All Forum Posts by: Simon Shih

There is no tool or app or program to predict where the real estate market is going to go. I have a subscription to The Houston Business Journal. I read it every week and it keeps me apprised on where business is going in Houston. It lets me know what areas are building what areas have slowed, what companies are laying off and how the real estate market is fairing. I read as much as I can about all aspects of Houston because it gives me an overall view of what's going on and how that market is affected by those happenings. 

I second what @Jamie Oie said. I use LegalZoom for my LLC and for all my dba's. They are prices well and you have legal support. $5000 is outrageous for an LLC. If you do it yourself it should only cost a few hundred dollars.

Yeah the word triplex wasn't mentioned for a while. That changes the deal and makes it better. You are house hacking now. I was under the impression it was a SFR.

Not surprising. And with oil and gas prices staying low, things won't get better anytime soon.

If you aren't embarrassed by your offer, it's too high.

The deal I have under contract now, I asked them what they were wanting. The house is about 80K ARV and he said he wanted about 20-25K. I used that as the start for negotiation and got the deal for 15K. If I hadn't have asked that I wouldn't know where to start and probably would have paid more for it. The price he quoted told me he was ready to get rid of it and it was more of a problem for him. Since he owned the house free and clear and was willing to go so low, I knew he was motivated.

Why are you looking to sell?
Can you tell me about the house?
What part of town is it in?
Does anyone live there?
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?

Let them talk and listen to what they have to say. I agree with @Franklin Romine Be genuinely interested in what they have to say.

Mine is also not professional. I wouldn't give it to a bank or potential partner. It's only for my own benefit. If I ever get to a point where I do need a business plan, I would write a professional one. Anything I can do to help.

Say you can't make a deal and walk away. Why bother with it?

Pearland is a great part of town. I would totally contact him. Ask him if he's looking to sell and ask him what he's willing to take for the property. The property I have under contract ow I asked the seller what he wanted. He said 20-25K. I got it for 15K. If you ask them to name a price then you have a good starting point for negotiation.