All Forum Posts by: Jabu Reamey

Hi Mark,

I'm also a new(ish) investor in the saint louis area, I have some knowledge on the topic as I worked for a local flipping company for 6 months and also own my own 4 family building which I've been managing for 2 years altho I struggle with deal flow, maybe we could connect and help each other out! 

-Jabu

Looking for a recommendation for a real estate attorney in the Greater Saint Louis area.  Someone to review our leases and be available when future issues arise.  Thanks in advance.

I have a four unit multi-family property and aside from a window in each of the bathrooms there is no exhaust fan. I need to do something about the humidity levels and am deciding what the best option would be. Should I purchase dehumidifiers? Install exhaust fans that would go out to the exterior brick wall? Thoughts? Thanks in advance.

That's a great idea to split it between savings and the mortgage, it took me almost 8 weeks to close and It would have been much more simplified if I had more cash reserves.

I was supposed to move in on the 20th however the tenant in the unit I was going to occupy hasn't left and it was only word of mouth from the seller on when he would vacate. So I am afraid I'll have to start the eviction process.

The building is fully rented but they are all on month to month leases, so we will see what happens when I require them to sign 1 year leases.

Just bought my first house, multi family on the south side of saint Louis. 

4 family, 1br 1bath units. Each rents for 400-450 depending on updates has a full basement and 3 car garage which I plan on using for myself seeing as it's in slight disrepair.

I will be living in one with a friend so she will be paying $200.

The monthly payment on the house is $780 

My plan was to take the $720 positive cash flow and put an additional $450 per month for my rent into a savings until I reach $5000 for a safety net then put the extra $1,170 towards the mortgage until it's paid off.  

And find a second 4 family hopefully before the end of the year for a similar strategy

@kelly n.

Would you recommend getting background checks on the tenants? two have been living there for 5 and 7 years. and the 3rd is under 1 year.   

I will work on getting a locksmith out and make sure that all the tenants get a copy of the key.

I knocked on the doors when I hand delivered the letters but got no answer so I just left them in the mail boxes on Jul-18.  But I will continue to try and contact them.

Per the old lease,

"UTILITIES ANDS SERVICES: Electricity, telephone service, cable television and other utilities are not furnished as part of this Lease unless otherwise indicated..."

"...Charge for heat, hot water, water, garbage pick-up, snow-removal and lawn maintenance furnished to the apartment are included as a part of this Lease and shall be borne by the landlord..."

It also states that they can't use the washer or dryers without paying an extra $50 a month.

As far as the notice, I was told by the listing agent so I will be attempting to contact him to see if there was any paperwork involved.

Thanks,

Jabu

please delete, duplicate post.

I recently, (July 14th) purchased a 4 family home on the south side of saint louis, it was relitevily cheap and seemed like a definite buy, I am pretty inexperieced as this is my first home purchase.

The closing took about 7 weeks due to the bank being a nightmare and the seller left the country on the day of the closing and I have no contact with her.

The listing agent gave me 4 keys for the front doors and no other info other than copies of the leases. no key for the back door. 

I have hand delivered letters letting the tenants know the house has been sold with my contact information and letting them know new leases will need to be signed on august first and to contact me with any questions or comments because they were all month to month and I will be requiring 1 year leases. 

I was wondering, how can I go about making sure the utilites are set up? 

what else should I do to make this as smooth of a transition as possible? and any other just overall advice would be greatly appreciated.

one of the units was supposed to be vacated by jul-20th which is today and it appears to still be full of the tenants things although I have no way of contacting him. 

Thanks,

          Jabu

I recently, (July 14th) purchased a 4 family home on the south side of saint louis, it was relitevily cheap and seemed like a definite buy, I am pretty inexperieced as this is my first home purchase.

The closing took about 7 weeks due to the bank being a nightmare and the seller left the country on the day of the closing and I have no contact with her.

The listing agent gave me 4 keys for the front doors and no other info other than copies of the leases. no key for the back door. 

I have hand delivered letters letting the tenants know the house has been sold with my contact information and letting them know new leases will need to be signed on august first and to contact me with any questions or comments because they were all month to month and I will be requiring 1 year leases. 

I was wondering, how can I go about making sure the utilites are set up? 

what else should I do to make this as smooth of a transition as possible? and any other just overall advice would be greatly appreciated.

one of the units was supposed to be vacated by jul-20th which is today and it appears to still be full of the tenants things although I have no way of contacting him. 

Thanks,

          Jabu