EP 17 – 3 Biggest Red Flags When Inspecting A Property

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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]

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Links from the Episode

Check out the FREE Collecting Keys “Sub To Transactions” Master Class!

https://collectingkeys.com/subto

If you’re an established investor with money to invest, but not the time, check out the Instant Investor PRO Program! https://collectingkeys.com/

Check out the Big Dan Energy shirt (and more!) in the Collecting Keys Merch Store: https://store.collectingkeys.com/

Download the FREE 5-Step Guide To Generating Off Market Leads here: https://collectingkeys.com/resources/

If you are interested in learning from Dan and Mike to receive coaching and learn how they built their business, head to https://collectingkeys.com/keyscon-2023/ and see if you are a good fit for the mastermind group!

Collecting Keys Podcast Resources:

https://collectingkeys.com/

https://www.instagram.com/collectingkeyspodcast/

https://www.instantinvestorprogram.com/

https://www.instagram.com/mike_invests/

https://www.instagram.com/investormandan/

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