BiggerPockets

Hi All, thanks to all the experienced folks spending their time here, sharing freely. What a refreshing world...

I'm a 20+ years into the finish trades, with time off to get a BS Business Admin, and two years teaching in China (where I learned to love tea). I've just spent two weeks re-habbing a relative's place on Marco Island, FL that has only whetted my appetite to apply my background to real estate deals.

I'm low on cash, but am willing to learn fast, work with tenants, and take a slow-as-you-go approach until I can speed thing up, like MikeOH. Looking for a partner in STL area who has the funds but doesn't want to get their hands roughened up...

I think I will stay on top of different forums, and grow my confidence. I will begin looking at the foreclosure side of things, contacting the larger lenders (websites?) and going to the court house to look at the NOD's. I also want to learn about the hard money funding options since the banks probably won't like me or the type of properties with ills that my skills can cure. Suggestions?

Welcome to BP Brad this is a good place to learn and network.

Thanks, all. Christian, going as an observer is exactly the strategy I was going to use. I was talking to another painter in FL last week who said that in many instances (in certain parts of town) the homes have been completed cleaned out, including all the copper plumbing, wiring and anything else having any kind of value.

Is it usually the lender's lawyer getting the bid and the house becomes REO?

Welcome Brad. I'm located in and focusing on investing in St. Louis City. Not sure if you want to drive that far but there are many decent opportunities in the city for $35k or less. Some need a little work, some need a lot of work but they should make decent cash flow. Take a look under my profile and you can see what I got for $18k and less than $24k total after HVAC and minor repair. It will be rented for $585/mo shortly.

If you're not interested in crossing the river, St. Charles county is supposed to have a higher foreclosure rate than any other area around here. I'm not looking to invest there so I don't know specifics but there has to be some deals to be had, although most likely at higher prices than the city.