#39 with Mike Simmons: Your Go to Guide for Getting Started in Wholesaling and Flipping

Millennial Millionaire Real Estate Podcast

English - July 23, 2020 18:03 - 1 hour - 180 MB - ★★★★★ - 56 ratings
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Previous Episode: #38 with Russell Brazil: How to be an A+ Landlord and Spend Only 15-30 Minutes a Month Self Managing

Next Episode: #40 with Seth Williams: How to Get Started in Real Estate with Buying and Selling Land

In this episode, Jonathan Farber interviews Mike Simmons on his journey from blue-collar, to white-collar, to flipping, to wholesaling more than one hundred properties per year. Mike is based in Michigan, focusing on wholesales and flips. In this episode, we break down topics like calculating ARV, calculating reno costs, building relationships with contractors, and more!

Top Takeaways:

How to calculate your ARV - 25:45 - 32:20

The best ARV is from the MLS

Will only get an accurate ARV based on renovated, updated houses

Connect with a Realtor that knows your area

Combine data from many sources: Zillow, Redfin, Trulia

How to estimate your renovation costs- 32:30 - 41:00

Focus on learning what things cost and how long they should take

Bring contractors with you to the property and get quotes

Bring your own numbers to the table as well to set expectations

Find a base cost per square foot that applies to your area

The primary method of learning costs is repetition