All Forum Posts by: Alex Wuesthoff

@Bjorn Ahlblad Thank you for pointing that out. I have updated the link, you can find it above. 

Hello, 

I am looking at a property in the STL (Saint Louis) area for a possible rental. FYI this is my first deal ever. My plan currently is this - 

Purchase house with a 5% down 30 year conventional loan. The property costs 200k and seller is firm. Closing costs would be $6k. Now the house is listed as a 3 bed room, however there is a 4th bedroom and I am unsure why its not counted, as it has a closet and a larger window. I could move into the house and take another smaller loan out for the renovations, which (conservatively thinking) should be no more than 25-30k. 

Repairs would include the following - I would be adding another bathroom (most likely in the basement) which will include framing, electrical, pluming, etc. I will also be updating the bathroom upstairs. Kitchen needs cabinets painted, new backsplash, appliances, and countertops. There are hardwood floors that will need to be sanded and re-stained upstairs. In the basement the carpet needs to be replaced, drop-ceiling removed, and walls repainted. 

Once the renovations are done I would like to get the house reappraised which i believe would land around 265k (conservatively thinking again). I could take a HELOC loan out for 48k (70% of equity assuming its ARV is 265k) pay off the renovation loan and reinvest whats leftover. After renovations are done I would like to rent it out to someone. According to rentometer and homesnap the monthly rent should land roughly around $2k. Since this is my first property I would like to learn the skillset of managing a property but eventually would like to hire it out.

I am semi-confident in my numbers but looking for all and any feedbacks this is my first property and don’t want to miss something critical. Please let me know if you have any questions as I will be active in responding. 

Rental Calc Link - https://www.biggerpockets.com/...

Thank you all for your time!

-Alex

Thank you to everyone who has answered first off. All the responses have really gave me multiple point of views (especially from the eyes of a realtor) that I have never thought of before. The lengthy responses leave me with a lot to think about and a reformed approach. 

@Alex Olson Thank you for the advice, much appreciated. Any tips on how to find a stellar buyer agent? 

A little about me...I'm brand new to real estate investing and looking for my first property. I am looking for either a single family or multi family property to buy-and-hold while using the BRRRR method. I am located in Saint Louis, Missouri and actively looking for a real estate agent.

The issue I am running into is any time I connect with a realtor they want me to sign exclusively with them. While I appreciate the work they are putting in I aim to have multiple realtors who all send properties for me to analyze on a regular basis. Now if I end up purchasing a property I will absolutely use the agent that sent me that deal in return for there work. 

Ultimately my question is how do I go about saying this to a realtor without being rude. I don’t want the realtor to feel like I'm wasting there time, but I also understand on their end how they could rather do this with someone who they have a trusted relationship. 

Any insight on this is much appreciated and I thank you in advance. 

@Megan Greathouse @Alex Short I also would love to attend an event like this. Im looking to get started into real estate investing as well and would love to connect with some locals and bounce some ideas around. I'll send an email as well. Thank you 😊 

@Peter MacKercher Thank you for the response! I have actually scheduled a call with you at 2pm today. Looking forward to chatting!

Im also looking for a investor friendly realtor. I'm looking to spend around 125k on a property to apply the BRRRR method too. I would love to get in contact with some local STL realtors. Cheers!

Hello Everyone, My name is Alex and I'm brand new to the world of real estate investing. My partner and I are looking for properties to apply the BRRRR strategy too. My hopes with this forum is to start networking with local real estate agents, lenders, contractors, and anyone else looking to grow in the STL area. Below drop your name and a little about you.

Hey guys, My name is Alex and I'm looking to start my real estate investing in STL. I'm trying to network with local investors as well. I'm currently looking for single family homes to buy and hold while using the BRRR strategy. Let me know if anyone is interested in meeting up. Cheers!