All Forum Posts by: Nathan Zierer

+1 (Wife and I)

It would be great to see this?  Did you do it as a metro area or did you break out the metrics for zip codes, towns or some other smaller break down?  

Congratulations! Keep the momentum, always like to see success stories in St. Louis

@Elliott Holdosh - I haven't joined the STL REI Association but probably should. If you go to the events section under Network and look for St. Louis forums there should be an event notice (its old now since COVID). https://www.biggerpockets.com/...

I would also join the FB Rookie group,  you can learn a lot on there as well

Good morning,  I know there isn't a meet up in December but is there planning to have a meetup (in person or virtual) in January? 

Welcome to BP. Shoot a message to Megan who set up the "St. Louis REI Happy Hour!" in the Events section of BP, we don't have a meet up in in December but there should be one coming in January. Looking forward to hearing more about your story, especially syndication since I don't know much about that.

Welcome to BP! Are you looking to move back to St. Louis for investing? If so, you should join the St. Louis REI Happy Hour! under the events section.

100 hundred is not impossible, just have to start with the first and it will start moving you along faster and faster.

I am here in St. Louis, I will agree with @Trevor Wallis.  It is getting hot/competitive here - I may start looking out of state in 2021. 

Investment Info:

Single-family residence buy & hold investment in St. Louis.

Purchase price: $76,000
Cash invested: $22,000

This was our first investment property. We started off slowly with typical bank financing at 75% LTV. Though we put more in up front on the loan, we only need to invest about $5,000 to force appreciate it from a B-/B property to a A- type property. Great little house and has been great for gaining basic understanding of property management.

What made you interested in investing in this type of deal?

We had been looking at all kinds of deals but never pulled this trigger, this one was affordable enough that we could just jump in and take the leap. We also know more about single family houses just because my wife and I grew up in them, made the transaction simple for that reason.

How did you find this deal and how did you negotiate it?

Found this deal on a 3rd party listing (Redfin) and did straight forward negotiations (offer, counter offer, took as-is).

How did you finance this deal?

Typical bank financing (75% LTV)

How did you add value to the deal?

The property was in a fairly good state but need minor repairs to trim and door function. We ended up painting, replacing all the outlets, light fixtures, fixed the garage door and added an exhaust fan to the bathroom.

What was the outcome?

It took us 3 weeks to get everything fixed up and cleaned. The property was rented before we we finished and the tenant moved in immediately after we finished.

Lessons learned? Challenges?

The biggest lesson learned... and I could never fix this now but just starting early and trusting your gut feeling. I will be much more aggressive in our next property to just push through the questioning thoughts.