All Forum Posts by: William T.

@George Pemberton Congrat's on going to college, it is certainly an awesome experience. Can you post the numbers for the building? Also, I would network with a couple people to obtain roommates ahead of time if you choose to do this? This will also help with finding your first tenants if you are not familiar with the area.

I believe if you go to your profile settings and choose forum signature. You can check the box for the Pro account which should give you the prompt for the logo... I am sure BP will provide great directions.

I am very much aware of the hot areas most buyers want to be in such as North County, Mid County, and the Tower Grove area. Are there any investors/buyers interested in South County because I never see properties being wholesaled for this area in St. Louis. I am currently reviewing a direct mail campaign for this area and trying to establish if there is any interest. All opinions and suggestions are welcome.... Please PM if you would like if you have questions or concerns.

@Phillip Mazur Is it possible for you to completely finish the two apartments and get them rent ready. If so, proceed with renting out at least one apartment so you have cash flow (this is assuming at least one apartment will not be disturbed by repairs being done in the building). I would also recommend shopping (do your due diligence) for a good contractor. Search the forums on criteria for finding good contractors so you complete your project before your first payment. Good luck to you...

I would see a real estate attorney on this question because of any legal or tax issues. It is better to be safe than sorry and you will eventually need an attorney to be part of your REI team. Congrats on the investment....

@Justin Hennig I guess it is different for different markets because I have been advised by several investors and my local REIA to put the properties into a LLC or Trust to protect ourselves. Also, it will make the property ownership more transparent for the unsavory/scandalous people in the world who make their living off of suing people. Someone falls on Paddy's property, they will sue the LLC not her personally. That's just my two cents...

Aaron, I have also thought about doing this also... Would you recommend starting out at a 50% or 60% - repairs for this property?

@Stephen R. I agree with Aaron, also search the forums on direct mail to see what others have done. Don't reinvent the wheel if you don't have to, it will make things a lot easier.

For FHA, you can put down 3.5% but you would probably want to be prepared for paying 5% to include closing costs and fee's. I would also consider a bigger down payment so you will have better cash flow if the numbers are right.

I looked over the Home Path website and didn't see a deposit but you can read further regarding this matter on the website.

http://www.homepath.com/resources.html

That is pretty awesome!!