All Forum Posts by: Simon Shih

BRRRR.

Just make an offer on what you want to pay. If they say no, you can make a higher offer. Your chances are better if the house has been on the market for a while. If you're doing a 203K, then you're fine with an offer lower than 50 K since repairs will be rolled into the loan. 

You didn't answer my question. Are you just a realtor looking to sell houses? What kind of deals are you trying to sell?

I've only done the one. I wanted to do it once a month, but I haven't been home. 

@Eric H.. I want to say that it was my original and memorable Preppy Panda logo and design, but I think it was just timing. He had a place he needed to get rid of and I happened to mail him right at the time he was ready.

I won't change my campaign for about 5000 cards since I pad for them. I'll mail the same list until they are all gone and then decide what I'm going to do. I really don;t care how many calls I get as a long as the ones I do get are deals.

I'm middle aged and looking to retire from traveling in the oil and gas industry so I'm doing the BRRRR method. I'll rehab this, put a renter in it and then refinance it and pull my equity out to do another house.

What are you doing to find buyers or investors? Do you have deals you can't unload? Or are you looking for buyers for potential future deals? Are you trying to wholesale? 

@Carrie Giordano. I work offshore and I got my first deal under contract and bought it while 250 miles off the coast of Louisiana with satellite internet and satellite telephones. It's doable. I did it with the help of my niece who went and met with the home owner and took pictures of the house for me. I reviewed the pictures, had an inspection done, estimated rehab costs and then made an offer. The wife was going to sign the paperwork at closing since she has POA, but I happened to be off for 4 days right when the closing was scheduled. The important thing is to have people there that you trust that can do those things. I paid my niece 50 bucks for her time. My wife loves me so she works for free. ;)

If you want to be a real estate investor and want to be taken seriously, then make sure you understand that the way you do business and the way your potential colleagues and clients perceive you are very important. Do you want to start off your career lying and committing fraud?

Depends on whether you can qualify. You have to be an accredited investor which means (1) a net worth or joint net worth with the person’s spouse exceeding $1 million, not including the value of the primary residence, and / or (2) an annual income of at least $200,000 in each of the two most recent years (or a joint income with a spouse exceeding $300,000 for those years), along with a reasonable expectation of the same minimum level of income in the current year.

If you are able to invest in Realty Shares, then the answer is yes, if it meets your investment goals.

I did a bundle of 1000 postcards right before I left to go offshore. I got one call and one email from my website based off the mailers. This is probably not accurate because I don't see missed calls so I'm guessing the response might have been better if I were on land to answer calls. The good news is that the first call was a deal I closed a couple weeks ago. The second was not as motivated. The deal I closed on:

2 bed 1 bath.
Asking 20-25K
ARV 80K
35K in repairs estimated
Offered 15K, which he accepted.
Closed all cash 18K total with closing costs and taxes.

I focus on the SE side of Houston.