All Forum Posts by: Corey Jacques

I agree invest locally,  to learn how to landlord before you start with out of state investing.  Just my opinion 

Hello fellow BP members, I'm requesting any advice you can provide me about investing in St.louis MO. I used to stay there about 20 years ago, and because of the price point I want to invest in some buy and hold SFH/Multi. I hoping that someone can help me with my core four. (Real Estate agent/Property Manager/Lender/Contractor)

@Tom S.  Thanks Tom for the great advice. I was hoping for a better outcome but the advice was much needed. So looks like I will have to wait until the house appreciates in value for things to get rolling again. 

• I am thinking about doing a cash out refi to recoup my 20% down payment I used to purchase my investment property. I want to purchase a 4-plex but I don't have the 20% down payment, I was looking to get half of the down payment from the cash out refi and borrow the other half. (I would like your thoughts on this approach.)

• My second question is can I use a rental property as collateral to get a conventional loan to purchase a multi family property? 

@Brooks Johnson they were repairs they agreed to do in writing to you as a part of the transaction?

@Bruce Runn, agreed this is just one of the lessons that a newbie has to go through. Thanks

@Theresa Harris great advice. Thank you

@Chad Gaddie Thanks Chad less than 2k unexpected expense, but I will take this as a learning lesson.

@Bryan Tinajero thank you the scope of work is probably less than $2k. I will chalk this up as a learning experience.

Hello all, I just recently closed on a duplex in MINNEAPOLIS and the previous landlord was to complete some work before close.  When the inspector came to the house they landlord was working on the property and the inspector assumed that he would complete the required work.  When I closed and got the keys to the property the work was incomplete.  Has anyone had this happen before? What options do I have?