How Ferrari's Sales Tactics Can Apply to Property Sellers, 6 Figure Paychecks, and The World's Greatest Wholesaler

Mike DeHaan: [0:00] But we went by this Ferrari, those outside. And every single one, it's genius, because who who likes Ferraris? Old guys. Yeah. But old people, people who are rich, who are car people, poor people who want to appear to be rich. Okay. And the largest demographic is the poor people who want to appear to be rich. So and that in Miami, like, don't know what typical income looks like down there.

Dan Austin: [0:24] Right.

Mike DeHaan: [0:24] But you see a lot of these sports cars, and I was like, damn, are there like that many rich people here? No, they're not. How the Ferrari dealership structures their sales is they'll have on the windshield of these Ferraris outside this dealership or in the window. And it'll say, you can own this car for $1,100 a month. And then next to it, it will say average rent in Miami is $1,800. So they are saying, you can now afford this car for less than your rent.

Speaker 3: [0:52] Welcome to the collecting Keys real estate investing podcast with your host, Mike DeHaan and Dan Austin. From wins, losses, horror stories, and tactics for optimizing your business, Mike and Dan take a real uncensored deep dive into the ins and outs of running a full time real estate investment and wholesaling business.

Mike DeHaan: [1:15] What's going on, guys? Welcome to this week's episode of the collecting keys Mike and Dan show where I, Mike DeHaan, and my business partner, Dan Austin didn't say got me right, dog. Thanks, man. We talk about real estate investing a business and everything else in between. And, man, this week, like, I'm super pumped with just how our instant investor stuff is going. And I promise isn't a full plug show. But we have had so many people in our group coaching is investor program that are just doing awesome stuff right now.

Dan Austin: [1:49] Yeah, it's super bubbly in the group right now. Like lots of stuff popping off.

Mike DeHaan: [1:52] Yeah. And then it's funny when you get into this business long enough, we have like a little wins channel where we everyone posts their wins. And I realized this past week that we haven't posted any wins for a while. And it's not that we haven't had like successful deals and that sort of stuff. It's just that they're not wins anymore. When you've run a business for long enough, it's expectations.

Dan Austin: [2:10] They're just business.

Mike DeHaan: [2:11] Yeah. Yeah. Right. They're either your business is failing or it's working. And so you don't think of it as a win. But we have had other people in the group that have just started to take off. And I found that I don't know about you, Dan, but I get more fired up about people within our sphere that are getting shit done versus us these days. Oh, yeah. Yeah. It's so

Dan Austin: [2:31] much more fun. And and it's like, not because, like, we taught them or anything because honestly, some of the stuff they're doing is just so creative that I couldn't even thought about that. And that's what I like, in this last group coaching call, there was, a Thursday night call. I think you were off that day. I can't remember what it was.

Mike DeHaan: [2:45] Yeah. I was I was in Tahoe.

Dan Austin: [2:47] Oh, that's right. You're in Tahoe. Anyhow, I just was like, every single person on this call that I'm looking at on the screen is doing something. Like, that's like super cool that I'm excited about. And it's not even stuff that we've taught. Like, it's just like they're creating on top of creating and it's super cool.

Mike DeHaan: [3:01] Yeah. And and that's what's awesome. Right? It's almost like, I don't know, having like a kid, where you teach them like the basic ways to like stay alive, and then all of sudden, start to have like complex thoughts. And then they start to like do things themselves. And, you know, we we sort of help people give the foundation. But now we have people coming up with these, like, these people that are doing novations that are structured in ways that we didn't even fucking figure out how to do that. We have one of the guys. He's, like, doing these crazy, like, $0 down deals up in up in, like, what, Flint, Michigan, where nobody's buying anything, but he's, like, printing money with these medical rentals. Just making things, like, creative, like, work.

Dan Austin: [3:38] That's not even his market where he lives. And, like, he's and he's been go and he's iterated, though. He's, like, looked at the markets, done several things, and he just all of a sudden stumbled upon a niche Yeah. That's going to work for him. And then he coined he's coining what I'm calling the McKinney method, which is gonna be new Collecting Keys branded. We'll we'll give McKinney. We'll give him some that's his name. We'll give him what he likes, some royalties on the McKinney method, but where he's using a website that he created for junk outs because he realized that he could, like, basically, you know, in theory, follow around junk out trucks and possibly get good leads for people that because they're junk out their house, they're getting ready to sell it. And so, he's got a website created, and then he went one layer deeper, he's like, well, if people call me, I could at least, even if I don't buy their house, I can refer them to a junk out guy for some money, which is awesome because it just pays for your marketing system.

Mike DeHaan: [4:27] Mhmm. I mean, it's genius. Right? Because it is identifying a pattern that exists amongst motivated sellers, you know, or honestly, flippers. Right? So it's a great way to build a buyer's list too, is, you know, you have an SEO focused website that's for people that are trying to get rid of a bunch of trash in their house. And you don't actually own the business, you use it as lead gen, therefore, your real motive, which is off market sellers, right? But then you're still providing them the service they're there for because you establish relationship with those companies so that you can say like, oh, yeah, here's the company that's gonna come into your junk out. So it's not like it's fraudulent or anything. You're still providing them the service. And it's just like a next level way of thinking. It's like all these people that are spending absolute fortunes, trying to do, you know, SEO for like, sell my house fast, or all this other bullshit, where there's so many different iterations of it. None of it works, really, unless you're paying insane amount of money for deals. Right. He's like, what if we just went to the advanced tier, and we just said,

Dan Austin: [5:23] like, what services do those people provide to try and hypothesize that they might have a motivation? What are the underlying challenges and problems that would be lead indicators for somebody that needs to sell their home or is going to be looking to sell their home. Exactly. Junk out. I love it.

Mike DeHaan: [5:38] Yeah. I mean, that's huge. Right? And there's like so many different iterations of that that you could do if you think about it. I mean, like, what if you had like a tenant, you know, relief, like a landlord relief sort of website is targeted towards people that are needing help dealing with tenants that aren't paying their properties. You know, you could do that to lead to it. Right? You just need to sort of establish what that actually whether it's referral to a lawyer, whether it's referral to, I don't know, a landlord's union. Is that a thing? Probably in red states? I'm sure

Dan Austin: [6:05] they have some landlord unions for sure.

Mike DeHaan: [6:07] Yeah. I mean, you know, anything like that, that there's any sort of reoccurring issue that occurs with motivated sellers, you could run lead gen for that issue and get off market real estate opportunities. Absolutely. It makes

Dan Austin: [6:20] me wanna go down the thread of, like, what we were talking about on our team sales call today, which is based on an area we just did with with a a guy named Eric Brewer, which I don't know when it's gonna come out, but the how you how you get creative in positioning the services you're providing to these people, because you're trying to find their like, those underlying challenges, underlying problems that a seller lead might be dealing with, and you're trying to solve them. But the problem, and we've been guilty of this, the problem that most folks do, is they try to sell them on the tactical ways that they're going to fix their problems, instead of repositioning into a simple way that's marketable, right, something that you could actually market and put on a piece of paper, but also in a way that actually, the the seller can hear the solution. They don't care what a novation agreement is. They don't care what you're going to do with the with the eviction tenant rules and all that sort of stuff. They wanna know what the what how you're gonna solve their problem.

Mike DeHaan: [7:14] Mhmm. Yeah. I mean, I think that that's a huge point in any form of sales. Right? I mean, whether whether it's, you know, buying off market real estate there, it's like selling cars or selling widgets. I mean, if you look at any company that has a good sales team, a lot of their stuff is solution based. Right? It tells you how they're gonna give you the solution, you know, for whatever you're you're inquiring about, like, even though even like online stuff, you're going to look for a new CRM. If you went and apply, like, inquired about a CRM, and the sales rep followed up, and they're gonna tell you how the database works, you're not gonna freaking buy that. Instead, they're gonna show you how they can make your lead management be incredibly easy. Right? And that's and that's where the, you know, your interest comes from. Like, they're selling a car. Every car brand has a different sort of image, right, or a different sort of problem they help solve. You know, you go to, like, a used car lot. They're like, and, you know, like, like one of those ones that has like a big, like, neon stickers on the windshield that are like, you know, $6,000

Dan Austin: [8:10] with a guy that's got the floppy arms.

Mike DeHaan: [8:13] Yeah. Yeah. Right? Like, they're they're not gonna have a huge upsell process. They're like, hey, you need get from a to b. Here's the stuff that's been fixed on the car. You know, here's, like, kind of the the general, I don't know, whatever, the reliability of it. That's what you're looking for. You go to a Ferrari a Ferrari dealership, they're gonna say, like, this is the boutique lifestyle that you're gonna have Yeah. With, you know, buying this car. Like, this is how you're gonna look. You go into those dealerships. They're sleek. You know, they're very minimalist. Tile floors.

Dan Austin: [8:40] Very

Mike DeHaan: [8:40] nice. They just, like, sort of ooze money and luxury. Right? And then when you start talking to them, they start talking about the performance and the high end performance because that is what, you know, you're looking out with that vehicle. And also, I'm completely hypothesizing because I'm not a Ferrari guy. I've never went and acquired

Dan Austin: [8:55] a a Ferrari guy.

Mike DeHaan: [8:56] But I can guess that that's probably what they do at those dealerships.

Dan Austin: [9:00] I can I've never been in a Ferrari dealership, actually, now that you say say that. Yeah. Good point.

Mike DeHaan: [9:05] So I've been outside of them. But yeah. But the here's also how, like, Ferrari's personified for the average person, you know, because there's always so many people that can afford them. When I was in Miami last year for the Go Budnance event, me and my buddy Billy, who's his wife's gonna be on the show here shortly, Tara. And Terif. Terrified. I don't know. For seventeen. But her show's awesome. So watch what they heard and Heather. I think her just coming out in three weeks. So definitely check that one out.

Dan Austin: [9:30] She is fire. Yeah. She's awesome.

Mike DeHaan: [9:31] But we went, you know, buy this Ferrari, those outside. And every single one, it's genius, because who who likes Ferraris?

Dan Austin: [9:38] Old guys.

Mike DeHaan: [9:40] Yeah. Like old people, people who are rich, who are car people, poor people who wanna appear to be rich. Okay? And the largest demographic is the poor people who wanna appear to be rich. So, and that in Miami, like, don't know what typical income looks like down there. Right. But you see a lot of these sports cars, and I was like, damn, are there like that many rich people here? No, they're not. How the Ferrari dealership structures their sales is they'll have on the windshield of these Ferraris outside the dealership or in the window. And it'll say, you can own this car for $1,100 a month. And then next to it, it will say average rent in Miami is $1,800. So they are saying, you can now afford this car for less than your rent. That is so genius because, again, who's the large demographic? Poor people who wanna look rich, especially in Miami, you look sexy as hell with, you know, the

Dan Austin: [10:30] Who they're who are renting?

Mike DeHaan: [10:31] Oh, and who renting who renting a condo or whatever. Right?

Dan Austin: [10:34] Yeah. That's what you're saying when it's rent. Right? $1,800 rent? Or are saying car rental?

Mike DeHaan: [10:37] Yeah. $1,800 a month. Yeah. Yeah. It's basically, you can rent this you can own this car for less than your month around your condo. But then if you look at the fine print, it's like, oh, this is over a, you know, hundred and sixty month period.

Dan Austin: [10:50] Yeah. I was gonna say, like, $1,100 is not bad, actually. A twelve year loan. Nice.

Mike DeHaan: [10:56] Like, call.

Dan Austin: [10:57] Heck yeah. But from an influencer status, it's a must have. You gotta have that. You can't have the Subaru hatchback, Mike. It's just not very cool.

Mike DeHaan: [11:05] But the point is, going back to the sales tactic. Right? They know the outcome the person wants. They know the pain point that exists. Right. They're not gonna tell you, you know, all the details of the financing because you don't care about that.

Dan Austin: [11:17] No. Of course not.

Mike DeHaan: [11:18] All you know is that you're gonna be behind the wheel of that red Ferrari for $1,100

Dan Austin: [11:22] a month. Do you think they upsell you at Ferrari dealerships for the what are the the the extended warranty package for like

Mike DeHaan: [11:29] I mean, I I don't know. It might not be a bad idea how ridiculous the maintenance is on those sort of cars, man. Right. I remember there was one of them I saw a while back. Remember which car it was. I'm not a car guy. Should get off this topic right away before I stuck my foot in my mouth.

Dan Austin: [11:40] Yeah. We are neither of us are car guys,

Mike DeHaan: [11:42] I know. But there there was this one car I saw was like a YouTube video for it. And it was like change the oil just to change the oil, which you have to do, you know, a couple times a year cost $30,000. And you had to like send it to this specialty, you know, the dealership or they have to like on a Ferrari? No. No. No. No. It was something completely different that I've heard before. But they had to, like, take apart the entire car to get to the where they, like, change the oil, and then I put the whole thing back together. Cost $30.

Dan Austin: [12:08] Man, that's wild. It just sounds like work. I did learn from Thatch Nguyen, who's a real estate mogul out of Seattle. Awesome guy. He is a car guy, and he cares about cars and fancy things. That Rolls Royces I think it's Rolls Royces. They basically have, like, I don't know, like, tens of thousands of color schemes that you can paint your car, but you have to the reason why is because you can get your own unique paint scheme at the factory. And then if anybody else wants that color, they have to call you and they have to get your approval to have that pink color. So a lot of people get their own unique I mean, think about it. Like, you always see, like, rappers, like, in these music videos. I don't even know if they have music videos anymore, but, you know, with, this unique bright pink Rolls Royce or something like that pink specific paint color, you would have to ask, I don't know, who's Aaron Aaron Beal, our good buddy? What's his favorite rapper? Is it Lizzo? Was that her name?

Mike DeHaan: [13:02] Was that is that Aaron, I'll blast that.

Dan Austin: [13:05] Love that. You will listen to this episode too. Yeah, he will. I'm pretty sure that was who he said his favorite. When we were down in Florida and he was talking about his favorite favorite rap artist. I don't know who Lizzo is.

Mike DeHaan: [13:15] Yeah, you do. You were the only one. I was the

Dan Austin: [13:17] only one who didn't know who who it was. No, I didn't know who she was on

Mike DeHaan: [13:20] that one. I didn't is such trash. Mr. Social Media. I want you to go hang out with liver king or whoever the fuck we're

Dan Austin: [13:26] into right Man, he's blowing up, man. He's he's big time now that he's honest with everybody.

Mike DeHaan: [13:31] Oh, he's getting sued by all of his, like a bunch of people for false advertisement on his thing on his supplements now. And it's just because, like, you know, as soon as people come out with, like, BS, it's like, oh, yeah. No joke. This guy's on steroids. His supplements still probably work like every other supplement, and they don't fucking work at all.

Dan Austin: [13:47] So don't worry about it. Every everybody is on steroids. Yeah. Some sort. Yeah. Who isn't? That's good fit. Come on, man.

Mike DeHaan: [13:54] Yeah. Anyways, big tangent.

Dan Austin: [13:57] So Sorry. Sorry, audience. Yeah.

Mike DeHaan: [13:59] So but anyway, back to the sales process, though, like, you know, as as we've been having a lot of these interviews, so, yeah, the the innovation guy that we're having on here is gonna be about six weeks, and that episode comes out, Eric Brewer, about how you phrase a lot of these different opportunities. Right? They're like, in a way that as he put it, so the seller doesn't feel dumb. And the entire way that you are, you know, every conversation you have, and this is the great thing is with like the junk removal stuff that McKinney's doing as well, is you are, you know, leading into the conversation in a way that is, you know, solving their problem, right? And it is like, you know, providing them value upfront, and it is making them, you know, not have to think too hard about what you are offering them, you know, so. So and I think that that's a very, very important thing. And with real estate investors, a lot of us, we tend to get really into the different sort of methodologies, we start to geek out about seller financing and the numbers. And what especially those of us that are very analytical, we lose the human element, and we don't realize that the seller does not care about any of those things at all at all. We do. Yeah, we do.

Mike DeHaan: [15:08] I mean, know, a landlord is telling you on seller finance, I might care about their ROI and stuff a little bit more. But the even then, most of them, they're like, I don't give a shit. Like, I'm selling you my property. I'm gonna be making, you know, x amount of money out of it, or I have a headache, you know, pay me a fair interest rate or whatever. I don't need to go over your, like, amortization table to have it make sense for me. So stop trying to pitch that to me. Mhmm. You know? And and a lot of that can be structured internally in your conversations of like, so I guess how we normally approach that with seller finance, for example, is we'll say like, you know, if you go and see say to somebody, you want to sell our financing, obviously, no, I don't want to do that. Because like, I don't know you, I don't trust you or anything like that. So instead, we say, hey, we could get you a little bit more for your property, if you're willing to basically be the bank for us, and we can buy it from you over the next like five years, but you'd be interested in that. And then they're like, okay, well, makes a little bit more sense than like seller financing. I don't really know what that means. And then how we usually lead into the terms for it. When those sort of deals will say, know, especially if it's a rental, we'll say, how much do you net per month right now on the property?

Mike DeHaan: [16:08] Like, net $1,000. Okay. Okay, perfect. So if I was able to get you $1,100, so you're gonna make $100 a month more per month. Would that be interesting to you? And they say, Yeah, of course, I'm going keep getting my monthly income be able to get higher money at the end. That makes sense. We'll say awesome. Here's what you're gonna do. We're gonna pay $1,100 a month principal only over the next seven years. And at that point, we'll have a balloon, and we'll pay you off. And, you know, then at that point, you'll get your money. And that the and

Dan Austin: [16:36] all doing that, and and you have to kinda judge them too. Because if they're, like, come at you about taxes, then then kinda put a little tax spin on the back end of that. Like, hey. We're gonna be reducing your tax liability for the first seven years of this. Right? Yep. Exactly. And also too, if you guys didn't catch what

Mike DeHaan: [16:50] I said there, I said principal only, and we do this all the time. And now it's a 0% interest loan on this deal. And so every single monthly payment is going towards the principal of the property. And what's crazy is more often than current, people are okay with that. Even when they realize there's no interest, they're like, oh, as long as I'm getting my monthly payment, I'm getting more money at

Dan Austin: [17:09] the end. I really don't care. Absolutely. And the great thing about that is that when you're underwriting those deals, like, don't overlook that if you get it principal only. Like, if you're gonna break even or, like, after set asides or have, like, a couple $100 in cash flow, you're, well, it's not that great of a deal. Yes. But you're getting $1,100 principal only back in your pocket, which normally would probably end up being on a new loan where, you it'd probably be, like, 8 or $900 in interest that you would never see that's that's lost.

Mike DeHaan: [17:34] Exactly. Yeah. So your ROI increases majorly. And I think with a lot of this stuff, what happens is they get in the conversation with the seller, and they're like, well, what kind of interest rate would you want? What kind of amortization? What kind of stuff? Let them ask for those things.

Dan Austin: [17:48] Right. Yeah. And and structure it simply like, what do you want per month? If they're like, well, I want 5% interest and I want $1,100 per month. Perfect. Like, I could absolutely do that because you on the back end are going to adjust the amortization. You don't need to go through the math on that Uh-huh. With the seller. Like, just do it. Yeah. They want $1,100 a month and 5% interest make it so that it works.

Mike DeHaan: [18:09] Yeah. And I think just to emphasize on what you said there, where you say messing with the amortization. So this another thing is, a lot of people, especially when they're new to seller financing, they will go into like, okay, what interest rate do you want? And then they'll look at things with like a thirty year amortization because that's what they're used to in United States. Right. You can amortize a loan over as longer period as you want or shorter periods you want. You could do an amortization over ten years if you want it. So, like, if you need to be at that $1,100 a month like we talked about, and, you know, they want 5% interest, so you can do principal only now, you can go and just like, look at an amortization table, you can just go and look up like a loan payment calculator online, and that's what the numbers. But we literally did this where these numbers are very similar. We did an $1,100 a month payment. They want a 5% interest. So we're like, cool. So for the purchase price that we are at, we need to do a forty eight year amortization. And they're like, it checks my box of $1,000 of $1,100 a month, it gives me a 5% interest. I don't even care about the amortization. Perfect. Done deal. Easy.

Dan Austin: [19:05] Right. And they're still getting paid off at the same time. You can still do a five year balloon payment. So they like, the amortization is actually, the least important tool or the least important number to the seller, but it's the most important tool for you to to adjust when you want when you're having to negotiate on interest rate, if you are having to negotiate interest rate and price. Amortization can really quickly help you out.

Mike DeHaan: [19:26] Yeah. It's awesome. So anyways, but yeah, so all about just, you know, trying to figure out how to pitch things in a way that people can understand because most sellers, if they're not career investors, they don't care about whatever you have going on your head, there's one else gonna help them. So it's a big, big takeaway we've taken over the last, you know, several interviews that we've been recording, and then also we're starting to see it with the group as well. So tons of good stuff.

Dan Austin: [19:49] Yep. And that's just like next skill level stuff of how you how you escalate beyond just like being a person that gets a couple deals a month or a deal a month to being able to get way more deals because it's repositioning. It's truly learning the sales craft and how to build marketing around your sales craft. Right? Like, when I say marketing, I mean, like, how are you verbally marketing your skills and your and your services to the seller once you're on the phone or once you're in person with them? It's so you can go so deep on that, it's really cool getting to see the people that we have been interviewing and bringing into the instant investor program to talk to our groups. Like, how why they're so successful is because they have those pieces dialed in.

Mike DeHaan: [20:30] Mhmm.

Dan Austin: [20:30] It's actually not the mail piece. It's actually not the data piece. Like, that's given. Right? You need to know how to do you need to know how to have leads into your funnel, and you can get super creative with that. But it's like once you have them in your funnel, the real value starts coming in when you're talking about that craft, the sales craft.

Mike DeHaan: [20:46] Exactly. Yeah. It's it's major. And I think that that's where a lot of people get stuck as well is I mean, even people that have been around for a while, they fixate so much on the lead gen, I think that's gonna solve their problems. But I mean, people that we've been talking with over the last little bit, and I'm super excited for this round of interviews that we have coming out over the next couple of months. We've had so many people that we've interviewed over the last couple of weeks that have been in this business for, like, pre 2008, you know, like, ten, fifteen, twenty years. And so many of them, the acquisition side, they're like the leeches, they don't even care. Like, it doesn't it doesn't matter. They, like, know that if they get phone calls that they will have opportunities, but it all comes down to deal structure, learning the sales process and learning how to bring value to the sellers. Right? And if they're wholesaling, how to also bring value to the buyers. Yes. Right. And that, you know, the same conversation also goes on the buyer side. If you are trying to wholesale a deal to an average investor, right, not somebody that's a career flipper, but they're like a once or twice a year, maybe once twice a lifetime flipper.

Mike DeHaan: [21:50] If you find yourself having to heavily explain the value of the deal that you're bringing to them, It's not a good deal, first off. Right. You know? And second off, you need to figure out how to frame it to them equally simple.

Dan Austin: [22:04] Right? And their goals.

Mike DeHaan: [22:06] Yeah. Exactly.

Dan Austin: [22:07] Like, well, I want like, I guess an example that it's like, well, I would like to, this is my first flip. I got on your wholesale list, and I wanna buy this deal from you. And my goal will be I wanna learn how to flip houses so I can do this as a full time job. Okay. Perfect. And they're kind of grilling you and beating you up over the price. Like, oh, I don't know if this one will be for me. It's like, okay. Well, what is your goal actually here? Like, you said you wanna learn to flip and become a flipper. Well, to learn to flip when you learned your how to do your job, you went to college, did you earn money while you're in college? No. You paid money. Uh-huh. Right? So this is a way to earn money while you're getting your education and flipping. It might not be a $100,000 deal, but very few of them are that way. So, like, you know, start putting in the framework of how you can help them envision their goals and how to get there and how you should be getting there will help so much on the sales side of things. Because otherwise, it's easy to it's so easy. I deal I deal with people on the Discipled side all the time. They're like, oh, yeah. I just don't I don't think that that those numbers work for me. And it's like, in my back of

Mike DeHaan: [23:01] my head, I'm like,

Dan Austin: [23:02] they probably don't, honestly, you, because you don't have numbers.

Mike DeHaan: [23:05] Mhmm. That yeah. I mean, honestly, yeah.

Dan Austin: [23:06] Or your numbers aren't actual.

Mike DeHaan: [23:08] Yeah. And, I mean, I think that's especially important right now where disposition is kinda tricky on wholesale deals. So, I mean, one of the things that we've started doing is almost like going backwards. I mean, we've always kinda done this a little bit where you get people's buy boxes, you know, before you start looking at opportunities. Then when you find opportunity that fits a buyer's buy box, you go to them directly. And you can say like, hey, this is what you asked for. So here's your opportunity. And then if they don't want it, then you just take them off your list. Right? They're no longer a legitimate buyer.

Dan Austin: [23:36] Right. They're not legitimate. Absolutely. And it's funny because, like, the legitimate buyers will still be buying right now. And the deals that you're sending out somehow work for them. Mhmm. And it's because they're actual buyers, and they know what they're doing. And that's another key is, like, if you're a new person, would say, just not to go deep down this bunny rabbit hole, but is, like, go find those people. Because if you bring up a deal, they will buy it. Yeah. Who's the who's the big buyers in your market right now? Because the little the little guys, the onesies, twosies aren't the ones buying your deals right now. No. They're not. So but

Mike DeHaan: [24:06] yeah. Anyway, so, yeah, we got all that going. And then we have had some huge wins in the in semester of two, which I'm super pumped about. One of our guys, I'm not gonna, like, put his name out there on this because I don't know if he wants us to be, like, publicly shared. But we had somebody just close a $125,000 deal. Yeah. Huge. Huge. And this was a it was a wholesale deal on a what was the price of the house like 150?

Dan Austin: [24:32] Yes.

Mike DeHaan: [24:33] And you and he wholesale that for $272.75 and 75,000. And yes, this is one of our instant investor partners that we've been working with,

Dan Austin: [24:42] who did no wholesaling before this. Yeah. Right? Before he met us, and he signed up to be partners with us in his home market where he's boots on the ground, so he did not have a buyer's list beforehand. He did not know anything about direct mail, off market, cold calling, texting, nothing. Mhmm. Yeah. Just close out. He didn't have any systems is what I'm saying. He probably knew what it was,

Mike DeHaan: [25:00] but Mhmm. Yeah. And he's so he's starting his 2023 with a win that is larger than most people's salary.

Dan Austin: [25:07] Right.

Mike DeHaan: [25:08] $125,000. So it's only, you know, it's all just gravy from here, man. Even if he makes no money for the rest of year, he's probably doing pretty good. He will he definitely it's

Dan Austin: [25:16] all gravy because he's, I think, got, like, a 250,000 in assignment fees booked for the year right now if everything closes at this point. I think it's right around a 250,000, including that $1.25. And that one was a that's just an amazing deal from the follow-up and how, like, that one was positioned on the sales side because that guy actually signed with another investor beforehand. And we followed up with him the day I think the day before closing or the day of closing and of his original deal, and that actually fell through. He was about to get foreclosed on, so we were able to work with him to not get foreclosed on and then get him under contract at a price, and then find a buyer at the new price of $2.75. And then throughout the process, we were able to help the client because he he wanted a wholesale, and I said, you know, you don't know this buyer because he actually met this buyer through another person. Uh-huh. I said, just to be safe, let's double close on this deal because what that means is now your fee, which would typically be on the buyer's side of the settlement statement, and they'll see your fee. So if you think you can get sneaky and, like, not have your fee out there, people are gonna see your fee regardless, and or they can just go to the county record and do the math as well of what it recorded for versus what what they paid you for it. So you're always the buyer's always gonna find out somehow.

Dan Austin: [26:33] And not that he was doing anything unethical. The price is the price, and it worked for the the buyer, but sometimes when you don't have that relationship with a buyer, they can get kinda scared and say, oh my god, I'm having to pay they just get upset maybe. I'm having to pay this guy that much money, even though before they knew that deal worked for them. So we set up a double closing where essentially one day's worth of funding paid the the buy the seller got paid off. I think we it was a $150,000. And then the next day, it closed with the new buyer at $2.75, and then that spread was given to our client. Exactly. $25.

Mike DeHaan: [27:06] Yeah. And then and, yeah, we let them the the money to you to do that, get that done. That's just part of the perks of working with us if we're able to help you out to do that. It works great.

Dan Austin: [27:14] Right. And what makes it seamless, because also it just, like, reduces the amount of, like, back and forth between you and the client and everybody else because transactions are also already complicated. But that right there alone, that double close and doing that, I think, is just there's several reasons why you would wanna structure a deal that way, and that is one of them. It's like, if you don't really know your buyer very well, and you're in

Mike DeHaan: [27:34] a state where there's not

Dan Austin: [27:34] a transfer tax, even if there was a transfer tax where this client is at, it still would have been a fat deal, and we you and I would have done it this way no matter what. Even if it was a 2% transfer tax on all on both transactions, just because there's so much meat on the bone. But also, it's just really just gonna protect your interest in the property or in your fee and not having to scare somebody away.

Mike DeHaan: [27:55] Yeah. Sometimes with larger fees like that, you will do it, especially if it's related to the relevant value of the property or the transaction in general. But also too, you might find as you go through, you'll have a more sophisticated seller. It's investment around a while. They're like, I want you to take this assignment clause outside of the contract. Fine. You're gonna assign it anyway. You just have to make sure you do a double close on it when you assign it. Because then it'll still meet the requirements of them. You close you on the property as they wanted, and then you could just resell it. You know,

Dan Austin: [28:19] you hold on to it for a

Mike DeHaan: [28:20] day or two. One of the one of the first deals we did was actually like that. Yeah. Like, you know, our our fourth or fifth deal years and years ago, we didn't even know what a double close was. I remember we were trying to, like, figure it out, and we actually borrowed money from one of our main buyers. Well, I guess, our main buyer, our only buyer at that point.

Dan Austin: [28:36] We did do that. We Yeah. Yeah.

Mike DeHaan: [28:38] And he was like, yeah, like one point. Yeah. He's like, I'll do it

Dan Austin: [28:40] for a

Mike DeHaan: [28:41] point over the weekend. And we're like, perfect. That sounds great. So it cost us, you know, it's like $800, but we made 24,000.

Dan Austin: [28:47] You know, easy part. It's the cost

Mike DeHaan: [28:49] of doing business. Right? So, but yeah, lots lots of good stuff going on, though, man. I've been super, super pumped. And then also to I felt we've had really good energy on it. We had a call this week with with Chris pre Fontaine, who pitched this stuff a little bit more than I was expecting him to. But he still provide a lot of great knowledge. And we had tons of value participation on it. And that's something that we're really going to be working towards this year is bringing on more group speakers and that sort of stuff. And I think that one of the things that I think a lot of the I don't know, coaches are programmed or things like that out there, is they kinda set themselves up or, like, they're the people. Know? Like, the people who run it are, like, the guys that kinda know everything. And we don't know everything, man. There's people out there that are way better than us at everything. Right? And we can we know how to establish a base. Like, we've done that successfully. We can help people establish that. But ultimately, you know, we when you need the specialty on innovations, like, I'm I'm gonna reach out to Eric here and see if he'll come and do a talk for our group as well.

Dan Austin: [29:46] That's gonna be awesome. I'm sorry I'm laughing because I'm thinking of the video one of our friends sent us of Jamil Demanji saying he is the best wholesaler ever, nobody everybody that goes against him admits that he's the best wholesaler. I'm like, no,

Mike DeHaan: [29:59] you're not.

Dan Austin: [30:00] To your point, Mike, we are not the experts. You know, the program that we're we're the the group where we're curating it, and we we're using and leveraging contacts that we have to bring in the experts, people that we wanna be around too. That's why we're bringing them, so it helps us build our business better.

Mike DeHaan: [30:14] Bro, maybe we should bring in Jamil to teach everyone how to wholesale. He's the best. He says he is the most ethical.

Dan Austin: [30:20] Everybody else is unethical.

Mike DeHaan: [30:21] Unknown: The most ethical fuck. I I hate that. Actually, don't I don't know him personally. But if I went off of how he portrays himself, I would not like him. Yeah, again, don't

Dan Austin: [30:29] know him personally, his online his online persona, though, that he which is a sales it's a sales craft in itself is your online persona, but his is a little bit more verbose than I would like to see when he calls out everybody's unethical, and that he is the best, and I'm like, I know some people that have done a lot more than you.

Mike DeHaan: [30:46] And also, says he's the best. But then he also says he doesn't do any wholesaling tactics. He just daisy chains everybody's deals with his weekly brand. So that means you're not a deal finder, Jade. You're a networker, and you've built a brand with a heavy social media presence. So people bring you deals that you tack on $3,000 to and you sell.

Dan Austin: [31:01] Yep. But when was the

Mike DeHaan: [31:02] last time, you know, like, that he went and he's finding that he's getting in touch with a seller, following up with them the day before they were going into foreclosure, bails them out of foreclosure, right, gets them $150,000 instead of nothing, and then finds a buyer that's willing to pay $125,000 more for that property, and makes a spread like that level of hustle, him and his team have not had for ten years, at least.

Dan Austin: [31:26] Yeah, He maybe did early on, but he definitely does not have that now. And even from a quantity standpoint, no people out

Mike DeHaan: [31:32] there that do more than him quantity wise too. So yeah, anyways, but yeah, so lots of people come in. I'm excited about it. And, you know, we got like a sales trainer that we're gonna have coming in here too. So around the next couple months, just talk sales with the group, you know, trying to make it so that it is a I want the collecting keys into investor brand to be like one of the dominant wholesaling brands, like, communities Yeah. We'll do it. In the country. I've, like, we have people in there that are just crushing it in every sort of market. They're doing big things, and they can say, oh, yeah. This is kind of, like, where I came from. This is my group. These are what all these guys I'm doing that I'm networking with, and it becomes almost like a status symbol, right, to be a part of that. Right.

Dan Austin: [32:15] Yeah. And I think, like, if for any listeners out there that you think you have or you know you have, like, some skill, I don't whatever it is you'd wanna love, speak to the group about, I'd love to hear it. I don't care if it's like, I run a title company. I'm an expert at title. Like, sweet. We'll have you on. Like, those are, like, things that are part of the process we'd love to have you on. And likewise, if you wanna be part of a discussion like that or listen to somebody speaking that's an expert or something, let us know. Hit us up.

Mike DeHaan: [32:37] Exactly. Yeah, you got a collectingkeyspodcast.com/store has kind of our outlines. But because I want to be exclusive, decided at this exact moment that you can no longer just sign up for it. We have tryouts once every Sunday, and everybody has to come on and we're gonna do hour long closing sessions, where we have 10 people on a zoom all of you on dialers and whoever closed the most deals gets accepted. Oh, my

Dan Austin: [33:00] I'm kidding. I would never do that. No, that

Mike DeHaan: [33:02] would be hardcore though. That would be hardcore.

Dan Austin: [33:04] We're gonna have tryouts. And also you to do a hero WAD in Mike's garage, in his garage gym. And then whoever wins that, after they fight on a hugal stand with the little foam bats, then you can maybe apply to join.

Mike DeHaan: [33:19] Yeah. Right. Maybe. I was gonna say you just have to be on a dialer the whole time while you're doing burpees.

Dan Austin: [33:24] There you go. Closing deals. Yeah. That's like Ricardo was, dude. He'd be like, drowsy in the gym closing deals. Doing curls. Sorry.

Mike DeHaan: [33:33] Ricardo, man. But it's funny. I bet there are people that have tried, like, tryouts like that where they have a bunch of people, like, on a dialer. But anybody who's ever cold calling before has ever cold called before has had this experience where you just sit there for an hour and no one answers.

Dan Austin: [33:47] It's just ring ring.

Mike DeHaan: [33:48] So I can do it if you were in that way, are you just screwed? Like, is that like, if you're in a fishing competition? Well, I guess there's no fish today.

Dan Austin: [33:54] Lose fish. Yeah. So anyways,

Mike DeHaan: [33:59] yeah, tons of goods and laughing. I'm super excited. So if you have interest in hearing from us and like stuff that we're doing, or any sort of like, bigger name people we have, what's like subject matter experts on every form of real estate being possibly imagined coming up over the next six months. So if you are interested in those, you should a make sure you go and subscribe to this should leave us a five star review. And you should go and share this with all of your friends, because they're probably also interested in real estate in some form if they are friends with you. That's what I would assume. I know for me, people that I am friends with, they kind of become a little bit more interested in real estate just because I'm obnoxious. I talk about it a lot, and they sort of like You do. Me traveling and doing other shit, which gets people interested. So you should share it though, because we have tons of great content coming up over the six next six months. And then aside from that, guys, if you wanna start collecting off market leads yourself and learn the basic process about how to have these opportunities where you can make a $125,000 in three weeks, just like our partner did, you can go to collectingkeithpodcast.com/free, and you get our free five step guide to start generating off market leads. Aside from that, you should hit us up on Dan on Instagram. I don't like underscore invest. Dan is at investor man. Dan, I have been doing a lot of Instagram content recently, and I've had a ton of outreach actually, which has been super fun.

Mike DeHaan: [35:16] But so I love to connect with people. So go ahead and shoot me a DM, and I'm happy to talk to you about what we're doing, and maybe how we can help you out with finding some deals for yourself. So besides that, Dan, anything else to finish off?

Dan Austin: [35:27] No. I'm just looking for that BDE T shirt and my my wholesaler Ghostbuster T shirt, one of those getting made. And we need a McKinney method, maybe a sticker or something.

Mike DeHaan: [35:38] Who I want him to get a deal from it first before we start plugging that as soon as he gets a deal from it, I will make McKinney method sure. Okay, that would be sick. Yeah. So on that last stage, already did my little sign off. But our developer is putting together basically a little print on demand store for collecting keys merch. So you will be able to go and buy it. A couple people that went and signed up for a BDE shirt, a Big Dan energy shirt. Yes. You'll be getting those for free as designs come together.

Dan Austin: [36:07] We kind of throw that disclaimer out there. I forgot that most people don't think BDE means big Dan energy.

Mike DeHaan: [36:12] They'll figure it out.

Dan Austin: [36:14] And just like as FYI, we're not making money on merch. We're just dorks.

Mike DeHaan: [36:18] Yeah, we're just dorks. And so yeah, for the print on demand stuff, what's gonna look like is, know, we're not gonna like upsell shirts for like $40 or whatever, be free shipping, you know, whatever the base price is for the shirt on the print on demand company, whatever it costs for us to get the shirt, that's what it'll be. We just want you to have swag if you want it. Mhmm. But he's working that out because, like, also to you, I don't wanna spend a thousand dollars on freaking shirts to just, like, sit in my drawer, you know, and then I have to, like, send one to people that, you know, cost me $19 to freaking send via the post office. Right. So either way, we're getting that set up. So if you want some merch, I will keep you updated on those. But we will have

Dan Austin: [36:53] if you have any requests to, like, design requests, let us know. Because, like, I know Aaron is gonna ask us for a Lizzo shirt. And so

Mike DeHaan: [37:00] he's not getting a Lizzo shirt. That's it. If you go make that for his company, Donnie. I like the right kind

Dan Austin: [37:05] of checks my ass getting cash. I just throw things out there on on on the podcast.

Mike DeHaan: [37:10] Yeah. Yeah. So I'll keep you updated on that. But besides that, guys, seriously hit us up on Instagram and share this with all your friends. And besides that, guys, we appreciate you all. We'll talk to

Dan Austin: [37:19] you next week. See you.

Speaker 3: [37:22] Thanks for listening. Please leave us a review on iTunes, wherever you get your podcasts, and check us out at collectingkeyspodcast.com for tips and guides on starting your own real estate investment and wholesaling business.