All Forum Posts by: Miller McSwain

I'm closing in on a wholesale deal that I might get signed. I started thinking ahead and had a question. How do I revise the purchase price in a Purchase and Sale Agreement?
For example, if I get an Agreement signed, then after walking the property I realize there are more repairs needed, I may want to reduce the purchase price.

Thanks!

Hey @Abel Molina !

I'm currently using smrtDialer. It is the only dialer I've used, but I love it.

I suppose the only downside could be that it is made for integration with Podio. But I use Podio anyway, so thats a benefit for me!

@Jp Kilduff

I am currently using LeadSherpa for skip tracing ($0.15 per record). They send back 3 owner phone numbers and 2 relatives each with 3 phone numbers (along with lots of other info). 

I see that you started Best Skip Tracer. How much does that service cost and what data is provided?

Thanks John!

@Clark Harrison

When you say that you are "also looking" yourself, what do you mean? While it is certainly good to have agents and wholesalers looking, you will probably find the best deals on your own. 

Are you just kind of keeping an eye out for properties, or are you doing some direct marketing?

To give you another perspective, I'm fairly new as well and just started putting my tools together. I don't know that the tools I am using will be the best in the long-run (time will tell), but these are the tools that I'm using, or will use, and my experience with them.

1. Data source (List Source and County)
I've pulled one list from list source thus far (equity data) and plan to get more data from my county (probate, pre-foreclosure, etc)

2. Data cleaning (self-written program)
To clean data (fix addresses, names, etc) I wrote a Python program myself. I'm an engineering student, so I have experience with this sort of thing. But if you don't know how to program, I'm sure there are services out there that do this sort of thing. I've heard of REIsift, but I'm sure there are others.

3. CRM (Podio)
I started a Podio Premium account a couple of weeks ago and have been working on setting it up. Premium is $24 a month (cheaper than most RE CRMs that are already setup). Premium allows you to automate a lot of tasks like grabbing pictures of the property from Google, bed/bath info from Zillow, and lots of other things.
I primarily chose Podio because, with Premium, I can do a lot of the automation coding myself and customize Podio to my needs. Other RE specific CRMs can probably do everything you need but at a higher cost.

4. Dialing software (smrtPhone)
I haven't bought this yet, but I think this is the provider I am going to use for dialing. smrtPhone allows for direct integration with Podio. Once set up, I think I'll be able to call leads directly from links in Podio and sync call logs between smrtPhone and Podio. The other dialer I considered is Mojo, so that may be a good option as well.

I will also need to select a mailing service and eventually a VA service for cold-calling, but I haven't gotten that far yet.

I hope this provides some insight and good luck!

I 2nd what @Jerryll Noorden mentioned. If you refer them to your agent, be sure to let the agent know that you are sending a referral their way. Helping out your agent can be super beneficial for both of you.

1. The agent will be more willing to run comps for you

2. The agent will be more willing to pull expired listings for you to market to

3. The agent will be more likely to bring you good leads before telling others

There are probably other benefits, but these are some of the first that come to mind.

Hey Justin!

There are a bunch of ways to find a contractor, I'll list some below:

1. Check BPs contractor directory ( https://www.biggerpockets.com/... ). These contractors have a much higher chance of being reliable than from other methods because these contractors have taken the time to be active on BP. Also, they are accustomed to working with investors which is a plus!

2. Network with other investors and once you develop a great relationship, ask who they use! You can find BP meetups at https://www.biggerpockets.com/forums/521-events-and-happenings . 

3. Ask other team members such as property managers, real estate agents, and attorneys for recommendations. 

4. Follow J Scott's famous tactic of going to Home Depot/Lowe's and meeting contractors who are buying materials. These individuals are likely hard workers and are working before the competition. You can also ask the employee at the Pro Desk who they recommend. 

I'd make a list of the best contractors. Then I'd give them all small tasks and document how well they do. Then, for each of my rehabs, I'd choose contractors at the top of the list. Of course it is also important to take cost into consideration. So I suppose you will have to find a balance of cost and quality that you are happy with. 

I hope this helps!

@Jacob Webb

That sounds awesome! Feel free to message me after the new year, and perhaps we can meet up in Knoxville.

I'm in a similar situation to you. In the long term, I'm mostly interested in rentals (BRRRR in particular). However, I'm currently building a wholesaling business. I have all the tools/processes created and in place. When I get back to Knox, I'm going to hit the ground running!

I hope to hear from you in the Spring!

I haven't bought any properties through realtors in Knoxville, but I have spoke with a bunch of them. Thus far, Billy Houston (https://www.billyhoustongroup....) seems to be the best I have found.

During my first call with him, we talked about my investing plans, and he was super quick to recall properties currently on the market, the best areas to invest in for my price range, and rental rates in those areas. 

Definitely get in contact with his group!

@Jacob Webb

Did you graduate from UT? I'm currently away for the rest of the semester because I'm interning, but I'll be back in the Spring semester to finish up my degree.

Also, do you know what part of real estate you are interested in (flipping, buy and hold, wholesaling, etc.)?