All Forum Posts by: Will H.

Thank you Bob, you've reinforced a number of thoughts I'm having right now. I know that I/we have no tangible reserves at the moment, but we've been hammering down debt like a game of whack-a-mole.

Now that we've practically eliminated all of that, I began researching income property. So while I may not be quite ready to pull the trigger on a first property, there's nothing here forward keeping my hand off the trigger either... Until it comes time to draw, I've come here to research and learn.

So perhaps I should ask - to those of you good folk in and around the St Louis area, what would you consider an adequate reserve, a good property type for starting out to dip a toe in the water as it were (single, multi, etc), and your own vision toward growth.

Please, please, PLEASE be careful and be considerate in regard to those needing accommodations! Not only, in today's day and age of instant feedback and reporting, but even word of mouth and news stations who LOVE someone to demonize, people love to rally around a cause.

Requires housing providers to make reasonable accommodations for persons with disabilities. A reasonable accommodation is a change in rules, policies, practices, or services so that a person with a disability will have an equal opportunity to use and enjoy a dwelling unit or common space. A housing provider should do everything s/he can to assist, but s/he is not required to make changes that would fundamentally alter the program or create an undue financial and administrative burden. Reasonable accommodations may be necessary at all stages of the housing process, including application, tenancy, or to prevent eviction.

A word reasonable is subjective - what's reasonable to you may not be to however many else... And now get a judge involved.

Requires housing providers to allow persons with disabilities to make reasonable modifications. A reasonable modification is a structural modification that is made to allow persons with disabilities the full enjoyment of the housing and related facilities.

Reasonable modifications are usually made at the resident's expense. However, there are resources available for helpingfund building modifications. Additionally, if you live in Federally assisted housing the housing provider may be required to pay for the modification if it does not amount to an undue financial and administrative burden. 

Requires that new covered multifamily housing be designed and constructed to be accessible. In covered multifamily housing consisting of 4 or more units with an elevator built for first occupancy after March 13, 1991, all units must comply with the following seven design and construction requirements of the Fair Housing Act

These are facts quoted directly from - https://portal.hud.gov/hudportal/HUD?src=/program_...

I don't know much about ADA compliant housing, but I HAVE had to study up on ADA compliant business practices. I hope at least some of this helps.

Will H

Thanks again everyone for the welcome. Peter thanks also for the perspective! I guess I never considered single vs multi in that way.

So say that I find a great place. The numbers look like they work out, no significant issues to address right out of the gate. What next?

I've heard a couple of you mention getting the right tenants makes a world of difference. That seems obvious enough, but how do you find the right ones? Also, what if the property comes with tenants already?

@Jim Murray

Thanks for the comment Jim. We joke that we've worked our way up to broke. As I said, no major debts but not much disposable income at the moment because of paying off all debts.

I had thought about small, single family homes to rent initially. You mentioned multi-family homes - would you recommend hose over single family properties? Obviously multi units produce multi income, but would multiple tenant issues be worth it while learning the ropes? 

Greetings everyone,

I'd say I'm new to real estate investment, but I guess you have to get started at something to be new at it.

Anyway, I'm recently married (6 months today!) and want to make sure my wife and I are taken care of. 

Keeping it very basic, I work in the optical field and my wife works with the elderly. I am fortunate to have inherited a home in the St Louis area, 95+ yrs old, fully paid. We live there, no mortgage, no car payments, just inescapable expenses like utilities, insurance, groceries, etc...

We both worked toward paying off any expenses before we married and now have almost no credit debt either (under 1500). I haven't spoken with the wife yet, but have thought for some time about owning income property.

We're very fortunate compared to so many other Americans in terms of minimal debt, but because of our hard work getting to this point, we don't have much to show in the bank balance department either. 

I would greatly appreciate any input and feedback on how we might proceed into property management.

Thank you so much in advance,

Will H