All Forum Posts by: Kyle Eckert

If your goal is to build a portfolio of rentals and this property fits those goals, I would say brrrr is a good option. However, Brrrr for me comes down to cashflow. If the refinance at the end bring your cashflow to near zero, and you’re in a challenging neighborhood then it may start to be a problem for you.

I talked with one investor who only refinanced to his cashflow goals, which I think is brilliant. So if he wants $100 per door, he only Refis to that point. Imma try this shortly.

Personal example: I am rehabbing a 4 family in Dutchtown. It is a challenging neighborhood to rent in, so this propertyay become a flip if I don’t like managing it. I’m giving it a year to see how it goes.

@Alex Helbig

Cheers

@Tony Gaultney STL can be a variable place, and the lower end of the market can be wild depending on the neighborhood.  As for your first rental, I always suggest get something in a better neighborhood with some stability to get your feet wet. Get your systems in place in a low risk environment and then branch out.

Feel free to reach out.

@Chris Irvin Pm me, I really enjoy introducing people to the market and discussing the possibilities.

@Matthew Irish-Jones viewing past deals is a great idea and I am totally going to use that going forward.

@Alex Penalva I’m from STL and the tenant you will get when you provide appliances is much better than without. I usually provide fridge, oven, and a mounted microwave. That’s the basics for me, dishwasher is optional if it was already there, I’m not adding it. Washer and dryer are a toss up, but it’s a definite bonus if they have access to hookups.

@Todd Pieper if you are staying in STL city, there are neighborhoods which still feel safe if you explore. Dogtown, The Hill, North Hampton are all full of multifamilies and well below the crime stats of the problem areas of STL. We live in Dogtown and I have never felt unsafe, so I would explore these neighborhoods before writing the City off.

That said, in the county I have noticed St Charles and Fenton have a bunch of multifamilies compared to some other areas, so they might be worth exploring.

Feel free to reach out to discuss further 

@Brandon P. I live and invest in Saint Louis and I am a big advocate for living in the city. If you choose a good neighborhood it can be an excellent place to live, and we plan on trying to stay with our kids. We live and invest in Dogtown.

Feel free to reach out to discuss further.

@Peter Kozlowski this is why if I have a scope of work to be performed and a deadline to meet, then I would spell out what happens if they dont meet it as well.  As I can do a lot of the work myself, I am paying the contractor for the speed of me not doing it.  This makes the deadline incredibly important, especially if he is step one and other steps are waiting on it.  

Unless you have paid him 100% up front (never recommended), I would suggest communicating with him first and see whats going on.  Lawyers are the nuclear option.

@Michael Eaton-Byrd if it’s a true Fannie Mae or Freddie Mac foreclosure, they sometimes have a 30 day window where only owner occupants can make offers. Haven’t seen any of those in a while though. If that’s not the case, then an offer without a financing contingency is the stronger offer.

@John Werth  to save time, I’ve been using a video walk-through instead of an open house. That way I can just send it to interested people instead of showing the house 100 times.

Cozy had an option to upload a video and integrate into the marketing, habent tried it yet. I just sent the video on FB market place 

@Maria D'Aura 550k In St Louis would get you a bigger building in a C class neighborhood, up to a 4-family in an A neighborhood. St Louis is also known for its cashflow, and I am doing pretty well here. Feel free to reach out, I may have some leads we can discuss