Real Estate Rookie Podcast – Episode Summary
Episode Title: I Built a Real Estate Business That Replaced My High-Paying W2 (Here’s How)
Hosts: Ashley Kerr & Tony J. Robinson
Guest: Steve Keery
Release Date: December 10, 2025
Episode Overview
This episode of Real Estate Rookie features Steve Keery, an investor who replaced his high-paying W2 job by building a real estate business—first in Australia, then in the U.S. Steve dives into how he found markets remotely, structured his first site-unseen deal (netting $250K), and successfully networked from the ground up after moving to the United States. His journey is a blueprint for rookies looking to start small, manage risk, and leverage data and networking for real estate success.
Key Discussion Points & Insights
1. Starting in Real Estate: Overcoming Distance & Fear
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First Deal Was Site-Unseen: Steve lived in Sydney, one of the world’s least affordable cities, and realized investing locally wouldn’t work. He sought Australia’s best market using data, not proximity.
- Data-Driven Market Selection ([00:53]–[01:47]):
- Built spreadsheets on median income, demographic changes, infrastructure, and rental yields.
- Interviewed local property managers to understand street-level realities and confirm details.
- Relied on property reports and impartial third-party inspections for due diligence.
- “I actually really think that I saw the property better than most people do because…I went really deep on the data.” – Steve Keery [01:47]
- Data-Driven Market Selection ([00:53]–[01:47]):
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Managing Fear:
- Admits he was anxious about investing remotely but leaned on logic, research, and the willingness to make and learn from mistakes.
- “I absolutely had the fear for sure…it was like a big investment, but I just did it anyway.” – Steve Keery [04:33]
- Tony underscores the lesson: “Bravery isn't the absence of fear. It's doing it in spite of your fear.” – Tony J. Robinson [05:08]
2. Deep Dive: Market Analysis & Skills Transfer
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Analyzing Markets with Census and Rental Data ([06:40]–[08:05]):
- Started with tools akin to Zillow (realestate.com) and census data.
- Focused on growing, not already-hot areas, seeking upward-trending income and population.
- Looked for neighboring pockets near high-growth areas.
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Background Advantage? ([08:18]):
- Steve’s marketing background helped with data analysis, but he insists it’s replicable: “To the rookies listening…I think that it's not rocket science and you can do it.” – Steve Keery [08:18]
- Encourages leveraging whatever skillset you have—marketing, networking, or analytics.
3. Beginning in a New Country: Building a U.S. Real Estate Network
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Arriving with Zero Contacts ([12:48]–[13:54]):
- Attended local REIA meetups in New Orleans (NORIA) to start learning and connecting.
- Bought his first U.S. property via a wholesaler, then learned the wholesaling model.
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Effective Networking Strategy:
- “Just add value and be curious. Ask questions. Just really find out people do and just help where you can. Definitely don't be transactional; be the opposite of transactional.” – Steve Keery [19:54]
- Leveraged his Australian accent for memorability (“I did become like, people started calling me Aussie Steve…might have even enhanced my accent slightly.” – Steve Keery [16:15]).
4. Transitioning to Wholesaling & Scaling the Business
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Wholesaling Defined ([17:42]):
- “Wholesaling is really flipping a contract as opposed to flipping a house…you assign your rights to purchase that property to another investor and earn that spread.” – Steve Keery
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Building Buyer Lists ([18:40]):
- Started at meetups, then expanded via BiggerPockets, Facebook groups, and collaborations with other wholesalers.
- Joint ventures helped compensate for his knowledge gaps.
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First Major Breakthrough ([26:40]):
- Spent a couple thousand per month in early marketing (texts, lists, mailers); took six months for the first wholesale deal, then three in the same week.
- “All the work I'd done that six months started to come back because the follow up, the momentum, so once I did that, I started rolling.” – Steve Keery [27:25]
5. Tactical Insights: Analyzing, Financing, and Finding Deals
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The “Buy Box” & Wholesale Math ([21:04]–[22:32]):
- Sought properties at 70% of ARV minus repairs (now closer to 65–60% due to market shifts).
- Example: 100k ARV, 20k rehab → buyer wants for 50k, so wholesaler targets a lower price to extract a margin.
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Estimating Rehab Costs as a Rookie ([23:32]–[24:47]):
- Relied on network estimates and rough formulas (e.g., 7.5% of ARV for miscellaneous).
- “There's a difference between being a wholesaler and a rehabber…As a wholesaler…you just need to give enough of a budget.”
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Financing Burrs ([28:21]):
- Steve initially used cash from his exited Aussie business, then recycled capital through DSCR loans.
- Emphasizes unique advantages of U.S. real estate loans: “30 year fixed debt only exists in America…In Australia there's no fixed debt…” – Steve Keery [28:21]
6. Marketing & Sales Foundations
- Best Marketing Channel for Deals ([35:22]):
- Sees most inbound leads via online (website, SEO, Google ads).
- “But I will say this, that I actually think it's my sales process that is the key, not the lead source. Because I think all the lead sources work.” – Steve Keery [35:22]
- Empathy and follow-up are vital—most deals close over time as sellers’ situations change (example: sudden property manager death accelerated one seller’s urgency) [36:20].
7. Staying Focused for the Long Term
- Niche Focus & Scaling ([39:04]):
- “I see ourselves as being more regional and expanding further...But I will not stop because I built momentum and a brand and I'll continue going and I might add some things on top as we go, but I'll never change or pivot unless I really. Unless something forces me to.” – Steve Keery
- Recommends rookies “just keep trying, keep going, don't stop, you know, before you get that success.” [27:25]
Notable Quotes & Memorable Moments
- "I actually really think that I saw the property better than most people do because I went really deep on the data." – Steve Keery [01:47]
- “Bravery isn't the absence of fear. It's doing it in spite of your fear.” – Tony J. Robinson [05:08]
- “The purpose of the first deal is to give you proof of concept, is to give you confidence that you can go out there and do your second deal.” – Tony J. Robinson [06:26]
- “Just add value and be curious…be the opposite of transactional.” – Steve Keery [19:54]
- "If you're good at marketing, you should always keep wholesaling in your repertoire.” – Steve Keery [39:04]
- “30 year fixed debt only exists in America, it does not exist in Australia and it does not exist anywhere else in the world.” – Steve Keery [28:21]
Segment Timestamps
- [00:53] – Steve's first deal: site-unseen investing and market analysis
- [04:33] – How Steve managed the fear of remote investing
- [06:40] – Data sources and metrics for market analysis
- [09:43] – Distance of investment and never seeing the property
- [12:48] – Why and how Steve pivoted to U.S. investing
- [13:54] – First steps in networking in the U.S.
- [16:42] – Realizing wholesaling fit his skillset; strengths assessment for strategy fit
- [17:42] – Wholesaling explained for beginners
- [18:40] – How Steve built his buyers list and found deals
- [21:04] – Steve’s personal buy box and avoiding big rehabs
- [22:32] – Wholesale math: calculating offers and profits
- [23:32] – Estimating rehab costs with limited local knowledge
- [25:28] – Early marketing tactics and scaling up the business
- [26:40] – First deals took 6 months—then the momentum kicked in
- [28:21] – Financing strategies for burrs and U.S. lending advantages
- [35:22] – Best marketing channels; sales process is the differentiator
- [36:20] – Persistence: why follow-up wins deals
- [39:04] – Doubling down on wholesaling and regional expansion
- [40:04] – Where to find Steve and keep following his journey
Final Thoughts & Takeaways
This episode is a rich, honest roadmap for rookie investors:
- You don’t need to invest locally or see every property—the numbers and team matter more.
- Fear is normal; success comes from acting through it and building momentum.
- Data analysis and networking are replicable skills that underpin success.
- Wholesaling leverages marketing and sales; align your strategy to your natural strengths.
- The U.S. real estate market offers unique financial tools—use them!
- Value creation and curiosity drive successful networking and deal flow.
Find Steve at: HomeBuyerLouisiana.com | LinkedIn: Stephen Keery
Summary prepared for listeners seeking actionable steps and concrete inspiration for starting and scaling real estate ventures, no matter where you live.
