All Forum Posts by: Miller McSwain

@Steven Joseph Fogarty

If it is a great deal, and you have run a thorough analysis, I don't see why an investor wouldn't be interested. In fact, I'm looking for a rental property right now, but I cannot qualify for a loan since I've been working a 1099 job for only 1 year. When I find the right deal, my dad is going to cosign and I'm going to give him 20% of cashflow and 20% of profits from the sale of the property.

@Julianne Croegaert

In J Scott's book "The Book on Estimating Rehab Costs", he says that upgrading an outlet to GFCI costs $30-$50 per outlet. On top of this, an electrician will likely charge a $60-$100 service fee for coming to your property.

Of course you should verify these numbers with an electrician, but these estimates should be pretty close!

@Robert Godfrey 
How did you determine that this area has high crime? Did you use a tool or did you just know from your market knowledge?

I've been using https://communitycrimemap.com/ but was wondering if there are any other tools.

For skiptracing, https://batchskiptracing.com/ and https://www.reiskip.com/ are popular.

For CRM, I believe most people use Podio. I set up a free account the other day, but haven't started to build my workspace yet. Podio is somewhat complex, but it is very robust and will likely be very useful once set up.

Additionally, I've heard of people helping a seller move personally. If the deal is great, it is probably worth paying a few friends and spending a day moving. 

That's just another option I thought I would mention. 

You can get a very rough estimate of ARV by manipulating the 1% or 2% rule equation. ARV=rent/(0.01) or ARV=rent/(0.02). To use this, you will have to have analyzed enough rentals to know what percentage is typical for your market. There is a HUGE difference in ARV depending on the percentage.

I would never use this method beyond getting a SUPER rough estimate, but I hope it helps!

That is amazing!

When you you purchased with "cash", is that your own money or did you find a partner. Also, how did you fund the rehab? If you don't mind sharing, I'd be curious to know.

Thanks!

Does anyone have tips for what platform to use for process checklists? I've been making Google Sheets with check boxes next to every step, but I would like to use something that has reminders integrated as well. I was thinking Podio might have features that allow you to make checklists with email reminders and calendar integration, but I haven't checked into this yet. 

What do you all use for your checklists?

The tips provided this far are great!

In addition, if you are looking for a step by step guide or want to learn if this strategy is for you, read "The Wholesaling Blueprint" by Luke Weber. This book was released in 2020 and provides a great overview and breaks down the wholesaling process. Definitely give it a read!

If you are looking to stay focused, I'd recommend that you read "Deep Work" by Cal Newport. In this book he talks about strategies to stay focused on specific tasks and how to block off time for these tasks. 

On the note of batching, I often find myself checking my phone as soon as I receive a notification. This can be extremely disruptive. Especially since I receive emails nearly every hour. To help with this, I got an app called "Daywise". This app basically catches all my notifications and lets them all through at once at certain times of the day. I have it set to deliver them at 8:00am, 12:00pm, and 6:00pm. You can make certain exceptions though, so I do let my texts and phone calls through immediately. I have an Android phone, and I'm not sure if this is available on iPhones. 

I hope this helps!