All Forum Posts by: Donald S.

I've heard great things about Rockwood bank, and Bank of Franklin county. I don't have experience with them yet, but they come highly recommended around town.

Originally posted by @Jay Hinrichs:

careful.. 

real estate lending has become the new Nigerian prince scam..

 Thank you Jay, I'll keep a look out to see if they hit any more red flags other than no website. So far he hasn't asked for anything up front. 

Hi everyone, 

I've been contacted by a person on Bigger pockets who works for CPF Funding, possibly a subsidiary of M&O Funding, but I cannot find any information regarding the 2 companies. I have requested proof that they are legit, but I wanted to see if anyone had experience with either of these entities? 

Or if anyone knows how to go about vetting a Hard Money Lender? 

Hi @Megan Arzt, I'm talking with them now, did you end up using them? How did it go? 

I would go with Joe. While his income is dependant on tips, 3 year history at the same place means he's probably pulling consistent tips. I wouldn't hold the eviction thing against him if his landlord vouched and the one before that liked him. 

I'd choose Joe over Tom because I doubt Tom would stay as long. Once he gets his high paying job, it's likely he'll want to upgrade. Also currently 2/3 of his income before taxes would go to rent and debt payment, that's a bit much for me. 

The couple have to many problems. I'd stay away from them.

I agree you'll have to pretty much throw out everything he put in three numbers and do a lot if work to figure out what the real expenses are. Also I notices he include Security deposits as "Income", don't. That is at best reimbursement for repairs after a tenant moves out, I would never include it in income.

Just real quick I'd ask how he is at 36% Opex% if in your words it looks like a shoddy operation. I'd be on the lookout for significant deferred maintenance, and be sure to get proof that the tenants are all actually paying. at 24 units the property management probably isn't on site, or if it is its probably a part time live in manager, so make sure you have PM ready to go, you'll likely want/need to change it. why is he offering at 9.2 cap if the market supports 6 to 8?

I have a very real estate friendly CPA, but he's not in STL. If you're okay with phone calls/skype he's probably a good option. PM me if you want his info. 

@John Krauklis that remodel looks great. Can you tell me where you found the appliances for the kitchen, and did you stay on budget with the unit remodels? I'll be remodeling a 2 bedroom unit soon and will need appliances, looking to find a good deal. You had estimated 1100 for your kitchen appliances and 2500  total for the kitchen. I'd like to get my units kitchen remodeled at that price, they look similar in size. PM me if you can. 

Cheers! and good luck on the bar and rentals. 

fantastic thread I can't wait for more updates. Hopefully it works out for you.