All Forum Posts by: Chad McIver

2 Rockwood Trail Ct St. Charles, MO

Advertiser:	Sandberg, Phoenix & Von Gontard/Lan
Posted In:	St. Charles County Business Record
Category:	Trustee Sales
Posted:	11/12/2014
Inserts:	21
File/Case No:	BURKEMPER
Documents:	Print Version

This is straight from the counties website for trustee auction info. here is the county tax record history for the property, they haven't been owners in years, they originally built the house.  Maybe they used the house as collateral on property?  But the house has transferred ownership, even through a foreclosure sale of another owner!

Recording Date	07/03/2013	11/08/2012	07/10/2012	11/02/2010	11/02/2010
Sale Price	$574,900	$403,000
Nominal	Y	Y
Buyer Name	Coffman Chris & Janet	Kopp Daniel A & Holly	Mrv Banks	Burkemper 2010 Family Trust	Burkemper Harold W
Seller Name	Kopp Daniel A & Holly	Mrv Banks	Abts Stephen J	Burkemper Harold W & Dianne	Burkemper Harold W & Dianne
Document Number	6050-181	5894-899	5811-1011	5484-1641	5484-1639
Document Type	Warranty Deed	Warranty Deed	Trustee's Deed	Warranty Deed	Warranty Deed

There is a property that is scheduled to hit auction court steps this coming month.

Auction detail:

"IN RE HAROLD W. BURKEMPER AND DIANNE M. BURKEMPER TRUSTEE'S SALE -- Default having been made in the payment of a Promissory Note described in and secured by Deed of Trust executed by HAROLD W. BURKEMPER AND DIANNE M. BURKEMPER, dated June 26, 2001 and recorded in Book 2633, Page 918 in the office of the Recorder of Deeds for St. Charles County, Missouri; and, whereas 2191 Corporation is the trustee, at the request of Midwest BankCentre, the legal holder of said Note, will on December 2, 2014, at approximately 2:00 p.m., at the Front Door of the St. Charles County Courthouse, St. Charles, Missouri, sell at public venue to the highest bidder for cash, the following real estate described in said deed of trust and situated in St. Charles County, Missouri, to-wit: A tract of land being part of the future development area of Ashleigh Commercial Plat One, a subdivision recorded in Plat Book 31, page 246 of the St. Charles County Recorders Office, being part of Section 9, Township 46 North, Range 4 East, St. Charles County, Missouri, and being more particularly described as follows: Commencing on the Eastern right of way line of Jungermann Road (96' wide) at the Northwest corner of Lot 98 of Ashleigh Estates Plat One, a subdivision recorded in Plat Book 31, pages 143 and 144 of"

The property 2 rockwood trail is the subject property, but the home is no longer owned by burkemper, it is owned by the current owner who purchased last year.  The property has had a few owners since the burkempers.  Also, the legal description noted above is for a different property that he owns.  Can the assumption be made that they have the property info mixed up?  

What Websites do you use to search county auction info?  Any particular companies for searching title, or just hitting the courthouse records?

Thanks

Im looking for someone that would be willing to mentor/shadow them at the courthouse steps process.  Been flipping and have experience, and the funds to buy at the auction, but would like a little guidance.

I'm currently on the look for the next flip. Any leads let me know !!

All the monies will be available for the next flip and I plan to grow my capital by rolling each deal's capital to the next.

I just received a accepted contract on my first flip, in St. Louis City, MO. Happy with the way it turned out and the profits. Still have to get through inspections.

But List price $99,900, sold for $98,000, DOM 70. Total expenses including staging, real estate commissions, concessions is $78,500, for a taxable profit of $19.500!

I plan on moving to another flip, and do not want to get stuck with all the capital gains. Suggestions on strategies to use moving forward?

Thanks for your time!

typically it is really difficult to get funding for a cash owned property. Best bet would be to bring in another investor or private lender.

Where is the property. What are the details ? I'm an appraiser in St. Louis

My question is what to do. I'm currently renting and on the lookout for a steal. I'm wanting to flip homes but unsure if I would be smart to by a flip , live in it and move on to the next, or if I should go moderate on a primary residence and save cash to buy a flip. Anyone have experience with this. I'm single and have the flexibility to get started anyway I want. Ideas?

"Just from the numbers it is a no go at 400k. Your 350k number looks better just based on what you posted. Dont even bother with the MLS data. Just look at the leases and run your own numbers. "

Thats the plan. Hopefully the agent will be able to provide the actually leases for me..

"Is the lease on the commercial NNN? "

something I hope the agent will be able to clear up for me.

"The most important and the wild card in this deal is the retail. "

Agree, the residential will rent very easily.

"This makes this building commercial and you need stress test the mortgage rate. While you might be able to get five percent for the next three to five years, what about when it comes time to renew. Where will rates be?"

My broker is telling me I might be able to get into a 7 year arm..so yes, that is of concern.

"How long has this property been on the market?"
Property was initially listed august '10 at $450k and dropped to $420k this last month.