All Forum Posts by: John Grinston

75% ARV

Location: Belleville, IL (15m from St. Louis)

Zoning: Two family residence

Total: 1620 sq ft (4bd/2bath)

Price: $30K

I look forward to chatting with you regarding this great opportunity and others!

Cheers, Ryann 

@John Grinston

thanks, Do you have any you recommend? 

The difficult part is the operating agreement which I 100% would never take a generic one and would start a relationship with an attorney and have them draft it

Getting an ein, registering with a state can all be done online.

@Aaron Beal - so many ways to make money with RE.  Since you're on an investing forum, investing in RE is going to be a highly recommended avenue, certainly.  AND as an agent myself, a landlord and a PML, there are so many ways to do it.  Listen to podcasts, read, etc. in your free time. While a LTR is a good option, there are more passive ways to invest. I'm loving the lack of tenants with investing in national commercial funds (syndicates).  And lending out my own money is appealing too.  No tenants, no clients, no toilets, no trash.  Feel free to DM me.

I put ethics, morals, and being a good neighbor before all the administrative paper work and businessy stuff. If the neighborhood really is unsafe and she really does feel unsafe there with her daughter I'd just have her give 30 days or less, return her deposit given she didn't destroy the place and that's it. The other way I look at it is that you, being in the position of privilege, own at least one house while she presumably doesn't own any. Just my opinion 

I couldn't believe these other comments.Well said 

Hi John, love your thinking here. Thank you for your service. I'd reach out to a local mortgage broker. They'll shop all the loan products that would work for your situation and give you your best numbers so when you approach architects and builders, you know your budget. 

When you reach out to the architects and builders, see if you find one (or hopefully more than one) that seems willing to share their expertise in how to get the most value from your budget. Though have an idea of your target bedroom and bath numbers for your market. Ie: Is it better to have 3 units with 2 beds/1 bath or 2 units with 3/beds 2 baths, etc.

Ideally, you would have a good idea of where you would be building too. This is helpful for the design/bid process as there may be specific size, material or other requirements for a particular area that could strongly influence the project.

Once you have a sense of where the project will be built, a good idea of what you'd like to have in terms of # of doors and beds/baths, and the budget, reach out the architects and builders you would consider working with to request bids. 

I think there's a lot of interest in new construction owner-occupied multi-family homes. Definitely a lot of need for it. Hope to hear more about your experience. Good luck!

Quote from @Gerard Scranton:

Hello Stephen, I too am interest in using a HELOC to start this adventure. I'm still analyzing the data and scenarios as to which route to take. Fix & flip, BRRRR, Private money. Would be great to connect with you and maybe share notes.

Hey Gerard! Sure let’s connect! I closed on my HELOC about a month ago. Took a while to get everything worked out with the credit union I’m using. But I currently have the HELOC funds ready and available to use now so I’m actively trying to find a property.