All Forum Posts by: Dan Forguson

Searching for my next investment property in the Greater St. Louis area and, being new to property investing, I was wondering if there were compelling reasons to choose either IL or MO in STL (other than property tax differences). Any cautions with landlord-tenant laws on one side vs the other? I’m currently looking for a multi-family (duplex or 4-plex) and find myself going back and forth. I live in IL, but work in MO (and have another rental property in MO), so I spend equal time driving on both sides. Thanks!

Appreciate all of the feedback!

@Bryan Richardson thanks!

@Bob Woelfel thanks!

Wondering if it’s a good or bad idea to provide washer and dryer for tenants?

Investment Info:

Single-family residence buy & hold investment in Ballwin.

Purchase price: $91,000
Cash invested: $10,000

This was a house hack, bought, rehabbed, lived in and then converted into a rental in Ballwin, MO.

How did you finance this deal?

Primary residence, conventional financing.

How did you add value to the deal?

Rehabbing the property.

Lessons learned? Challenges?

Be sure your lease is approved with the HOA before presenting and signing with tenant. The mortgage company sold our loan and the next mortgage company didn't receive our insurance info, so they force placed insurance. The problem was they force placed insurance for the whole complex, raising our monthly payment to over $5,000. It was a huge hassle to resolve.