All Forum Posts by: Jonathan Sher

Who is responsible for the following:

Water?

Sewer?

Trash?

grass cutting?

 Multifamily in Saint Louis seems tough to me. Seems like 75% of what is for sale are in areas I don't think have strong futures.

I'd definitely call around and try different banks. I've had 1 bank offer me 4.5% interest on a loan, when the one down the street would do 5.75% on the same asset and same guarantee. Some banks are more aggressive than others. I'd also try credit unions, sometimes they are more lax because they are always hungry for customers.

Hey Ryan, it's great to see someone local doing a flip. I have a guy I could refer to you, he does very good work. What part of St. Peters is your flip? What is your expected ARV after complete?

Good luck!

Hello BP Fans, over the last 4 years, my partner and I have been able to acquire 16 single family properties around the Saint Louis area. We'd like to continue buying real estate, but the way prices have increased and the lack of inventory, margins are being squeezed on newer acquisitions. Houses we were buying 2-3 years ago, we were purchasing for 2% of the monthly rent ($800 would be $40,000) now that number is looking more like 1.2-1.4 

So, my question is, have you guys been facing reality and continue to buy with these smaller cash flow returns? Unfortunately the areas of town where the cash flow numbers on paper are healthy, are areas you do not want to enter. Would you guys continue to buy if prices increase even more? 

An investor I know bought a house as a rental that someone was murdered in. He disclosed it to all potential renters, and it turned a few people off but still rented it quick. I'd disclose it to the next person, because you know it won't take more than 5 minutes after their u haul shows up to move in that the neighbor will spill the beans.

Hey Patrick,

My first thought is, you're not going to make any friends with these agents if you're contacting the owner behind their back, even if you have good intentions to have the owner then give it to their agent. Agents can get very "butt hurt" over things like these.

Hi Chloe,

Welcome to BP. What areas of Saint Louis are you looking to own in? Wholesaling is very hard and not for weak minded people, it looks like you have a lot of determination. The market is St. Louis has really picked up. Finding buyers will not be your problem, finding the deals will. Anything that comes for sale on the MLS is being swooped up. If it's a property that had an owner occupant period that expired and the house is still available, 9/10 it usually has an issue. My point is, it's possible, but you're really going to have to dig to find properties.

I did a deal with my title company where I bought the house for $27,500, borrowed $30,000 and the title company filed the deed of trust my attorney drafted. They cut me a check at closing for the additional funds.

I'm not sure why the title company would want you to amend the contract, the seller really doesn't have anything to do with it correct? This private lender is funding you to purchase and are they getting a deed recorded by the title company?