All Forum Posts by: Matt Mitchell

@David Ounanian thanks for the response! One additional question are you utilizing riders / addendums to cover additional items not included in the SLAR contract (I.e: contingencies,  limiting  liquidated damages to the earnest money, any other items you want included in the contract covering both buyer & seller?)  We want to make certain we are presenting a very clear contract that all parties understand and are in agreement to.

@Russell Brazil thank you as well for the advice we appreciate any info we can learn from, and want to do this by the book. 

Thanks, 

Michelle

My wife and I have the exact same question. We are located in St. Lois MO, and are doing the same thing. My wife has her License, and we want to purchase off market properties for our own portfolio.  That being said we want to have the ability assign the contract to another buyer on the rare occasion the property does not meet our criteria, basically wholesale it. While this is not our main objective, we also don’t want to burn the opportunity to make  few thousand dollars after we have discovered it through our own marketing campaign.

We were also looking into having our own contract drafted, but were informed that we could use the SLAR (St. Louis Association of Realators) special sales contract, even though its not being used for traditional Real Estate / Broker deals.  We want to make sure we are doing everything by the book!

I just posted in the forums a couple of days ago as well and haven’t receive much feed back, so we will be following your post, and will also share any additional details we receive.

Thanks,

We are in the process of drafting a purchase contract for properties we find off market.  We will primarily be holding these properties for our own use,  but may on occasion sell (wholesale) ones that do not meet our criteria.  That being said we have a couple of questions to help make sure we are doing everything by the book:

1. If my wife or myself are also licensed Realtors is it required that this be disclosed in the contract?  If so what is the best way to do this?
2. Is it required that this also be disclosed in any marketing that we do to potential sellers? What is proper procedure for this?
3.  As mentioned we are marketing to, and purchasing these properties primarily for ourselves, and are not really interested in wholesaling, but there may be the occasion from time to time we do want to wholesale a property...that being said do we need a clause in our contract stating the contract can be assigned...etc.?

We will have our attorney review, and edit this contract prior to utilizing it, but I wanted to check and see what recommendations others with experience in doing this had in order to make certain we don’t miss any important key items that we should be including. 

Thanks in advance for any advice or input, it’s much appreciated!!

Matt 

Hello I'm looking for CPA referrals located in, or near St. Louis, MO. that are knowledgeable and familiar with REI.

Thanks in advance, 

Matt

Can anyone offer recommendations for locating these type of local banks ( i.e.: specific website that list them by city, state, region, etc.?)  looking for any advice or best practices in finding these lenders. 

Thanks in advance,

Matt

Thank you for the responses, this is good info. 

I'm new to REI and trying to learn as much as possible. One question that I have, can one use a HELOC to fund the down payment on an investment property mortgage? Just trying to be as creative as possible, and thought this would be one way when attempting the BRRR strategy or flipping without burning through my own savings.

Also, We purchased our home about 18 months ago and the home has appreciated quite a bit due to the area, providing us a fair amount of equity in the home. Are there any stipulations with a HELOC (i.e.: is a certain % of your mortgage required to be paid down before eligible, or are you required to have had the mortgage for a certain period of time?, etc.....)

Thanks in advance for the advice!

Hi Maggie I am also new to Real Estate investing and live in St Louis. I would love to know what groups you recommend in the area? I would also like to know if you have any recommendations on REI education classes etc.

Thanks Matt