All Forum Posts by: Michael Shear

@Ronald Perich I don't think that the owner necessarily is only selling if all 5 go at one time. I do believe that he is willing to take separate payments for each individual property. Although I know I am stretching, but I was hoping that some local investor would be willing to go with me to see the properties and be able to sit down and talk about them.

Is there a facebook group for those local REI? I have been searching for local REI meetings, but didnt know where to start. I have been to two in STL, but I was hoping to find closer opportunities

I found a guy who is selling off his rental portfolio in Southern Illinois (Belleville, IL). He has a total of 5 homes that he is trying to get rid of and retire. Most of them have mortgages on them and 1 he says is free and clear. Since this would be my first deal and I am a beginner investor I am looking for someone to help/walk through with me on these deals. I am willing to take a smaller cut of the deals so that I may learn the ins and outs. Most of the homes are valued in the 30-60K range and are being sold at roughly half market value. He is a motivated older gentleman that is ready to make a deal ASAP.

@Eli Molloy Yes, I mean either wholesale or Flip. Is it allowable to do 2 post that are the exact same? I dont want the mods to yell at me.

This is some great advice. My only problem is not knowing or having connections with people that could do those walk-through with me. I have been in one of the houses and I can tell there is floor and cabinet work needed in the kitchen and floor + cleaning needed done in the bathroom. I am hoping to get someone that is willing to be a mentor and take the profits that I would make (if this is a deal) in replace for me gaining knowledge.

I found a guy who is selling off his rental portfolio in Southern Illinois (Belleville, IL). He has a total of 5 homes that he is trying to get rid of and retire. Most of them have mortgages on them and 1 he says is free and clear. Since this would be my first deal and I am a beginner investor I am looking for someone to help/walk through with me on these deals. I am willing to take a smaller cut of the deals so that I may learn the ins and outs. Most of the homes are valued in the 30-60K range and are being sold at roughly half market value. He is a motivated older gentleman that is ready to make a deal ASAP.

This is a very interesting post. I have been trying to ask around about investing using this type of strategy. I hope you find an answers, because it will lead to me having an answer as well. Good luck on your investments!

I believe that I have already posted one time about myself and who I am, but this time I want to make some conversation about what my plan is for me and my family. After countless hours of searching around, looking at homes, analyzing properties, and making offers. I have decided that the best move for my financial budget, time, and family will be to buy a 3-4 unit building and live in it as land lords. Also, to be more informative. I have talked my family into the idea of becoming land lords and allowing people to live with in "our" home. The first step was the hardest, and now it is up to you and the good Lord above to help lead the way into finding a good property :D.

So to begin my conversation, I would like to ask is if there are some trusted realtors/lending organizations that you would suggest for me to find this type of property. We are willing to relocate to the place as long as it is in a good location. The area that I would like to begin my search is in St. Louis or the Illinois side of Metro St. Louis. The second piece to the conversation is what are some online options for looking at property that is available for multi-family that isn't massive complexes like loopnet.com.

I have spoke with 2 people from each state. 2 lenders and 2 agents. The best information and willingness to help has been from the MO side, but I feel as if I have had a small sample and I would like to ask around for some more opinions.

To end and add to this conversation, please feel free to add me as a colleague so that we can network and meet up. This is only the beginning to a financially successful life.

Welcome George! I am from the Ofallon area. Good luck on your web development app. When will the app be available? Also, what is the outcome that you are trying to produce?

Welcome @Aaron Welter I just recently moved close up here as well for a job change to Mission: STL. So a big congratulations on your new job. So far I am greatly enjoying the new city living. I am currently living in Illinois, but I work in STL. This is a merely for convenience of having family and a babysitter. My wife and I just had a REI that we went to and learned a mass of information. We do not currently have any investments in the area, but we are actively involved in analyzing deals and looking for opportunities for a house hack. I wish the best of luck to you and I hope that we can meet sometime soon and talk about strategy and get involved in local REI groups.