 
• It’s not as hard to make an extra $1,000 per month as you think… [08:11]
• In less than 2 months, we’ve signed 14 contracts. How many will we close and flip? What will our revenue be? [11:08]
• Does the real estate market slow down during the holidays? [16:49]
• Landlord horror stories & Why should landlords be regulated? [17:37]
• What Minnesota landlord regulations look like (Spoiler: You have to get a property inspection every year). [26:56]
• The most shocking thing about working in real estate. [29:49]
• Lesson learned this week: Having an assistant is very impactful for business owners & Interview your bookkeepers before you hire them! [31:24]

Tweetables:

“They’re living in the worst possible living environments you can imagine because the landlord just refuses to take care of their properties… and the thing that sucks about it is those are always the impossible contracts to get cause the people are greedy.” - Michael DeHaan [0:18:21]

“You can’t just send out a batch of letters and then think you’re gonna make money that same month. You have to consistently do it and have this expectation… If you start today, in 90 days you’ll probably be making money.” — Daniel Austin [0:14:02]

Connect with us:

Connect with Michael DeHaan on LinkedIn

Follow Michael DeHaan on Instagram

Follow Michael DeHaan on TikTok

Visit Dan Austin's website

Follow Dan Austin on Instagram

Listen to more Collecting Keys episodes

Collecting Keys Podcast on Instagram

If you enjoyed this episode, please leave a REVIEW and RATE it on iTunes, Apple Podcasts, and Spotify!

How A Mastermind Can Change Everything

Episode 5 Show Notes

Are masterminds worth it? Let’s talk about it! In this episode of the Collecting Keys Real Estate Investing Podcast, we highlight the benefits of joining a mastermind group and going to professional meetups, particularly for real estate investors. From networking and reflecting on your accomplishments to setting bigger goals and learning from the best in the industry – mastermind groups open doors that you may not even know are right in front of you.

Besides masterminds, we also talk about our specific goals for 2022, why we think corporate careers are much more risky than a career in real estate, and what you should do if you’re tired of flipping houses but you still want to collect a passive income from real estate. Plus, you’ll get an update on our seller that was abducted (listen to ep 4 first for the full story, if you haven’t already)!

Key Points From This Episode:

• Why we joined a mastermind group & What we think of Ryan Dossey’s Create Cash Flow Program compared to other masterminds. [00:33]
• Is it possible to become a millionaire or centimillionaire from real estate? [06:36] 
• One of Dan’s biggest goals: Remembering the good parts of life.  [09:45]
• Comparing the risk and discomfort in a corporate career vs. a career in real estate investment. [13:06]
• Our biggest takeaways from the mastermind meetup & Dan’s new goals inspired by the mastermind. [17:43]
• What is our revenue goal for our investment business in 2022? [21:47]
• Update on our kidnapped seller. [25:12]
• What happens when you’re tired of flipping houses but you still want to invest in real estate and collect passive income? [27:02]

Tweetables:

“I think the main value of [a mastermind or meetup] comes from the after-hours socializing and the networking that you do. I think that goes for any sort of even like that.”  - Michael DeHaan [0:2:36]

“It’s kind of funny looking back because you look at the group as a whole and you’re like 99% of these people would never talk to each other if it wasn’t for our mutual interest in developing a business this way.” — Michael DeHaan [0:04:43]

Resources Mentioned:

Ryan Dossey’s Create Cash Flow Program

Connect with us:

Connect with Michael DeHaan on LinkedIn

Follow Michael DeHaan on Instagram

Follow Michael DeHaan on TikTok

Visit Dan Austin's website

Follow Dan Austin on Instagram

Listen to more Collecting Keys episodes

Collecting Keys Podcast on Instagram

If you enjoyed this episode, please leave a REVIEW and RATE it on iTunes, Apple Podcasts, and Spotify!

Our Seller Was Abducted At Closing?

Episode 4 Show Notes

This is not a drill! Our seller [allegedly] got kidnapped! Tune in to hear the story… 

In this episode of the Collecting Keys Real Estate Investing Podcast, we update you on the challenges and wins we’re having right now, from missing sellers to finding furniture for our Airbnb. We talk about what it’s like dealing with squatters, navigating ethical dilemmas in real estate investing, and why you should never say no to FHA loan offers. Plus, you’ll learn an easy hack for furnishing your Airbnb rentals when you don’t have the time or expertise to do it yourself!

Key Points From This Episode:

• We got a scary phone call from our Acquisitions Manager… [00:54]
• Telling the story of how our seller got abducted by another buyer during a signing… and he’s still missing? [01:46] 
• Wins of the week: A new wholesale deal, joint-venturing with our main competitors!  [07:48]
• Lack of regulation makes it easy to have poor ethics in real estate investing. [09:42]
• We got our largest property under contract this week & Is lending easier with larger properties? [13:13]
• How we solved out Airbnb furniture problem & When to hire a personal shopper. [17:09]
• Every detail matters in short-term rentals & The benefits of having a functional desk/work space in your Airbnb. [20:17]
• Client communication & Dealing with upset clients. [23:00]
• Why you shouldn’t say you don’t accept FHA offers. [26:06]
• One of the biggest ethical dilemmas in real estate investing. [29:49]
• Lessons learned from this week: When pivoting to something new, go into it system-minded & Getting good reviews on Airbnb takes preparation. [31:48]
• Lesson learned from this week: Don’t count your winnings until the money is in your bank account. [33:53]

Tweetables:

“Sometimes, with these people, if you’re too nice, they’ll just take everything they can get from you.” - Michael DeHaan [0:30:54]

“What you and I would do is hodge-podge all of our furniture we don’t want in our house and throw it in there and for some Airbnb’s that’s totally fine, but for this one… if we’re gonna maximize the dollar amount because of the location… it just makes sense.” — Dan Austin [0:19:29]

“You’ve gotta learn somehow, right? And if you [are] afforded the opportunity, take advantage of it.” — Dan Austin [0:17:00]

Connect with us:

Connect with Michael DeHaan on LinkedIn

Follow Michael DeHaan on Instagram

Follow Michael DeHaan on TikTok

Visit Dan Austin's website

Follow Dan Austin on Instagram

Listen to more Collecting Keys episodes

Collecting Keys Podcast on Instagram

If you enjoyed this episode, please leave a REVIEW and RATE it on iTunes, Apple Podcasts, and Spotify!

Inflation Is Here To Stay

Episode 3 Show Notes

Inflation isn’t going to affect the housing market as much as you think it will… Tune in to find out why! In this episode of the Collecting Keys Real Estate Investing Podcast, we discuss a few unspoken problems and opportunities in real estate investing, like finding experienced accountants and tapping into an abundance mindset. We also explain why you don’t have to live frugally to invest in real estate and grow your portfolio, the one thing new investors need to do before investing in properties, and the importance of leveraging your network, especially when trying something new. Plus, you’ll learn how you can affectively outpace inflation as a real estate investor.

Key Points From This Episode:

• Why this podcast is called Collecting Keys. [00:26]
• The unspoken problem of a real estate investing business: Finding accountants and bookkeepers experienced in real estate. [03:27] 
• Buying an asset to pay for your liability & Should we buy a Tesla house?  [07:37]
• New investors: Calculate the monthly expense of your ideal life and then work towards that number. [09:22]
• The power of shifting to an abundance mindset & The confidence/opportunity loop. [14:51]
• We hired a Transaction Coordinator/Dispositions Manager! [17:42]
• Buyers are not predictable – here’s an example of that. [19:35]
• Why buyers don’t buy & How inflation is going to affect the real estate market. [22:26]
• Differences in eviction laws & A tenant horror story. [30:47]
• Lesson learned from this week: Think before you do & Hire the right people. [32:29]
• Lesson learned from this week: Leverage your network and ask for help when you’re trying something new! [34:02]

Tweetables:

“It’s shocking how, when you are fully committed and things aren’t like a side hustle anymore, how easy it is to honestly make good money.” - Michael DeHaan [0:13:34]

“Just like sellers aren’t predictable, buyers, especially on a wholesale deal, are not predictable either.” — Michael DeHaan [0:19:35]

“I don’t want to live frugally. I want to live good and I want to have a good time. That doesn’t mean that we’re not smart with our money, but you have to set your goals higher… I want steak on my plate.”  — Dan Austin [0:12:23]

Resources Mentioned:

Simply CRM

Capital Hacking episode 204 with Jason Hartman

Connect with us:

Connect with Michael DeHaan on LinkedIn

Follow Michael DeHaan on Instagram

Follow Michael DeHaan on TikTok

Visit Dan Austin's website

Follow Dan Austin on Instagram

Listen to more Collecting Keys episodes

Collecting Keys Podcast on Instagram

If you enjoyed this episode, please leave a REVIEW and RATE it on iTunes, Apple Podcasts, and Spotify!

Getting Seller Contracts Is Only Half The Battle

Episode 2 Show Notes

In this episode of the Collecting Keys Real Estate Investing Podcast, we discuss tips and tactics that will help you manage contractors and become a successful real estate investor. We address a few signs you need to start outsourcing as well as the power of taking risks and being a responsive buyer. Tune in to learn how to keep contractors engaged and productive, how unemployment and high wages are impacting our business, and tips for growing and scaling as a full-time real estate investor. Plus, we highlight the power of having a CRM system, getting clear on your investing niche and goals, and whether or not you should incentivize and penalize your contractors.

Key Points From This Episode:

• Signs you need to start delegating and hiring help. [02:18]
• “Everybody’s a buyer until it’s time to buy.” If you want to get into real estate, be serious about it, be responsive, and take risks. [03:26] 
• Expanding our reach to new markets: How is it different? [06:47]
• If you want to make money in real estate, listen to THESE expert tips! [07:36]
• Dan speaks on the state of his renovations & How to keep contractors engaged. [12:03]
• The importance of vetting your contractors & Mistakes we’ve made with contractors. [14:33]
• How unemployment and high wages are impacting our business. [17:54]
• Should I incentivize and penalize my contractors? [20:39]
• The importance of building systems within your real estate investing business & How to grow and scale as a full-time investor. [26:10]
• Lessons learned from this week: The power of cutting deals loose, renegotiating, and knowing everything isn’t a deal for you. [29:55]
• Lesson learned from this week: Don’t discount any leads that come in, despite how crazy they sound. [31:35]

Tweetables:

“Want to know the best way for me to never send you a deal? Never respond to me!” - Michael DeHaan [0:04:25]

“Having a CRM in place… that’s literally the difference between getting deals and not getting deals, for 99% of people.” — Michael DeHaan [0:11:48]

“For us… incentives to finish early would probably be the way to go. Incentives to finish on time is not the way to go.” — Dan Austin [0:22:22]

Resources Mentioned:

Simply CRM

Connect with us:

Connect with Michael DeHaan on LinkedIn

Follow Michael DeHaan on Instagram

Follow Michael DeHaan on TikTok

Visit Dan Austin's website

Follow Dan Austin on Instagram

Listen to more Collecting Keys episodes

Collecting Keys Podcast on Instagram

If you enjoyed this episode, please leave a REVIEW and RATE it on iTunes, Apple Podcasts, and Spotify!

Just Getting Started

Episode 1: Show Notes

In this debut episode of the Collecting Keys Real Estate Investing Podcast, we talk a bit about what we do as real estate investors, the challenges we encounter, and the lessons we learn in a typical week. We also share our goals and intentions of Collecting Keys and what we hope to share with you in future episodes. Tune in to learn how real estate investors differ from real estate agents, how labor shortages are impacting home renovation costs, and why we invest in traditional rentals rather than single family rentals. Plus, we shed light on the luckiest deal we’ve ever closed and the dangers of picking the wrong contractors!

Key Points From This Episode:

• The goals and intentions of Collecting Keys. [00:45]
• Recapping October and this week & Comparing the scale of our contracts. [01:40] 
• Mike shares his concerns with a mobile home seller & The ethics of executing foreclosures. [03:22]
• How we execute deals as real estate investors & Why we’re different from realtors. [06:37]
• Daniel talks about his short-term rental renovation and picking the right contractor. [11:15]
• How labor shortages are impacting investors and home renovation costs. [13:19]
• Why we invest in traditional rentals and student rentals & Issues with renting single family homes. [17:40]
• The oddest, luckiest deal we’ve ever closed. [22:31]
• Lesson learned from last week: How do we better pre-screen the leads we get from our marketing efforts? [24:41]
• Lesson learned from last week: Be willing to say “no” to what’s not worth your time. [26:57]
• Lesson learned from last week: Sometimes end buyers can be shady! So be upfront. [27:32]
• It’s likely you’re going to come across skittish individuals with trust issues. [31:50]

Tweetables:

“That’s what we do, we match a solution that’s mutually beneficial… We have so many levers we can pull. The better you get at this business, the more levers you learn how to pull. It’s unlimited.”— Dan Austin [0:07:28]

“You’ve got to be in the game to win anything.” — Dan Austin [0:23:31]

“People need to keep in mind: whenever you listen to any media, especially the ones that are trying to sell you success or easy money… the numbers that they give you I guarantee are super inflated.” —Michael DeHaan [0:24:05]

Connect with us:

Connect with Michael DeHaan on LinkedIn

Follow Michael DeHaan on Instagram

Follow Michael DeHaan on TikTok
 
Visit Dan Austin's website

Follow Dan Austin on Instagram

Listen to more Collecting Keys episodes

Collecting Keys Podcast on Instagram

If you enjoyed this episode, please leave a REVIEW and RATE it on iTunes, Apple Podcasts, and Spotify!