All Forum Posts by: Simon Shih

1) You need to know what the house is worth.
2) You need to know what repairs are needed on the house.
3) You need to know based on the 1 and 2, what to offer (70% rule) minus your fee you want from the deal.
4) Make an offer based on 3.
5) If they accept your offer verbally, get them under contract that lets you close or assign the contract to another investor.
6) Find an investor that wants the house that you can sell it to or assign the contract to.

Message me with any specific questions.

There are companies that will loan you money specifically for a double close. Hell, I should do it and makes some extra cash.

If you are worried about it being illegal, get your real estate license. You can do it for about $500

The one thing I would definitely do is 30-100% equity. 
No point if they owe a ton on the house still.

Wholesaling in Texas is not illegal. My mentor has done it. You need to find a title company that will do assigned contracts, not all will.

Have you considered staging the house? I know that the market in Houston is a bit down. Oil and gas is down and so are home sales and rentals.

I have been writing a blog on my move into real estate investing I am using the BRRRR strategy. I started from scratch and am about to close on my first property next week. If you are interested, the link to it is here.

People try to follow the 2% rule, but I find it hard to do in most markets. The 2% rule states that the rent on your property should be 2% of your purchase price or more.

Look into foreclosures. Go to local REI meetings and meet wholesalers. Have them bring you deals. Try and find an investor friendly real estate agent and let them know what you're looking for.

I am closing on a house next week. I am buying it for 15K and it will need 35K in rehab. I should be able to rent it out for 1000-1200, but I also mailed 1000 postcards to absentee owners to get that deal. It was the only call I got from my mailing. A lot of it is timing.

Browse the MLS daily. Look for cheap properties in areas that you are interested in buying. Go to Zillow and fond out how long they have been on the market. If its over 100 days, low ball an offer. The worst they can say is no.

Welcome to BP @Keanu Wapples. Great attitude. I wish you were in Houston. I could use a guy like you.

I would dump it, use your equity and buy more rentals locally. You have a lot of money tied up in this. If the return was amazing, I would say keep it, but you could do more with your money on multiple properties.

@Jared M.. Not sure what you're used to living in, but I would never live in any of the areas of town that have 4-plexes in Houston. Mostly D class neighborhoods.