All Forum Posts by: Kyle Eckert

-I am fairly familiar with the problems of old Saint Louis homes and limestone moisture issues since I have been battling our homes basement issues for two years now.  It has also made me fairly good at determining where the water is coming from, which was sort of obvious when you look at this house. 

-The basement had moisture in places, but the air was dry.  Its hard to explain, but I looked at a place which had a leaking roof and when you walked in it felt like walking into a greenhouse, moist.

-I have seen a lot of people crap themselves at mold of any sort, any size.

-I don't want to put a backup offer because it was taken, I walked out of the place wanting to make an offer then, but we are being very cautious and moving slow because it is our first and there are a few of us in this  project.  Just kicking myself for not jumping on it.

We looked at a 2-family flat in Saint Louis today.  Price was $90k in an up and coming part of town.  Bottom floor has a long term tenant paying $550/month, top floor needed finishing, a small deck and a small kitchen, prolly rent for $550 as well.  It's monsoon season here, so the basement had water coming in on all 4 sides through the limestone foundation, creating a small mold problem coming through the Drylok.  However the air was dry, so I found that reassuring.

The mold and moisture in the basement was not included in the provided disclosure.

My realtor just told me that a contract was accepted on the place, 2 hrs after we looked at it.

My thoughts:  Its a good price, and even at asking the cashflow works and provides a $250+ monthly income.  If the competing offer was made blind based on calcs and disclosures, what are the chances that the moisture and mold will scare them off?

Should I put in a back-up offer at asking, just in case?

Find a real estate management company which is will to take a commission to set you up in a property. They exist, but they take a cut.

I am looking to buy and hold at the moment. Build up cash flow and then look at flipping once income is up.

Does anyone want to give an opinion on the Saint Louis market from a flip or rental standpoint?  Saint Louis City, Saint Louis County, etc.  Just curious.

I cant even wrap my mind around this.

My thoughts:

-Section 8 has rules for them to get the voucher.  I do not know if they are federal, state, or local rules.  Check into that and see if she is violating them.  Her violation of a federal housing law may override or at least assist a case for eviction.

http://www.mass.gov/courts/selfhelp/housing/evicti...

"3. Do I need to state the reason I want to evict my tenant in the notice to quit and summary process summons and complaint?

It depends on why you want to evict your tenant. If the reason for the eviction is a violation of a lease term or nonpayment of rent, this reason must be stated in the notice to quit. If the tenant is a tenant-at-will, or if the lease has expired, no reason other than expiration of the notice to quit or of the lease is required. Special rules apply to mobile home parks, residential hotels and rooming houses, dormitories and community residences, residential superintendents, public housing, and other government subsidized leasing arrangements. In any case, the reason for eviction cannot be an illegal one."

Read the laws carefully, and find your way out.  It wont be pretty.

AH, I am quite new to the forums, so it very well may be.  However, there may be a section for that?

1. Definitely get multiple bids, I would say 3 at minimum.

2. Ask around the BP forum for a recommendation for a contractor, can't hurt.

3. Quality work should cost more.  Talk to the contractor and ask what value he brings over the other bids.  (fair chance this will be met with hostility)

4. Maybe GC the project yourself, and split the contracting up into smaller projects.  This will slow the process down, but it could possibly save you money in the long run.  However you have nobody to yell at if you forgot something...

4. Something I use at home for small-medium projects:  If paying someone to do it is double the cost of doing it myself, I tend to do it myself.  This is case by case and excludes anything needing special equipment or knowledge.  

Just my 2c.

Call and ask. I know nothing of the rules of Wayne county, but most municipalities should be happy to take your money. If they argue, go in person and talk to someone. Smother them in persistent kindness, Eventually you will annoy someone enough that they will want you to go away.

Hello, my name's Kyle and I am new to real estate as an investment. Me and a few people are looking to get started investing in cash flow rentals in the Saint Louis city limits to get our feet wet. Just saying hi to get started and catching up on the podcasts.