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All Forum Posts by: Scott Schaecher

Scott Schaecher has started 6 posts and replied 29 times.

Post: Just Jump: A story on our 'first' deal in St Louis

Scott SchaecherPosted
  • Investor
  • Saint Louis, MO
  • Posts 29
  • Votes 21
George Moehlenhoff I've been thinking about writing an update. We'll, the project is still ongoing. The contractor is still moving ever so slowly and has given us the excuses recently that: - he underbid this project - he managed to get 4 contracts signed simultaneously which has affected his ability to get things done on time The plumbing and electrical are just about done and the kitchen cabinets have been assembled. But these guys decided to paint walls and assemble cabinets (leaving them exposed on the floor) while carpentry work and electrical / plumbing are ongoing. It's amazing how poorly planned this guy is. I called him yesterday to say that his *** hats installed drywall in the shower that will be tiled. Not acceptable. He said greenboard is OK and I said "first of all, half of it is not greenboard it's standard gypsum board and second of all, even greenboard is not ok for showers. Get it out." We have started hiring other contractors to do some other work at the property that is not in scope for the original contractor, trying to test them out to find one/some that we like. We're giving them smaller jobs like installing glass block windows and re-doing a front porch and some brick work. Figured we should test guys out with smaller jobs before hiring for big jobs like we did the first guy. Problem is that we've paid the first contractor 2/3 of the total, so we are reluctant to fire him yet... we'll never get that money back. But we are setting a deadline that if substantial progress (like all of the doors) isn't made this week, a law suit may be forthcoming.

Post: Just Jump: A Story on our 'First' Deal in St Louis

Scott SchaecherPosted
  • Investor
  • Saint Louis, MO
  • Posts 29
  • Votes 21

I wrote this link about our first multi-fam deal in St Louis, thought I'd post a link here in the STL forum if you haven't seen it.

https://www.biggerpockets.com/forums/522/topics/48...

The post chronicles our story on a multi-fam in South City. Details yet to come, hopefully we can at least retain some profit out of this quagmire!

Post: Experience w/ STL Flips, Semper Fi Renovations, Richard Brooks?

Scott SchaecherPosted
  • Investor
  • Saint Louis, MO
  • Posts 29
  • Votes 21
They are working on a renovation for me right now… Lack of a project plan is exactly how I would describe it. Extremely frustrated.

Post: Looking for St. Louis City Contractors

Scott SchaecherPosted
  • Investor
  • Saint Louis, MO
  • Posts 29
  • Votes 21

@James McCormick I am @Corey Schaecher's brother, we're still struggling with our contractor. Our scope of work is very similar to what @JP P. described. Plumbing, minor electrical, kitchen renovation, bathroom renovation. Could you share that contact info with us as well?

Post: Open Forum St. Louis Meetup

Scott SchaecherPosted
  • Investor
  • Saint Louis, MO
  • Posts 29
  • Votes 21

Lets get this thread re-started. Im in the Webster/Kirkwood area. Is there already a STL meetup group formed? I'd love to meet some of you and swap ideas, contacts, etc.

Post: Experience w/ STL Flips, Semper Fi Renovations, Richard Brooks?

Scott SchaecherPosted
  • Investor
  • Saint Louis, MO
  • Posts 29
  • Votes 21

Has anyone worked with a contractor named Richard Brooks, under either the business name Semper Fi Renovations or STL Flips? I have a project going with him right now that is not going well, running almost 2X over estimated time and nowhere close to completion. He keeps promising things will get done, but things are moving extremely slowly. Looking for advice. Renovation of a duplex was estimated at 5 weeks, we're finishing week 9 and there is still several weeks of work remaining.

Post: Just Jump: A story on our 'first' deal in St Louis

Scott SchaecherPosted
  • Investor
  • Saint Louis, MO
  • Posts 29
  • Votes 21
In St Louis, any multi fam cheaper than that is probably not something I'm interested in owning or at least something that will take more rehab effort than we are currently prepared to handle. We needed a learning project first.

Post: Just Jump: A story on our 'first' deal in St Louis

Scott SchaecherPosted
  • Investor
  • Saint Louis, MO
  • Posts 29
  • Votes 21
Jason Chen we aren't flipping - we are holding for long term rental (or maybe mid term to 1031 it up in a few years). I'm conservatively estimating an appraised refinance value for cash out at $155k, but there is potential for surprise upside with appraisal closer to $170 due to recent comps. I'm keeping my estimates conservative at $155k, and we are projecting all in investment at $135k.

Post: Just Jump: A story on our 'first' deal in St Louis

Scott SchaecherPosted
  • Investor
  • Saint Louis, MO
  • Posts 29
  • Votes 21
Jason Chen very astute observation on the financials. Yes we agree this wasn't a killer deal. We are confident we won't lose money, and we feel pretty confident in that $20k profit. I neglected to clarify that we used the foundation work to negotiate $12k off the purchase price but it only cost us $3000 to remediate that issue. But your point is spot on - we learned something through this process that will certainly be applied to our next deal.

Post: Just Jump: A story on our 'first' deal in St Louis

Scott SchaecherPosted
  • Investor
  • Saint Louis, MO
  • Posts 29
  • Votes 21

@Khaled Helmi I like the agreement to share profits with the contractor, at least in that it better aligns your incentives. Clarifying question... you said you are cash buyers with no interest in payments. Can I ask why? At 4.5% ish for financing, isnt your cash better served acquiring more properties with a much higher cash-on-cash return than 4.5%? At least that's our current thinking. We currently own the property outright, but want to refi to pull our money out to do it again.