All Forum Posts by: Simon Shih

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These are my questions I ask when I get calls.

Can you tell me about the house?

What part of town is it in?

Does anyone live there?

Do you mind giving me the address of the house?

How many bedrooms and bathrooms?

What kind of general shape is the house in?

Anything owed still on the property?

Do you have an asking price in mind?

If you are looking for advice, maybe you should reread your original post and rewrite it. It makes NO SENSE. That is why I thought you were a scammer. 

Do you have your own money? What's your credit score? Have you found a good deal yet?

My suggestion is find a good deal first. If you want to buy and hold, you'll need decent credit or have a partner that does. Or be able to buy all cash. A lot is dependent on your financial situation.

Do you know what area of real estate investing you want to focus on?

His post is written in the same weird english the West Africa Scam emails are written in.

Welcome to BP @Brad Kirkconnell. You will learn a lot here. I ficus on the SE side of Houston. Let me know if there's anything I can do to help you out.

I estimate closing costs to be 1% of the loan amount, so yes that sounds right. 

Understand your local state laws as far as what an agents activities are and what are their definitions, being a licensed agent, especially in Florida, California, and Ohio.

You cannot advertise a house for sale that you do not own.

You can advertise you have a contract for sale.

Get a sale and purchase agreement that can be legally assigned and sold for an 1 to 2% assignment fee

If you don't want the rehabber to know how much you paid for it, find transactional funding or get on title somehow with private lender funding or find a joint venture partner to provide funding or get on title with Hardmoney lender funding so that you can buy at first and then resell it.

Illegal Wholesaling only means that you're not telling the truth to the seller, and you have no intention of ever buying it, hence the reasons for all of this loud noise about illegal wholesaling.

Wholesaling is legal in every state as long as you follow good business practices.

@Belinda Lopez. I do agree with you there. "One email or phone call turns into five or ten and you simply can't run a business by spending time giving out free help once you have five or ten newbies calling and emailing you."

I think the problem is people want something for nothing. Don't get me started on this generation. I have offered to mentor someone in return for then to bird dog for me. I also included a financial stake int he end deal if I closed. No reply. Crazy.