All Forum Posts by: Jason Pride

I am opening a HealthSource Chiropractic and Progressive Rehab clinic as a non-doctor owner.  The exact location has yet to be determined, but it will likely be either Clayton, Kirkwood, Ballwin, or Sunsethills.  Waiting on some market analysis before nailing down an exact location.  Thank you @Gregory J.  for your help, greatly appreciated!

Hi All,

Just wanted to share a lockout strategy that I use at my four family.  In the basement I have 4 separate lockboxes (~$15 each on Amazon), each corresponding to a different unit.  They are labeled with the unit number.  When a tenant calls with a lockout issue, I inform them of the $35 lockout fee that I enforce, and then provide them with the code to their specific lockbox in the basement.  After the key is returned I stop by when it is convenient for me and change the lockbox code.  This saves any late night or inconvenient trips, and also prevents some potential use of a locksmith possibly damaging my locks or doors.

Hopefully this helps save some people time!  If anyone sees any concerns with this method, I would be happy to hear some feedback!

Jason

Hi BP,

I am opening a business in St. Louis county and am looking for recommendations for real estate agents in the area that are familiar with commercial retail/office space that can help me find a space to lease.  Thanks in advance for any contributions!

Jason

Thanks for all the responses everyone!

@Peter MacKercher and @Astrid Dymond thank you for the information on the meetup Tuesday!  I would love to network and share information.

@Jennifer Samuda, it sounds like you were very resourceful and determined when getting your first deal done, Congratulations! Biggerpockets has a fantastic book called "The Book on Investing in Real Estate With No (And Low) Money Down" that would probably be a valuable resource for you if have not read that one already.  I am honestly not too familiar with loan requirements in regards to lower credit scores, and have personally never refinanced any properties before.  However, from what I understand, smaller local banks are often more likely to work with you much more than large banks with non-local underwriters.  You may want to try forming some connections with smaller banks and finding out what their specific requirements are.  Unfortunately, most small banks have worse terms (in STL most small banks will not offer a 30yr Fixed for example).  One thing you may want to consider is waiting to refinance your property, and using its current cash flow to easily pay down your mortgage and build your credit score up for a year or two. 

Hi BP!

I am a CPA and new investor in St. Louis.  I have done two deals so far, thanks in large part to what I have learned from the podcasts and forums!

The first deal I did was a SFH that I planned on flipping. It was a foreclosure that I bought from a wholesaler. I rehabbed it and applied for an NPA tax credit (credit in some St. Louis neighborhoods that will return 25% of your rehab costs as a MO tax credit that can be either used or sold). Unfortunately, I was not awarded the tax credit, as it is given out on a lottery basis. To make matters worse, there were significant overages on the rehab budget, due to termite damage below one of the floors. After the rehab was completed I reanalyzed what the sale potential was. If I sold the property as a flip, I would have made around 15k at best. I compared this to what the rental cash flow would have been...and it was a very simple decision! Call an audible and hold the property as a rental!

As a rental, I am able to lease the property for $1,100 a month paying a ~$400 mortgage.   The rehab costs were paid for in cash, which I have not refinanced out yet - this is why the cash flow is currently so high.  As is customary in STL with SFHs, the tenant pays all utilities, including water, sewer, trash and lawn care.  This is another factor contributing to the high cash flow it produces.  I plan on waiting to refinance the property until I need to free up cash for another deal! 

I would be happy to meet up with anyone in the St. Louis area who wants to talk real estate.  I have someone who mentors me, which I am extremely grateful for, so I would like to "pay it forward" to any one who would like some help or guidance!  I can not claim to be a full-blown mentor, as I have only done 2 deals and am still learning myself....but I'll try and share what I know as best I can!

Thanks All!

@Jay Hinrichs wow, this is a very generous offer...I live in St. Louis and am a young aspiring investor.  I do not own any rental properties yet, but I have been studying real estate for the last year.  I would love and appreciate this opportunity.  I have cash available to fund the rehab as well. Please let me know if you would like any more specific information.  Thank you

Hi Everyone!

My name is Jason Pride and I live in the St. Louis area.  I am 25 years old and new to real estate investing.  I plan on buying my first property within the next year or so, but am taking some time to learn, save money for a down payment, and network with others first.  I am interested in multifamily units, but am still studying the area and learning about the pros and cons of the different types of real estate, so that could be subject to change!

I would love the opportunity to meet up with and learn from any investors, real estate agents, lenders or insurance agents in the area!  I am a CPA and do tax work mainly for LLCs, LPs, S-Corps, and C-Corps.  I am happy to try and provide tax advice to any on BP as well!

Thank you, and I look forward to getting to know other investors!