All Forum Posts by: Simon Shih

I'm going to give you my two cents worth even though I have never been in this position. The college market is unique and I believe that it is rentable. If you put a fridge and maybe some type of hotplate, microwave, toaster oven, slow cooker, rice cooker, electric kettle. College students are resourceful and can cook without a range or oven. 

Great tip. I never would have thought to look on eBay. 

Well good luck to you. I would buy a lot of 1500. I also can afford to hold it. Land is land and never goes away and you can't make more of it.

If you are not occupying the house, then your options are conventional loan with 20% down or hard money lenders. I'm guessing all cash isn't an option since you are looking into financing. The main thing to remember is to get your house cheap enough. Make sure you follow the 70% rule. That's buy the house at 70% ARV (after repair value) minus repair and holding costs.

Yes there could be liens and back taxes. Same as any property. You'll have to do your due diligence and find out if any are owed from the tax assessors office. A questions you might ask yourself. Are you able and willing to hold the land for a while and pay the taxes on it while you are waiting to find a buyer? 

The only problem with this is you have limited exit strategies. Sell it for a profit or rebuild on it and rent or sell it. Can you get the finances to rebuild and sell? Is it worth it to do that? You need to know the market. Find out how long the $9000 lot has been on the market.

Welcome to BP @Sheena Cooper. I'm from Houston also and about to close on my first deal. I wouldn't have been able to do it without the help of BP. It's a great source. Read the blogs and listen to the podcasts. Good luck to you and let me know if you need any help.

Definitely an inspection every time. A few hundred dollars will save you thousands.

Try yellow letters. They pul from the same source and are a bit cheaper.

With 50K and with your help, maybe the BRRRR strategy? Buy, Rehab, Refinance, Rent, Repeat. You can take the same 50K and use it over and over buying properties for rentals.

AWESOME @Dawn Anastasi, Congrats!