All Forum Posts by: Simon Shih

Fantastic!

Do you due diligence, and it looks like the cost to buy this house will be zero. If everything is kosher and you can rehab it, I would start at an offer of taking it off his hands for free.

Hard money lenders will finance the purchase and rehab costs. Interest rates are higher than a conventional loan, but it is a shirt term, temp loan for the rehab. Once rehab is done, you want to refinance the house with a conventional loan.

If you have anything in the Houston area, I'm interested. Multifamily and small apartment complexes.

Highschool dropout. Work in the oil and gas industry as a consultant. Worked my way up from a field worker over 15 years. Just closed on my first property in Houston last week. BRRRR.

I use Affinity. I'm happy with them so far. I have a policy for renovations (builder's risk) and liability. It covers theft and the house for the full amount of replacement. Deductible is 5K, liability covers 2M. $77.00 a month.

Great first step @DJ Cummins. What did your letter say? 

I have watched two movies over the last year that are must watch movies in the 'area' of real estate. Both are about the bubble that burst in 2007. If you haven't seen them, I highly suggest you watch them. They give you a great insight on how our mortgages work and how people profit or lose from them. If you have any suggested movies I need to watch, please comment below with them.

Inside Job [2010]
The Big Short [2015]

It's in Deer Park.

Welcome to BP. It is an amazing site. I used what I learned and started 2 months ago. I just closed on my first investment property. Good luck and let me know if I can help.