EP 17 - 3 Biggest Red Flags When Inspecting A Property
Feb 02, 2022
3 Biggest Red Flags When Inspecting A Property
Episode 17 Show Notes
What should you look out for when looking to buy an investment property? In this episode of the Collecting Keys Real Estate Investing Podcast, we break down the 3 biggest red flags to watch out for when inspecting an investment property, like water damage. You’ll also learn small, practical steps you can take to make your marketing more competitive and how we’re planning to optimize our business, increase our profits, and create more free time for ourselves.
We also address a major red flag we experienced recently when trying to close a deal, why flipping houses is riskier than wholesaling, and the benefits of going virtual/remote as a real estate investor.
Key Points From This Episode:
- How we’re dealing with the post office not delivering all our marketing mail. [03:20]
- Eliminating barriers to entry in the real estate industry. [10:38]
- Our goals for 2022: Optimization & Building a foundation to grow something much bigger. [12:39]
- Our goals when hiring a second salesperson & The benefits of going virtual/remote. [13:55]
- A major red flag we experienced recently when trying to close a deal. [18:50]
- How we’re optimizing our business, increasing our profits, and opening up more free time. [21:35]
- Finding the balance between profit and scale & Why flipping houses is riskier than wholesaling. [26:48]
- Biggest red flags to watch out for when inspecting an investment property: Identifying neglect, water damage, knob and tube wiring, and more. [31:21]
Tweetables:
“If you’re super profitable on your flips, you want to keep doing those… It’s finding the balance of what scale do you want before it just because another business with a similar profit margin.” — Dan Austin [0:26:53]
“The more complex something gets, the less people that are going to go through that process and the less competition you’re gonna have and if that leads to a 3-4% higher conversion on your deals, that’s gonna add up to 6 figures a year.” — Michael DeHaan [0:10:14]
“You wanna know what I think is the biggest red flag, from my experience? DIY work on capex items.” — Michael DeHaan [0:34:44]
Resources Mentioned:
Get your FREE 5-Step Guide to Start Generating Off-Market Leads
Connect with us:
Connect with Michael DeHaan on LinkedIn
Follow Michael DeHaan on Instagram
Follow Michael DeHaan on TikTok
Follow Dan Austin on Instagram
Listen to more Collecting Keys episodes
Collecting Keys Podcast on Instagram
If you enjoyed this episode, please leave a REVIEW and RATE it on iTunes, Apple Podcasts, and Spotify!
