All Forum Posts by: Aaron J Latal

Walk out of your house. Turn left or right. Walk down the street till you see a house that looks like its in disrepair. Go knock on the door and start talking to that person. Tell them you are an investor in the neighborhood and are looking for another property, ask if they know anyone that might be interested in selling their house. IT will be uncomfortable but once you do it a few times it will be as easy as walking down the street!

Congrats on powering through the challenges and getting the rehab to completion! Lafayette Square is a beautiful area, I'm sure the house looks great after the work that you have done!

I would be curious to hear more about the historic rehab aspect of things. 

Did you face challenges getting permits and the repairs approved? 

How about historic tax credits? Did your contractors have experience with those or did you find a CPA or another professional to help you with that. I've heard there's extensive documentation required!

There are a ton of great resources to learn more. My answer to your question is that wholesaling is putting a property, most likely a distressed property/seller, under contract then assigning the contract to another buyer for an assignment fee. I have gotten a lot of information from Dan Brault, he has a pretty inexpensive coaching program with tons of videos on wholesaling and how to build a wholesaling business. PM if you have interest, I would be happy to tell you more about what I have learned from him and in my own experiences in wholesaling!

@Brian Plajer, I would happily reach out to a private money lender I have spoken with in my local market to see if he would be interested in chatting with you about his process and experience. He's funded ~130 deals now and has a process pretty similar to what others here have described. Meet folks at local investing meetups then he has a coffee chat/interview with the potential investor about the specific project they are looking for him to fund. PM me your contact info and I'll pass it along to him :-)

I found the book Bidding to Buy: A Step by step guide to investing in real estate foreclosures by AJ Osborne to have a bunch of helpful tips, although I decided that buying at auction wasn't for me right now. I went to some of the STL City tax sales this summer and saw that there were some properties that seemed to go for reasonable prices and some went for much higher than I would have expected. I think one tip in that book was to run title prior to bidding on properties which I think would be a great idea, I'm not exactly sure what you tell the title company or that all title companies would do it. Hope that helps a bit! 

@Kyle Eckert Me too :-)

Welcome Cam! I love those areas in STL! Definitely check out the zoom meet up, the in person meet up that is BP affiliated is also one of my favorites, I hope to see you there in the new year!

That's an interesting figure! In my experience the floor was a bit more expensive, I've been redoing the floors to tile. Hopefully it pays off in the long run!

Yeah, I would NOT wait 5 months for cabinets personally, I had a friend get some from a local distributer in 3 weeks. I would shop around a bit if I were in your shoes!