BiggerPockets Podcast 228 - Meghan McCallum

37 Replies

Meghan McCallum's first deal was A-W-F-U-L. 

But her second deal knocked it out of the park!

Listen to  Episode 228 and hear Meghan's advice for steps to take BEFORE you start, as well as her thoughts on partnerships and landlording.  Oh, and she's got a super gross backed-up sewer story you won't want to miss!

WOW! DOUBLE WOW! 320K purchase...appreciated to $875K. I'll take two to go please:)

Love this podcast!  So great to see women, mommy, RE investors.  And so close by.  While I don't have a sewer backup problem, I just closed on a urine soaked flip!!  Not the worst I've seen, but still gross.  Anyway, Great Podcast!!

@Chela O'Connor , funny you're from Madison. My own personal sewer backup story happened in Monona. So gross.

@Meghan McCallum is doing great things! Talked with her on the forums about her MF value add. Very cool stuff. I'll definitely check out the podcast!

Brandon - The Rundown, what a random reference, but a good one! It's been a while, might have to watch that again this afternoon!

Oh, and good podcast too, enjoyed your story Meghan, keep crushing it!

Just listened to this one on my run. Loved it. I love her idea of having an apartment in all the cities that she loves.

Loved it! She worked in Kuwait, I currently work in Kuwait... Hope I get the same results! 

I listen to the BP podcasts everyday to and from work. My wife and I are looking to purchase our first home and we're interested in getting started by house hacking. I find every episode to be inspiring, educational and at times funny! Keep up the great work!

Some great rental agreement tips from Meghan in this episode!

loved this podcast!  Way to go Meghan for crushing it in this industry.  One question i have (because I'm a "new guy") is, what are the 'systems' you were referring to that you hired someone else to create?

@Mindy Jensen Well I just listened to the podcast while doing my morning run today.

Here are some interesting points that were brought up. It's something I have been thinking about for a while. 

Smaller markets tend to have far less competition when it comes to large multifamily. Both Meghan and Brandon Turner were able to find great multifamily deals in smaller markets and were able to find owners willing to finance the purchase. 

Keeping that in mind, I am broadening my horizons and looking outside the major metro areas at smaller markets for apartment deals. I still want to focus on areas with strong diversified economies, but if my plan is to grow, I need to look beyond the cool flashy major cities where bidding wars break out and property owners are not as flexible.

Great podcast!  Good job Mehgan

I laughed when she started talking about fecal matter.... turds equal bigger profits 'cause you can't un-see them and most people can't see past them.  

@Dan Bryskin Thanks for the shout out! @Tamara Glass the systems I had set up were for organizing my business. We went from having three tenants to 41 in a year. So...I had someone set up a system to track potential renters, I worked with my bank to have ACH (my bank withdraws my tenant's rent from their account directly), I worked with my maintenance guy to handle work requests. As you get started look at EVERYTHING that takes up your time. Those things can all be simplified and systematized to avoid the investment time sucks. I am currently working to systematize seller and renter leads that we are generating rapidly. I am working with a woman to take the leads and systematically qualify them all. I am devising ways to profit from every lead we get via various modalities of sale or profit (ex. realtor for leads that should just be listed, contractor who will give me true bids on any deal we are wholesaling or he will get a lead to do the work for the owner if they'd rather do that..etc) these lead "partnerships" are being created to produce a "finders fee" or a split fee for leads my team can sell off. But, you can't scale willy nilly...

@Anthony Gayden Some like flashy cities...I like Cashy cities. They each have some really cool parts of them. I would look to make some partnerships here on BP first because having a boots o the ground player in your game gives you the true advantage.

Originally posted by @Meghan McCallum :

@Anthony Gayden Some like flashy cities...I like Cashy cities. They each have some really cool parts of them. I would look to make some partnerships here on BP first because having a boots o the ground player in your game gives you the true advantage.

Very true. As of right now I'm looking at an apartment complex that has been sitting on the MLS for 6+ months in NW Missouri, about a 2 hour drive from where I live.

@Meghan McCallum Wow, great show! Really enjoyed your perspective and insight and it was super funny too!  @Brandon Turner and @Scott Trench did a great job flushing out all the info... hehe, get it?   Ok, I know that was terrible.  

I wished they had gone into a little more depth on your financing for that year when you were really racking up the properties.  Were you buying all cash with your contractor $$ or already pulling in partnerships? Maybe @Joshua Dorkin would have picked up Brandon's slack!  Congrats on the success, looking forward to the 1-year follow up podcast!

@Mike Koprowski Thanks! I will have to remember to always talk about the poop in all my podcasts here on out. Also, that's made me think...why hasn't anyone worked their real estate investing story into a comic routine? I would like to see all the future guests start working in dad jokes from now on. I doubt we'll see a challenger. By the way I enjoyed your play on words there. Laughing is always important.

@Meghan McCallum wow. That's pretty dope. Keep up the great work and determination. I admire your tenacity. Especially coming from the same city.

Great info!  Thanks, Meghan, for clarifying.

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