All Forum Posts by: Miller McSwain

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!

If you are looking for a step by step guide, read "The Wholesaling Blueprint" by Luke Weber. It was published recently (March 2020), so it isn't recommended often but has very relevant information. 

The author discusses, in-depth, each part of wholesaling. Definitely give it a read!

I haven't outsourced cold calling; however, I know that to scale my business, I will need to eventually.

How do you all pay your cold callers? I imagine that hourly is most common but is it worth incentivizing them with bonuses? Perhaps for each deal that gets closed, the cold caller gets a flat bonus?

Please let me know your thoughts on this idea or if you have any other payment ideas.

I became interested in real estate as I finished high school as well, so I think you are making a great decision!

I'd recommend spending some time educating yourself. Pickup some BP books on different real estate strategies and pick the one that you are most interested in. 

At the same time, start networking with other investors! They are always willing to help out young people looking to get started! Once you build some relationships, offer to help them with a specific part of their business. I wouldn't recommend asking "can I help with your business". If you do that, then the investor has to find something for you to do. Instead, ask them about parts of their business and areas they are experiencing troubles, then offer to help with that specific thing. Helping them with their business will allow you to get hands on experience, and allow you to develop a relationship with someone that can answer questions for you. Additionally, they may be willing to partner with you on some deals!

What exactly does your text say? Perhaps the wording isn't optimized. 

Also, where did you get your data from and can you determine if the text was delivered? The issue could be that some of your phone number data is bad and isn't being delivered. 

I wouldn't worry too much about a buyers list. If you find a truly great deal, then the buyers will come. There are likely dozens of investors in your market that are looking to pour some cash into a great deal.

That being said, you should still start building relationships with investors while you market for great deals, but I wouldn't let the lack of robust relationships keep you from getting started. 

To start building some of these relationships, I think local Facebook groups are a great idea! Also, set up keyword alerts for your city on BiggerPockets. With these enabled, you will get a notification everytime someone posts about your city. Connect with these people and talk with them consistently. 

Good luck!