All Forum Posts by: Adam Rothweiler

Hey Jason, welcome to BP! I'd recommend checking out STLIPA (St. Louis Investment Property Association) with Bryan Young. Very hands on and specific information, they're not gonna blow smoke about becoming a millionaire and they're not going to constantly brag about their personal successes. I'm also a new investor interested in multi unit buy and hold properties, but I'm about 30 miles south of STL. I lived up there a few years and enjoyed being closer to the city, but things change.  

Anyway, feel free to reach out to me with any questions or if you want to talk shop! I'm always ready to talk to other investors!

It's an all cash purchase, as well. No loan.

I read in a blog post that Brandon Turner typically figures between 5%-7%, so I averaged it out to 6%. I've seen lots of different variations. I'll add the $25 in for mowing as well. At 10% for repairs AND CapEx, plus the $25, it'll still cash flow right under $600 which I believe is solid. Any advice?

Ok investors, here's the scoop.  I've tried to cover all the bases on this duplex I'm looking to wholesale to an investor. I want him to have a good experience with it so I'm doing loads of research on the property.  

Purchase price: $85,000 cash ($90,000 once you add my wholesale fee)

Repairs needed: $5000 (I know it seems low but I've walked this property and it is sound.)

Annual taxes: $998.00 (as of 2015)

Both units are 2/1 but can be converted into a 3/1 with no rehab. Just reutilizing unused space.

Area rents draw average of $750. 

Utilities are on one meter, since it was formerly a single family. I wouldn't split the metering, I'd continue to pay utilities but increase rents to cover costs. 

At $1450 ($725/unit/mo) with 8.3% vacancy, 10% CapEx, 6% for repairs, $100/mo for insurance, $83/mo taxes, and all utilities accounted for, this property cashflows around $650/mo. What am I missing? Is this a good deal?

Hi @Matthew Ban and welcome to BP! I'm a newbie investor and I've shifted my focus down from St. Louis city to Jefferson County where home prices are much lower and rents are still good. I also love the idea of house hacking. I can't think of a better way to get a crash course on landlord-ing. If you want to talk or meet up sometime, get a hold of me! I'm always looking for people to talk goals with! Again, welcome, and happy investing!

@Peter MacKercher I'm definitely looking for house hack opportunities on multi unit properties. As a tenant/owner occupant, I love south St. Louis and want to live closer to the city but I don't think building a rental portfolio in that area is what I'm looking for. I'm currently trying to build up some cash through wholesaling down south to get my foot in the door, considering I'm 22 with little to no capital, let alone a credit history long enough to be considered for traditional financing. I do believe my only option is to acquire my first house hack through owner financing.  I hate to just come out and ask but if you know of anyone looking to get rid of some of their properties and would be open to a seller financing conversation, I'd appreciate it if you kept me in mind! Of course if there's any favor I can return to you just ask and I'll do my best to help you out. I'm driven and constantly educating myself on BP and other sources, always looking to contribute.

To all: There's tons of investors and professionals in St. Louis and our market is great! If anyone wants to talk, needs some sort of referral, or just has any questions I may be able to answer or help you find the answer for, contact me! Well wishes to you guys, hope I'll see you all around!

Oh! Well even still, my point stands!

St Louis is one of the top performing markets in the country right now. I'm lucky to be getting my start here. MLS inventory is low but there's no shortage of off market deals.

I'm looking at a home that'd be a great flip in Rockwood School District in Fenton by 44 and 141. I just became REO Monday, however! 2/2 $119,000 2 room addition into garage 7 y/o roof 14 y/o AC unit 5 y/o water heater and furnace 0.45 acre lot on quiet street Amazing school district Very outdated, I estimate about $45k-$50k of work but comps are pulling around $200k Contact me if interested in hearing more and happy investing!

Not much. If I had 20-30% to put down on a house id look at traditional financing but that's not the case.

Checked out the website, didn't dig much into your seller financing. Are your terms on the site? I'm interested in the numbers. Care to set up a phone call sometime? Bryson Pennock