All Forum Posts by: Michael Stuck

Nothing personal taken, its not my situation I was just curious and wanted to give them advice. 

And yes I meant coolers like buckets to collect the water.  I believe they were telling me it was a plumbing leak going into the basement from the ceiling.  It sounds like they need to look at the state tenant laws but I agree, Im betting if they do complain and escalate it then they will most likely end up evicted.

Thanks for all the responses, looks like they need to get caught up first and foremost in rent and then look elsewhere for a place to live.

I am asking the following question for a family member and want to give them advice:

They are living in a poor condition older home and the AC has been broken for months and they also have water leaking in the basement to the point that they have coolers collecting the water to prevent it from soaking everything.   The catch is they are also behind in rent and have poor credit.  What can they do here?  It has been 100+ the past few weeks in Missouri.  They have been renting this place for the past 15 years and the area is expensive so Im not sure they can go somewhere else very easily.  The place needs thousands in repairs to make it what I would deem "livable" again.

I am searching for a good realtor with experience in rehabs and that knows the Saint Charles, MO well.  I am ready to purchase now. 

I am just starting out in the rehab game, and I was wondering what most people are doing as far as setting up an LLC or? Is there a good way to protect my current assets in the event of a bad investment? I have a nice home and I am looking to rehab a property without risking what I already have.

Also, when you buy a property that needs a month or 2 of work, what is the best way to do it without having to pay closing and mortgage payments before it is ready? I would like to pay minimally on the loan until the property is ready to rent (which I would assume I would then need to convert it to a mortgage) or ready to sell (can I leave it as a construction loan if I am selling)

I am located in St Charles, MO, if anyone has a good model plan they wouldnt mind sharing or tips or anything I would greatly appreciate it! I am ready to learn!

Yes, I have looked into both options, but I am so new to this, it is hard for me to see what the better choice is. I am really seeking the "what would you do next" advice. Should I sell my residence and free up the full $100k, cash-out for $82,500, rent it for a $400/month profit?

I bought my first home 3 years ago as a foreclosure and I have since rehabbed everything and have about $100k in equity sitting there. I replaced the entire kitchen, and also have the entire basement close to completion, so I have a general sense of construction and feel confident in doing many things myself. I am located west of Saint Louis in Saint Charles County. The entire county is booming with growth and I want to get started with investment properties. I just dont know where to begin as far as getting lending and forming my plan. I have great credit, so I didnt know if I should try to buy with another mortgage, private lending, do a cash-out refi etc.

Thank You!