Collecting Keys - Real Estate Investing Podcast

Real Estate Deal Case Studies: Real Numbers, Wins and Losses

Collecting Keys has published dozens of full deal breakdowns "" wholesale assignments, flips, wholetails, seller-financed buys, novations and land splits "" with the lead source, the contract price, the rehab, the mistakes and the final number. This guide pulls those case studies together so you can see the patterns instead of one-off stories. It's for investors who want to know what a real deal looks like on paper and where the profit actually leaks out.

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What does a full deal case study actually include?

The hosts follow a consistent format: where the lead came from, how long it took to convert, the contract price, the estimated value, the rehab, what went wrong, and the net. Mike DeHaan and Dylan Koch walked through a Cincinnati duplex bought at $220,000 with hard money, budgeted at $70,000 in rehab and finished about $20,000 over "" and still netted roughly $80,000 after holding costs, agent fees and closing costs. That episode also covers a letter that arrived a week before closing listing 15 city code violations that predated Dylan's purchase.

Dan Austin has also published projections before closing so listeners could compare them to the outcome later, which is rarer than post-mortems and more useful for underwriting practice.

From: EP 185 · EP 188

Where did these deals come from?

Almost every case study on the show starts with an off-market lead and a long follow-up window. Dylan's "Pig House" in Covington, Kentucky came off a first direct mail piece to a high-equity absentee list; the seller had squatters and Dylan contracted it sight unseen at $20,000, handled the eviction, and wholesaled it for a $10,000 profit. Otto Kinn North Dakota deal came from a May mail batch and closed in August "" he bought at $85,000 and assigned at $127,000 for about $40,000.

SMS and niche lists show up too. Brenden Chetuck's Florida deal started with a text to a utility lien list in September; the seller replied the following June, and the deal closed at $123,000 against roughly $260,000 in comps for just under $34,000. Emma and Kyle Greenwood hand-wrote about 30 letters to RV and mobile home park owners in North Idaho and got a call about two months later on a 10-space RV park.

Rishi Teli Austin deal came from SMS backed by mail. He never mentioned price on the first 35-minute call, showed up in person to present the offer, and beat three competing investors who only emailed "" a $33,000 assignment fee.

From: EP 203 · EP 245 · EP 194 · EP 284

What do wholesale case study numbers look like?

The fees in these breakdowns range from $2,000 to six figures, and the hosts are explicit that the small ones matter. Nick Rozenbeck first deal "" a New Mexico house done virtually from Paris "" netted $2,000 after storm damage surfaced under contract and his only buyer got wiped out by the same storm. Brendan Chetuck first Florida deal, a house with an unpaid roofer, utility liens, an expired ID and three signing attempts, produced about $7,500.

Bigger fees usually come from solving something. SCALE member Shane locked an 820-square-foot Yakima house at $60,900 in the seller's driveway, passed on flipping because the foundation was failing, marketed it on InvestorLift, and collected $25,000 "" including carrying $5,000 as a second-position note at 12% when the buyer's lender came up short at the table. Dan contracted a 6,000-square-foot Spokane property at $500,000 and marketed it for a $20,000 assignment fee, after realizing his flipper buyers weren't the right profile and targeting a live-in flipper instead.

From: EP 218 · EP 230 · EP 317 · EP 403

Where does flip profit actually disappear?

Dan broke down a flip he and Mike lost roughly $50,000 on. Skipping the walkthrough meant missing an actively leaking roof ($25,000) and a bad AC unit ($5,000), and a long hold let the market move the ARV down to a $500,000 sale with concessions. They chose to sell at a loss rather than refinance and hold, because freeing over $100,000 of their own cash was worth more than avoiding the paper loss.

Mike's first flip in 2018 netted about $4,000 after four months. A missing heat source added $14,000, un-winterized pipes burst and flooded the house, a contractor they met at a meetup took roughly $18,000 and disappeared, and back-end points plus Washington's excise tax added roughly $10,000 he hadn't budgeted. He frames it as tuition and says he'd do it again.

From: EP 114 · EP 156 · EP 54 · EP 257

How do the creative finance case studies pencil?

Dan published the terms on a Post Falls, Idaho property before closing: $425,000 price against a $525,000 value, 5% down (about $22,500), a $400,000 note at 5% interest, $1,800 a month with amortization stretched to hit that payment, and a 10-year balloon. As a straight flip it was marginal; the plan was to resell on a lease-to-own with 10% down to recover their cash.

On the exit side, Dan walked through a wraparound on a Spokane short-term rental they bought around $200,000""$205,000 in 2021 and sold for $325,000 furnished: $32,500 down, 8% amortized over 30 years, payment set at $2,100 so $600 a month flowed to them, with everything due in five years. He says insurance is what kills most wraps, and that a prior attempt died at the closing table because he hadn't properly vetted the buyer's understanding of the structure.

Mike and Dan are also open about the downside. A DSCR lender spotted the new LLC on title roughly 48 hours after they took three duplexes subject-to and called the $586,000 loan due in 30 days. Because they hadn't held the properties 90 days, refinancing required a delayed purchase loan with 10% down "" about $60,000 they say they wouldn't have had as beginners.

From: EP 188 · EP 308 · EP 244 · EP 173

When does a novation beat a wholesale?

Novations show up repeatedly as the rescue structure. On one deal, tenants learned they'd be displaced, stopped paying and talked the house down to buyers, and the seller walked rather than cut price. A follow-up call weeks later "" once the eviction had become the seller's headache "" produced a novation with a $275,000 floor, a 50/50 split above it, and roughly $25,000 to the team instead of the original $20,000 assignment.

Dan also joint-ventured a Spokane novation with a direct competitor rather than bidding each other up. They contracted at $246,000, the competitor funded and ran the rehab, and after the initial list price drew no action they took two price drops and sold at $305,000 for about $22,000 split. Dan is blunt that novations aren't a whole business and says he pushes back on operators collecting $30,000""$60,000 for doing nothing but listing a house.

From: EP 415 · EP 395 · EP 421 · EP 427

What kills deals late "" and what did it cost?

The hosts say 30% to 40% of signed contracts not closing is normal. A North Idaho house under contract in the high $100,000s died because Medicare liens alone topped $250,000. On other deals they've hit HUD liens, solar panel liens, USDA payoffs with decades of compounded penalty interest, and reverse mortgages "" which is why they now pull full payoffs before committing money.

Title and closing mechanics are their own category. A rural Washington title company refused to insure an assignment, forcing a $300,000-plus double close funded through their own lending entity on two days' notice. On another, a buyer kicked in the door and trashed the occupant's belongings before recording, costing $8,000 in reparations. And in one case Dylan had a property under contract with a healthy resale spread until the payoff statement came back near the resale price, because forbearance had been stacked on top of the mortgage balance, leaving about $5,000.

They also describe a deal two title companies flagged as needing probate, where recorded quitclaim deeds showed identical handwriting on both sides, the record owner was in prison, and the asking price matched his bond amount. They walked.

From: EP 289 · EP 349 · EP 313 · EP 172

How do they choose between wholesaling, flipping and holding?

The exit decision is where the hosts have changed their minds most. Early on they kept nearly everything; Dan now says holding too much left them cash-strapped and slowed the wholesale business. On the 500th episode, Mike said selling some properties to hold cash rather than pure equity was the biggest improvement to his mental health, and Dan said he's done adding residential rentals absent a specific opportunity.

The case studies show both outcomes. A Spokane duplex they almost dumped mid-rehab, with roughly $90,000""$100,000 in rehab, later appraised over $400,000 and now nets about $1,000 a month on a lease option. Dylan passed on roughly a $70,000 wholesale fee to keep an eight-unit and has since put multiple six figures in from his own pocket through contractor theft, code fights and a truck taking out the electric service; he says a low cost basis is the only thing saving it.

Their current filter is risk-weighted, not best-case. They argue making $40,000 with $100,000 at stake beats chasing $100,000 while risking $300,000 on a complicated plan, and that with limited capital, a faster $25,000 fee often beats tying up cash in a six-month flip.

From: EP 500 · EP 407 · EP 373 · EP 215

Frequently asked questions

What's a realistic first wholesale fee?

Community member case studies on the show range from $2,000 (Nick Rozenbeck's New Mexico deal, done virtually from Paris) to $8,500 (Eric Clunn's Wisconsin postcard deal) to about $34,000 (Brenden Chetuck's Florida utility-lien lead). The hosts note the hardest deals often pay the least, and that a small fee that required a fight builds more durable skill.

How long does it take for a direct mail lead to turn into a closed deal?

On the show's case studies, months. Otto Kinn found deals landing roughly three to four months after each mail batch; Brenden Chetuck's seller replied nine months after the first text; Wes Steimel's lead came in March and closed in mid-September after 32 connected calls and over 150 texts.

Why do the hosts use novations instead of wholesaling some deals?

Mike explains a novation fits sellers whose property can't be wholesaled or flipped profitably but who have time and flexibility "" the seller keeps title and keeps paying the mortgage, so there are no carry or transaction costs up front. He's clear it is not a fallback for sellers who simply reject your cash offer.

What are the most common reasons their deals fall apart?

Title and lien problems, tenant complications, and payoff surprises. Examples from the show include over $250,000 in Medicare liens, HUD and solar liens, a title company refusing to insure an assignment, and a payoff statement that came back far higher than the mortgage balance because of forbearance.

Do they still recommend holding rentals from these deals?

Their view has shifted. Mike and Dan both describe holding too much early as a cash-flow mistake, and on EP 500 Dan says he's done adding residential rentals without a specific reason "" though the Spokane duplex they nearly sold mid-rehab is now one of their best performers.

All 85 episodes on deal case studies