All Forum Posts by: Grace Hartman

@Derek Brickley

Thanks Derek! Is it possible to do an escrow holdback without raising the purchase price?

The title company is not very open to the idea of escrowing money so looking for a way to get them to agree to it if that makes sense. Appreciate your insight.

@Jaron Walling

Thank you for the response and insight.

The seller originally agreed to fix the sewer and provide the tuckpointing as a credit. I was choosing to have the sewer fixed and throwing a bone to the seller to take on the very needed, and extensive tuck pointing SOW myself to help the deal move along.

After getting bids for the sewer the seller then changed their counteroffer to credit the repair rather than fix it.

I was the only offer on the property and the seller is motivated to close. I’m trying to decide if taking on the sewer repair is worth it or walk away from the deal, as the seller has drastically changed the repairs they’re agreeing to each time a counteroffer comes through. Thank you for your time in providing your input!

I am under contract on a duplex that I will owner occupy for 5% down. We are in inspection negations and have agreed to a seller credit of $7,500 for tuck pointing work (max 3% of purchase price). However the seller does not want to repair a sewer lateral because he is on and out of the hospital and cannot over see the work (so I’m being told from the agents) and is proposing to credit me money to fix. The problem is the credit I’m able to receive is already maxed out. Is there any recommendations for how to work around this or structure the agreement to have the seller pay for the sewer without it being classified as a credit? Looking for a way to save the deal without being stuck with the cost of the sewer repairs. Thank you!

@Jordan Myer

Thank you for the advice, I think that is what I am going to do as they are good tenants generally, they just need to comply with the occupancy requirements which can be fixed by updating the lease and ensuring there is no fourth occupant.

Thanks again!

@Ricardo R.

Thank you for the insight, that is very helpful. Yes the lease is my own lease, not the company’s corporate lease so I know it has been violated as there are more occupants than the single occupant listed as a tenant which is explicitly forbidden in the lease.

I am leaning towards keeping them, like you hinted at albeit sending notice to bring them into compliance with an updated lease by a certain date.

Thank you for the advice!

Hi BP, 

I've run into an unusual situation and am debating ending a lease early. A company has guaranteed a lease (the company pays but a single employee is on the lease). Now, the single employee on the lease has moved out and four different employees have moved in (city ordinance permits 3 occupants max). This violates the lease, but rent is paid on time each month, neighbors have not noticed anything unusual, and the tenants are hardly ever there so overall, they are good tenants to have.

I am debating ending the lease due to the clear violation, OR adding the new employees to the lease for a fee with regular inspection to ensure only 3 people are staying in the unit. 

Any advice or thoughts is appreciated!

@Jason Rhodewalt

By nicer areas of STL how nice do you mean exactly? St. Louis is a unique place and nice can be a relative term. I’m currently house hacking in arguably the nicest part of the city (CWE) but a lot of other areas of the city are nice too depending on what you mean. the inner ring suburbs of the county are usually considered nicer but tend to be higher priced but they will also have small commercial multi families.

I know there’s currently a 10 unit on the mls in maplewood (great area) that I’m assuming would fit your criteria, however I think it’s overpriced but I don’t often underwrite commercial size properties

Thank you! @Frank Masek @Erica Larence-Penna

Hello all, 

I am looking to purchase my first (house hacking) property in the next few months and am in need of recommendations for an investor friendly agent and lender. As of now, I'm looking for a SFH in the Maplewood or Dogtown neighborhoods but would consider a duplex if it was the right property and location.

Thanks in advance!

Grace

Tower Grove East has a decent amount of homes under rehab and Fox Park as well. Tiffany and The Gate district are between SLU hospital and Lafayette Square. SLU is investing in those two neighborhoods with new construction and there's been additional rehabs as well. I live in Shaw and ideally I would buy in Botanical Heights. It's between the Grove and Shaw and there's a City project in the works to redesign Tower Grove Avenue between the park and Cortex/the Grove