All Forum Posts by: Andre Taylor

@Kenneth Garrett and @Patti Robertson hit it right on the head.  Screen section 8 tenants just like you will screen a cash buyer....there are good sec 8 tenants and bad ones no different then cash renters. Don't get me wrong some section 8 employees can be difficult but hey what business you haven't went into where there was some disgruntled worker. have good process in place to really screen tenants and when to deal with any that goes bad.... believe me....whether its section 8 or cash... some good tenants can go bad over night on you.  All in all nothing wrong with section 8.

I agree @Kenneth Garrett D areas I wouldn't do at all.... C areas have the opportunity to gentrify into B areas.

Being that the leases are very close to expiring start sending out the non renewal letters now so they can prepare and you can word as the building needs major updates that requires the unit to be vacant. That will solve all your problems right there. Start fresh on your terms

You can find gems in bad areas when it comes to properties and tenants. Yes true in bad areas there are higher percentage of bad tenants but trust me there are some good ones out there..its just due to their financial status they cant live in good areas. I constantly see investors bash bad areas...and alot of them either had bad experience and most of the time they did not do their research when it came to finding the right property as well as thoroughly checking out the tenant. All of my properties are in a C area and I have good tenants and the reason why? I grew up and came from a C area....my mother paid her rent on time and our place was always kept clean....I seen the bad and good type of tenants in a C area growing up which gives me a little edge because I know what to look for with tenants as well as I can identity a small area within the C area to buy property. Its all about doing your homework

@Matt Thomas I agree with the other two gentleman that hard money/private lending is the best option. I actually am preparing to do a gut/rehab on this duplex i bought that was converted to a single family and I am looking at to doing an hard money to get this done. As I am analyzing the numbers... the upfront points and the monthly payments I am factoring into the deal with the rehab cost so I am mentally prepare for that also back up plan will be to do a cash out refi into a fixed 30 year loan. @Odie Ayaga would love to pick your brain on things I need to know with working an a hard money lender.

As far as city... you cant go wrong with Tower Grove, Benton Park, Shaw, Gravois Park.....in the county... St Charles, Florissant and Hazelwood. Those are some safe areas to invest and see good returns. As always nothing like coming to drive the areas to get more of a look of things for yourself. STL market is good in terms of cost of housing... and the growth here is modest in growth...now Kansas City growth is aggressive. You can get some good deals here in those good areas and have some good returns...it all falls back on the numbers. @Peter MacKercher is a good source.. he has a vibrant property management division in his realty company as well as the dynamic of certain areas. I own property in Gravois Park, Tower Grove and Dutchtown. My future purchases are focusing more on Gravois Park and Tower Grove.

@Greg Dickerson Sum this up to the T. If you have a good track record with current rentals that are updated and cash flowing good then that helps out alot. 

Yeah if she dont want to move... then you will just have to ride out these two months... just let her know you will not renew her lease now so she can have time to find other housing. I figure cash for keys would had worked since she has 2 months left...but some tenants just get too comfortable and dont rigorous process of moving.

Small local banks in my area don't care if it's in LLC...the local bank I did my last refi with just quit claim deed the property at closing and the bank I am working with now on another refi is doing the same thing

@Mari Leopold also build your plan now on how you plan to renovate those properties.. lay everything out... if you go to the bank or even a hard money lender.. and they since that you dont know or understand the deal inside and out.. they will not lend you money... so know your numbers...it is crucial.