All Forum Posts by: Michael Wallimann

I spent a few days in St. Louis last year. Mainly around the Delmar on the Loop area but also explored many parts of the city. I really liked it and would be interested in investing there someday. Like any city it has it's rough patches for sure but all in all I really like the scene as a whole. I don't know of any PM's in St. Louis but I just wanted to give a nod to investing there. I think it has phenomenal potential. Best of luck on your mission!

Sounds like another great addition to Bigger Pockets already powerful reach. Thank you for continuing to bring value to the community. BP is an amazing force!

Recently my agent brought me a deal with a huge amount of potential. This building used to be a 4 unit motel in a hot tourist area that has now been converted into a duplex consisting of two 3/2's. It is on multiple acres. I talked to the town zoning official and he said I can basically add as many units as I can fit on the property. With that being said I need to get this under contract. I am trying to purchase the duplex as a second home (in a state I don't currently live in). Ok so this is where it starts to get a little tricky...The septic and water are currently shared with the house of the owner who is splitting his property into two ~ the aforementioned that i am trying to buy and his residence. The duplex is being sold as is with the need to add a well and septic system right away which in theory is not that big of a deal except now lenders don't want to give a construction loan on a duplex that is going to be a second home. They also don't want to lend on a property that doesn't have water or sewer. Any advice on tapping into the creative mind and finding a solution to this issue? 

My cousin is in Beverly and I know he would like to attend this. I will let him know about it. Thank you @Mike Hurney! 

@Charlie MacPherson what a great response! Thank you for all the very detailed info. @Mohsin Mazhar there seems to be a wealth of great advice here on areas to target. I will just add on to this thread with the down payment side of things. I would definitely look into getting an FHA loan so you can get into your small multi family property for 3.5% down. My cousin just did this in the North Shore area outside of Boston and it went really smooth. An FHA loan+house hack = A great way to get started in an expensive area. Best of luck to you moving forward!

@Geordy Rostad Agreed! I don't own an MHP (yet) but in all of the research I have done staying away from septic systems is a good idea for new investors.

Hi @Trevor Morgan congratulations on getting started on a path to build your future and better the lives of your family. I am not a wholesaler and wouldn't be the guy to give you advice on that topic but there is a wealth of knowledge on this site if you just start digging. Wholesaling has also been discussed in great detail in many of the podcasts. I would suggest that you start by saving as much money as you possibly can. Start looking into getting an FHA loan on a small multi family property where you will only need 3.5% down. Live in one unit and rent the others out. Have other people pay your mortgage for you. After a year you then have many options of avenues you can go down to start building your portfolio. Remember real estate is generally a get rich slow game. Do your homework, get started, work hard and continue to learn as much as you can. Best of luck to you!

@Ben Myers I was looking at a property in Saratoga not too long ago and I was trying to do the same thing. Zoned R2 and everything came back saying that I couldn't add an additional unit.  If it were me I would just do like you said and expand the upper unit. Convert the attic to another bedroom or two and a bath. You'll find the right family to move into it or even possibly the right group of college kids to rent by the room with their parents as co signers (although I think I'd just rather have a family). Best of luck to you moving forward!

I have a duplex in Beverly (right across the bridge from Salem). I definitely spent some time shopping around Salem and saw some decently priced (for the north shore) multi families but they don't stay available for long. Salem is a super hot market and although we are probably close to the top I still feel if the numbers make sense then it's a good time to buy there. You should have no problem finding tenants. It's like anywhere just make sure you find the right tenants. I fully recommend investing in Salem. Congratulations on getting started. I wish you the greatest of luck in all of your future endeavors!

That R.O.I. number is a beautiful thing. I have been interested in the Memphis market lately. Sounds like a nice pickup. Congratulations!