All Forum Posts by: Tom Ferris

I appreciate the replies. 

Keep the advice coming. Jokes will do. 

 Yes this is true. I have to get them up and either sell or re-rent without the copper value in the units. 

Haha Ha Ha 

They did take the furnaces, the ac and heaters. 

I appreciate the tip on re plumbing though. 

Hey all just hoping for some advice. This is from Jan. 2022

I have 3 buildings in St. Louis with 5 doors. Recently a tenant in a duplex gave notice, returned her keys and left. Aside from removing the appliances and leaving behind some junk and furniture, it was a normal departure. A week later during a walk through for the make ready, my pm noticed a door had been kicked in. It turns out both units were occupied by squatters and both units had been completely destroyed by copper thieves; from the basement to the upstairs bathrooms. I had him check a second house, which was in the process of being remodeled, and it also had squatters, and copper thieves had destroyed the building. 

We secured both buildings and I called the police and my insurance.

Unfortunately I was denied on both buildings due to the more than 30 day vacant rule. While one building was still occupied, I believe, I have no way to prove it. 

I've lost my source of income and the buildings will lose money if I sell. 

What should I do? What can I do? Does anyone know of resources that might assist in rebuilding?

Any help or advice is much appreciated. 

Thanks

Tom Ferris

@Bob Thomas I’d like to talk with you about your CPA work. I need one! I live in north berkeley but am investing in the Midwest.

Tom Ferris

5103675016

Hi James,

I'm visiting Memphis at the very end of March. Do you have a meet up around then. I'm from California, my son is in school in St. Louis and I own two rentals there. I'm flying to St. Louis and driving down. 

Let me know. 

Thanks

Tom Ferris

likewise...

Just want to jump in here. I am visiting St. Louis 7/30-8/4 and would love to visit some of your properties or have a coffee. 

Thanks

Tom Ferris

Hi I am investing from the Bay Area. I am a teacher, but have rehabbed several properties pre crash in the bay. I am looking to invest in St. Louis as my son will be a college student there in 2019. I have been reading and following everything I can on StL real estate and real estate mfh investing in general. I will be in St. Louis visiting 7/30-8/4. I really need someone to help guide me through some basic stuff in the landscape of StL and MO. I don't want to sign an exclusive contract with an agent. Not that I'm not a loyal investor/purchaser, I've had the same agent here in the Bay for 35 years, but I don't want that to be the first thing I do.  

I do however want to look at properties and prepare some offers. 

If any one can help or knows someone who can do a little hand holding for a short time, let me know. 

Thanks BP community. 

Hi I'm returning to the conversation as well. I am amazed at how high the real estate prices in StL have risen in just the last 6 months. Before the 2009 crash I remodeled, owned and lived in Oakland. I did well, but divested before the crash and have been teaching in Oakland since then. My son is going to school in StL in 2019 so I've been poking around like everybody else. I'm intent on making a MFH buy before the year is out. I've watched the prices rocket up and read about all the west/east coasters investing. I'm more in to rehabbing, holding and cash flow. I'm very interested in neighborhood rehabilitation. Not necessarily looking for a big ARV at the moment. I don't mind (C+) difficult areas as long as people are starting to move there, or if it's a positive edge. Also I don't understand the population numbers in StL. Is it growing or still receding? There seem to be so many good things happening there, schools, jobs, great housing stock, investment. .

To that end I'm visiting StL the last week of July to tour some homes. Cheers.