All Forum Posts by: David Warner

Hey Joe, no experience in Granite personally but I have agent friends that list quite a bit on the retail market.  In the past I have not deployed marketing dollars in these geographic areas but the numbers do support Adam and Austin's comments.  2 month supply, 100ishK avg. sales price, and just over 40 days on the market (Granite City not Madison) are not bad numbers.  I too live in Troy and love to talk real estate.  Joe/Adam/Austin/Sandeep, Sounds like we may have to do a meetup on the east side?

Closing on a SFR BRRRR next week and coming to some realizations not previously considered. This is definitely a rookie learning experience in which I will be taking detailed notes. Lender says that the commercial loan product I am using will convert from interest only to P&I at the end of rehab and there really is no cashout refi option for at least a year? She says I COULD quit claim from the LLC to my name and back and do a 30 yr in the process but the cashout would hit my credit like income? The house appraised much better than anticipated so on a 75/25 cashout refi I would be able to cover purchase and expenses and walk away with a nice bit of money to pump back into marketing etc. Thinking that I may have to wait on the refi and cashout has me rethinking my strategy and also everything I thought about BRRRR. My strategy is long term buy and hold but with the appraisal we received it only makes sense to take equity now if possible. Advice greatly appreciated.

I am a RE agent and investor in the metro east.  I would be happy to provide value in any way possible.  Feel free to reach out.

DW

@Seth Wilcock sounds like a solid purchase.  What part of St Louis is this?  I am also a native from the Illinois metro.  I am a licensed agent/investor in Illinois and have been looking at different areas of St Louis.  I like the north county (Florissant) area.  

Hey James, investment property specialist and real estate agent operating in Troy.  

Hi, my name is David Warner. I have been a real estate agent for a little over two years and a wanna be real estate investor for way too long. I plan to be free of the 9-5 within 10 years with over a million in equity from cash flow producing single and small multi-family properties. I have come to BP to learn from those actually successful at what I plan to do. I have been on the sidelines of the game for almost ten years and have just started taking action in the past year. I have multiple auto MLS searches configured that I review daily as well as an ongoing direct mail campaign targeting pre-foreclosures from a list I continue to build through trips to the court house. Next step is a direct mail campaign for probate and absentee owners. I have submitted at least a half dozen offers none of which have been accepted. I do not get frustrated with this process as even a rejected offer is a great learning experience. I believe our biggest error to this point is in our construction cost estimates which we are fine tuning but always conservative. I am not sure what I plan to do once the offer to purchase is accepted, guess it depends on the deal. I have always heard to find the deal and the rest will fall in place. I do have a couple of financing options (bank and hard money) when it's time to close. My initial plan was to flip a few homes to pay off all residual debt from my college years and worldly travels. Lately, I have been rethinking this plan and considering replacing with the famous BRRRR strategy and using a percentage of the equity pulled out from the first few deals to pay down debt but keeping enough to cover the last R (repeat). Looking forward to leveraging BP to pursue my dreams.

David Warner