All Forum Posts by: Ivory Hayes

@Steve Rozenberg, those are really helpful questions to inquire about. I shall definitely take notes and the ?'s I don't have, add them to my list.

Thank you!

My annual contract with my current property management company in Saint Louis, MO is up and I'm not too influenced by the idea of renewing. I can't seem to keep a consistent flow of communication going with them. For example, we're right in the middle of getting one of the properties rent ready with plumbing updates, securing the basement, etc, etc and I haven't been able to get in contact with them for 5 days now. I've called and left messages, emailed, texted and still no reply. At this point I believe I need to move in a different direction. Can anyone recommend or suggest a reputable, reliable and price reasonable property management company in the Saint Louis, MO area?

After contemplating how to get over this exact hurdle myself I decided to refinance my home and use that money to purchase income property, all cash. Had I been hip on making that small amount of money stretch as far as it can go I wouldn't have purchased just one all cash, I probably would have put percentages down on a few owner financed deals or one multi family unit. But refinancing and pulling the equity out of my personal home allowed for the opportunity to make my entrance in to investing.

As far as obtaining my personal home I budgeted and saved the down payment for an fha loan where the down payment was 3 or 3 1/2%, I can't remember which it was.

It might take a short amount of time, it might take a large amount of time but continue to remember it's all possible!

Hey Greg,

I am also an out of state investor who resides in California. I have property in MO myself. I don't want to scare you with this comment but it has been my own experience that financial institutions in MO will not lend or refinance with me simply because I am an out of state owner. Regardless of the fact that I own the properties free and clear and that my credit score is 760+. We never make it to that part of the conversation because of the distance. And California financial institutions mention that they dont want to lend on out of state properties. I don't mean to discourage I simply would like for you to not get caught in the position that I'm in and suggest that you have a plan if you intend to refinance the properties for any reason. It's a difficult position for me right now but tough times dont last, tough people do! (That's a tweetable topic, lol). Anyway, much success to you and GOD bless!!!

Thank you to each and every one of you! I truly appreciate your time and efforts. I will give the information provided a try. For those who can personally offer assistance in regards to the situation, I will certainly pm you... I would love to speak further about the opportunities available.

Thanks Again

I own a few single family homes in the Saint Louis, MO area that I'd like to either pull equity out or leverage in order to positively progress with my real state investing. I paid cash for e properties so there are no mortgages. I've heard you must wait at least a year before refinancing using loan to value. It'll be almost 2 years that I've had the investments, which have tenants occupying them, and all I keep running in to is financial institutions telling me that either they don't lend on properties out of state or they don't lend to out of state residents. At his point I'm confused... Why is this the case? Not only why is this so but how do I get over his hurdle? I've considered hard money but the terms are short with extremely high rates. I've thought about selling but that would defeat the purpose at this point with he proper appreciation involved in he situation. How do I use these properties to continue purchasing more income producing properties? Please help, any and all advice is welcome...

I have a similar situation where I own a few props in a separate state from where I reside and a small community banker suggested that I check out micro lenders. I contacted one today and after hearing my situation and taking down some info they would get back to me within 24 hours.

Keep in contact, I'll let you know how it goes...

Ivory