All Forum Posts by: Kenton Coffman

@Donald S. You could try to sell it to me....

I'm interested in another project

@Ryan Blake I totally agree with the comment about investing in your local market.  I realize there are many people who do it successfully out of state and remotely HOWEVER a big part of this game is mitigating risk and I feel there's no easier way than if the property is a short 15 minute drive

I would look at the average sale price in the zip code.  I think zillow has that info.  It really depends on your goals and ideas about "good numbers" but maybe starting with a criteria of having that average sale price in zip code to be no lower than $75,000.

I'm just spitballing an idea

This is going to be a shameless plug, but if you used a realtor you could get info and guidance pretty easily.

Josh,

I'm not a loan officer.  However, I know that they will be looking at current funds available (down payment), employment, credit history, etc... 

Truly the only way to find out is to contact a loan officer.  You should be able to verbally give them information and they can give you an idea of what loan programs you qualify for and if you would be best to consider the co-signer option.  The co-signer option might be needed in order to boost all of those factors that I mentioned above.

If you need a recommendation for a loan officer, let me know.  I know several that I think do an awesome job and are great communicators

@Michael May I purchased a duplex last summer that I'm house hacking in princeton heights area of South City.  I think it has pretty good numbers and am very happy with the area and purchase overall.  Rent $1500 and purchase price $135,000.  Outdated but well maintained, minimal repairs done so far.

Fellow STL'ers, I'm in a similar boat at the beginning of the investing journey. But I do have some rentals now with SFR, duplex, and condos. I live in South City and work in Kirkwood. We should definitely grab a beer or coffee (whatever your style) and talk more. I'm sure we can help each make progress on our goals!

@John Lewis I'm in St. Louis and am house hacking a duplex in Princeton Heights South City. My PITI is $790 a month and my rent in the other half is $805 (750 plus a yard maintenance fee and storage closet fee).

I bought the place off of MLS in turn-key condition for the rent amount that I get. I've since gotten my license and am finding below market properties, so I'm getting better numbers on each purchase.

Financing was conventional and then I did a HELOC and paid back myself for some of the down payment and for some small repairs. I don't leverage all my properties with that high CLTV but on this one, I decided to go for it.

I'm really interested in the Lemay Affton area.  I don't currently have a rental there, but am actively seeking one.  I believe you can still have aggressive numbers, higher safety, and better schools than other parts of St. Louis.

Might be worth looking into.