All Forum Posts by: Miller McSwain

I am also looking to do a rent by room HH in the Springs! Congrats!
What zip code did you find this property in, and how many beds/baths does it have?

Now that is a good "quick tip"! I can quickly check motel room rates in an area to get a rough feel for the STR rates.

Thanks Paul!

Thanks Luke! I'm actually in Knoxville, TN, so I'm super close to your market!

Are there any ROUGH rules of thumb for determining a STR or Mid-Term Rental from a Long-Term Rental rate?

For example, if I know a property can rent long-term for $1500/month, can I do x2 ($3000/month) for MTR and x3 ($4500/month annual avg) for STR?

That was just an example, but has anyone found any decent rules-of-thumb for this that I can use for the initial analysis?

Thanks!

@Jim Pellerin
Thanks! So could I draw up an Amendment that says something like "we found _______ wrong with the property during inspection, so the purchase price is being changed to $100,000" and have both of us sign that paper? Would that be a good way to go about that?

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!