BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
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!
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!!
@Meghan McCallum ... so far this may be my most favorite episode. I'm about to start my 1st review listen. I was just so relatable.
Great to hear Brene Brown is part of your business philosophy/ business approach.
I'm just starting out in my 40's. I find my default mindset is scarcity. At least I'm aware! Thanks for sharing your journey. Looking forward to learning more!
Scarlett
I am a week away from participating in my first ever Tax deed sale, have done all the reviews at the courthouse and verified to the best of my ability so far, that the particular properties that I am gonna bid on have little to NO liens or issues at all. I talked to a local Title company in regards to getting title insurance and was told that they would NOT give said title insurance on any Tax Deed sale until 5 years have passed?
They gave me the name of a possible company in California that will give title ins. as soon as the year date has passed.
Great podcast, really like the discussion about doing what you're good at and finding a partner/employee to help with the rest. Having spent a few years in the sandbox myself I'm still kicking myself for blowing away my savings on fast cars. Was a lot of fun but only lasted a few years. Live and learn...
@Meghan McCallum I thought that was a fantastic podcast! I love how you attribute your success to to a team and the great people you work with.
I also love that you are trying to identify different real estate investor types. There are so many ways to invest, and maybe we just need to come up with labels so people can identify with a certain investing camp. It can be the next BP bestseller book!
Maybe someone can help explain how this duplex was valued at over $800k? She mentioned is rents for $2000/month. Assuming the other unit rents for about the same....$800k would be about a 3% cap rate.
@Meghan McCallum I really enjoyed this podcast! I listened to it while I was cleaning out my shed so got a lot done but missed a few things. I am going to write down, and then add, some of the things you talked about should be in the lease. Also you mentioned Brene' Brown's book and I thought, Gee that name sounds familiar. When you said the title I realized it was on my nightstand, 1/3 of the way read. I guess I'd better get back to it.
Finally, the part about finding someone to do the things you don't like to do or aren't good at is exactly where I am at. I am looking for a good bookkeeper to get a system in place for me before I buy another property. That currently is my "One Thing!"
Maybe someone can help explain how this duplex was valued at over $800k? She mentioned is rents for $2000/month. Assuming the other unit rents for about the same....$800k would be about a 3% cap rate.
Good Analysis, but the other unit rents at $3600/m and I am losing the tenants who were paying $2000 July 1. We are asking for $2500 for that same unit when we lose them as that is STILL below market value. And 3%-5% cap rate is about correct in the high end Chicago market.
Plus, valuation is based on like-kind property. A single family home in that area the size of my duplex sells over $1M. SO, its not just about CAP rate.
Good for you $6000+ makes a little more sense. I know that cap rent isn't necessarily used for valuation but as an investor I'd find it hard to pay $900 a property with cash flow of $5000. You explanation helps to clarify the market rents though and I'm not at all doubting you, just wanted to see how the numbers worked out. Great podcast and great work so far. Keep growing.
@Meghan McCallum I finished listening to the show with Meghan and I really loved how she laid out her relationship with her tenants and also clearly set boundaries and followed up with consequences. I run my own business in a field unrelated to real estate and rentals but thought that I could transfer what she said to my own work. I am paid for my time and I have trouble setting boundaries and charging people when they fail to give me 24 hours notice, even though I have stated that this is my policy. I liked her approach and I loved that she mentioned Brene Brown, who is one of my heros. Thanks, Sylvia
@Meghan McCallum, so I was scrolling down the podcast episode list and your episode stood out. And boy was I right! You are amazing! Your story is truly impressive. I love how you said "You aren't really afraid of anything". I loved your story and your journey. Truly inspiring. Thanks for sharing with all of us some of the things you have learned along the way.
