Mastermind Meet Ups can change everything

Speaker 1: [0:02] 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: [0:28] What's going on everybody? Welcome to episode five of the Collecting Keys Real Estate Investing Podcast. We are coming to you here fresh off of a, I guess, business meetup slash mastermind that we went to down in Florida with our actually, mastermind group that we're in, which is Ryan Dossi's create cash flow program. It's kind of what we use to kick start our our business has been great for us to sort of keep going with that and building our network and sort of like learning the process that everyone around the country is doing. And this particular meetup we went to was kind of like a reunion meetup, I guess. So it was like all the people that have been in for a little while and the vast majority of the people there have had some pretty solid success in their business. So it was almost like the all star team because there were some big people that were missing out. For the most part, you know, it wasn't like newbie stuff, you know, like you see at some of these VF's ego too. Everyone there was pretty established. And yeah, I had a good time. I always find that after stuff like that you get a little bit of like the church camp syndrome when you come back, know, you're just so you feel like enlightened, like motivated and ready to start jamming on some new stuff. I don't know how you feel, Dan, but I'm definitely been getting after these first couple days.

Dan Austin: [1:49] Yeah. Yeah. I I would agree. Yeah. I I crashed for, when I got home, but I fell asleep in my daughter's bunk bed on the bottom bunk as I was putting her to bed and, got a good night's sleep after travel, which is good. But, yeah, definitely makes you reevaluate your goals. Right? But also just kinda reflect back on where we've come from and all that stuff. But Yeah. Had a nice plane ride home to kinda lay out, like, what am I gonna do this week to, you know, implement.

Mike DeHaan: [2:20] Yeah. That's funny. You crash like that. A lot of people, when you go to like meetups like this, it's funny because I feel like some people go there and they like try to stick with their schedules. I think it was definitely those people that would kind of dip out for the night and like, as soon as like the workshops or whatever were done they would go back to their hotel or Airbnb or whatever. But I mean, I think the main value of a lot of that stuff comes from like the after hours socializing and stuff and the networking that you do. You know, and I think that sort of goes for any sort of event like that, right? You know, I mean, we had some long days, we're pretty much out the door every day at like what, 08:00, 07:30, 08:00. We were getting back at like midnight, 01:00. Yeah. And the last night we were there, we were out until like 11:30 and then we were at the hotel. We got the hotel for like a little like four hours that we paid for. Yeah.

Dan Austin: [3:05] We might as well got an hourly hotel at that point. I know,

Mike DeHaan: [3:08] right? No shit. But I mean, that was, walking distance to the airport.

Dan Austin: [3:12] Yeah. Yeah. It's a ton of value after hours. And it's not like we're I mean, we're just literally talking to people. Right? It wasn't like anything crazy. Like, we're going to all these events or anything like that. It was just, like, hanging out, talking about stuff, getting to know people a little bit more, you know, personally, but also more about their businesses. And I would say that was for sure the best value for

Mike DeHaan: [3:32] me after hours. 100%. And something I always find really interesting with that too is, you know, there's such a wide demographic of individuals, you know, like we have, you know, this dude, Uchenna with, was it baby back rehabs out of St. Louis. I love Yeah, know, yeah, it's like one of my favorite names he had there, but he's, ex college football player, 23 years old. He's a Nigerian heritage. Some of the other investors that are middle aged people, sort of like started this whole thing, different sort of upbringings. But then you talk to them and you realize that everyone kind of has the same sort of challenges, the same sort of areas looking to grow, same sort of goals. And it's kind of funny looking back because you look at like just the whole 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. You know?

Dan Austin: [4:33] Yeah, yeah, totally.

Mike DeHaan: [4:34] Unless it was like accidental, right? Like, I don't even know what situation that would necessarily occur, you know, in the wild. But in this, you know, not only do these people interact, but they all become kind of friends, you know, and it wouldn't be unheard of to think of less people keeping in contact, you know, in the future going forward, which is, I always think is pretty cool about, you know, these sort of niche businesses like this. I feel like that's a pretty common situation.

Dan Austin: [4:58] Yeah, and I mean, you and I have been part of other master masterminds. And maybe this one is probably a little unique to that, though. Doesn't feel like we've had that same connectedness to people. Could be Ryan. Could be just the group of people we're with, but that definitely helps.

Mike DeHaan: [5:15] Yeah. Well, think it's a certain personality trait that, you know, a certain personality traits that people who are running a business like this kind of all have, you know, because it's not like this is a difficult business. It's a very like problem solving heavy business, you know, it is one that requires a lot of work. And I think that, you know, if someone wanted an easier business, there's like, there's definitely easier ways to make money. But at the same time, there's, I feel like those ways are less guaranteed and have less, you know, upside especially in terms of assets you can accumulate. You know, like you wanna go and you wanna start like an online brand or something like that. It's like, sure, you can make a lot of cash doing that but you're not necessarily gonna be having hard assets outside of your business, you know, and also to that it's gonna be a lot more competitive at the end of the day to like really scale that than it is, you know, when you're actually buying these properties at a discount. And it's funny, I was talking to our buddy Aaron from San Antonio about that. He sent me a video the other day about like how to, I think it was called like how to build a $100,000,000 business. And, you know, we kind of exchanged text.

Mike DeHaan: [6:23] Was like, yeah, it's not really possible in real estate, you know, unless it's like a really extreme sort of black swan situation almost. Like, you know, to make it a business is making, you know, 9 figures a year. But I think the biggest difference between businesses that can scale that way and like a real estate business, especially in investment business where you're holding properties is, you know, wealth is kind of guaranteed. You know, you're very much more in control of the outcome of that. You're not necessarily like reliant on, I don't know, like a mass amount of consumers are falling or things like that, right? You know, you buy a bunch of properties at 50% discount, you're gonna build some wealth. Like there's no question for that, you know?

Dan Austin: [7:05] Yeah. Yeah. I agree. Yeah. Building a $100,000,000 business in real estate, not that it's not doable, but that's not really the goal either for most people. And in our demographic people that are looking to do what we're doing, it's like, what are you gonna do with $100,000,000 business from a freedom standpoint too? It seems like a lot of folks in our group are looking for freedom, not necessarily freedom from working, but you know, just freedom from all the bullshit that might be involved in $100,000,000 business, Right?

Mike DeHaan: [7:31] Exactly. And that that is something else you see really commonly with real estate too. I mean, how how many conversations over this past weekend were about freeing up time or optimizing more time to spend with family or their spouses or with their hobbies or whatever. You know, and that's always something else too that I realized is you don't actually need to be making that much money to be able to do that.

Dan Austin: [7:53] You know, you don't even be making any money to do it. Right? I mean, let's be serious about that. It's just that. Yeah. And and it's all I think it's in the back of everybody's head is like, why why do I think I need more money to Mhmm. Enjoy this? Because you really don't.

Mike DeHaan: [8:07] Yeah. Yeah. That is true.

Dan Austin: [8:09] It's hard, though, because I like nice things.

Mike DeHaan: [8:11] Yeah, I know. Well, I mean, it's the way you want that to look right. Because you're right, you don't need to do any, you don't need anybody to do that. But if you're comfortable living a life of a little bit more scarcity, then that's fine. I mean, some people do that. That's one of the reasons I think that you see a lot of especially younger people doing like the van life. Doing all modeling.

Dan Austin: [8:33] Tell me about the van life, god. It sounds fun but.

Mike DeHaan: [8:38] I mean does it? I think it sounds ridiculous. But you see that they can go and they can live in this van and just travel around for very minimal cost and allows you to have that lifestyle, right? Which is cool. I think a lot of them will look back fifteen years from now and be like, shit, with all the exponential growth that happened in the economy, I kind of missed the boat there. But at the same time, I don't know, they'll have memories and stuff, which is cool. But I think for all of us, like the goal is being able to make those memories while also making good money at the same time, you know? Then building those systems with assets to make money while you sleep is kind of the base thing all of us are shooting for.

Dan Austin: [9:16] Yeah. You know, made me think like while you're saying that, like the one of the goals in mind is like, how do I remember, like, the highs, like, the good points? Because, like, as I'll reflect back on my life, you talk about, like, living in a van and enjoying that, and they're gonna make a lot of memories. But for me, a lot of the struggle and strife has been the ones that I remember the most for some reason. And I laugh at them now. You know, you think about when you're first starting out in life and, like, how simple it was. And, like, you had your first apartment or you're living on your own, whatever, paying your own bills, and you didn't have a lot of excess income. And for me, personally, I look back and I I enjoy that time. But then, if you're working so hard, forget about like these high points of like, hey, we had a 6 figure month and like, where were you when you when we had a 6 figure month for the first time? Like, I don't remember. Right? You know what I mean? And so it's like making sure for me that I'm taking the time to enjoy those big successes.

Mike DeHaan: [10:08] See, think the main reason I remember is because it always seems to be when I'm on vacation.

Dan Austin: [10:12] Right. Yeah. Good point. Yeah.

Mike DeHaan: [10:14] Literally, every huge month we've had, I've been gone. You know, the first one I was in Utah. You know, after that I was in Florida, you know, and then this past month has been a huge month and I had multiple trips. I was in Egypt for the first part and then I was in Texas and Florida for the second half of it. So I mean, that's kind of the key right there, guess. Because I just need to be traveling at all times.

Dan Austin: [10:36] The wheels keep turning, man. The wheels keep I

Mike DeHaan: [10:39] know. I think you're completely right in what that looks like from a mindset standpoint. I'm not sure. From a life standpoint, I mean, that's a big reason I do like to travel. Because otherwise it's really easy to sort of get into like the sort of mental state of like everything's on autopilot and it's just moving. Whereas I don't know, like for me because I've traveled so much in my life it always tends to be like a checkpoint. So like everything kind of goes between, I don't know if that sound like humble braggy sort of thing here. Between like my trip to Iceland versus like my trip to New Zealand which was like six months later. I don't really know what happened in between that period of time but like those two things stand out in my memory very vividly even though they're about six months apart.

Dan Austin: [11:25] Right, yeah.

Mike DeHaan: [11:26] And then even this year it's like I went to Hawaii one year and then I went to Egypt beginning of October and went to Hawaii in July. The whole period of time in between that, I don't know we did stuff but I can't really pinpoint exactly what happened in between that. I think that is also kind of good thing that comes from this business too is you kind of get those checkpoints as well from some of the deals that we have that are super memorable. They kinda stick with you and they make it a little bit more tangible. Because I feel like if you had a business and you were just selling thousands and thousands of widgets and none of them really stand out to you anymore, at that point it would be know, that autopilot I think is what a lot of people sort of fear and I think that's what causes a lot of anxiety in a lot of humans. You know, that's why you see it in a corporate job. You go to the same office every day, you sit in the same desk, you talk to the same people, you get lunch at the same time, you do the same task. And next thing you know, thirty years have gone by.

Dan Austin: [12:25] Totally. That's the risk, right?

Mike DeHaan: [12:28] It is, you know. I going out on, you know, in your business doesn't necessarily prevent that from happening. I think it's, you know, there's a lot you can do to sort of change that state of mind.

Dan Austin: [12:40] Yeah. That's what, like, it's funny talking about, like, corporate America and stuff and talking to people like, oh, man. That seems like a lot of work. That seems like a lot of risk investing in real estate. It's like, no, man. You're taking the way bigger risk than me.

Mike DeHaan: [12:51] Right.

Dan Austin: [12:51] Right? Like, just sitting here doing the exact same thing every single day, like, day in and day out, aspiring to do great, but aspiring to be average. Like, average seems to continue to lower as time goes on. Right? Mhmm. And I that to me is a massive risk.

Mike DeHaan: [13:06] Yeah. For sure. Well, I mean, I think the trade off for people I I think the people, they they tend to confuse risk with discomfort, right? Know, because I think look at how we do business and I guess sure we're taking risks when we buy these properties and we do these deals. But at the same time, not really because they're buying them with such big spreads. And then like the downside is limited at the end of the day, you know. It's like, let's say we buy a house for a $100,000 and we get into it and we're like, oh my God, this is such a disaster. You have to sell it for a loss. Our downside is really only a $100,000, you know? Right. Especially if it's worth more once it's fixed up, which how we buy stuff, it always is. So, you know, that's pretty limited when you look at it that way. Whereas like, I think that the comfort like that would be such an uncomfortable situation that most people can't even fathom. I mean, I don't know. I guess I've had, you know, couple of deals where I've lost money.

Dan Austin: [14:07] I think the closest sort

Mike DeHaan: [14:08] of discomfort maybe you've had or might be projecting here is when we had the 6th Ave property, right? And we're going into that thing, we're like, this is a money pit and we need to get the hell out of this property. And like, that's a terrible feeling. Like, don't know, I was losing sleep over that, especially that day that I had to call you and tell you that we're gonna spend $30 more than thought.

Dan Austin: [14:28] I mean, that was that was definitely discomfort. But even by then, like, and I had both had things under our belt to where it was like we knew at the end of the day, like, it's gonna be okay. Exactly. You know what I mean? So but yeah, I I definitely get what you're saying. And every time we step into rehab, there's always a little bit discomfort because you don't necessarily know what's on the other end all the time. Totally. You know? And so it gets, you know, you're going through challenges and like, I I personally just hate spending money on things and I just kinda signed up to spend, like, another, I don't know, $1,012,000 dollars on our Airbnb that I knew I had to spend, but I didn't wanna spend it. Right? Yeah. Getting all the exterior dialed in and all that, but it's worth it.

Mike DeHaan: [15:05] You did you bite the bullet and just get all the siding and stuff figured out?

Dan Austin: [15:10] Yeah. I got a bunch of other stuff. Yeah. A lot of stuff figured out on the the deck and the paint and the landscaping and all that stuff, which it's like, well, we could get away without doing it, but it's like the inside looks sick. I was down there and I got some photos. It looks good. It's definitely, I must say, my best design I've ever done before. So I'm pretty pumped.

Mike DeHaan: [15:29] Nice. Yeah, we'll have to go get some good footage down there and we can throw up a YouTube video or something.

Dan Austin: [15:36] Yeah.

Mike DeHaan: [15:36] Some before photos and some after footage because that one's come along far. That place, it's funny. I was looking at photos kinda recently. That place was really crappy when we bought it.

Dan Austin: [15:45] Yeah, dude. And like,

Mike DeHaan: [15:47] you remember what

Dan Austin: [15:47] I told you? We don't buy like 100 year old houses and we get into it. I'm like, oh, this this thing doesn't look a 100 years old and I found out it's a 100 years old. But structurally, it was okay. I mean, we did have to jack it up a little bit, but that didn't really cost us much. But, yeah, it's it's come a long ways. I mean it's no smells. I mean just everything top to bottom looks super good. I'm pumped about it.

Mike DeHaan: [16:08] Yeah. And I think the 100 year old houses, I mean it's like good neighborhood 100 years old versus like six is like bad neighborhood. Yeah. Like you know they do that. They threw that up to like throw some industrial workers in the 1890s in there. Know? Yeah.

Dan Austin: [16:21] Well low income neighborhoods right? Like so this isn't a higher income neighborhood. So people over the decades were able to take care of it. Had some affluence potentially where yeah, lower that. Yeah, sixth Ave was definitely not an affluent area. Maybe one time it was, but it hasn't been for the last ninety years.

Mike DeHaan: [16:37] Was it ever? I don't think it was. Think it's always I been mean, I like

Dan Austin: [16:42] to think like one hundred years ago when they built a house and it's like, oh, that's kind of a nice neighborhood.

Mike DeHaan: [16:46] It was even worse back then. They didn't have any like standards or rules they had to follow. That's why there's all those houses in like the Midwest that have like lead paint and like all the project neighborhoods that are poisoning people.

Dan Austin: [16:58] Right, but I mean, you go talk to nine out of 10 flippers, they're not following the standard either. That's true.

Mike DeHaan: [17:04] For us, we're always 100% by the standards, Absolutely. By the Everything is licensed Bonded. And everything. Yeah, yeah. 100%. Yeah. But that's funny. Yeah. So I guess what are some of the big action steps you took from the mastermind though? Anything good you're gonna start applying moving forward? So

Dan Austin: [17:29] I think before, like, even action steps, it was just, like, a couple comments to make is, a, just networking, the power of networking and, how good it feels to do that. Mhmm. And getting around those like minded people that are struggling with the same struggles you are and reminding you that. Yeah. And then for us, it's like a business, you know, because they're, within the group we were in, like, there's some people maybe a little bit newer, not newbies, but, know, they're still when I look back to where we were probably were twelve months ago, maybe eighteen months ago. And there's other people that are just kicking butt and taking names, right? Like, and so motivated me to go further. B, but also kind of like have some gratitude for where we've come and be like, wow, we've come a long ways as a business and kind of chuckling about the amount of work that those newer folks have in front of them, the challenge of that. And I I confident most of them will will kinda get over that. But it's a lot of work to get to where we're at. Right? And just taking that moment to be like, wow, we have come a long way. And look at all the the revenue and wealth we've created over this period of time, even though it never feels like it because you're just like onto the next one, onto the next one. Right? Mhmm.

Dan Austin: [18:40] But then I would say, like, action steps was, like, one. I kinda pushed my goals out, like, a little higher than they were before just because I was like, what? You know, I gotta something my goals I thought were pretty aspirational, but I moved him out a little bit farther just from, like, passive income and those sorts of things.

Mike DeHaan: [18:56] Let's hear him on the spot.

Dan Austin: [18:58] So, like, my near term goal right now is, like, 30 k a month. And it went from 20 yeah. It went from 20 to 30. Okay. That was, like, the major one I moved. I wasn't so worried too much about, like, overall net worth moving.

Mike DeHaan: [19:11] Mhmm.

Dan Austin: [19:12] All obviously, that will come with what we're doing. But that was kind of the big one I thought about because, you know, I saw Ryan's Ferrari. And although now I don't think I want a Ferrari anymore because I don't know what I would do with it. But, like, just you know, you get to be around these folks that you're like, oh, shoot. You're doing that. Like, okay. If you can do it, I know I can do it. There's a path to it. And so kind of removing those roadblocks in front of those goals. So I was like, kind of one of those more tangible goals that I just moved the goalposts on, which it's easy to do.

Mike DeHaan: [19:40] So in your mind, does that all have to come from, like, rental cash flow? Or are you or would you, like No. Say that we have the wholesale business so dialed that, like, your involvement was a couple hours a month. Would that count?

Dan Austin: [19:54] No. There's that's different goals, but it also doesn't have to just come from real estate. Right? I'm expanding my mindset on, like, how that can come. Right? As you know, just some other business investments and looking at that sort of stuff. So that that was, my purely passive goal, which might be, you know, crazy, but that's kinda what I want. And then do

Mike DeHaan: [20:12] that shit all the time.

Dan Austin: [20:14] Right. I mean, income thinking where we came from when we started this, like, it's significantly increased already. And so, like, if we just be average, it's going to increase over the years and continue to grow. So but then, yeah, have goals for, you know, the wholesaling business of what, like, like, I can take home from that too. Because I think that's big for for me looking forward in the future is like that getting that cash flow so that I can continue to reinvest it so that that base grows. Because what talk about people like the van life is like, I think folks living off of their principal, the cash flow off of their principal, but never being able to grow their principal is not what I'm really into.

Mike DeHaan: [20:54] I think you're assuming that those people have principal.

Dan Austin: [20:57] Good point. Yeah. But I mean like, so you say, know, you follow the fire folks and all that sort of stuff. And then I've got 500,000 in my four zero one ks. I, you know, we're good to go. And I can 4% of that. I can easily live on that because I'm frugal. It's like, yeah, but how are you growing that principle other than just at growing with the market? Like I want to exponentially grow, which means you got to continue to add to it. And so that's where the active income kind of comes in for me.

Mike DeHaan: [21:20] For sure. Okay. So do you so do you have a revenue goal for investment business?

Dan Austin: [21:28] For for our business? Yeah. Like, for yeah. Hell yeah.

Mike DeHaan: [21:33] What is it? I wanna hear it. Find Yeah, being

Dan Austin: [21:37] no, I'm not being cold. Sorry, I didn't know what you're talking about at first, but for me, like next year twenty twenty two is 350,000 profit, know, for me $3.50 for you. For for you,

Mike DeHaan: [21:47] Yeah. What's still

Dan Austin: [21:48] For $700,000 profit, which so that's a near term goal. So I'm not, you know, you have these like aspirational goals. It's like a near term goal that can easily be done in a sense. Like it's gonna take us to push hard. But looking at what, you know, we've created last last year, this year, it seems doable as long as we continue to grow and do what we're doing and stay at the momentum we're at now. We wouldn't really have to grow too much to to get that. But it's to me, that's like, yeah, that would work out great.

Mike DeHaan: [22:15] See? Yeah. I like it.

Dan Austin: [22:17] What about you? Do you change your goalpost at all?

Mike DeHaan: [22:19] Yeah. A little bit. So, I mean, for me I mean, my my like, I'm a lot more in the acquisition side of the business. A lot of my stuff is kinda focused on that. I mean, for I was going over our revenue and stuff as well. We're probably gonna be just short of 7 figures this year in terms of revenue. Like, I count I count like some of our cash out refi stuff in that as well because it is cash that comes back our way. It's not like revenue revenue, but I mean, we kind of treat it that way. Right? Yeah. You know, we had a couple of big ones. So we're gonna be just short of 7 figures this year. And so my goal for next year is to double that and do 2,000,000 revenue between flips, wholesales, cash out refis. And if we hit that, I mean, we'll both be able to pull your number. No problem.

Dan Austin: [23:00] Oh, yeah. Yeah. Definitely.

Mike DeHaan: [23:01] I mean, because our our typical costs per deal and everything, like it will increase a little bit as we bring on more staff and more systems, but it's never gonna be like, you know, 50% profit. I mean, like our profit right now is like seven or eight x I think to our typical operating expense. I mean if you do 2,000,000 divided by eight, like what is that even quoted?

Dan Austin: [23:27] Like two and

Mike DeHaan: [23:28] a half. Think like 2

Dan Austin: [23:29] and 0.5.

Mike DeHaan: [23:30] Yeah. Well, yeah. So you look like what's an eighth of $2,000,000. I didn't actually run that number. But that's essentially what our operating expense will be. And most of the rest of that should be, yeah. Sorry. 250,000, right? To run it for the year. So that means that we should be at like, I better be a little bit higher to run. We actually be like 1.6 in profit probably. So if could pull that, I'd be pretty happy.

Dan Austin: [23:58] Yeah. Me too. Like, that would be fantastic. It's not like, oh, that would be nice. It's like, we could do that. Just have to keep keep going. And, like, that was, like, the other stuff, like, the tactical stuff, like Yeah. Because I thought about seeing some of the the software stuff people were talking about and, you know, really optimizing our business, and you and I are already trying to do that. But, like, how can we continue to implement things that make it less and less difficult for our staff to run the business?

Mike DeHaan: [24:27] For sure. Yeah. And that was a big part of everything for me as well. Was my goals of getting our systems and everything and my time sort of blocked enough in the business that I don't have to be as reactive all the time. And having everything sort of processed out that our staff can kind of do what they need to do. I don't really need to interject for I guess, like final approvals and then for like tough decisions that are kind of like outside the ordinary. The guys wanna call me to figure out what to do when our seller gets kidnapped. That's fine. He is alive by the way. They found him.

Dan Austin: [25:03] Good. Good. Was there

Mike DeHaan: [25:04] five days but he's there and he's moving again. Hopefully we're gonna get that one finished up here pretty soon. Yeah, like being able to only have to get involved with those sort of things. And then a big thing that I'm looking towards is getting another form of horizontal income set up that's sort of in tangent to our business. So, you know, we've talked about setting up a fund and getting lending or syndication set up on the side. And I think that that is something that I wanna look toward. And as a hard number on my goal sheet I added, I wanna have see if we can have brace $5,000,000 next year from people that we can use towards that. Which I which I it sounds like a lot. And, like, that thought of having that sort of freaks me out. But at the same time, like, I don't think it would be that difficult if we really push towards that. Mhmm. Yeah. I think we

Dan Austin: [25:54] I think we definitely could raise the money. I mean, a million would be no problem. Totally. Yeah. And then going from there, it's you know, you start getting some headwinds and stuff like that. I don't think it'd be be too much of a problem. I think the the key will be, like, the timing of that because I know, like, distracting to do that versus, like, focusing on our business to get it to where we can do that. Right? Because it's always a lot of work a lot more work than, you know, we always underestimate the work that's necessary. But, like, that's definitely I love that idea. And I think it would be super cool to be able to do that. We're smart enough to do it. Right? Yeah. We network enough to be able to raise that capital. Yeah. We have enough people to lend to that we could probably do really well. For sure.

Mike DeHaan: [26:36] And I think that's kind of like the next iteration for a lot of real estate investors when you get tired of like doing the rehabs, you know, but you still want to make money off of like that asset class or like that sort of niche. Then you, you know, start lending on it and other people can do the dirty work and you can basically just profit off of it.

Dan Austin: [26:52] Yeah. Yeah. I think that was like a takeaway too. Like not necessarily just raising a fund but just like the ideas of like being the lender. Whether that's just the seller financing pieces or like we're doing, you know, we're working on a deal right now to sell to one of our tenants actually on a on, you know, and finance a loan for them and like that sort of model too where, yeah, you're still collecting passive income, but you're doing it in a different way, right? Just that whole model of debt lending and all that seems super, super fruitful going forward and all that stuff.

Mike DeHaan: [27:23] So Yeah. I think so. Especially, I think it's gonna become more sort of common too as I mean, it's kinda like a weird decision to be as, like, the wealth gap grows, you know, and, I mean, we're already on that upper end of that if we're being completely honest, right. Sure. And sort of seeing, you know, that there's gonna be people that are gonna struggle to be able to afford homes and those sort of things. You know, I think that a great situation, this is where Ryan's at right now too, As he buys houses, he makes them extremely nice, owns them outright and then sells them to like somebody on owner finance who can't necessarily get a bank loan but like wants to have a nice place. You know? And I think that there will be a lot of area to make money that way but also to sort of like help with the situation that's occurred due to like all the rapid inflation and everything that we started to see that's caused these housing prices to skyrocket. And for all of a sudden there's gonna be less and less people that can afford to buy a property. So you know, there's a lot of ways to, you know, have money but not necessarily need to be a dickhead about that for everyone that isn't quite as fortunate, you know.

Dan Austin: [28:30] Right. Yeah. Well, and it's a good it's just good. I mean, there's I agree with you. There's gonna be a lot more opportunity for that. I remember when we first looking at buying properties together and we're like, oh man, what if we started doing like lease to own and like we didn't really find any real properties that worked for. We just didn't have the foresight to do that and really wasn't like a big model like at least in our hometown. I know there's a lot more of that in other parts of the country. But even with just the way people are generating income, like, they're doing okay. Like, whether you're an entrepreneur, you're working in gig economy, like, banks won't give you a loan.

Mike DeHaan: [29:00] I know. You just won't.

Dan Austin: [29:02] You could make $200,000 a year. You can't get a loan. Or you have some weird bad credit issue that maybe popped up from COVID. Right? Like, you got laid off and kinda got screwed, evicted, or lost your house or whatever it is. You're gonna need some some way and some method to do it, the banks aren't gonna be the ones to do it.

Mike DeHaan: [29:18] For sure.

Dan Austin: [29:19] It's gonna be us, the little man holding up America.

Mike DeHaan: [29:22] I mean, honestly, I mean, you said that slightly sarcastically, that's true. I mean, as things go on, you know, I think that kind of like a I think generationally too is a lot of those us that are like younger entrepreneurs sort of veer away from the crony capitalism, you know, and the the bigger businesses get more and more sort of in the weeds, whatever the hell they're gonna do. That's what's gonna ultimately happen is like those that are having success, but aren't like crazy, crazy big and have some more strict ethics are gonna be the ones that are kind of providing the opportunities and leading the way for everyone else.

Dan Austin: [29:59] Yep.

Mike DeHaan: [30:00] Cool. Alright. I think that's a good place to stop there. And I got your meeting to run away to here as well, Dan. So if you wouldn't mind going and leaving us a review and subscribing, that's always great. And then if you wanna follow us some more, you can find us on socials at collecting keys podcast. We have a website that's kind of rough right now, but it's it's coming together. We're having it made collectingkeyspodcast.com. You can follow me directly on social at Mike underscore invests. You can follow Dan at investor man Dan. I guess we're both on Instagram Hit us up on the DMs there. Follow us. See what we're doing. And thanks so much guys, and see you next Wednesday.

Speaker 1: [30:40] 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.