All Forum Posts by: Miller McSwain

@Justin Reed

I'm just curious, why do you say driving for dollars is a waste of time? There are tons of people who seem to have had a lot of success from it.

Yeah! It sounds like you are thinking the right way, but I'm curious to see what others say!

@Brad Campbell

I suppose it depends on how you want to use that 65k. You probably have many options, but here are some that I'm thinking about:

1. You can buy a property all cash and pay for the rehab with cash. Once you get to the refinance step, if done optimally, you can get all your cash back and move to the next deal. Depending on your market, you may be able to do this if you find a distressed property. If you can't buy a property+rehab for 65k, then you can get started with a partner who can bring some money as well.

2. You can buy a property with hard money (a short-term loan with high fees), and use your 65k to pay the fees and pay for the rehab. Again, this depends on your market, but I think this is probably doable with 65k. Once you refinance, you will hopefully be able to pay off the hard money loan and get your cash back. You will have lost some money to the fees associated with the hard money loan however.

3. You can pay for the property and rehab with hard money. This works similar to #2, but you will end up paying for more hard money fees.

Personally, I would try to use my money for #1, then #2, then #3. My reasoning is that I will pay $0 in hard money fees for #1, and I'll pay the most fees for #3.

Good luck!

@Jared Hettler

The order looks pretty good; however, you should send your seller contract to the title company immediately (even if you don't have the buyer lined up yet). As a wholesaler, you are typically providing a very quick close for the seller, and the title company may take a while to fully check the title. So you want to get that started as early as possible. Once you submit that to the title company, you can find a buyer and send the assignment contract over. 

I hope this helps!

@Account Closed

I'm interested in virtual wholesaling but have never done it. How do you estimate the rehab if you haven't visited the property, and how do you get pictures of the property to send to buyers? Do you have someone on the ground doing these tasks for you, or do you do it 100% virtually?

Thanks!

In addition to SEO and Website leads, there are lots of direct marketing methods that can lead to great discount deals for BRRRR. The trick with direct marking is that you have to work the methods in high volume over a long period of time to get consistent deals. Trying one of them out for a month may not yield a deal, so you have to work consistently.

Some of the methods to find prospects to market to are:
-Driving for dollars
-Evictions list
-Probate list
-Pre-foreclosure

There are lots of others, but if you get these lists and start contacting those on it, you are likely to find a distressed property ideal for BRRRR!

@Aaron Acosta

I also learned a lot about wholesaling from the forums and the podcast. Those are definitely great resources, and you should continue using those, but I found tons of value in "The Wholesaling Blueprint" by Luke Weber. I recommend it often because Luke takes you through every step of the wholesale process, from marketing to closing with your buyer. In addition to that, I've been trying to find a good YouTube channel that posts good wholesaling content. I recently found a great one called Flipping Mastery. The host often makes videos of actual cold-calls and wholesale analyses that he runs.

Those are my best tips for education, but you should definitely start networking as well to start meeting other investors that may be interested in buying your deals!

@David Robertson

I think that it is a bundle of existing software for the most part.

With ProLeads, I believe you get:
1. BP Pro ($390/year divided into months $32.50/month)
2. RESimpli ($99/month)
3. Deal driving service (I'm not sure if they use Deal Machine, but if they do that is $49/month)
4. Vestor ($49/month)

So if you bought those services individually, it would cost $229.50. I should mention that a lot of these services have different tiers. I'm not sure which ones ProLeads members will get, so I chose the package I thought it might include. So that $229.50 figure could be off.

Also, it is worth mentioning that with ProLeads, you also get access to an exclusive Facebook community, 50 skip-traces/month, and 50 postcards/month. I didn't include that in my figure, so that bumps ProLeads value up a bit.

@Account Closed

I hear what you are saying, but making a self-built site rank well with SEO sounds incredibly difficult. I think Carrot/BP ProLeads sites are definitely better than self-built sites. Although they do cost more, they should bring much more traffic and pay for the higher cost many times over.

@Sean McCluskey

What is Liondesk?

Also, I forgot to mention that ProLeads gives you 50 free skip-traces per month and 50 free mailers per month. So that is more added value.