All Forum Posts by: Maggie L.

@Angela P. I understand where you're coming from, but you shouldn't feel guilty for considering other tenants.  I have a few questions to ask.  Obviously there are specifics to this situation, but I'm hoping some more general questions will be more helpful.  

What is your policy for handling multiple applications? 
If you process it yourself you can warn the first applicant that you have another one incoming and the first to be approved, and signed with a security deposit gets the apartment.  
If someone else processes it you may want to check the policy with them.  The organization I use will take multiple applications, but processes them one at a time in the order received.  That way an applicant doesn't send the fee unless they're actually being considered, but their place is held in line if something comes up.

Do you have a policy for how you handle advertising/prospectives once an application is processed?  Is it different than when it is approved?
I try to be up front and tell people when I have an application being processed.  Some people decide not to view the place, but others do.  I have had applicants not work out after approval, but I ended up with someone who viewed the property when they already knew there was an application being processed.   

How flexible are you with the content of the lease?
If the first prospective is arguing over details but the other one has seen the lease and is good to go it may be a sign that the first person will be a problem tenant.

Sometimes we develop a plan beforehand, but sometimes it comes out of necessity.  If you don't have a system in place this sounds like a good time to figure out what you want it to be.  Always happy to PM if you think it will help to bounce off ideas.

Hi, and welcome to BP from a fellow Missouri investor!  My focus is South City St Louis, but I love the dog park out in Wentzville.  I'd second the advice to listen to podcasts, and all set up keyword alerts in the forums.  They can really help you learn more about topics of interest and network with investors who have similar interests.

My area is more buy and hold (as well as being an investor friendly agent) but always happy to chat about RE.

Welcome to BP @Branden Spann I'm also house hacking in St Louis, and often recommend it to clients (investor-friendly agent) who are looking to get started.  Feel free to reach out if you'd like to chat; I love to talk real estate and investing in St Louis!

Welcome to BP @Chris Mayfield! Many of these topics (legal and accounting questions) come up a lot on the forums. I recommend keyword alerts and some time looking through posts like

 https://www.biggerpockets.com/renewsblog/2015/05/1...

if you're considering an LLC. There are many finer details e.g. LLC with S Corp election that come up on the forums, and the best advice is to discuss your questions with a lawyer and accountant with some expertise in real estate.

If you'd like to chat I'm happy to discuss what I did and why with my business partner.  Feel free to PM.

I've lived a few different places (Wisconsin, New Jersey, Missouri) and seen different norms when it comes to utilities.  When I've rented any place that didn't cover all utilities I've only paid gas and electric (besides extras like internet) but had friends with trash or water fees.  

As a landlord in St Louis I over trash, water, and sewer for my tenants.  Part of that is because water is a flat fee based on "fixtures" - not everywhere in the City but definitely in the properties that I own.  There are many idiosyncrasies to St Louis billing, some of which have already come up on this thread, and it also seems easier for everyone if utilities stay in the same name.   I know some landlords who keep all the utilities in their name and bill their tenants; that way you don't risk someone canceling the utilities and leaving the pipes to burst in the winter.  Personally, I think it's best to include most utilities rather than adding "fees" so tenants don't feel like you're advertising one rent but charging something higher.

When I do see all utilities (electric, gas) included it tends to be in things like executive rentals, or smaller 1 bed or studio apartments.  Not knowing the individual buildings I can't say if it's more ease of management or lack of separate meters.  The opposite case - tenant pays all - I've generally noted more in single family home rentals.  There are definitely norms in an area, but then there are always exceptions too.

@Nathan Alton in what area are you looking to invest? I'm an investor-friendly agent in the St Louis area and can direct you to some great lenders. If you're looking to start something like house hacking there are also some great resources for first time home buyers which can apply to single family and small multis purchased with FHA loans.

Welcome to BP @Jeff Coffman! I second @Brandon Turner's advice to set up keyword alerts for the forums and spend some time going through the podcasts if you haven't already.  I love listening to podcasts while I work on a property - great inspiration.

Are you thinking fix and flip or buying and holding properties?  Personally I'm a buy and hold (really buy, renovate, and hold) investor but I have clients (investor friendly agent) with a variety of investment strategies.

Please feel free to reach out if you'd like to chat.

Welcome to BP! Lots of great resources on here.

Welcome to BP! Let us know if there's anything we can do to help.  Keyword alerts in the forum are great as are the podcasts.

I get what you're considering but this is something that requires state level knowledge. There are MLS exempt listings and sales all of the time in MO, so if your laws are similar I don't see an issue.

The first potential issue I see would be a salesperson versus brokers license. For example, in Missouri you need a couple years as a salesperson before you can get a brokers license. So, when you're just starting you have to "hang your license" with someone and follow their rules in addition to state law. I'd think you can find a broker who would work with you, but that may take some time.

The next concern I'd have is with the type of agency relationships you would have with the buyers and sellers. In Missouri (where I am) my thought would be dual agency - representing both sides - or a transaction broker - you're filling out the paperwork for a fee and am not the agent of any parties. You'd need to look into your state regs to see what your options are here - I've read dual agency isn't legal in some states, for example.

One thought I had is to try to find a broker who likes the idea. If you don't know anyome RE groups often have social hours or lunchs where you could strike up conversations that should give you leads.