All Forum Posts by: Tim Walsh

The removed my post with the link but there is an event Thursday by SSIC regarding wholesaling. Just Google SSIC St Louis and you'll find it.

Best of luck! Tim

Here are some resources - good luck!

BiggerPockets

https://www.biggerpockets.com/forums/521-events-and-happenings

The SouthSide Investment Club

http://www.ssiconline.com/

https://www.meetup.com/TheSouthSideInvestmentClub/

FasterHouse Buyers' Club - REIA

http://fasterhousebuyersclub.com/upcoming-meetings/

https://www.meetup.com/FasterHouse-Buyers-Club/

https://www.meetup.com/LifeonaireREIA/

BPW can be hit and miss. @Bob Hines nailed it about about confirming the info and not trusting the sellers. 

I had something similar to this in Nov. Bought a house - gas company had the wrong addressed and didn't transfer it and shut it off. When they came back to turn it on, the said there was a leak but couldn't find it. I had someone out and they couldn't find it, so I ended up running about 30 feet of new gas line, which did fix the problem, but the new material impacted the grounding of the HVAC causing other problems... I wouldn't recommend the folks that did my work. 

I'll msg my HVAC guy in the morning and see if he has any referrals for you.

A small leak like that might not be enough to smell. I didn't smell anything and was there for the inspection... 

Good luck!

Investment Info:

Single-family residence buy & hold investment in Columbia.

Purchase price: $79,500
Cash invested: $6,500
Sale price: $107,500

Bought as my home and did some improvements - updated bath, new room, flooring. Nothing too major.

Moved and rented it out.

Decided to sell because it was out of the way and could get a good price, return.

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

I was looking for a place to live in the area. Lived there for awhile but moved and rented it out. Too much work for a SFR to manage on my own.

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

MLS.

How did you finance this deal?

FHA Loan

How did you add value to the deal?

Small improvements and the market improved.

What was the outcome?

Closed with about 20k. Worked out well.

Lessons learned? Challenges?

Takeaway from this was if you are going to self manage, be mindful of distance. I ended up moving farther away from the home and making repairs, going to the house added up.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $37,000
Cash invested: $15,000
Sale price: $80,000

Bought a pretty rough 3 bed, 1 bath house.
Rehab included, new roof, replacing bathroom and kitchen, adding 1/2 bath, new window.

Bought to rent to family who were in a pickle. That worked out until their situation changed due to a car accident and they needed a 1 story.

Ended up selling after they moved out.

Bump in the rode was listed and then heavy hail storm which damaged siding and room. Delayed sale for months.

All in all, worked out well.

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

I had a family member needing a place and we figured a win-win for everyone.

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

MLS and then low offer.

How did you finance this deal?

1 year loan with local bank.

How did you add value to the deal?

Lot of improvements.

What was the outcome?

Good -

Lessons learned? Challenges?

One thing that I remember was that the company doing the siding removed the gutters when doing the siding and then wanted to charge me for adding new gutters or re-installing. It was an outrageous request and I refused. They ended up doing it for free but if they hadn't, it would have slowed work down and added to the bill.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Chad, Judy and Karen Doyle are the best in the business - would refer them to anyone looking for an agent.
http://www.metroeastrealestate.com/

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $365,000
Cash invested: $1

4 Unit, 3 bed/1 bath.
Older brick building next to a little park.
In Shaw near restaurants, MO Botanical, Tower Grove Park.

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

I was looking for a place in the area (Shaw, Tower Grove) for a live, rent.

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

It was a very competitive situation with multiple offers.

How did you finance this deal?

VA, very low or no money down.

How did you add value to the deal?

General improvements. At the moment, no major investments.

What was the outcome?

So far, so good!

Lessons learned? Challenges?

I managed myself, so I would have the experience of managing. Big takeaway is that I'm better off hiring PM out.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Lou Realty Group is great. I worked with Lucy.
http://www.lourealtygrp.com/

Lender was Jason Stauffer with American Portfolio Mortgage Corporation.
Jason is really good to work with. He gets stuff done. I've had several loans with him and would refer to anyone.
https://goapmc.com/jason-stauffer/

Ernest, great approach to starting RE investing. I bought a 4-family in Shaw with the VA loan and lived in one unit. Perfect way with low money down. Looking forward to seeing what you have next! Welcome to St. Louis, Tim

VA Loans are the best.

@Gunnar Teltow Thanks for the info - that range 8.5-15% sounds right with the related risks.

Nice portfolio with 450.