All Forum Posts by: Simon Shih

Hey @Tim Shin. I am also from Houston and work on the SE side. I just bought a house in Deer Park for 15K. Should come in around 80K after repairs which I estimated at 35K. We will see how close I am in a couple months. 

Let me know if you need any help. I'll do what I can.

Everyone does yellow letters and everyone does we buy houses postcards. Find something that stands out and is memorable. When someone is ready to sell, would you rather it be the luck of the timing and random grab of the yellow letters they have a stack on their desk? Or would you rather stand out and them think, what was that catchy house buying postcard I got last week?

Welcome to BP. Might I first suggest you learn the difference between good debt and bad debt? Unless you are planning on buying all your properties all cash, then you'll have to get past the debt adverse mindset. 

Have you considered the BRRRR strategy? Buy at a discount, rehab the house, rent it out for a monthly residual income and refinance it so you can pull your money back out to do another one?

It's a little bit of everything; flipping, rentals and land lording.

Oh and welcome to BP. Happy investing.

If you plan on wholesaling and flipping, you'll need to know how to estimate rehab costs. BiggerPocket's books The Book On Flipping Houses and The Book on Estimating Rehab Costs by J Scott are a must have. You can find them here.

That could be a huge liability if anyone gets hurt on your property. I would go with your gut on this one.

If you are seeking help, it is advice you are looking for, not advise. Advise is a verb. 

Advice (noun) - guidance or recommendations concerning prudent future action, typically given by someone regarded as knowledgeable or authoritative.

Advise (verb) - offer suggestions about the best course of action to someone.

No one is looking for advise. You are looking for advice.

Okay, rant over...carry on.

Congrats on your first buy and hold. And yes, wait until they move out.

Three things you should know as a wholesaler before you start taking calls:
A list of questions you want to ask about them and the property.
What contract you will use and how to fill it out.
What title company you will use.

I wrote a blog post about it tonight. You can read it here if you are interested.

If you're looking for a mentor, go to your local REI clubs and take someone out to lunch who's doing what you want to learn. Pick their brain and see if you can ad value to their business. make yourself valuable to them and they will teach you.