All Forum Posts by: Donald S.

good to meet you josh, if you need another local to help you with anything in StL reach out to me. 

You got all that work for 20k, did you do it all with contractors or do some of it yourself. that seems like a good job for the money.

A four plex, as long as it is one building that has 4 units is only 1 mortgage, 1 property. your loan officer sounds inexperienced and doesn't know what he is talking about. talk to other banks. for clarity FHA loans are 3.5% down, so keep your 20% down if you want to. For FHA loans you usually have to live in the property for 1 year before moving to rent the other unit out. And you can only have 1 FHA loan at any time, but you can have 4 conventional loans normally before you need to look into other loan types. Hope that helps.

wow, great job. what was the cost of a project like that.

I was hoping to find someone in StL to find out specifics for my state laws. And maybe partner to learn the ropes of it, maybe help them somehow until I get my legs under me. I'm a good negotiator just need a roadmap to point the way.

Anyone in St. Louis doing subject to deals? If so I'd like to buy you a cup of coffee and discuss it with you. seems like a very interesting and potentially profitable niche.

if you have a contract, sounds like you do, have a RE lawyer take a look at it and see what can be done. If you're on good terms with the buyer you can ask him if he's willing to do a refi on the property that would pay off the mortgage. my understanding is that most Subject to deals are done with a plan in place to refi the property eventually to pay off the mortgage. if there's nothing in the contract though you might be SOL. good luck

welcome. what types of investing are you looking at doing? what areas have you been looking into?

Hey guys, I saw that Loan Sum is a local HML in Maryland Heights and was wondering if anyone had experience with them?

I went to their site and to sign up would require my SSN and DOB, things I don't like giving out willy nilly. So if anyone in St. Louis, STL, Saint Louis, has experience with them please let me know how it went and if they're legit. I have a flip I'm going to try and do and am looking for funding. Lending home for some reason said they wouldn't loan more than the current value of the home in repairs (home value ~55k, needs 65k rehab) even though the ARV is 145k.

So whatcha got people? 

@Peter MacKercher, any suggestions?  

@Chris Brown who do you use for your cabinets?