All Forum Posts by: Account Closed

Great topic!

I was foremost influenced by my mom. She always used say to me when I was a kid that "maybe real estate isn't where our money comes from but it's where our money goes to". That's how my parents managed to go from poor to wealthy by the time I was born :D

But my parents never were business savvy or dreaming big. Always modest and low risk (not that I'm saying anything bad about it...). I don't want to sound banal but a lot of my influence in that perspective comes from The Donald. His footsteps are just great to follow, and I hope to walk a few miles on his road.

Very important are the vacancy rate in the area and the quality of tenants you will be dealing with (assuming you'd be managing it yourself). If the area isn't too bad and you think that the people you will rent to will pay on time and stay for longer periods of time then it's worth doing the math and see if the return you're going to get is good (for you). I'm not familiar with the market of St. Louis so I can't say what a good return would be.
Once you buy the property for 70k it would probably be reappraised at current market value (somewhere around 70k) and you will pay less taxes on it. Good luck!

8 units for 160k? must love the midwest! :D

Unfortunately you're not the only one frustrated at todays regulations regarding banking lending. You must show a high enough income to debt ratio and that's that! Credit doesn't play here (which is absurd).

1. MLS is definitely not the right place for commercial. Loopnet and CoStar are the leading websites and practically all the properties that are on the market will be listed there.
Another good source is PropertyBlast. You can describe the type of property you're looking for and they will send you automated emails with listings that fit that description.
2. Vic is right. Working with an experienced agent is a must. There are to many factors to list here when is comes to commercial real estate but much like in any transaction is depends a lot on your personality, budget, abilities, knowledge and goal. What fits another might not fit you. A face-to-face meeting with a good agent might clear some things for that matter. Good luck!