All Forum Posts by: Simon Shih

Welcome @Torey Chumbley. You will find a wealth of information here. I've been investing long distance myself. I live in the city I invest in but I work offshore and have been doing everything remotely. The key to long distance investing is to have "boots on the ground" in the city you pick that you trust. Good luck!

I've been reading the Houston Business Journal and I'm reading articles that say we are headed for a real estate downfall, and some that say things are fine. Oil and gas are still down and we still have no idea when it might recover. Layoffs are still happening. People are spending less. The rental market in Houston is down, but my friends in the oil and gas maintenance field are as busy as ever. Any comments on where we might be headed? I'm specifically in Houston, but I welcome comments on a housing market as a whole also.

Oh, by the way, Yellowletters pulls from the same source as Listsource but is a bit cheaper.

Thanks @Joshua Dorkin for the quick response.

@Tabitha Rivera. Don't let negativity deter you. There are a lot of people on here that are negative. They tell you that you don't know anything and yet do not offer any education or help. I fond people like that aren't doing anything and haven't done anything. They feel the need to put you down so they feel better about themselves. 

If you want to hold and rent, make sure you have your rental prices correct for your market. Make sure you have a little reserves for problems that arise. Make sure you take the time to put the right tenant in to your property. Do your research, but at some point, you will have to pull the trigger.

My mindset is to go and do it. I've read the books, listened to the podcasts, and researched. Now it's time for me to do. Will I make mistakes? Of course, but I will learn from them and it will make me better. Do not be afraid to make mistakes. Everyone who has invested has made them. If they say they haven't, they are lying. Just do whatever you can to minimize your risk.

@Jean G. Do not give up man. I listen to the BP podcasts religiously and they say that you have to target the same list over and over. It's all about timing. I plan on sending the same postcards to the same people once a month for the next 6 months. One month they might not consider selling and 6 months later, they will be ready to get rid of their place.

Good luck!

Is the house worth 40K or is it worth more and you're getting it at a discount?

Can you give some specifics? How much is the house? How much can you rent it out for? Does it need any work? Once you put the 25% down, do you have reserves for any issues if you are using it as a rental? 

My personal strategy is to do research and then dive into real estate investing. But I do have a full time career that pays well and my risk is minimized because I am not reliant on real estate. One day I hope to be a full time investor but for now, it's a part time job for me.

@Joshua Dorkin. Can I? And if so, how do I do it?

I've heard of people using Redfin or Realtor (both .com websites), but I would trust comps more than any other way.