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I got an email almost immediately.

Great info fellas. Thanks a bunch for your help.

This is exactly the kind of advice I was looking for - thanks. Any other thoughts are appreciated.

I have just learned through a conversation with city hall that a portion of my target neighborhood is going to be involved in an eminent domain buyout at some point and it will be rezoned as light industrial. They cannot pin down a time. It could be next year, it could be 10 years out. The area is low income with average sale values at around 50k.

I am looking to make my first purchase and there is a 2/1/5 valued at around 60-65k that I can buy at $52k that is currently rented Section 8 that will cash flow around $125 right off the bat. I don't have much working capital and my initial thought for this property was to hold and rent it until the market looked better. This property is in the buyout area.

Thoughts? Experiences?

Thanks.

Welcome! The St. Louis crowd grows... 8)

Hello Michael. I'm just getting started in St. Louis. Good to see there are a few of us here.

Hello from another St. Louis guy. I'm still building my team but am looking to invest in the next few months. It sounds like you are active, for how long?

Thanks for the welcome! Can you elaborate on what you said here, You lost me... :oops:

Hello all. For a long while now, I have seen a need in my life for something more, or different maybe, both financially and otherwise. I have considered everything from changing careers, to opening a business, to just trying to polish up the resume with another degree.

In the last 6 months or so I have become very serious about moving into the real estate world. I do not have any training in real estate other than having bought and sold my current and last residence. I see myself buying a one or two family home that needs some work, and either selling it or renting it out, depending upon the market conditions. I have great credit and would like to keep it that way. If the first goes well, then on to the second, and third... etc., etc. For the time being, I'll keep my day job. :wink: In the future?... who knows?

Although I have never worked as a contractor, through various DIY projects My current skills include anything from landscaping, painting, drywall, siding, windows, trim, cabinet work, decks, minor electrical, minor plumbing, roofing and most any kind of cleanup. I plan do to what makes sense myself and may hire out some work if pursuaded enough. I do almost everything DIY so hiring out will be a huge step for me. I am reading more and more that I need to be willing to do it.

I am currently building a core network of folks (real estate attorney, realtor, accountant, lender), and am looking to expand into people in the industry with real world experience. At this point, I am open to any mentoring I can pry out :D, which I have subjected a few willing folks to already. My weaknesses I am working on right now are 1. Jumping the hurdle of no upfront money to speak of, 2. Getting into the circle deep enough to find good deals, 3. And knowing which neighborhoods to concentrate on. I plan to attend an upcoming Local club meeting or two which I hope will spawn some good contacts and information.

I know I'm long winded so thanks for reading. I'll just get back to scouring these forums some more and look forward to hearing from any and all here.