Bret Halsey
Bret Halsey has been a guest on Collecting Keys, the real estate investing podcast hosted by Mike DeHaan, Dan Austin and Dylan Koch.
Selling Real Estate Deals Quickly in a Slow Market
Mike DeHaan, Dan Austin and Dylan Koch are joined by Bret Halsey, an MLS soccer player who built a 38-unit portfolio in Cincinnati while working a modest W-2 income. The group covers mortgage applications sitting at 1995 levels, rent estimates dropping around 10% year over year, and why cosmetic "lipstick" rehabs no longer sell or lease. They also dig into the marketing tactics they're using to move deals faster and how Halsey funds acquisitions with DSCR loans and private money from a teammate.
Key takeaways
- Mortgage applications are down about 63% from the late-2020 peak and at levels last seen in 1995, so be conservative on ARVs and consider wholesaling over long rehabs.
- Rent estimates from property managers in Spokane came back roughly 10% lower year over year; underwriting from last year's rents is risky.
- Cheap cosmetic rehabs no longer compete. Look at the active listings that have been sitting for 100+ days and make sure your property doesn't look like them. Mike spent $5,000 on flooring and paint and went under contract in three days at $20,000 above the stale comps.
- Blasting a deal out isn't dispo. Post the same branded creative across email, text, Facebook group and Instagram so buyers see it repeatedly, then still call and text buyers directly.