All Forum Posts by: Account Closed

@Brandon Carlson

63117 (Richmond Heights) , 63130 (university city which is close to Washington Univ) and 63110 (tower grove, Shaw, dogtown) are all very good areas. I know them all well as I have either lived or worked there. They are high value areas where people want to live and make great areas for STRs. Good deals don’t come up often in those areas as they are highly sought after but if you can find one it will pay well.

I have two room mates who will be renewing their lease for a year. One of them will be staying for a year while the other one will be staying for 6 months only. They will be sharing the cost of rent for the first 6 months; once the room mate moves out the tenant who stays for the year will be paying the full amount until she finds another room mate. Once she finds a room mate I will do background check and have them signed a lease. My questions is what is the best way to have all this reflected on the lease? I don't want to give the tenant to sublease a new room mate with out a singed lease with me.

Are there any options for renovation mortgage loans that will cover 75% ARV for investment properties that are small multifamily 4plex/4units? I have read that they are available for one unit second home or investment property. What options are there for mortgage loans covering the rehab costs (~$60k) for an investment property?

Looking for Handyman in St Louis experienced in bathroom and kitchen remodel. Please send me a message if you or anyone you know and recommend, who can do the job. 

Looking for a reputable home inspector in St Louis MO. Would appreciate any referrals to inspectors that would do a walk through and explain things after their initial evaluation. Someone thorough would be great. Thanks in advance!

@Afsheen S. Not sure of specifically local St Louis lenders who do physician loans. Most of those loans have been placed on hold in many mortgage banks due to the current economy.

If you go to The White Coat Investor website there is a list of physician loan lenders by state. I would get multiple preapprovals (doesn’t affect your credit if you do them all within 2 weeks of each other). I recently did this and the offers vary a lot! you can then even play them between each other and ask if they can match it or not. 

@Sarita Scherpereel yes that’s what I’ve heard but not sure if anything changed in the last month due to the economy.

@Kevin Zolea thanks but I don’t think I will qualify for that.

What's the best loan besides an FHA loan to house hack a duplex? I have the option of using a physician loan as well (0-5% down payment) and avoids PMI that FHA has. If I'm trying to grow my portfolio of investment properties (2 to 10 doors within the next 2 years) what other factors should I consider in the type of loan I choose? the duplex may need some minor rehabbing but nothing major. Appreciate any advice and/or tips in advance! This forum has been a Godsend. Thanks all!