All Forum Posts by: Simon Shih

Welcome to BP @John Lewis. 

Depends on what you want to spend on marketing. Yellow letters and postcards can cost a couple thousand for start up. You might or might not get the response you want and you'll have to mail the same list every month for 4-6 months. (I have done this and have had success)

Bandit signs is cheaper and you can target neighborhoods. I've never done it, but people say they get a better response with bandit signs. Make sure they are legal in your area. Sometimes you will need a permit to do this.

Driving for dollars is the cheapest way to start out. Here's my blog on driving for dollars. 

Also go to your local REIA and meet people.

Do something every day towards your investing goals.

Do not buy rental properties with hard money. Hard money are high interest loans for a property you buy, rehab and then sell or refinance with conventional loans.

Private money as in what source? Friends and family are private money.

If you are referring to a loan from a private money company, you will need to put together a business plan and portfolio. 

Can you not get a conventional loan?

But to answer your question, cash is the best way to fund rental properties.

I just wrote a blog post on this same issue. Why would you spend thousands on a "system" when everything you need is here for free? Sorry you had a bad experience and lost your money.

Rentometer or Zillow. Also you can ask a real estate agent what market rents are in the area.

Once you know the rent to ask for, then the rent should cover all your costs including the HOA. Also, make sure your HOA in the condo association allows rentals. Not all do. And ones that do only allow a certain percentage of condos to be rented.

Find better deals. Don't just buy something to become an investor. Make sure the deal makes sense before you jump in. 

Hard money lenders can provide proof of funds. Some will do it for a fee. 

Just remember though, just because a transactional lender provides a POF doesn't mean they'll actually loan you the money, so the POF isn't a guarantee that the funds are available.

Aside form what the above mentioned about partnering up with friends and family, make sure the partnership makes sense. Everyone should bring something different into the relationship. I would never partner with someone that can do what I can do. There's no point.

Sometimes you have to do the deal in a way that makes sense in the financial situation you are in. If you can't close all cash, then maybe wholesale the deal to another investor and make some cash. Maybe find a financial partner.