All Forum Posts by: Chad McIver

ok, thanks john, in missouri the max is 10%, not real attractive.

Ive done some research and reading on tax lien certificate and deed investing, and alot of the stats and books are typically pre 2010.  Are double digit returns obtainable still?  What states are ideal?

I wouldn't take on that deal with those margins, with that much work involved. But with what you are going to learn, which the chance of making a profit might make it worthwhile. Can't always put a price on experience. What part of St. Louis is this that you are buying for $10k, with a $200k+ ARV? You could always PM me and i could further help you with valuation.

Another option i would consider is partnering with an experience GC/Flipper.  This is a big first job, and it could potentially scare you from the business.  If you could partner up, you share the responsibility and stress of the project, and also could learn from someone that is more experienced than you.

I do have experience in buying a courthouse trustee sales, and of course as an appraiser.  But the scenario is much different than I typically deal with.  Sales here do not allow financing so this is not a situation that I have yet to come across.  On properties ive refinanced after purchasing at courthouse steps with ex owners in the property, they were setup as a investment/rental property, but i of course have the ok of the previous owners as i have come to terms with them.  In your situation you are at the mercy of the occupants, and only advice i could think to give you would be private lending that would allow alternative valuation methods, or a drive by appraisal.   Once you have them out, you can refi out of private money/hard money loan into conventional financing?

I have actually had good luck with this.  You can get top dollar for rent if as they are typically motivated to stay in the home, but it has to be for the right reasons, ie want to keep their child in the same school etc.  From there you just need to discuss why they went into foreclosure, and why they feel like things will be different moving forward.  Analyze their current financials , and if you feel like they are honest people, give is a chance if they Returns you are looking for are there!

Best Advice I could give as I have had to do this multiple times.  Be authentic, be yourself, and hear out the current tenant/occupant.  If you are friendly with them, they are more likely to open up and divulge info that will help you determine what is an appropriate course of action.  I do my best to work with them, as opposed to eviction if at all possible.  I also have a notice i attached on the front door prior to knocking, to help ease the shock.

Welcome to BP Dina.  I regularly have properties in St. Charles County.  Shoot me a PM.

As phillip has stated, grant hickman is great, I have worked personally with Cort Schneider, and Cindy Fox.

Any updates?  Curious as to what is out there for multi-family in St. Louis.  I have been full time residential flips, but lately have been looking at multi-family, 20 units plus in st. louis/st. Charles.  But as Joel has noted, I do not want to buy based on cash flow alone.

Welcome Jeff, I'm a St. Charles guy, doing 10-12 flips a year.  Feel free to reach out!.  I have 3 hitting the market this month and looking for more.