All Forum Posts by: Eric Schuettenberg

@Eric Schuettenberg and @Rodney Diamond you can purchase up to ten properties in your individual name with conventional financing - giving you the ability to have the most favorable rates and terms - 30 year terms and a fixed rate. I would consult with an attorney but according to one of my attorneys - you can transfer title into an LLC 60 days after closing, giving you the best of both worlds.

Thanks Jerry, great info

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Originally posted by @Rodney Wideman:

Hello all I'm wanting to know what bank everyone uses/recommends to buy single family homes in the St. Louis Missouri area. I have been using Southern Commercial Bank on my fist house with a LOC since I started but they will not do second mortgages on any of my other houses without holding the first mortgage as well. All of my first mortgages are on fixed 30yr notes with great rates and Southern Commercial will not do fixed rates on an investment property so I really don't want to refinance the first through them.

I live and invest in the Jefferson County area and would prefer to deal with a local bank in this area but if the terms are good enough I'm willing to go anywhere.

Great question Rodney. I was wondering about this myself. I hope to need financing soon myself for my first deal.

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Great subject. Being a newbie I have been wondering about this for a while.

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I'm not to concerned about how we would split the profits. I have no problem letting a mentor keep all the profits. I just want to learn.

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Originally posted by @Joe McCall:

Thanks, Yvon.

Eric, have you looked at the St Louis Lifeonaire REIA yet? You should. They have a meeting this Thursday. It's going to be a great meeting. Unfortunately, I can't make it. I'm traveling this week.

Joe,

I have looked at several REIA's and the problem I am having is most of them are in the evenings and I work second shift. The only daytime one I could make is all the way down in the south city area. I'm trying to find something closer but may end up just going down and checking that one out.

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I am seeking mentors in the St. Louis area. I Will do all of the marketing, driving for dollars ect. to find properties in my area (St. Peters). I would then like an experienced investor to guide me through the process and possibly recommend cash buyers. contractors or anyone else I may need. We could split all profits 50/50. If this sounds like something you would be interested in please let me know.

Thanks

Eric

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Great info in here for a newbie like me

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Unless something comes up I'm going to check it out next week as well.

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Are simultaneous, back to back, or double closing allowed in Missouri, or do I need to do an assignment closing? What would you recommend?

Thanks

Eric

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All Forum Posts by: Eric Schuettenberg

Eric Schuettenberg has started 11 posts and replied 31 times.

Post: 203k loan question

Post: Best St. Louis area banks for investors

Post: Best St. Louis area banks for investors

Post: How Do YOU Find Good Contractors?

Post: St. Louis area mentors

Post: St. Louis area mentors

Post: St. Louis area mentors

Post: Best Method For Wholesale Leads?

Post: Day time St. Louis area REIA meetings?

Post: Wholesale closings in Missouri