All Forum Posts by: Kamil Pieniadz

Thanks for the input everyone. I received similar information from my home inspector, who in my opinion, does great work. Just wanted multiple opinions on the topic.

I'm currently looking at single family that was built in the 1880s. The game plan is to get into it with a VA loan so I can put no money down and avoid PMI at the same time. I want to live there for a year and then rent it out once I move. My only concern is the age of the home and what kind of life expectancy can I realistically expect from something this old. From the numbers I've ran it would be a cash flow cow but since I typically get insurance that covers the value of the home and not cost to rebuild a new one. Ideally I would like my asset not to implode on itself a couple years after purchase.

@Josh Heinen I’ve ran into the same problem and it’s honestly a huge inconvenience. I used to always run my own comps before sending my interests into my realtor so I don’t waste her time. I don’t know if it’s a new regulation or if these sites are going to start coming out with their own pro features you have to pay for in order to get the past sales prices. Luckily I’ve looked at so many properties I can gauge roughly what they should be priced at.

@Dylan Bond hey I’m also a St. Louis investor. I’m closing on my first property here in about a week. I don’t know any other investors and would love to connect.

@Josh Heinen no specific recommendations because I’m still shopping around my self and waiting for my quotes to come back from policy genius. I just got a single family under contract and I did speak with a Geico and he quoted me for $1559 a year. This is a two story single family home in South city. The house is over a hundred years old and purchase price is just under 90k. That $1559 premium is for a $10,000 deductible and it would cover up to 290k of replacement cost for the asset. The premium would be up to $2300 if I chose the $1000 deductible.

@Grace Hartman hey just your post I know it's a bit late. Since you plan on using house hacking I assume you're probably doing a conventional or FHA loan. I used USA mortgage and the loan officer was incredibly helpful and creative to offset my expenses to help me qualify for a larger loan. Also my agent works a lot with investors. She's very good at pointing out deficiencies and code violations that I have overlooked tons of times. I don't ask her to run numbers for me so I'm not sure how she is on that but she also works as a leasing agent so she is very good at knowing what the units will rent for. If she doesn't know she consults with other leasing agents to find out. PM me if you have any questions.

@Kien Nguyen Florrisant is a good area to invest in single family homes. The biggest issue I've had is anytime I've put in an offer I get beat out by cash buyers. The good deals do not last on the market more than a couple days. A lot of the ones you see that haven't sold are basically listed at ARV price but have very dated interiors.

Hey everyone I'm looking to do a BRRRR deal in St. Louis in the near future. I was wondering who are your favorite lenders for this strategy. Doesn't necessarily have to be local but I'm just curious who you would recommend? Thanks everyone.

@Adriano Caraco hey was hoping someone more experienced would reply to this. I’m still new but I’ll try to give the best information I can. Most landlords in St. Louis will pay for water, sewer, and trash. You can sub meter these out to the tenants but in St. Louis if the tenants fail to pay the lien gets placed against the property and not the individual. Electric and gas the companies will go after the individual directly. Whenever I do my analysis I allow for $100 per unit, per month for utilities. I think I’m a little high in that area but I would rather be safe than sorry. I hope this was helpful.

@David Ounanian thanks for getting back to me. I’ve been looking at some small duplexes near St. Ann that seem interesting. I like the area overall for investing because it’s hard to find buildings that are less than 100 years old in St. Louis and that area is relatively newer