All Forum Posts by: Simon Shih

@Account Closed. I am just about to close on my first deal. It's been a fun couple months getting to this point and I'm still a little shocked that it's about to happen. The two things I have learned:
1) Relationships are the most important thing in real estate. I bring up real estate to everyone. I do it because I have met more people and have gotten more contacts just by mentioning I'm working on real estate investing. One of my coworkers own 4 rental houses, just happens to also be a BP member and gave me the contact info of a small bank owner in my city. He told his girlfriend about me, she also owns rental properties and they want to partner with me in the future. I have friends who are real estate agents that pull comps for me. And one of the engineers I'm working with has a girl that project manages apartment rehabs.

2) Write your business plan. There are so many aspects of real estate investing that you'll be all over the place without a clear, defined plan. I've been detailing my journey into real estate investing and I have my business plan here. You're welcome to download it and use it as a template for our own. It's a short two pager, but it keeps me on my path.

Good luck to you. This website is a plethora of information and potential contacts. Hope you do well.

I used Lead Propeller. One of the BP members created it with BP and it works great. I had my site up and running in one night. 

@Joe Fairless. I have been working on it and just uploaded it in the last few weeks. Been working like mad to get everything up and running. Website is done and I'm about to send out my first round of mailers. 1000 postcards. Should be interesting if o get a response because I'm leaving to go offshore for work next week. 

The name is because it's like the opposite of who I am. I'm the most non Asian, Asian and I have long hair and tattoos. Luckily, the domain was available. If it hadn't have been, I'd probably be the rocker horse or something. Lol. 

Rent is paid. Whether they are late or not isn't a huge issue. I'm assuming the property management company is taking care of the issues, since that's what they are getting paid for. I'm also assuming they are paying a late fee. I'm also assuming the late fee is a certain cost plus an additional cost for each day late after that. If they are paying the rent and paying the late fees, then the property is cash flowing and if you're not the one having to deal with it then why not renew? The property is free and clear so you're not witting for the rent to pay a mortgage. I say run with it.

Are all my assumptions correct?

If they aren't paying, they should be evicted. The reasons they got are not reasons to not say rent. Only to move.

Welcome @Jerome Jackson. This is a great site to learn and make contacts. Good luck to you.

The only way to get experience is to try. If the numbers work and it cash flows, there's no reason to not do it. Use a property manager since you are long distance. Many successful investors landlord from afar. 

I also suggest buying a duplex as your first place in Colorado and house hack. You should be able to live for free or close to free. 

Hope it all works out. Let me know what y'all decide.

It might not be worth it to get a license for a few deals a year, but what is worth it in my opinion is making offers. No real estate agent will want to put in offer after offer for you when your offers are way below asking price. Having a license affords me the ability to make as many offers as I want. Just an FYI I am in the process of getting my license.

I suggest y'all listen to BP Podcast 136: Building an Incredible Real Estate Pipeline with Shawn Holsapple. It reinforces what I said here.

I haven't had time to research all my options, but I'm looking at an account with the USPS, metered mail or stamps.com for cheaper postage options. My first mailing of postcards set me back quite a bit for 2000 stamps. 

Any suggestions for cheaper postage?

@Monika Haebich. Really? That's very interesting. I'll have to ask around before I buy my first property. Thanks for the info,