All Forum Posts by: Simon Shih

You could take it a step further and make two shows. Married at First Flip. Divorced on Second.

@Jean G.. With Yellowletters, you build the list online and then talk to a rep. It's actually a lot less painful than I expected it to be.

Unless you are Bob's mother or his wife, I would let Bob be Bob.

I decided not to look for a investor friendly real estate agent and am working on becoming an agent just for my investing. I can write my own offers and have access to the MLS for comps. 500 bucks and about a month of online classes. And I have a broker that I can hang my license with for 250 a year. Not a bad deal.

I got my affairs sorted now. No issues.

I have the same problem. Contractor for the last 4 years. Always make 6 figures but it's a major hassle jumping through hoops to get a mortgage. Two options.

1) Start an LLC and elect it as an S-Corp status. Then pay yourself a salary. You should probably get an accountant or lawyer to do this. I know it'll take time before you've established yourself as an employee of your own company, but it might be worth it to start this now so you can use it in the future.

2) Try local banks. Smaller banks are not restricted as much as larger banks. You night even find a portfolio lender. A bank that keeps their loans in house instead of selling them off after issuing them. You need to go to the banks, dressed professionally and ask the right questions. You might get no 50 times, but stick with it and eventually one will say yes.

My last deal is still going and it's actually my first deal. Postcard mailers. Got one call only out of 1000 cards.

He gave me the address on the voicemail (I'm offshore and have done the whole deal from out here) and I looked it up before I called back.

Asked what he was wanting for the property and asked if he would meet my associate to view the house. He said he'd take 20-25K. Had my niece meet him, take pictures and email them to me offshore. Called him back after I got the pictures and made him an offer of 15K. We close on Wednesday.

Here are the numbers:
2 Bed 1 bath
15K price
80K ARV
35K in repairs
Rental 1000 a month

Going to BRRRR it. I was going to do the whole thing from offshore with my wife's help, but I'll be home for the closing and to get contractors in place.

Yes. Try and get in good with a real estate agent in the area that is willing to pull comps for you You might be able to use redfin or realtor.com, but I wouldn't rely too heavily on them. I try and us conservative numbers. The house I have under contract now has an ARV of 82K, but I calculated everything at 75K so I wouldn't shoot myself in the foot.

The house is under contract for 15K
My estimated repairs at 35K
The ARV is 75K
70% ARV is 52,500 so my numbers still work since I'm flipping. I could probably wholesale it, but I'm wanting to keep it as a rental.

You should be able to download a simple partnership agreement template off the internet and customize it to your needs. Or you can get a lawyer to draw one up.

It's never a good thing when @J Scott is stumped. By the way, read your books and love your blog. Big fan ;)