Using Direct Mail to Find Multifamily Properties with Ryan Corcoran

Ryan Corcoran: [0:00] Day, I... It was like 03:00 in the morning, and I was doing a twenty four hour shift. And I got a call for a code blue. So if you guys don't know what that means, it's basically, you know, someone's cardiac arresting somewhere in the hospital. Right? And so it's my job in the ICU because I'm trained to take care of these people, these patients. So I went into this patient's room and this patient was on the floor in the bathroom coding. And so I started to run the code. I turned around, there's shit in the toilet. I'm drilling into this lady's leg trying to put an IV in her leg. And I'm thinking to myself like, what the fuck am I doing with my life? Like like, what am I doing?

Dan Austin: [0:30] Yeah.

Speaker 3: [0:32] 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: [0:56] What's going on, guys? On this episode of the collecting keys real estate investing podcast, we have Ryan Corcoran, who is a super legit off market multifamily investor mostly. Direct to seller multifamily investor. To seller. Yeah. So... Yeah. So he does kinda like what Dan and I do, but with, like, big properties.

Ryan Corcoran: [1:15] Like

Mike DeHaan: [1:15] Yeah. Big play properties with proper sophisticated buyers and sellers. So he doesn't have any of the super fun stories we have about, like, crackheads doing weird stuff, or like sellers and tenants getting into fist fights, at least not that we know of.

Dan Austin: [1:27] No. He's helping old ladies pay for their husband's elder care. He's a nice guy.

Mike DeHaan: [1:31] Yeah. Right. Yeah. Yeah. So... And I will say, as I say that, he did go through the phase of doing what we do and sort of graduated up to that. Sure. But he's still only 28 years old. So he has done a lot in a pretty Yeah.

Dan Austin: [1:44] He buys most of his stuff too, which is, you know, kind of things that Mike and I aspire to as well. He's got two fifty units right now under management that he's bought this way. Uh-huh. And I think, like, was like I I watched the clock around twenty minutes, he puts just some fire information out there on, like, how he's getting in contact with these owners, because they're typically behind an LLC. You So gotta go listen to that part and listen to like three times because it's pretty interesting.

Mike DeHaan: [2:07] Exactly. Yeah. He goes all into the details about the nuances of marketing to these kind of sellers, how he's able to do it effectively, and the knowledge that he drops on that is really next level. So absolutely check it out, and you guys will learn a lot. Anyways, guys, hope you enjoyed the show with Ryan. If you wanna learn how to build the basis for finding off market leads, you should go to collectingpodcast.com/guide and download our five step process to start doing so in as little as two weeks. Get a little bit faster, honestly, if you wanted to. So go collectingyeastpodcast.com/guide to grab that little ebook that we have. Aside from that, guys, enjoy this conversation with Ryan, and, you know, let us know what you think afterwards. We're always looking for feedback on these shows. So thanks, everybody. Enjoy. Ryan Corcoran out of Rhode Island. For those who don't know how much of a badass you are, you've been kinda doing the circuits on various different podcasts, that sort of stuff recently. But who are you? And what exactly do you do, Ryan? Because you have a lot of impressive things to talk about here today.

Ryan Corcoran: [3:03] Yeah. Thanks, Mike. Appreciate it. Should be fun. Should be a good time. So I'm out of Rhode Island. I am 28. I recently, about a year and a half ago, quit my w two job and was jumped into real estate full time. And I predominantly focus on multifamily properties. I wholesale some. I do a good amount of flips. And then we've got about 250 units that we hold so far for long term rentals.

Mike DeHaan: [3:25] Nice. I mean... Nice. Yeah. Year year and a half. So do you like just start real estate like a year and a half ago? Or were you kinda doing it before you quit your w two?

Ryan Corcoran: [3:33] Yeah. So I bought a duplex when was 21, actually. I've been doing this for about seven years. Yeah. A lot a lot of people look at it and they're like, how did you do that so fast? Well, hold on a minute, man. It's been seven years. I've been doing this for So I bought a duplex at 21. I thought I was gonna live in it. I ended up fixing it up, renting it, taking the $700 a month in profit every month, and that carried me through undergrad, and then it's my master's program. I just paid for my food, my gas, everything, and then I sold it, walked away with whatever, like an $80,000 check. And I was like, alright. That's almost my entire PA salary in a year and a half. So how can I do more of these? So then I went from a two family to a three family to a couple other small multis, end up selling all those, and I jumped into larger commercial properties. So 10 unit buildings, 12 unit buildings, six units, stuff like that. So... Yeah. You say PA, is

Dan Austin: [4:20] that like physician's assistant PA? Is that your w two job?

Ryan Corcoran: [4:23] Yep. Correct. I worked I worked at... So it's essentially, I do the same... I place... I basically play the roles of as a physician Mhmm. But I didn't go to school for the same amount of time. I don't have the same amount of debt, and I didn't make the same amount of money. Very. But, yeah, same job. I worked in an ICU for about a year and a half while I was building up a portfolio. And then, dude, one day, I... It was like 03:00 in the morning and I was doing a twenty four hour shift, and I got a call for a code blue. So if you guys don't know what that means, basically, you know, someone's cardiac arresting somewhere in the hospital. Right? And so it's my job in the ICU because I'm trained to take care of these patients. So I went into this patient's room, this patient was on the floor in the bathroom coding. And so I started to run the code. I turned around. There's shit in the toilet. I'm drilling into this lady's leg trying to put an IV in her leg, and I'm thinking to myself like, what the fuck am I doing with my life? Right? Like like, what am I doing?

Mike DeHaan: [5:10] Yeah. Yeah. Right.

Ryan Corcoran: [5:11] And so, yeah, after that moment, I'm just like, alright, I gotta figure this out. Like, these rentals are good. Make some money. They're great for net worth and great for long term, but I gotta like drastically increase my income so I can get the So hell out of yeah, that's what I did. I started wholesaling some multifamily, started flipping multifamily, doing a couple development projects right now. Yeah. So it's going well.

Dan Austin: [5:32] Yeah. I love that story, the moment though. That I

Ryan Corcoran: [5:35] mean Yeah.

Dan Austin: [5:35] I hate hospitals. So I'm I'm glad that you're saying that work there that you're, I don't wanna be here.

Mike DeHaan: [5:41] Yeah. And like people that work in those environments, they always have such crazy stories and stuff like that too. Think, you know, people who can do that for the long term. I don't know. It's something special, I guess. Like one of my my good friends, she's a nurse anesthetist. So she's always in the Operating Room and just sees like weird stuff that comes through. And like, we'll go to hang out with her and she'll be like, oh, wow, this fella came in and he like shoved a spoon in his urethra today. I'm like, what the fuck? Like, that's like the most extreme thing I can possibly think of. And that's

Ryan Corcoran: [6:10] what she sees on like

Mike DeHaan: [6:11] a daily basis. Seriously. And that's a real story.

Ryan Corcoran: [6:14] I have a lot of respect for people in the medical field. The thing is like, while you're trying to build like another business on the side, and you you're trying to do the side hustle, and and trying to like do something that's more than make a $130 a year. Right? Like Yeah. Don't get me wrong, at 25 years old, it's a good amount of money, but Right. You know, I wanted to... My goals are way bigger than that. And so when you go into this hospital setting and everybody's like, why am I here? This sucks. It's just like, brings your, basically, your head game. Everything drops. Right? You're just like, goddamn, like, wanna get out of here. Like, I have no motivation to be here. And so, you know, on the days I wasn't working, you know, I'm up at 04:00 in the morning writing letters, sending them to people, researching, trying to do these things at the same time. And then one day, I just said, you know what, screw it. I am gonna... I dropped the per diem. My wife was like, okay. If that's what you wanna do, go for it. Super supportive at the time. And then, I I think she expected that I was gonna work a lot more than I did. Great. But I ended up... Yeah. I just like, stop pretty much cold turkey.

Mike DeHaan: [7:08] Yeah. Right. Yeah. I mean, that that is nice. You have that support, though. That's like the number one question that we get. So my my story is kinda similar. So I I was an engineer, and I quit, like, cold turkey, and real estate wasn't even on my radar at that point. Like, I went from making an engineering salary to, like, the next year I made, you know, like, $16 driving for Uber and working as a waitlisting coach. Right? I made, like, no money. And then real estate sort of came in after the fact. So I started, like, you know, learning about business and those sort of things. But But the number one question I always get from people is, like, how'd you get your wife on board? But I was fortunate that my wife was, well, if you're gonna be less of a miserable prick, like, I'm okay with you doing that. Right? And not everyone has that situation. You... I'm sorry. If your wife isn't like that, that sucks, suck. Like, it's a challenging thing, and they're interested in some magic persuasive way to get them on board.

Ryan Corcoran: [7:55] I agree. But I also think that... So correct me if I'm wrong, but while you were... After you quit, I'm sure you were super motivated to try to figure out what you're doing. Right? So you were probably working really difficult to try to... Yeah. Exactly. Working hard to try to figure out. Right? So I think Kristen saw for me that I'm up at 04:00 in the morning every freaking day studying, try how to do this. Like, how can I get this done? And so I think it... I think when they see that, it's a little bit different. If I was just like, hey. I'm done. I have no, you know, I have no motivation to do anything. She would've been like, get your ass back in

Mike DeHaan: [8:23] the fucking hospital. Right?

Dan Austin: [8:25] Yeah. Go get another job.

Ryan Corcoran: [8:26] Yeah. Exactly. Exactly. But yeah, man. I remember when I stepped away, dude, just totally... And you... I'm sure you can relate, like, you go from having steady income, right, whatever $10,000 a month from being a PA to literally zero steady income. And so I went from... I was buying ATVs, I had a couple snowmobiles, bought

Dan Austin: [8:44] a new truck.

Ryan Corcoran: [8:45] Right? Because I had steady income. Like, I know I can pay for

Mike DeHaan: [8:47] it. Yeah.

Ryan Corcoran: [8:48] The day that I stopped and I I sold everything I had, I'm like, I'm done. I'm not spending another penny because I don't know if I'll ever, like, make that money again. Right?

Dan Austin: [8:56] Right.

Ryan Corcoran: [8:56] Right. So then I started, you know, making good amount of money every month. Well, over what I was making as a PA, and I still I still haven't spent a single dime on, like, literally anything. Like, I drive the same truck, nothing has changed. I eat the same food. I wear clothes with holes in them. Like, it's like a... One of those things where it's like, you know, a lot of people say like, okay, well, you know, you're making a good amount of money. Why don't you just... You want a new truck? Just go get one. I'm like, you guys don't get it. Like, once you realize that how to make money, you don't actually wanna spend money on things that don't compound and, you know, make you actually happier. And for me, it's the time that it's given me. And so if I have to spend more money, you know, I just have to work harder. Right? And so I... I'd rather, you know, stay status quo for a while and build up a, you know, just a massive egg before I start doing anything like that. So yeah, it just... It was very eye opening, actually.

Dan Austin: [9:42] Well, so what's the car? I thought that was your car. I picture your car in the background, man.

Ryan Corcoran: [9:45] Oh, dude. Four That's million dollar Bugatti. Someday. That that'll be someday. That'll be someday. Yeah. No. Actually, one of my goals is to... It doesn't necessarily have to be a $4,000,000 Bugatti, but I I would like to have a couple million dollar car collection that I use for charity events. So essentially, what I wanna do is, you know, have the collection paid for, but then use them to, you know, bring to car shows and have, you know, kids sit in them, and and just like, you know, experiences that people just don't get Totally. Through cars, because I'm I'm a car guy.

Dan Austin: [10:13] But I love that. That's really cool. So backing up when you when you left your w two, I'm curious, cause that is a big leap to lose income. Good thing is, is like you could self insure yourself because you know how to save people's lives. So maybe medical insurance wasn't such a big deal, but no, my point being, bringing this up is like, was there a point for you where you're like, okay, I have enough income from my real estate that's at least covering my part of my monthly nuts, so the worst case scenario, I go drive for Uber to feed myself. Like, was that in place for you, or were you just like, nope, I'm gone?

Ryan Corcoran: [10:46] Yeah. So I had a 100 rental units already, but I Okay. But you gotta understand, like, when somebody says you have a 100 rental units, like, what does that really mean? Because when you buy like a 10 unit property, you have to rehab it. Right? So like, you lose $50 that first year when you buy that property and spending money on it to try to get it stabilized. So in theory, I had, you know, probably $10 a month coming in in rent. I never saw a penny of it. And when it did come in, it just sat in the bank account.

Dan Austin: [11:12] Because you don't know when you need it again.

Ryan Corcoran: [11:13] Correct. So from that standpoint, yes, I did have some money that I... Like, I probably had six six to eight months of savings.

Mike DeHaan: [11:20] So, you

Ryan Corcoran: [11:20] know, I probably... I don't know. I probably had $70 in the bank just sitting there that, okay, if I quit my job, I got seven months to figure my shit out.

Mike DeHaan: [11:27] Right. Right.

Ryan Corcoran: [11:28] But fortunately, the day that I quit, they said I'm done. All I did was pass two deals to two people, and I collected $40,000 in finder fees. And I'm like, okay. Hold on a second. I didn't even buy the property. I didn't have to wholesale. I didn't flip it. I did nothing but set... Just pass somebody a deal, and I was... I I just made four x what I would have made in one month as a PA. So then I started thinking, I'm like, alright. I'm good. Like, I I I can figure this out now. Yep. So once that happened, then I started to feel a little bit more comfortable.

Dan Austin: [11:54] And that's something that, like, when you talked about it gets kind of highly overlooked, and we have to remind ourselves real estate is highly illiquid, and when you're first stabilizing a portfolio, whether you went from zero to 10 units or zero to 100 units within a couple years, it still takes time before you realize that income. Mean, in Mike and I's portfolio, like, we're like now able to realize like pretty good income off of that, but like, we've never personally taken, like that money just comes in and sits in the bank account because you're gonna buy a new one or you're gonna have to restabilize one. When you're buying them vast too, you're taking out tenants, and you're having to rehab properties after you've already burned them and all that, so it like, it's just illiquid, and it takes a bit to where you're like, okay, now I can live off of this. Yeah.

Ryan Corcoran: [12:35] Yeah. No. Absolutely. Absolutely. Plus also, I mean, I don't know what you guys did, but I I raised a little bit of money when I was starting off because I didn't have money. Right? So I raised a $150 to buy a 10 unit. So on top of, okay, keep money for the roof, keep money for a water heater, I gotta spend $10 to flip the unit, I had a $1,500 note that I had over my ass that I had to pay every month until the property was stabilized. Then when I refi it, I can pay him off. Right? So really, each one of these properties takes about a year before you actually see money coming in. And then at that point, it's like, okay, stabilize the bank account. Right? Let's just get like 15 or $20 for that one property sitting there.

Mike DeHaan: [13:08] Get some reserves. Right. You know, have I have

Ryan Corcoran: [13:10] a hard time believing when people say they live off rentals. It's... Unless it's like, you know, you've been doing this for thirty years, your mortgages are paid off fine. But, yeah, it's just tough. I I don't know. It's it's tough.

Dan Austin: [13:19] It is tough. You're absolutely right.

Mike DeHaan: [13:21] Yeah. I mean, vanity metrics do with a lot of those things. And it's it's... And that's always a big red flag for people that get into this business is, you know, when they say stuff like, there was there was a podcast. I didn't I didn't listen to it. But I saw the notes yesterday, and it was like, you know, it's like a 27 year old that owns a thousand units. And then you go down, it's like, and they they said they they own $8,000,000 worth of real estate. I'm like going, that math doesn't really make sense to me that they own a thousand units, but they're $8,000,000 with a real estate

Dan Austin: [13:49] in India.

Mike DeHaan: [13:49] Yeah. Right? And then and then, you know, or like even you see the people that are like, oh, I I have three Airbnb's that I do Airbnb arbitrage, and now we quit our jobs. Now we just like travel around Europe. I'm like, what do you like do over there? Like like, do you just rent cardboard boxes? Yeah. You're not making that much money. You're alive.

Ryan Corcoran: [14:09] I get it. Yeah. Honestly, I might I might get some slack for for saying this for for whoever's listening. I... If I were to do things over again with... I focused on buying like long term rentals first before I started to generate a lot of income. I don't think you should do that. I think you... What you should do is focus how to make a lot of money. For sure. And then you can worry about buying these long Yeah. Term Because like my net worth went very quickly buying long term rentals, but you don't realize that income. Right? You still have to have that w two. You still have to be super creative and working your ass off. I'm not saying you don't... You know, that stops. But if you can find a way to make... Even if it's in your w two job, you know, two, three, four, five, I don't know, a million bucks a year, before you start buying a bunch of rental properties, you have so much more confidence as you start to buy these, instead of worrying about how can I fix it, you know, a boiler when you have $0 Right? For the property. So...

Dan Austin: [14:59] Absolutely. What you're saying is then you can make long term decisions not in a position of fear, but in a position more of of abundance, and you tend to make more better decisions that way.

Ryan Corcoran: [15:08] 100%. Yeah.

Mike DeHaan: [15:09] Yep. Yeah. And, I mean, I don't think you'll get flack on that from anybody whose opinion matters, because that's 100% sure.

Dan Austin: [15:16] It's true. I mean, honestly, we talk about that a lot.

Mike DeHaan: [15:18] Yeah. Well, even you go back to like the old school bigger pocket stuff, like, the number two step that they would say is like, you know, make money, like, figure out how to make, like, increase your income, and then take that income that's newly found and increase the velocity of it by, you know, going investing at that point. Yep. And that's, you know, that that's where so many people get stuck is they get so focused on, like, the passive income to quit their w two, which is fine. Like, I understand that that strong desire. Yep. But what they do is then they waste their time doing things they're gonna make $400 a month, $300 a month. They'll go get, an Airbnb that makes them a thousand dollars a month, but they have to manage full time. Yep. When realistically, if you took that same amount of time and you went and you learned to wholesale a property, learned to flip a property, you learned to be a fricking general contractor, you know, you go and you start, you become a realtor, you do anything else for Right? Yeah. Something scalable. You're gonna make so much more money, and then the financial freedom will come almost on accident from doing Yeah. Instead of like having to be super patient, and work your miserable job for fifteen years, and buying one rental property every three years that makes $300 a month, or some bullshit. Yeah.

Mike DeHaan: [16:21] Still be poor. Oddly off the cash flow when you have like 10 properties that make $3 a month, like... Yeah.

Ryan Corcoran: [16:27] No, I agree. That's a good summary of sort of how I how I feel, and if I would do things differently. Yep. Hey, it is what it is. Right? We live and learn. Yeah. Learn.

Mike DeHaan: [16:34] Well, mean, else to you. You're dude, you're fucking 28, like, fine. Yeah. I... You're doing okay.

Ryan Corcoran: [16:40] Yeah. I don't know. Don't really look at it like that, though. I I look at it like I've been doing this for seven years and I should be a lot... You know, I'm not saying I should be further, but you know, I've been doing this like, I've been doing this for a while. Right? I just happened to jump into it when I was 21. I didn't start when I was 25. Right? So, yeah. It it's just like anything else. I mean, I have a buddy here in Rhode Island who, he he makes like $15,000,000 a year. He's got a restaurant. He's got a plumbing business. He flips over 50 homes a year. He's insane. Right? He's crazy. And he's 30. And so I'm looking at him, like, He's a year and a half older than me, and he is exponentially further than me. So I don't really look at like 28 as like a, you know, hey, I'm young. It is what it is. Right? I started when I was 21. I've been doing this for seven years. He was 17 when he started. So, you know? Yeah.

Dan Austin: [17:19] You got a head start. Dang it. Now, you're absolutely right. It speaks to who you surround yourself with because naturally, if you surround yourself with folks like this gentleman you just described, you're going to rise to that level, and then you're gonna pick your head up and you're gonna look for a new group of people to aspire to because eventually, you really do, and Mike and I have seen that plenty of times in our own lives and others, like, you do aspire to those that you're around with. And there's the whole cliche saying about it, but it it is true.

Ryan Corcoran: [17:43] Yeah. I think... I know we're gonna talk about actual real estate at some point, but I think the whole the whole networking aspect and getting around people who are doing things that just blow your mind is really the one thing that I think really separates people. Because, you know, ultimately, like... So I always tell the story. I moved here to Rhode Island. I knew nobody. I met up with a couple people. I asked everybody who the best players in the game were. And I found deals and I brought some deals to these people. Right? Next thing I know, I'm in a room with six dudes that, you know, one guy's making a million dollars a month, and I at the time was nowhere near that, and I'm not near that. But I'm sitting next to this guy and I'm just like, this is unfrigging believable. Right? So... And I look back and I'm like, holy shit. Like, just 10 x my income in the last like eight months just by being around And these so it... I can't say enough about getting around people and and bringing value to people who you look up to because you gotta... You have to get in that room. I And don't care if it costs money to do it. Right? We're we're in GoBundits. Right? We pay what? $10.15 k a year, whatever it is.

Ryan Corcoran: [18:39] But you get in the room like with people you... Like you guys. Right? And it's... Yeah. It's everything. That's literally everything.

Mike DeHaan: [18:44] Yeah. What's that old motto, you know, what they say, you're the sum of the five you'll be spending the most time with? Make those people, you know, a players. You're gonna become an a player.

Ryan Corcoran: [18:52] Yeah. Absolutely.

Mike DeHaan: [18:53] If you spend all your time with alcoholics, I bet you're gonna become an alcoholic. Yeah. You should be really good at drinking. Yeah. Right? Exactly.

Ryan Corcoran: [19:01] Hey. Everybody needs some skills. Yeah.

Mike DeHaan: [19:03] But awesome. No, that's good stuff. Alright, let's jump into some some real estate stuff though. But I do appreciate all that backstory and that insight like those are some really So valuable stuff the real estate though, I want to know about your process of doing direct to seller multifamily and wholesaling flipping multifamily properties, because that is something that I feel like is relatively uncommon. Some people try to do it. We know a lot of people that do syndications. That's kind of the way that they do it. What, you know, what the syndication, if anybody listening doesn't necessarily know what that means, is typically where you buy a property normally from a broker, not always, but that's the most common way to do it. You increase the value of the property, by doing renovations, you know, adding amenities, whatever, and then you sell the property sometime down in the future, increase the ramp. But doing it direct to seller is gonna be a different beast. Because typically, when you're doing a syndication, you get like the finances that are previously there, you have a pretty streamlined game plan. When you're going direct to seller, I imagine it's a little bit different. I could be wrong. But I guess, what does that process look like for you, and sort of like, how are you able to be successful doing multifamily? Because that's something that a lot of people do claim is impossible.

Ryan Corcoran: [20:10] Alright. So, I don't really know anybody who markets to multifamily like I do. So that's number one. So I'm really the only one who's doing it around here, because everyone says it's impossible to do. And so Mhmm. I said, fuck that. It's definitely possible, because I've doing Okay? It for seven And so, really what I do is it's all... For the most part, it's direct mail.

Mike DeHaan: [20:28] Yep. One more time. What what was it? Say it one more time.

Ryan Corcoran: [20:30] Direct mail. Direct mail.

Mike DeHaan: [20:31] Thank you. That's what we do. And we get shipped for it all the time. So thank

Ryan Corcoran: [20:35] you. The way goes. I I think direct mail's going away. Right? That's what everybody says. But that's really good for people who are marketers. Right? And I actually agree. I think a lot of people are going away from direct mail. But when your mail piece is one of three pieces of mail in the mail, guess who's gonna get opened. Right? And so if your piece is in there with two pieces of mail, it's gonna get opened. Maybe if it's twenty, like it was ten, fifteen years ago, people throw them out, but no, think it's great, I think competition drops and it's a good I marketing

Dan Austin: [21:02] still think like checking your mail is still kind of a cool thing, like it's a surprise. And we get like our Amazon packages and our mailbox too, so you like know, but like, you never know what you're gonna get in the mail, so I still do think people like getting mail, and like you're saying, if less and less people are mailing, you just have a better chance of them opening your shit.

Ryan Corcoran: [21:19] Yep, absolutely. So yeah, I focus on direct mail. I've done some cold calling, I think about like one property cold calling. I just... And the reason is I just didn't focus enough time and and I didn't strategize it well enough because I... Again, I focus on direct mail. Right? So I've done some direct email. I bought a deal off of that. So that that was pretty cool. But the rest of them, direct mail. And so the key with multifamily is that most of these things are hidden behind LLCs. And so when you mail an LLC, a couple things happen. Number one, almost always doesn't go to the actual owner. Because when you go on ink file or you go on one of these websites to produce an LLC to purchase a property, they ask you to put a registered agent in there. And so when you actually put a registered agent in there, it's usually either a property management company or an attorney. And so if I sent you guys a letter, I thought I was sending it to you, and it went to your attorney, do you think your attorney is gonna spend the time to let you know if you got a No. Absolutely not. Okay. So what you have to do is you have to use websites like Open Corporates, or you have to use the assessor websites, and it's a lot of work.

Ryan Corcoran: [22:15] And so this is where VAs come really handy. But that's what we do. Right? So we'll print like a list of maybe 10,000 properties, and I'll have my VA take a couple weeks and just go through the entire thing. Look up the LLCs, who the actual owners are, what's their actual mailing address there, you know, that... At their home. And then instead of spending money to send to registered agents or or just the LLC address, you know, we're sending it to the actual owner. So that has been a huge game changer, and a lot of people don't put in the time and effort to do that.

Mike DeHaan: [22:42] Yeah. So I was gonna ask some, I guess, some clarification on that. So when you go through open corporates, we kind of do a similar process. So sometimes we'll show the registered agent on there, you can find the principal that's listed sometimes on there. But then to find the actual individual, you just use like Spokio. Do you have another platform that's super good? Like there's a

Ryan Corcoran: [23:00] lot of like free people search, whatever. So you can use those, but honestly, and it's a lot of work, but the best way to do it is just to... Whatever town it says that that person's registered to, just type in like, for example, around here, Groton, Massachusetts property records. It will take you to the assessor's website. Just type the freaking person's name in on that website, and it will show you the house that they lit, like, where their primary address is. Right? And so you would now double check that, okay, with that open corporate set is in fact true, this person does actually reside here. And if they don't reside there, then they have done a really good job hiding behind a primary residence. Right. And you can't... It's not a whole lot you can do about that. But, that's what I have them do. And so from a return rate, it's pretty high. Right? Right? When a lot of people say it's impossible, I get a good amount of callbacks from multi families. Yeah. Yeah. It gets much more challenging as you get to larger units. So if, you know, for example, if you're trying to buy a 30 unit apartment building, it's very difficult to do that because there's usually a lot of partners involved when you actually look at that LLC, and it's almost impossible to know which one has the decision making.

Ryan Corcoran: [23:59] Right. So it it gets a little dicey there. So it really works well for your, you know, your small multis to up here in New England, fifteen, twenty unit buildings. So...

Dan Austin: [24:09] Yeah. That that would make sense. That's like the sweet spot too, where people may have a registered agent, but you also may be able to find it. We have a very similar process within our county. We can't search by name, unfortunately, so we'd have to go to Spokio or something similar if once we get a name, find which addresses are tied to them, plug those into our county records, assuming they live locally, and then we can typically find their find their primary. But again, if they're hiding behind some other LLCs or trusts

Ryan Corcoran: [24:34] on their primary, you might not find them.

Mike DeHaan: [24:36] Yeah. So... No. That's... Yeah. That's smart. So so you send out the letters, you know, you go and you find the individuals. What sort of what mail are you sending them? Is it... I guess, is it letters? Is it postcards? Is it branded? Is it personal?

Ryan Corcoran: [24:47] I've done pretty much everything you could possibly imagine. And the one thing that I stick to for the last couple years that I have not changed on is... Honestly, guys, I just like a white letter with a handwritten on the outside and a stamp and just a handwritten return. Because if I go look in my mailbox and I see a purple letter, personally me, I'm kinda just like, alright, this is just like kinda gaudy, like someone's just trying to get my attention. Like... But if it's a actual white letter that somebody went and bought at Walmart and they're sending me this, it just gives it that little bit of a personal touch where it's like, hey, this person is actually directing this letter to me personally. Isn't bombing them out to a bunch. I remember Sure. I used to send to send postcards, some with like a logo on the outside, and I would get a callback. Right? It would be like, I'm sure you sent this to a million people. What's the deal? Right? I don't get that anymore. I get, hey, you know, you dropped a letter off at my house. Right? So I've got like a lot of those calls. And so it really gives it that personal touches, especially to the people who... This is the only property they own. Right?

Ryan Corcoran: [25:43] They're they're not big landlords. Right. Yeah. I don't know. I found a lot of success with it. So a lot of people say that's stupid and whatever it is what it is, everyone has a different game plan and a different business model. It works really well out here. But...

Dan Austin: [25:54] Yeah. June or fifteen years that way. So...

Mike DeHaan: [25:57] Yeah. It it works everywhere. I mean, in our local market, we've done it for years. In all the virtual markets we've done, we've had good success with it. Yeah. And we've tried, similar to you, so many other things, cold calling. We do texting now, and we've actually had some pretty good results with that. But we mostly do that for like, just to keep costs appropriate. We're doing residential, right, for like high equity or like seniors or things like that. And if I was like, we were to mail all those people, the ROI would just get kinda weird. Yep. But I mean, the direct mail though is just tried and true. It's consistent. It's always our best deals because another thing about direct mail is that they choose to call you. You're not outraging to them. That's unsolicited.

Ryan Corcoran: [26:32] So A 100%.

Mike DeHaan: [26:33] As soon as they call you on a letter, they've raised their hand and they're like, hey, I would like to have conversation.

Ryan Corcoran: [26:37] Oh my god, dude. Preach. This is the thing with direct mail. Right? You send a letter out to somebody. If they're calling you back on a letter, you need to realize that regardless of what they say on the phone, they're calling you back for a reason. Yep. And so, it's your job as an off market specialist to figure out why they are calling you. They're... They might sit there and say, no, I'm not interested. I'm not interested. But there is a reason they called you. Right? You you need to find a way to to do that. And a lot of this... And you guys... I'm sure you guys feel the same way is this isn't real estate. Right? Like, doing doing this like off market thing is not real estate. It's it's really just a marketing funnel, and it's helping people. Right? Almost all your good deals, how... Are you pulling people out of shit positions and helping them essentially? Right? That... That's what we do for multifamily. Right? I buy properties where tenants aren't paying. I buy properties where they don't have $50 to fix the units. Right? So fortunately, we're in a position as investors to be able to help people like that.

Mike DeHaan: [27:26] Shit, man. I think we might be like the same person.

Dan Austin: [27:28] What you should... There was exact same things.

Mike DeHaan: [27:30] Was was what I said to every single family member at Thanksgiving who was like, so what are you doing? I'm like, well, really, it's like a marketing business. And like, I I help people out, but like, the payment is the property.

Ryan Corcoran: [27:40] Yep. Yep.

Mike DeHaan: [27:41] Yeah. Like that that is so so true. That and that can't be overstated enough as well where a lot of people... I mean, Dan and I, we made this mistake too when we jumped in. They look at it as a real estate business. So when you go and start talking to leads, all you care about is the real estate. And really, that's not what matters at all. It's all about what is the person's problem? Why did they call you? And how can you solve that? And, you know, is the compensation, the price for the house, does it make sense for the problems that you're trying to solve?

Ryan Corcoran: [28:07] Yeah. Yeah. I I just got off the phone with... Before this couple hours ago. This lady owns a six unit at a town local, Taunton, Massachusetts, and she called me and she's like, well, you know, I'm interested in selling. I, you know, I owe a 150,000 on the property. I need $300,000 to put my fam, you know, to put my husband into senior care. And I was like, I didn't care what she said about the numbers. I don't care anything else, but I pulled the fact that she said he needs to be in senior care out of that. And so I actually went to their house, which is a six unit. They live on the Bottom Floor.

Dan Austin: [28:36] Oh, wow.

Ryan Corcoran: [28:37] And we sat there for an hour and a half and we talked about his husband's dementia, which the situation she's in. I didn't even walk any of the freaking units, guys. And the next thing you know, she says, really, all I need is like a $100,000 and I'm good. I walked away signing a six unit property for 50% off of market because we just bonded. Right? That's all it is. Mhmm. If we're helping her out of a situation, we get a good deal out of it. Yep. It's all it is.

Mike DeHaan: [28:59] That's awesome, man. I love that.

Dan Austin: [29:01] That's a great story.

Mike DeHaan: [29:02] Yeah. That that's what it's all about. That's great. Yep. Cool. So that's how you find the properties. I would love to know, I guess, about your your basic analysis and doing things like this off market. Because when you're using a broker, when you're buying multi families on market, you typically get financials. Generally, there's gonna be clear title. There's not gonna be anything weird. When you're going into multifamily, especially, there's gonna be a lot more questions that potentially exist, especially, you know, larger CapEx items, potentially a lot of weird stuff with tenants. How do you approach those situations with the sellers? And like, making sure that you're protecting yourself and you're actually getting good deals. Because analyzing them too is also bit different than single family.

Ryan Corcoran: [29:39] Yeah. So for singles and condos, a lot of it's comping. Right? Okay. So I don't do any comping, like, at all. Like, I... I'm not good at it. I don't comp things at all. And so I really know like, I've done a lot of research in the market that, okay, what are price per unit selling at in, I don't know, Bristol, Rhode Island. Right? Okay. They're selling at a 150 ish a unit for half decent condition. So that right there gives you a good base that, okay, if I'm walking through this thing and it's like half decent, I just know that, alright, roughly a 150 is what market is. And so if I have at least a baseline, I can start to go in and start to evaluate, okay, you know, it's gonna need 10 units rehabbed out of the 12. It needs a new roof. And I can just start mentally like breaking it down from there. I think we talked about, you know, using agents as kind of difficult when you're trying to find really good deals sometimes. Right? But I think agents are very valuable in this business because if you can buddy up with an agent, all you have to do is take some pictures, tell them about the property, and they can tell you exactly what the thing is worth, if they're good. Right? And so I can't tell you how many times I've walked a property and I'm like, I don't know, like like, okay. Is it worth $4.50? Is it worth 500? And I'll call up my buddy and I'll be like, hey, man. I've got this property in New Bedford, six units, you know, what do you think it's going for?

Ryan Corcoran: [30:50] He's like, lock it up or walk away, you know, stuff like that. So don't... I wouldn't just rely on you every single time. Try to cross reference and cross check things off with people who are experts in that particular market until you become an expert of that market. Right. But yeah, you're not really comping like an eight unit property. It's it's based on income. Right? And so you can get all the rents you want and you can divide it by that cap rate and see what number it spits out. That's another way to give you a good baseline. But again, at the end of the day, most of this is is trying to build a relationship with somebody and the number usually reflects how good you are at solving their problem.

Mike DeHaan: [31:24] Right?

Ryan Corcoran: [31:24] And so that that's really... Absolutely. Like I said, I just don't comp things. I I really don't. I... That hap... That just comes from experience though. Right? So I I think you just gotta be out there and and if you're not sure about something, still go to the property, walk the property, meet the person. And then when you're done, you can go home and look at look some stuff up, make some calls, you know, talk to some other investors and do it that way.

Mike DeHaan: [31:43] Nice. Yeah. I think that's that's that's super super valid. And, you know, saying it comes with experience, you can't overstate that enough. I mean, even now, like, we'll have people that we reach out to us looking for pains on valuation, or we have like a a group mastermind, instant investor program. And we'll have people that come into that, and they'll be like, I'm trying to figure out how to, like, how to comp these properties efficiently. Like, they wanna be able to do it faster. I'm like, well, you probably gotta do it a little bit slow first. Get used to doing the process. And then once you know how to do it and what stuff goes for in your area, like, I can know what a property is probably worth just based off the street that

Dan Austin: [32:15] it's Right.

Mike DeHaan: [32:16] Yeah. All need to know is, like, the bed bath count in the street, can be like, we're gonna need to be at, like, one fifty for that. You know? And, like, that's all it takes. That just comes with experience.

Dan Austin: [32:24] You also get to the point to where you're like, oh, it's on that street, it's a 3 one probably, unfinished basement? Yeah, 350. You know? Yeah, You You know so well. You also, I think to build your confidence, have to buy one or two, you have to sell one or two, you have to understand, have to like make your, you have to make your pro form a numbers actually be fact, and then you just get so much more confidence, and that's the experience that helps you go fast.

Ryan Corcoran: [32:45] Yeah. I agree. I I also... I, you know, I I don't wanna pass over this. I I think you got... You know, if you really get to know investors in your market, they become your buddies. Right? Like, so Right. If you're not sure about something, just call people. Totally. You know, don't just like, call people. Be like, what do you think about this? Right? I can't tell you how many times I I still do that. And, you know, if it's just outside my expert... You know, my little expertise area, if I'm not sure, I'll make a call to somebody I know over there, and I'm like, hey. It's what I got. What do you think? You know, I have an opportunity to lock it up with this. Do think it's worth it? No. Okay. Fine. On to... You know, it is what it is.

Mike DeHaan: [33:13] Yeah. Absolutely. Yeah. Back to surrounding yourself with those key people. Mhmm. So I guess the disposition process on this, you said your wholesale stuff. You obviously buy quite a lot, which is one thing. I mean, that's relatively easy to put together. But on wholesaling these sort of properties, what does that process look like for you on on these multifamily? Do you have, like, key buyers? Do you shop it around? Do you use broker?

Ryan Corcoran: [33:34] Alright. So wholesaling for... In my world, with multis at least, it's very difficult to find a good amount of actual good buyers who can buy an eight unit building for $800. Right? It's very it's very hard to find those people. So I... Typically, what I do is I try to almost reverse wholesale it. Right? So if I find a deal in, I don't know, any town around here, I've built up a good amount of network around here where I I know who buys in that area. So instead of like sending a property out to a bunch of people, I will specifically pick like one or two people I know who I can trust that if this is actually a good deal, they're gonna buy it. Mhmm. And so I'll have them walk the property with me. And so instead of locking the thing up and and sending it out, having open houses, and trying to get people in there, and trying to wiggle around the seller, and and lying to the seller, like I don't do any of that stuff. Right? I completely avoid that, and I try to reverse wholesale to people. And if that does not work, if I have it under agreement, I'm gonna buy the property, because I get under agreement for a price that I would personally pay. And so Right. Yeah. That's that's sort of how I navigate that. Like I said, I don't do a ton of wholesales.

Ryan Corcoran: [34:36] I'm going to start increasing that a

Mike DeHaan: [34:37] little bit, just because I

Ryan Corcoran: [34:38] don't really know where the market's going. But yeah, I go into it thinking, okay, if I can buy it at this price for me personally, I'll lock it up. And then if I know somebody specifically who is looking... For example, just make it easy. I I got a 10 unit off market property in Woonsocket, Rhode Island. I went to go look at the property. It was in good shape. I made an offer on the property for $775,000. CJ, we talked about before the show, I know he buys bigger multis in wound socket. So I just called CJ and I said, CJ, I have this property under agreement for $7.75. It's probably worth 900. I'll give it to you for 8. And so I just assigned it to him for 800. Right? And so I don't I don't... I didn't have to send it off to a bunch of buyers. I didn't have to walk a bunch of people through it. And... But that's really just the nature of of the larger multi's. It's gonna be really difficult to have an open house on on a 10 unit building.

Dan Austin: [35:25] Yeah. And just the tenants and getting into all of them.

Ryan Corcoran: [35:27] Yeah. It is

Dan Austin: [35:28] a headache to do these to do these, so I like what you're doing, is you're kind of making sure you're finding people that are interested, you're bringing them with you, and then with confidence that one of those guys, if they... If it's a good deal, they're gonna buy it. You... That's the trick.

Ryan Corcoran: [35:40] Yeah. And that's why I haven't taken taken the wholesale business to a scale level, because I I'm just not... Well, not that I'm not comfortable. I I really just have no interest in wholesale on a 100 properties a year that are that big. Right. I mean, I'd have to do that. I have to do the whole East Coast, I'm gonna... You know what I mean? Like, this is also not as many of them. Mhmm. So...

Dan Austin: [36:02] Yeah. Yeah. Yeah. And the buyer pool's smaller because you're right. It takes a level of sophistication and wealth to buy an $800,000 building.

Ryan Corcoran: [36:08] Yeah. A 100%. Or or bigger. Right? Like, some... Like, I just came across a 114 unit. Like, who the hell is gonna buy that? Right? Like, it's $20,000,000. Like, if I can lock that up for 17,000,000 and it's worth 18,000,000, great. I can make a million bucks on an assignment fee, but, like how am I gonna find... Right? You gotta bring this to like a VC firm. Right? And so it's really it's really difficult. It can be done. I mean, I I know people do it, but it's... Yeah. I just... I haven't blown the wholesale business up for that reason.

Mike DeHaan: [36:33] That's cool, man. Well, yeah. Full cycle. I love it. And it... It's interesting because it's, you know, same basic principles that you do with residential. It's just different kind of asset, different kind of conversation with the seller, different sort of sophisticated buyers. But just like we say to a lot of people, it's not freaking rocket science. Yeah. Know, you jump in, and it is doing the boring process of sending out these white mailers as boring as they can get. Yep. Having these conversations, you're gonna spend ninety minutes with the seller in their house, probably having a terrible cup of coffee in a conversation that you're loosely interested in maybe or, you know, highly interested in how personable you are. Right. But that's what gets this business going. Right? That's what the business is at its core.

Ryan Corcoran: [37:12] Yeah. Yeah. I also... I wanna mention that... Okay. So, multi family properties have a spread. If you're gonna wholesale them, they can be real large. Right? And so, it's not unheard of to make a $150,000 on a assignment fee with a ten year property. Yeah. To get a $150,000 assignment fee on a $200,000 single family, not saying it's not possible, but it's much more challenging. Right? Like, what's what's an average wholesale fee for you guys? 20, 25, Maybe 30?

Mike DeHaan: [37:35] 23.5 is our average. Okay. Our largest, we've had one 100,000, but it a piece of land.

Ryan Corcoran: [37:40] Perfect. Unlike a house,

Mike DeHaan: [37:41] it's Exactly. So

Ryan Corcoran: [37:42] So CJ said the same thing. 27.5, I think, is his average, and the most he did was a 90. Now that's a lot. A $90,000 on a freaking single family house is a lot. But for me, a $90,000 assignment fee on a $900,000 property is like

Dan Austin: [37:55] Yeah.

Ryan Corcoran: [37:55] It's like okay. Right? And so like, how many of those do you have to do really? I mean, do 10 of them a year and you're almost at a million bucks. Right? And so that's why I like the multifamily space because I've adopted this sort of mentality that, alright, I did a bunch of twos, did a bunch of threes. The larger I go, the more money it is. It's just numbers, and I don't have to work as hard. It's not as many transactions. I don't have to have this massive team. Just me and a couple of guys, and we can make, you know, a million bucks just wholesaling on the side of a buy and hold business. Right?

Mike DeHaan: [38:23] And I I think the more sophisticated people on each side, and both the sellers and the buyers too, just make it easy.

Ryan Corcoran: [38:27] Because that's

Mike DeHaan: [38:28] Uh-huh. We're looking to get out of the residential, just because honestly, we're sick of dealing with crackheads, man. Yeah. Been dealing with crackheads for two years.

Dan Austin: [38:35] They got the best of us.

Mike DeHaan: [38:37] Oh my god. It's just it's just nonstop, you know? Like like our guy walked through a a mobile home out in Idaho a couple weeks ago, and and they had like eight generations of inbred chihuahuas in this house. Oh, god. And he was telling our sales guy about how all the ones being born now are all smooth headed on one side, so they don't have ears anymore. What? They don't even have

Dan Austin: [38:55] a whole It's absolutely ridiculous. No. That's so funny.

Mike DeHaan: [38:58] Know, it's like we're gonna deal with this situation rehoming eight generations of chihuahuas to make like $14 fuck that's not

Ryan Corcoran: [39:04] worth it. No, not worth it. It's not worth it.

Mike DeHaan: [39:07] So anyway, man, awesome. Well, so much good stuff in your eye. I really appreciate it. We're getting to the end of the show here. I want to jump into our end of show questions.

Ryan Corcoran: [39:16] Sure.

Mike DeHaan: [39:16] I'm sure you got some good answers on these. So first question we like to ask people, which the crowd favorite is, what is your craziest real estate investing story? And this can be a crazy seller, big win, major loss, a huge like surprise turn that came out in a deal, kinda whatever you got. Alright. Just one caveat. One caveat though. It cannot be about like a dead tenant or seller melting into the floor. We've had a handful And of I'm kinda, it's super bummer. They're supposed to be like entertaining, not like, man, that's horrific. Alright.

Ryan Corcoran: [39:48] I'm doing one right now that it's crazy because I never thought it would turn into what it is. So sending letters, right, to a bunch of multifamily property, and a letter ended up going to a guy who owned a couple pieces of land all next to each other. So I I brought it to a guy I know who's a developer. And the next thing you know, we... We're buying a piece of land for $250 that we're putting 21 units on that's worth $9,000,000. And so I went from a... It's just like, what is this? To $3,500,000 in equity almost overnight just by entitling a piece of land, which it's absolutely insane. My mind was blown. And so now I'm like, what the... Like, I gotta start mailing land. Like, I gotta like focus on land deals. Like, it's crazy. Yeah. So that... It's still... I I still think about it. I'm like, what the just happened? Like, it's crazy.

Mike DeHaan: [40:32] That's sweet. Yeah. That is cool to So how did that come together with the builder? Like, I guess, like, did you know how to build 21 units? Because there's something that we've talked about. People ask about this all the time.

Ryan Corcoran: [40:41] Yeah. So we actually... We just... Last night, we got approved for the entitlement. So Likewise. Today, we could probably sell it for $2,500,000. We just bought the lamp for $2.75. My buddy's actually a developer, the one I brought it to. And so are we gonna sell it? I don't know. Are we gonna take it down and net 3 to 5,000,000? I don't know. I have no idea. I don't know what's gonna happen. We we still have to talk about it, but we just got approved last night. So it's legit.

Dan Austin: [41:04] To to that phase. How... When you got under contract, and did you buy it and then go through entitlement? Or did you hold, like, LOI under contract?

Ryan Corcoran: [41:11] Yeah. So we we just got it under P and S. And so we locked it up and this... We told the seller that we will give you $2.75 in cash if you hold if you hold out until we have all entitlements for everything. So the day that we actually close on this thing, it's gonna be shovel ready, and so that'll be a couple weeks from now.

Mike DeHaan: [41:27] Love it, to do that. We had somebody else recently who said... I'd give give similar advice to that about going through that whole process before you lock up all your money and you're stuck with this thing that you

Dan Austin: [41:35] You still probably have costs and and stuff involved in it, but you're not on the hook for a $205,000 piece of product that's actually worth a 100.

Ryan Corcoran: [41:43] Yeah. We spent probably... We spent 70,000 entitling it. So we'll be into it for about $3.50 ish, and then it'll be worth Yeah. About 2.5 as is.

Mike DeHaan: [41:53] Awesome. Did you have like stuff work like extensions and things of that work into the contract so that the seller couldn't be like, you know, somebody comes around and offers them 500, for example, and he can just like, wait you out and tell you to f off.

Ryan Corcoran: [42:06] Sure. So I built a very good relationship with the seller. Okay. So again, comes out of relationships. Right? I met this guy five times at the friggin land. I called him, we talked about airplanes. Sent me a picture of him hunting a deer in Vermont. Like, that type of relationship. Right? Like I do with most of the people I buy from. And so when I locked this PNS up, I just said, listen, I'm not gonna put like a date on here. We're just gonna say this is valid until until we have permits for everything. And so I don't really... I don't have to get an extension. I don't have to call him back. He knows what's going on. He's probably he's probably thinking himself like, what? What the hell did I just like give away? But, you know, it's not much at this point he can do about it. But but yeah, it's it's just under p and s and we have it in there that says we have this until all until all permits are accepted. Or if we don't have the permits accepted, we back out and we... There's no no risk. Nice. We don't have any money. We don't we even time money up.

Mike DeHaan: [42:55] So you you didn't even really have like an expiration. Basically, the agreement was you had it until you were done with that. That's cool. Yeah. Interesting. So I guess like, just one more question on this. Hypothetically, what if it had taken you like four years? Could he have... Is there any sort of time on that? I can't imagine it's like an indefinite contract.

Ryan Corcoran: [43:10] So that's a good question. I mean, I think we established that it was gonna take about six months. And so his Okay. His expectation was that it was gonna take us six months. And he's actually... He's developed real estate for a long time, so he actually knows. I don't think he knew what he had. So we actually thought about that. We're like, oh my god, like, we spent $70 on this. What if he just cancels it, takes the plants, just runs with it? But then we, you know, we talked to the attorney and and and they're like, no, actually, you know, you guys are under PNS. This... I know there's no date on the like, expiration date on it, but it's still in process. Like, you guys are doing everything you can to get the permits. Like, you can't back out of this right now. Yeah. That's a good question though. We did think about that actually a couple weeks ago. We're like, what do we do with? I think it's gonna run away with

Mike DeHaan: [43:50] this. Right. Yeah. Yeah. You just never know. Well, that's awesome. Yeah. That's cool. Well, congratulations. That's a big deal. Let us know. Yeah. That's keep us in the loop as it absolutely comes together

Dan Austin: [43:59] over here.

Mike DeHaan: [44:00] Yeah. Awesome. So second question, what is the number one piece of advice you would give for a new investor looking to get started? Or a small time investor looking to take their business to the next level?

Ryan Corcoran: [44:11] Sure. Alright. So a lot of people say, you know, go educate yourself as much as you can. I agree with all that. I think what you should do at... Is is go read three books, like just any three books on real estate, and then stop. Like stop reading books, and just start implementing everything you've learned. And so to do that, so you read those three books, let's say it's the Burr book and some other books, you learn about rental properties. Next thing you have to do is get around people who are doing them. Get in the room with people who doing it. Go to meetups. Just get around people that are doing it, like we talked about before. You have to start building your network. And so, once you have a little bit of knowledge, you're around people that know what they're doing, and you can learn from people, you just... It's very simple and it's shitty advice, but just fucking do it. Like, just have to jump in and do it. Yep. It's such a difficult question to answer. It's like, there's no tactile advice besides just go do it, man. Like, figure it out. You have to just figure it out.

Mike DeHaan: [44:56] Yeah. Yep. Yeah. And I think, yeah, not being an education junkie, and don't be a seminar junkie either. A lot of people, they take like, I need to be around people to being like, you know what, I need to pay $30 every year to go to the Rich Dad Conference, and you know, just flush that money down the toilet, and then they don't ever actually do anything actionable. There's so much on education.

Ryan Corcoran: [45:15] I've never once, I've never been to a seminar, I've never been to a conference. I have... I paid for like two books. The rest of them, I freaking downloaded them online for free. Like, I spent... You don't have to spend a lot of money to Just do start absorbing information.

Mike DeHaan: [45:28] Exactly. And and like, general price point of that sort of stuff too. If you are going to join like a mastermind or enjoying a group like so we have our mastermind, for example, and Dan, we got started a mastermind, which like game changer for us. Nothing in this business should cost like $30,000 god. No.

Ryan Corcoran: [45:43] Ever,

Dan Austin: [45:44] Ever. $50,000 to learn how to flip a house.

Mike DeHaan: [45:48] It is horseshit. Don't do You know, like, I would say like 10 is probably kinda like getting up there for like a yearly cost, you know, and like that, like, that's for like something like pretty primo, pretty established, but like, don't ever pay anybody more than that for educational content real estate because they are

Ryan Corcoran: [46:03] Yeah.

Mike DeHaan: [46:03] Full of shit. You can get all the same stuff they're gonna say for so much cheaper.

Ryan Corcoran: [46:07] Yes. And if you really... If you know, if you're not the type of person that can just watch YouTube videos and figure it out, like, can get a streamlined course for like $5.

Mike DeHaan: [46:14] Yeah. Totally.

Ryan Corcoran: [46:15] You can get a wholesaling course for like $5 online. Mean, there's a ton of them. Just bite them. And if you can't come up with 5,000... Here's here's the other thing. If you can't come up with $5, this is not the business for you to And be I'm not Yes. I'm not saying that. I'm not saying that to be rude, but like, dude, I don't care what you gotta do. Go borrow it from your parents, borrow it from friends. Like, it doesn't matter. Like, you have to learn to be comfortable with that. Yes. Because I don't know how many times you guys borrow money. Like, I borrow a lot of money very often, and it shuffles around everywhere. Do you have... You have to be able to do that.

Mike DeHaan: [46:41] Yeah. So Absolutely. True. Yeah. I mean, you need you need money to make money in this business. All the people that say you can just do everything with other people's money Yeah. They're just like all those people that have three Airbnbs and travel around Europe their

Ryan Corcoran: [46:51] lives. Yeah. Yeah.

Dan Austin: [46:53] So... Or they're in jail.

Mike DeHaan: [46:54] Yeah. Yeah. So... Yeah. $5, you got... Come work with Dan and I, and it'll it'll be less than that. So... Exactly. And we'll we'll get you set up with exact stuff that we do. So...

Ryan Corcoran: [47:02] Yeah. And another thing I wanna say here is that like, if you are not confident in doing everything yourself, all you have to do is get just good at one of the portions of real estate. So it could be you get good at finding somebody who has money, you get good at finding deals, you get good at finding connections to people. When I started, I had $0. I didn't know what the hell I was doing. And so I started just I bought a printer that I still have, pens, paper, and envelope, and I started handwriting all my letters. And I was coming across deals, and I started networking. I was just shuffling deals to people. And the next thing you know, I'm 10% equity here, 15% equity there. Oh, here's a 20,000 thousand dollar finder's fee. Right? And that was six, seven years ago. And so you start to... People start to recognize you as that guy, and the world just opens up. So

Dan Austin: [47:44] That's awesome. Absolutely. You have the hustle. You have the hustle. Yeah.

Mike DeHaan: [47:48] Exactly. And that is exactly... You don't have you don't have the knowledge, you don't have the money. The hustle is the number one thing that you can fill that gap with. Right? Because people that have money, they don't wanna hustle anymore. They will they will happily pay you to hustle if you're willing to do Yes.

Ryan Corcoran: [48:00] Yeah. Exactly. Exactly. Totally.

Mike DeHaan: [48:02] Awesome. So so much good stuff, Ryan. Alright. So last question. Where can people find you, follow you, and reach out to you if you'd like to do so?

Ryan Corcoran: [48:09] Sure. Alright. So I've got a YouTube channel. It's just Ryan Corcoran. I've got an Instagram that... I've had a very bad relationship with social media. I've been so bad with it for the last like six, seven years. So this past, you know, the last like three months or so, I've started ramping up. So Instagram, r j c o r c o r a n zero eight. Same on TikTok, and then, yeah, YouTube. Just my name. Yeah. Yeah. I'm gonna try to work on the social media a little bit. I see a lot of people really putting in double down... Double downing on Yeah. Doing content, and I think it's huge. You know, like I said, I shit on it for a while, but now I'm looking at it. I'm like, wow. These people are making more than I'm making just by making a video.

Mike DeHaan: [48:44] This is insane. Yep. Yeah. I know. It's true. It's hard. It doesn't naturally come to you. We're we're always working on that as well. At least I am Dan's like, fuck it. Don't wanna do that.

Ryan Corcoran: [48:52] It's brutal, man. It's not

Mike DeHaan: [48:53] fun. It's...

Dan Austin: [48:54] Yeah. Yeah. I just don't have the time to put into it and I don't love it enough to do. I'm I'm getting better though. I'll get better.

Ryan Corcoran: [49:00] Yeah. Yeah.

Mike DeHaan: [49:01] So but awesome. Cool. We'll definitely go and hit up Ryan on Instagram and YouTube. And you said TikTok and you're in all the places right now. So either way, I'm sure you would be happy to chat with anybody to reach out to you.

Ryan Corcoran: [49:11] Yeah. A 100%.

Mike DeHaan: [49:13] Perfect. Well, thanks so much for coming on the show, Ryan. So much good stuff here. I really, really appreciate your time, and, you know, I wish you really good success, especially on this big deal that you have

Ryan Corcoran: [49:21] to us. So yeah, man. It's been fun. It's been a good time. That's time would be quick.

Mike DeHaan: [49:25] Yeah, it always does. That's side of a really good conversation. We're even over our time. But awesome. Well, thanks so much. Listen, everybody. Please go and leave us a five star review wherever you listen to your podcast. Also, if you want to know how to start generating off market leads with a really quick simple breakdown, go at to collectingkeyspodcast.com/free, you can get our free five step guide to start generating off market leads pretty much right away. You go through the stuff in there, you'll be able to talk to people in about two weeks. So collectingkeyspodcast.com/free. You can grab that guide. Aside from that, everybody, thanks so much for listening. Talk to y'all next week. See you. Thanks for listening, everybody. Please make sure you subscribe and leave us a five star review wherever you listen to your podcast. Also, please make sure you go and you share this with other people within your network. We are really trying to grow this thing, and the best way for us to do so is by you telling other people to come and check us out. You can also follow us on Instagram. I am at Mike underscore invest. Dan is at investor man Dan. You can follow the podcast at collecting keys podcast. And if you wanna learn how to make real money as a real estate investor or you want to grow your already existing real estate investing business, please go and check out instantinvestorprogram.com and book a call with either Dan or myself, and we will see if you'll be a good fit. Thanks for listening everybody, and talk to you next week.

Speaker 3: [50:43] Thanks for listening. Please leave us a review on iTunes or 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.