All Forum Posts by: Simon Shih

I think the reduction in rent is worth the good tenant and under market. That space could sit vacant for that amount of time or longer. Or, even worse, you could put nightmare tenants in. Would they be willing to to go up 100 a month in 2017 ($1700) and 2018 ($1900)? I think that would make it more your while. 

Home inspectors. When you say broker, are you referring to insurance brokers? If not, Insurance broker.

I haven't used them personally, but I listened to a podcast recently that the guest successfully used fundthatflip. Here's the podcast if you want to listen to it.

@Earl Hooks. Welcome to BP. I would focus on quality on not quantity as far as colleagues are concerned. Focus on people who are investing and have invested. A lot of wannabes on here who talk and have done nothing toward their investing goals. Pick people who are supportive and can educate you. 

Good luck to you!

It's always nice to hear a successful partnership. I'm always hesitant about partnering with someone. It scares the crap out of me. I guess I have trust issues.

Are you looking for turnkey rentals? Or are you looking to buy wholesale and have instant equity?

A lot of the questions you ask are based on what kind of rental you are looking for. I buy wholesale properties, rehab them and them rent them. I pay cash and make sure my houses fit the 70% rule. One they are rentals, I can pull out the equity in a HELOC or cash to refi to do another deal.

I would definitely use an attorney for the lease. You should be able to get one fairly cheap. Under 100 bucks.

@Aaliyah Ali. If you are overwhelmed, might I suggest sitting down an writing a business plan to give yourself a path to navigate and stick to. It does't need to be an in depth plan just a page or two. I wrote mine a month ago and it keeps my head straight. There are so many aspects of real estate investing and it's easy to be that guy who is all over the place and therefore never gets anything done. Focus and specialize in one area.

Here's my plan if you want to download it and use it as a template.

I work away from home 9-10 months a year. My motivation to be home is my wife, family and friends. I am about to close on my first BRRRR property and I've done it all while being offshore.

I'm not sure if anyone mentioned this, but seasoning only applies to financed properties. If you buy with cash, you can cash out refi right after the house is rehabbed. Or am I way off?

Also go to the BP podcasts and listen to anything that involves land lording and rentals. I learn more from the Podcasts than from any book.

http://www.biggerpockets.com/renewsblog/category/p...