All Forum Posts by: Stan C.

Very interested! Good idea!

I am planning on purchasing this first property as either a starter home then converting into a rental in a year or possibly just putting it up for rent as soon as I purchase it. Here are some facts about it from what I have found online: It is a single family 1 floor and full basement, 3 bedroom 1.5 bath. 3800 square feet lot and over 900 square feet. Built 1939. It is not on the market because the person that owned it passed away and his family came up here to take care of all his belongings. The story about the house from the neighbor is that he bought it in 2010 as a HUD foreclosure sale for 20k and put in 30k of renovations into it. I have contacted the wife of the house and checked it out and she plans on leaving everything in the house furnished and doesn't want to take any thing back with her. The inside looked great. She said she would take 36k cash just to rush the process instead of waiting for someone with a loan. My real question is what kind of things should I be looking for in a house this old but renovated recently. And what are some suggestions of questions I could be asking. And how long does the process of purchasing a home with cash usually take, as well as what kind of paperwork is involved. Thank you in advance for any advice/answers to my questions.

I haven't started in real estate yet but I think I will go with the buy and hold strategy. So I guess my opinion doesn't matter since this is referring to actual investors ha

http://www.zillow.com/homedetails/5728-Waterman-Blvd-Saint-Louis-MO-63112/3006253_zpid/

I wonder why it's priced so low. Can anyone explain? Thank you
Anyways here's a heads up in case anyone thinks this is a good deal.

Daniel Kirkpatrick Thank you

Michael Pilarski Thank you for the welcome and that is a very good idea. But how do I find my local REI club?

Joshua Dorkin Thank you for your advice. This is exactly the kind of advice I want to hear. Mainly, since I'm a starter, I need a guideline on what kind of things I need to explore. And this hit a general but good path for my researching. As of right now I have been exploring properties on websites of ones around the area that I would like to start in. As well as researching the area around it to make sure it is a profitable area.

I do have a question that came to my mind the other day. This will be an example, say someone wants to sell you their portfolio of 20+ or whatever homes for $1 million+ or so, how does one qualify for a loan that big? And what kind of lender out there would loan such a huge amount?

First let me introduce myself, my name is Stanley and I am 24 years old and currently working at my first job out of college at Covidien. I am really interested in becoming a real estate investor. I'm not looking for a get rich get quick scheme. I am looking for an investment. I am hoping though, through this that I will live off of passive income in 10 to 15 years. I am really interested in multifamily homes. Right now my mindset is on 4 unit homes. Please guide me on where to begin my journey and give me as much advice as possible. I am very new to this and ready to learn. Thank you!