All Forum Posts by: Miller McSwain

I am a Nuclear Engineering student currently interning at NASA. I've secured an internship for this summer in the financial analysis field. I haven't decided if I will take it, but I think being a professional analyst will lend more to real estate investing.

Awesome! I just DM'd you! Please respond at your convenience.

I think your checklist looks pretty good! 

For actually conducting the rehab, you should check out J Scott's "Book on Estimating Rehab Costs". I just read it, and he lists every step of the rehab and what order you should conduct your rehab in. Also, he gives inspection tips and rehab costs for almost everything you can think of. This will likely help with creating your rough rehab estimate.

@Rickey Miller Jr

That is great info! I like the idea of having bonuses as incentives, so it is good to hear that someone is doing that.

Do your cold-callers speak English fairly well? Also, do you think it would be worth paying more for someone in the States that may be able to convert more prospects?

@Julianne Croegaert

I highly recommend it! He goes through literally every step of a rehab and provides this info:

1. overview of that system in a house
2. tips for inspecting that system
3. tasks to fix problems for that system
4. costs associated with those tasks

@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.