All Forum Posts by: Edwin Broce

Welcome, Denise! Great to see so many posts from people from Missouri lately even when we are in different areas

Best of lucks, Alex! If you want to come to invest in Missouri it seems you will have quite a welcoming reception :) @Karli Reiter @Rob Luck .

I totally agree with @Jeffrey H. opinion. I have a friend that actually had done deals like this in the past. The first thing is always to look at the owner's book and take a close look at how the business operate. In this case this is not only an investment in a rental, but also in the business. 

P.M. me if you want me to try to ask my friend if it is Ok for me to give you his information.

Hi, Scott. I am a realtor in the St. Louis area. I am afraid I don't have enough knowledge of the Cape Girardeau area to assist you. But if you plan to come closer to the city to invest let me know there is a lot of opportunities for investors in St. Louis North and South County

Jasmine, I will run it through a title company if I was you. You can give a call to Investors Title,

Resolution Title Inc., or Title Experts LLC. But if you can't I personally wouldn't worry much about it if your contract doesn't include any very specific contingency. Also, you can just ask another experience investor in the area with more experience.

Hi, Jasmine. I am a realtor and I am getting started as an investor in the St. Louis area. I had work with investors before and understand the mindset differences. I have done extensive studies on the local markets and stay current with it. Give me a call if you want to talk or if you need any reference to a contractor, title company or any other team member you might be looking for.

Hi, @Adam Rothweiler . It's great to see more people jumping to be real estate investors. I am currently also starting in the St. Louis area. I will recommend you to go to the local real estate meetings. There are a lot of local meetings some of them are free the first time you go to them. In my opinion the best one locally is SSIC ( http://www.meetup.com/TheSouthSideInvestmentClub/ ). There is also Lifeonario REIA ( http://www.meetup.com/LifeonaireREIA/ ) and there St. Charles group which is actually free* (they meet at Golden Corral and you pay for your own dinner) ( http://www.meetup.com/StCharlesREIA/ ). Hope this is enough to get you started, once you start getting into investors groups you will be able to find potential mentors easier. The way I go about it is going to the meetings and establishing conversations with some investors, getting business cards and after contact them the next week to meet at a Starbuck or a Bread Co. Hope this help, Adam!

@Mike Heth Yes, I am currently an agent in St.Louis. Let me know if you need any information about the St. Louis market or if there is any way I can assist you. Also, let me know if you are coming around the city one of these days, it will be nice to meet to talk about the market.

@Tom Echols I will definatly PM you. I am already a member of the SSIC and went to there meeting two weeks ago. I think North County is definitely a great place to invest, specially now with the NGA coming to town.

Dan, something that I have seen some investors do in the same situation is to partner in one of the deals and take the other one. If possible you don't want to miss the opportunity in the other deal just because you don't have enough for the down payment. 

If this is not an option you can backup from the agreement on the property you are not going to buy when you do the inspection, if you have the contingency in place. This will allow you to recover your earnest money. Normally inspections contingencies offer a lot of leeway specially if you are buying a fixer upper. Don't do this often through you don't want to be know as the guy that always back up from deals. Hope this helps!

@Joshua Rose

Hi Joshua. I am also in the St. Louis area, PM me if you want to meet to talk about the local market. There is a big community of investors here in St.Louis.