All Forum Posts by: Janett Lewis

Well done! I live in St. Louis and have several SFR. I can't wait to move into Multifamily. I have partnered up with a contractor here and I'm excited about the developments happening all around this area. I think over the next 5 years we should see some appreciation. The affordability makes it a nice place to live. Coming from San Diego CA the houses are GREAT values.

@Sam Craven, Excellent advice!

I think you should study up on wholesaling a little more. I don't think it's unethical if you are open and honest and are really helping a seller. That being said I'm not exactly sure how it works. 

I do believe in infinite possibilities and if you want to make money in RE you can! Trust your gut and don't do things that make you feel shady and you wont be.

Happy investing!

@Colleen Prescott I would invest somewhere you know someone who could help. I tried the long distance thing from San Diego investing in St Louis. It was too difficult so I just moved here at the end of 2016. I have several houses and they all Cashflow from 400-600. I bought in for around 22,000-39,000 and put 5,000-10,000 into the lower priced homes. I manage the properties myself and have partnered with a GREAT contractor. If you need boots on the ground in St. Louis let me know! I have a house now that needs a full rehab. I’m looking for a possible partner to split the Cashflow with if you’re interested. Direct mail me if I can ever help you in anyway!

@Andrew Caldieraro, there are much nicer areas. I can't speak to the profit margin etc. but St. Charles, St Peters, Chesterfield. These are nicer areas but the buy in is higher so I stay in my zip code where I can learn everything about it. 

When I worked as a Broker in San Diego I targeted a hyperlocal market, Clairemont. It's easier to be involved in the community and understand what's going on with planning and development. 

I bought in around 20,000 and put 10,000 in. Zestimates and Redfin say they are worth 40,000-60,000 now. My strategy is buy and hold so that doesn't matter to me as much as cashflow.

@Alina Beryh, there is a Cost vs Value report, as a real estate broker, I’d recommend to my buyers in San Diego. You can find it online for free and download it for your area. It gives you the low to high costs to remodel every part of a house ie. deck remodel etc. It’s a good indicator of what thing will cost and the percentage you’ll get back on your investment to sell. The issue is when a contractor starts work, opening walls etc, they are likely to find other things that can’t be seen before getting into it. This is where you may find costly structural repairs. Contractors also use a different software programs to make bids. You could look into bidding software yourself and calculate the repairs. Last but not least, google it! Do a long tail keyword phrase search. Google search “roofing cost in Pittsburg” you should get a price per square foot for shingles, decking replacement etc. GOOD LUCK!!!

I’m just wondering if investors prefer rented homes when the property conveys or vacant, find your own tenant? Share your experience if you like. My first 2 came with tenants and I had mixed experiences.

Call Bob at R&R Electric. Tell him Janett sent you and he should treat you fair! You can Google them they are in Florissant!

@Janett Lewis please share you insights with the rest of us starting out!

I thought I would share a personal conversation I had with someone on Bigger Pockets tonight: The (st. louis) market is sooooo different from San Diego. I do negotiate all my own deals and I feel if you can read a contract you can put a deal together here. The prices are amazing and my better half is a licensed contractor. I’ve purchased several properties and rehabbed them. They are now rented and Cashflow positive! Things to look out for are: occupancy requirements vary from municipality to municipality. Taxes can be a bit tricky. From time to time they jump quite a bit. If your out of area it’s important to work with someone you trust. I haven’t found an honest property management company yet. They will milk you for repairs and take a lot of your profits. Other then that, I think it’s a great area. You can buy in cheap and Cashflow quickly. I couldn’t have purchased all these homes in San Diego for less then 5 million dollars lol. Most important is you have a good contractor who’s honest and will let you know the reality but not price gouge you. Buying at the right price is how you make your money but improving the right way is how you keep it. Last note. Vet the HECK out of your tenants! Tons of luck to you and please let me know if I can help you in anyway!