All Forum Posts by: Matt McConkey

Well this is just fantastic news. Truly I just want to buy the property myself. 

I'll definitely talk to a lawyer beforehand, but I cannot thank everyone enough. 

Just made my day!

I was back in Illinois a couple weeks ago and built up a driving for dollars list. My intent is to send these people a letter and BUY the property myself and flip or do the BRRRR method.

With the new law about wholesaling, can I still send direct mail?

I am out of state and not licensed as a Realtor in any state.

@Leo Furest Congrats on quite the eventful year. Truly amazing! Couple of thoughts:

Buy a duplex and keep that vacant or AirBnB so you can love there when you're in town.

Then buy a car and leave it there. Save some serious cash and grow that NOI.

@John Manta Why grandview of all places in Springfield?

@Marcus Hardy Pam at Capital Title we always use.

16935 El Camino Real | Houston, TX 77058

@Thomas Smith

Here are the questions I would ask myself before going any further on real action to purchase.

Are ALL the numbers included? Which means vacancy, repairs, capex and property management?

What about water, sewage and garbage?

Who pays for lawn and or snow removal?

Can you raise rents?

Do you have a lender letting you put 20% dow n? (All my lenders are 25% for non owner occupant 4 plexes).

Will the property appreciate? (Not that you factor into the numbers, but does your market appreciate?)

That's where I would start. Best of luck!

@Hardy Vibert I've got a couple people I can recommend. Hit me with a PM and I'll pass along their info.

@Charlie Moore I had a tenant message me on FB asking if was the one who owned XXXX property (we have property management in place.)

I didn't respond, nor do I plan on doing it.

As others have mentioned, no good can come of it.

@Brandon McCadney

Great thinking, but one thing about St. Louis you'll have to keep in mind is the work needed to get them back to glory.

If you're driving around Penrose and see a burned out property, chances are that property would cost more to fix up than the purchase price for another down the street.

But if it just looks vacant and needs work, get their info from county records, skip trace and call away.

That's where you can find some good deals. Driving for dollars also gives you the opportunity to see where the new developments are happening and hopefully stay ahead of the curve.

I invest in St. Louis, so if you ever have any questions, I'm more than happy to answer.

@Ryan Denman I definitely agree with @Marc Winter on his idea. Do a 30 and when times are good, lay more toward principal and when they're lean, pay the regular amount.

Say you have a bad turnover with a tenant and it costs you a bunch. Well, pay the regular mortgage until you recoup.