EP 25 - How to Determine When to Wholesale, Flip, or Keep a Property
Mar 30, 2022
Episode 25: Show Notes.
Hello and welcome to a brand new episode of Collecting Keys - Real Estate Investing Podcast! We’re glad you joined us. Today we discuss the value of consistency in seeing results, and why the process of becoming location independent is dependent on the team you choose. We talk about the toss-up of choosing to split opportunities and fees with someone who can help you to grow, and list some of the indicators that can inform your decision of whether to flip, wholesale, or rent. You’ll learn why value-add is much more than just cosmetic, and why sometimes it’s much more beneficial to wholesale an outdated home. Find out what you can learn by looking at your appraisal value, and hear about the dangers of over-renovating, before hearing why your financial position is the ultimate indicator of which option is the right choice for you. Thanks for tuning in!
Key Points From This Episode:
- Why consistency is the most important thing in business and audience-building. [01:08]
- The story that started with a cold call. [02:45]
- How our hosts entered a space where their business is being worked on 24/7. [05:50]
- How they have moved to being location independent. [08:05]
- The advantage of building a team you know and trust wherever you want to go. [09:00]
- How splitting opportunities and fees with someone can help you to grow. [10:35]
- The Instant Investor Program and how it can benefit you. [12:45]
- The condo with its own HOA. [17:53]
- Indicators that it is well-advised to do a flip and not a wholesale. [21:10]
- Why value-add is more than just cosmetic, for example, increasing square footage. [21:50]
- Why it can be better to wholesale an outdated home. [23:55]
- What you can learn by looking at your appraisal value. [25:02]
- The dangers of over-renovating. [26:45]
- Why it is different to approach a flip if it’s a once-off than as a career. [28:04]
- Why your financial position must guide your choice between wholesale, flip, and rental. [29:56]
- Why you should never try to force a rental property to be a deal by doing something too wacky. [30:41]
Tweetables:
“It’s amazing how quickly things can grow if you’re just consistent. Whether that’s business, whether it’s an audience, whatever that looks like, consistency is the biggest thing.” — Dan Austin [0:01:08]
“That’s such a huge advantage, if you’re looking to do any kind of expansion, to have someone you know and trust wherever you are trying to go.” — Michael DeHaan [0:09:07]
Links Mentioned in Today’s Episode:
Collecting Keys Podcast on Instagram
