All Forum Posts by: Guy M.

 Thanks, Himanshu.

I do have a PM lined up. I spoke to them this morning. I'm going to have the property listed available for December 15th or so. I have to get a stove and fridge by the November 30th and maybe some yard work done, if the snow disappears. Oh, and they can arrange section 8 for me too. That's a plus.

 Hi, Dawn.

Yes, I did but I did not close with them.

 It looked peaceful there today. We did see a news crew several yards from the burned down QT. Other than that, Ferguson is calm. We were all over the place and saw not one protester or loiterer. The media is pretty deceptive when it comes to Ferguson. I lost a lot of respect for CNN in all this... that's for sure.

See my last post... 

I definitely would consider if the price was right. I could get some renters in to make it more appealing.

By the way, your website is awesome.

 I use to manage a lease option years ago. That was my niche. I used sandwich leasing at the time to structure the deals. However, I was way too nice to some of the tenants and got burned. I stopped doing real estate for awhile (like 7 years) to get my barrings. 

This purchase is my second rental that I actually own. My first has a huge mortgage and was actually my primary residence at one time. I'm making about $1,500 a year from that one (not including any maintenance issues that pop up) because I use property management. Not a big whoop on that. But I am a bit shell-shocked from my past landlord experience, so managing is last on my list only because of the potential margin on this Ferguson house.

The house was remodeled, so the fix up part should be easy. When taking the tour, it looked very rent-ready. It needs some yard work, a fridge and stove, though.

 Surely. I was looking to buy and hold as I'm trying to build a portfolio but if I can get 30k with a renter in, I may reconsider.

I just realized you guys are in the St. Louis area. the title company is:

St Louis Title LLC, 7701 Forsyth Blvd, St Louis, MO 63105

Maybe you've heard of them. They seemed pretty forthcoming.

All,

The title is clean. No liens, etc. I paid $125 to a title company, but didn't close with them. I opted not to. That was the cheapest option they gave me (which I didn't know was an option to begin with).

Hey all,

I just purchased a 895 sqft, 3 BD, 1 BA home near Ferguson, MO. The appraised value of the home is $49,900 and I bought it for $9,500 this morning. The person who sold it to me remodeled the interior and was going to rent it out but her husband, who is an investor, fell sick. They no longer want to hold property; this was their last property to be sold. I also understood that some investors are steering clear of that area until the Mike Brown stuff fades away, so maybe that was part of the seller's motivation as well. 

The figures on the investment look like this:

Market Rent (monthly): $755

Section 8 (monthly): $800-900

Taxes/Insurance (monthly): $116

Property Management Fee (monthly): $75-80

My projected monthly net income is about $450.

I'm a complete noob, so bare with me. I was way too busy today (wife is pregnant and had appointments), so I couldn't make the phone calls I wanted to make. Anyway, I have a quit claim deed... do I need to record this deed at county ASAP? Also, does property management arrange section 8 or do I have to visit the PHA myself? How can I leverage this property to buy another one I'm eyeballing? Any other pointers?

Thanks.

Richmond.

Hoke Properties, Correct?

- jugg2000