All Forum Posts by: Simon Shih

@Nick Schroeder. Welcome to BP. If you find a house under value, you can take out a FHA 203(k) loan. That is a loan to buy the house and fund the repairs. Here's a link for more info on it.

http://www.zillow.com/mortgage-learning/fha-203k/

Always get an inspection. If you want are worried about the cost associated with it, become a home inspector. It takes about 70 classroom hours and costs about two home inspections. (under $1000)

@Mike Henson. Welcome to BP. There's a wealth of information here. Read the forums, the blogs and listen to the podcasts. You should not have to pay for a seminar or course with everything that is here. Save your money for your first investing deal. Once you learn, decide on what aspect of real estate investing you want to focus on and write a business plan. A one or two page business plan that keeps you on track. Go to your local REIs. Meet people, are contacts. Take steps every day towards your goals.

Here's a list of questions I ask. Your first call is a bit nerve racking. Mine was. Remember to stay calm, have the questions in front of you. Let the homeowner talk. Be interested in what they have to say. Find out why they are selling and see if you can help them. You have to look at it that way. They need to sell a house and you are there to help them.

Wholesaling Questions:

Can you tell me about the house?
What part of town is it in?
Does anyone live there?
Do you mind giving me the address of the house?
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?
Why are you looking to sell?
Can I have someone come by and see the property? Maybe take some pictures so I can get an idea of what repairs it might need?

Congrats on your first call back and good luck.

@Gareth Skipp. If you are a wholesaler, you are the one who goes out and finds deals. What you are doing here is asking people to bring you a deal. If someone on a real estate investing group website has a deal like this, why would they give it to you? Why wouldn't they go out and wholesale it themselves to a flipper and make a quick 10K? 

Wholesalers post bandit signs, do mail marketing campaigns, drive for dollars. Wholesalers go out to REIs and meet people and make contacts.

Learn from this site and go out and find the deals.

Good luck!

@Earl Louis. The thing to remember when you want to be a partner is that both people bring something to the table. So you have to figure out what would an investor want from you so that it is in his benefit for you to be his partner. It doesn't have to be money, maybe it's sweat, or project management, or something he doesn't know he wants or needs yet. Just stay positive and take a step towards being an investor everyday and you will be successful.

Hey @Matthew Fritz. Welome to BP. I've been blogging about my journey from having a 6 figure career to becoming an investor. Here's the blog if you are interested. Take the time to learn and then decide on what aspect of real estate investing you are interested in. Once you determine that, the next step is to write a business plan. It doesn't need to be a long or detailed plan. Only something a page or two to keep you on track.

Good Luck!

I just started in investing and was planning on wholesaling the deal I'm about to close on. I decided to hold on to it and rehab and rent it out myself. I guess the difference with me is that I have a job that pays me well and I can afford to do this. I am not dependent on a wholesale deal. I think when you are working and desperate to make a sale, non-deals quickly become deals if you want to eat. 

If you aren't willing to keep the deal for yourself to flip, then a flipper probably doesn't want it either.

Welcome @Earl Louis. You are on the right track with writing a business plan. I also suggest listening to the BP podcasts. I learn more from them that anything else. 

Iff you don't know wholesaler, I would try and meet some. Try a local real estate investing company. You can also try Craigslist or calling the numbers on bandit signs. Most only deal with cash buyers, so that limits you. I find my own deals through mail marketing campaigns and drive for dollars. It's harder on the MLS, but not impossible.