All Forum Posts by: Kyle Nigro

I closed on an all cash deal today without having an insurance policy in place. This was a huge mistake on my part and I will call and get a policy in effect first thing tomorrow morning. Besides the house being uninsured, is there any other hiccups I could face when I purchase the policy...?

I am currently looking for an insurance policy for a single family home in the St.Louis area. I received two quotes, which much higher than expected. Both companies stated the property might have asbestos siding and that is the reason for being so high. I play by the rules. But is there anyway around this? Has anyone run into a similar problem?

Hello everyone,

I just purchased my first rental property. I am currently working on getting a EIN and opening a business checking account for the property. Once I do that, I would like to transfer the property to an LLC. This is in St.Louis and don't know what laws pertain to this. I am from NY and many investors I spoke to said it was odd that an attorney was not doing this for me. If anyone could assist that would be great! Thanks!

@Max Versteppen 👍👍 thank you

@John Warren Thank you for the response. I just closed on my first property out of state. I will get on that immediately.

What is the best way to set up your bank account for real estate and investing? And how would you tie a LLC into that?

Hello everyone!

Today, I finally closed on my first rental property in the St.Louis area. I have a contractor set up to start the rehab shortly and a property management team once I have a tenant. Any advice for the next coming months? Any Do’s and Dont’s to keep in mind? Appreciate any input, thanks!

@Sharad Peterson that’s a good question. And that depends how much you trust your agent. If you trust them, I’d say go for it. But always have an exit plan just in case

@Sharad Peterson I'm currently working on a SFH BRRRR in St.Louis. One thing I suggest is to run the numbers "worst case scenario". If your agent is telling you the ARV will be 100k, assume it will be lower. If they suggest the repair costs will be 20k, assume it to be higher. Once you run your numbers by worst case scenario and you're still cash flowing, that should give you more confidence with the purchase. Trust the numbers! This is also my first deal. The best way to learn is to throw yourself in the fire!

I am a newbie real estate investor from Long Island, NY, and I am looking to purchase rental properties in a few cities (Indy, St.Louis, Memphis, Little Rock). I'm focusing on SFH and Multiplexes to BRRRR. Any information or references to any realtors, property managers, contractors, and lenders would be highly appreciated. Thank you!