All Forum Posts by: Tanner Trokey

Is there any biggerpockets meetups in the St. Louis area?

It's not necessarily on the price you offer him but the down payment from the end buyer. So if you if the property is worth 90k and loan say 100k. Get it under contract for 100k then you can negotiate the terms with the seller and give him say 5000 to move or whatever makes him happy to get the contract signed then in turn you would then sell that property to your end buyer for say 10,000 down. When dealing with title, buyer agrees to pay seller 5k, buyer agrees to purchase property subject 2 the existing loan not to exceed 100k.

Preference is a factor, because be honest. If what you do doesn't interest you then it most likely will not work out for you. Do you want passive income or active income? It also depends on the amount of capitol you have or the availability of capital either from friends, family, or lenders etc. Find a local REIA's and just talk to different people and see what they're doing how they started and you will get an inside perspective on different strategies. The 70% rule is a good starting place. It depends on your market though and the spreads. It's not a one size fits all rule. For ex. Someone looking to build a rental portfolio may pay 80- 85% because there more are so buying for long term appreciation or cash flow rather than short term cash. My advice is to get a better understanding of the market you are looking to get into. Figure out prices and rents for different areas. Pick a criteria for ex. like 3bd 2bth 1500 sqft then look at similar houses in the same neighborhood or least within a half a mile with same amount of beds and baths and couple hundred feet within the square footage. Since I do not have access to the MLS yet. What I do is go on different sites like Zillow and homes.com and realtor.com and get an average (usually the lower average, just to be conservative) for comps of neighborhood I am targeting. Just keep reading the site and listen the podcasts right down notes and ideas, and it will start coming around for you. Best of luck!

Welcome @Chantel Johnson  to the site. Quite a bit of information on here. It can be very easy to get overwhelmed with all the information. Best thing to do is find what suits you and master that niche. Then move on from there. Best of luck!  

I do not know if your target market is the St. Louis area, but I have spoken to many cash buyers that buy in the St. Louis Market at 75% even up to 80% ARV. in some areas like west county.

Wholesalers usually deal with distressed sellers which not all the time, but usually end up being distressed properties that need quite a bit of work. One thing you can do is network with wholesalers at your local REIA or call any bandit sign and tell em your buying criteria and looking for Rental properties. Some deals don't have enough room for a fix and flip. Doesn't mean its not a deal. If your dealing with a knowledgeable wholesaler they can structure a deal that could fit your numbers. Many options when wholesaling... Another thing you can do is target MLS properties that are on its last day of being listed. And send them your offers. Good luck

look up Sean Terry at flip2freedom.com he his mainly wholesaling. Not sure what your main exit strategy is, but on his podcasts he has some great negotiation strategies and ways to overcome objections. All free content.

This post was perfect timing for me and setting up my voicemail. Of course I made it my own, but took some ideas from the message and comments.  Thank you for sharing!

Gordon first of all thanks for the reply, I'm assuming lunch is out of the question since your from the west coast. Anyways, YES! I will help! I would like to contact you and discuss just how I can be of assistance to you. I can PM you or vise versa. What would be best for you? 

Thanks you sir. I'll look into thet