All Forum Posts by: Scott Swanson

Mel,

As many people said, the 1% rule is a "guide." You need to calculate all of your monthly expenses and then figure out the return percent. Things like: Maint. vacancy, property management fee, insurance and taxes. Taxes can kill a rental deal! For my investors, I never offer anything that doesn't have at least a 9% return, after all expenses are deducted. If you'd like a calculator, PM me. The one I use will automatically calculate your profit % and several other numbers for you. Best of luck. 

Greg,

I know a lot of investors want to purchase turnkey properties, either because they don't have the necessary "team" in place to do everything or it just seems easier to buy that way. I've been wholesaling for long time and rarely, do we find properties that are actually turnkey. If they are, the price is outrageous! Most homes will need something: Paint, new fixtures etc. If you're buying out of state, it's nearly impossible to see what you're getting. I would try to find a company, such as ours, where they do everything for you. They find properties that meet your criteria, they rehab them for you and they manage them for you. If you find a good company, your costs will almost always be much lower and typically, the rehabs are done correctly and everything is functioning properly in the home. Best of luck.

Angel, 

You CAN wholesale a property in Illinois AND do a double close. Unless, it's a bank owned property. The law allows you to do one deal per year, without being licensed. Unless it's a bank owned property, the realtor is incorrect. Best of luck.

Honoline,

I don't know the Canadian market real well. However, we have quite a few Canadians buying properties in Illinois, Indiana and Ohio. I know the exchange rate is a concern, but it seems the states are offering far better deals, than at least the western part of Canada is. You might want to look into that. Best of luck.

Robert,

There's a lot of things you need to take into consideration before you start investing. For example: What is your end goal with investing? How much cash do you have? Do you want rentals for long term cash flow or do you prefer to flip properties and profit from those? Do you have a specific criteria? I.E. How much do you want to spend? What percent of profit is acceptable? How much are you willing to purchase a property for? As you can see, there's many questions that you need to answer, before you start investing. It's very important that you know what direction you're headed! PM me if you'd like some assistance. Best of luck to you. 

Eduardo,

I would look for properties where you're able to do a "seller finance" deal. Basically, you could put down anywhere between $10k and $20k and then you make payments to the seller. For example, try and find 2 properties, where you can put down maybe $10k each. Then you make monthly payments to the seller AND after all of your expenses, you still make a profit each and every month. Our investors love these type of deals! It's a great way to build your portfolio with a small amount of cash. Best of luck.

It usually runs either 5 or 6 %. But it can vary. 

Jimmy,

Keep in mind that getting your license can severely restrict your wholesaling activities. A lot of brokers won't allow you to wholesale. Plus, wholesaling is quite a bit different than "standard" real estate and you're bound by specific rules, when you get your license. Just wanted to let you know my thoughts. Best of luck. 

Hi Mark,

I think we might be able to help you. I just sent you a message. 

Hi Algie,

I'm not sure about a brokers license. But contact John Morey on FB. I think he can help you. IF you're going to wholesale single family homes, you might want to think about NOT getting a real estate license. The license will restrict you in a dramatic way. Plus, many brokers may not allow you to wholesale.  Best of luck.