Most real estate agents spend their time on traditional residential deals, but it’s not always the best and highest use of our time. A listing only gives us a commission once, and investing has the potential to give us monthly cash flow, appreciating assets and legacy wealth.
What are the 6 strategies investors can tap into to maximize their ROI? How do we decide the best investing strategy for different types of properties?
In this episode, I’m joined by investor and host of the podcast Collecting Keys, Mike DeHaan. He talks about his journey from leaving corporate to the investing strategies he’s deploying right now.
Things You’ll Learn In This Episode
How Mike went from unhappy corporate engineer to successful investor What’s the one factor that pulls people into the world of real estate investing?
Why home flipping isn’t a one-size fits-all strategy Is flipping a house the best and highest use of our time as investors?
The beauty of the BRRRR strategy Many investors acquire a lot of properties but overlook the tax implications. How do we keep our taxes in check?
How to create long-term legacy Should we immediately use our investing income to fund our lifestyles or keep pouring it into getting more properties?
Mike DeHaan is a real estate investor and host of the Collecting Keys Podcast. He started out his career as an electrical engineer wearing a pair of golden handcuffs. Upon realizing he was deeply depressed and that the job, 6-figure salary, and perks that came with it didn’t make him happy, Mike walked away from the job with no real plan.
After a short bout teaching himself to code and getting a job at a startup, it was clear that wasn’t going to work for him either. Mike started researching passive income and found REI. He liquidated his corporate 401k (paying the massive fees and all) and bought his first 2 properties in June 2018. By the end of the year he had bought another property, a duplex, and had caught the REI bug.
Today, Mike has hired staff and improved his systems to be able to handle consistently doing 3-5 deals per month. Their business model now is to keep the best properties they find and wholesale/flip the properties they don’t want for the long term. As of now he owns 28 doors, and he has completed 48 deals in his 3 years and now generates more passive rental income than he used to make in his 6 figure salary.
Listen to the Collecting Keys Podcast wherever you get podcasts and follow Mike on Instagram.
To Download two free PDF's: Jeff's Business Plan and his Lead Generation Guide, Click Here.
And if you’d like to keep up-to-date with Jeff, follow @jeffmcohn on Instagram.