All Forum Posts by: Simon Shih

My advice is this, because I do it and about to close on my first house next week. Do something towards your goal every day.

I'll be doing mine once a month and renewing my list once a year. I only got one call from my first mailing but I'm closing on it next week. 100% close baby! lol.

2500 in repairs seems low. What does the house need? Have you verified this by an actual walk through of the house?

Your ARV, did it come from pulling comps?

Verify all of this, but if these numbers are right, then it is a good deal:
47,855 ARV
33,498.5 (70% rule)
2500 repairs

You could wholesale this for a few thousand so the flipper can have  decent profit.

Why couldn't you sell it to multiple people? The online sites like list source and yellow letters do it all the time. 

I do wish you luck and I hope you find someone to partner with, but you might want to look at it from another angle if you want to move forward with it.

Just my opinion.

I did mine with Allied Business Schools. I don't think they are the cheapest (around 500), but the cost difference is minimal. I think they are all within 100 dollars of each other.

Uneven Or Sloping Floors
Cracks In Exterior Or Interior Brick
Displaced Or Cracked Moldings
Wall Rotation
Cracks In Walls Or Bowing Of Walls
Cracks In Floor, Floor Tiles, Or Foundation
Doors & Windows Won’t Open Or Close Properly
Separation Of Doors, Windows, & Garage Doors
Spaces Between Wall And Ceiling Or Floor
Walls Separating From House

Questions. What guarantees I get my initial investment back? 4000 Letters or postcards with postage would cost about 2K.

Based on experience and research, it could take 4-6 mailers before people respond to a mailer. That could be in the neighborhood of 8K or more before you got some serious results.

Do you know anyone who would fork over that kind of cash to someone without any guarantees on returns?

Would it be better for you to market this list and sell the list to potential wholesalers and flippers? A list of 4000 names and addresses would cost me about $600 dollars. Have you considered selling the list? You could sell it to multiple people.

@Donna D.. Don't waste your time on "guru"systems. Everything you need to know is on here. If you're looking for a mentor, just keep meeting people and staying active. Eventually someone will click with you and be willing to take you under their wing. 

Go to your local REIs and meet people.

Why would you sell it? Keep it, Refinance and pull out the equity. Use the equity to start flipping houses and still have a house that cash flows.

This is the definition of real estate investor. Use your real estate to buy more real estate.

Being Chinese and having a direct pipeline into the Chinese economy, I know exactly where....HA! Just kidding. No one knows. I would and am moving forward on my deals. I would suggest you do the same.