All Forum Posts by: Simon Shih

@Brian Gibbons. That is one of the best written explanation on wholesaling. I'm stealing it ;).

Welcome to BP @Alex Di Savino. 

Stick to smaller and local banks and credit unions. Don't go to the big banks, you'll have a harder time.

@Belinda Lopez. You are talking about handholding. If someone wants to pay me 10K to handhold them through a deal, hell I'll take it. But as far as learning anything from the "guru" systems, all the information is here. Blogs, articles, forums and podcasts. You will not learn anything new from a paid system.

It sounds like a good deal @Alton Guyton. Congrats.

Awesome job! Congrats on your first flip. Looks great!

An official offer to the homeowner just needs to be the real estate contract any real estate agent would use. In Florida it is the Residential Sale and Purchase Contract. You can download the pdf from the internet. Probably be a good idea to make sure you know how to fill it out properly. I would try youtube or maybe a real estate agent friend.

Not necessarily. Your first estimate done on the duplex if it was rented on both sides is the correct one. House hacking is living as cheap as possible and minimizing your costs in buying a investment property.

If you bought a SFR and was repairing it to flip while living in it, then it would also be house hacking and you wouldn't cash flow. But you then sell the house or rent it out after your year is up and move on to the next deal.

Same with a duplex. You buy with 3.5% down instead of 20-25% down. You basically live rent free while someone else says your mortgage and then when you move, you have a cash flowing property.

It's only hard to get a loan if your credit is bad, you don't make enough to cover the loan or the deal doesn't make any sense. 

General partnership agreement template downloaded from the internet and customize to meet your needs.