All Forum Posts by: Beary Bowles

Great Job @Tony Robinson, you did very well in that market.  I did one flip in the St. Louis Missouri market and it took 1yr to buy, rehab, and then sale.  Lessons learned, keep pushing. 

Well said @Jason M. well said and appreciate your letter. It came across with informative, action, and with compassion. 

Congratulation @Todd Powell, a true success story and inspiration.  I'm a investigator in St. Louis and own a 12 unit apartment building.  Compared to you, I have a journey to go lol.  

I've might have missed it but my question to you is how are you able to tap into your HELOC for properties that you don't live in?

I'm in the process for taping into my equity into one of my SF rentals but the bank only said they could refinance it or cash out finance it, 

@John Warren

Well said and grateful for the feedback. Didn't even think about the multiple layers. Yeah, since I'm not a contactor I was just trying to figure out the best approach. Also I have one and the last unit that was destroyed from a bust pipes and water damage from the leaking roof. Thanks for the advice.

Hello Investor and all like minded real estate entrepreneurs.  I'm a seasoned (or think I'm seasoned) entrepreneur that owns a 12 unit apartment building in St. Louis in Missouri.  I"ve owned it for 2 years and 3 month and have been slowly but surely rehabbing each unit, raising the rent, and getting tenants in them.  Prior to purchasing the property I knew the roof needed replacement but I  didn't know bad.  The roof is the only major expense and the final touche to complete the rehab.  

-the roof consist of (1) leak into the unit which is under some dead wood                                                                                                        - 4 drain spot in which the rain is missing the drain and water is coming  in the units.                                                                                   -4 to 10 layers of roof since the early 1900 (never replaced just covered up)                                                                                                  -No insulation between ceiling and baseboards, no insulation under roof material, some tar and some shingles                                                            -

My current problem for the last several months is rain/water coming inside the unit. I have 4 drain spots on the building (all four corners) and the rain occasionally doesn't enter the drain spots and goes into the units.  

I've had several roof contractors give me quotes and I initial decided that I wanted a complete tear off and new TPO roof installment.  What i've learned that the quote ranges form 20k to 39k depending on, tear off, TPO cover up, TPO w/insulation 5 install.  I was on board and put a deposit on one bid for "TPO with 1 inch insulation" for 20K, but now the company were applying for permits and the building division requires 5 inch insulation.  The 5 inch insulation is an additional 8k.  I cant' seem to make my mind up and figure out whats most needed and what is sufficient to what i can afford. so the break down from several contractors.  I've even called other contractors and they said that the initial company didn't need a permit for the roof and just wanted my money for the insulation.  So here is the breakdown.

TPO install w/5 inch insulation with with permit is 28k (deposit on company, 18 month financing) or

TPO coverup up on top of existing roof 19k (no insulation install) or

or TPO install w/1 inch insulation don't apply for permit and see what happens with other companies (25 to 39k)

Anyone with experiences with TPO roof installation or any advise in this situation would be greatly appreciated. 

Here is an quote from recent company with tear off, TPO install, with 5 inch insulation for 39K

Greeting all and Investors

So this is kinda new to me since I've never needed to evict a long term tenant and I'm not sure on what exactly to do.  I have a 2bd/2 bathroom house in a growing and thriving comunitiy.  I've owned it for years and been renting it to a 65 year old women with her two adult children (go figure). They have been great besides the senior is slightly messy but have paid their rent on times since day one with rent increases.  The senior uses her Social Security money and her children uses their income to mostly pay the utilities and food.  

The problem is that her husband (they never got divorced but separated) has been paying the rent by check since day one.  Recently the husband has passed away from cancer and his bank account is locked due to other family members who unauthorizedly used the account.  Now the account is locked till time being.  

Now I'm stuck in a bubble. They are great tenants but is their another way than evicting them?  Should I just pay her out and start over?  What to do.

@Michael Ealy lol that's a good one, can you take debit or credit lol!  Yeah your advice is golden! especially for C to D properties like mine.

@Michael Ealy what an amazing story and thank you for the feedback.  I'm calling some section 8 companies now and doing my research.  Your advise is up my alley.  Thanks again for the story and feedback. 

@Andrew Hogan yeah the potential is still there with great cashflow. Just trying to create a better system or at least have better tenants for the long haul .

Than you all for the feed back and that's certainly something I will try to do.  @John Warren I've already tried "Pay near me" and it's not available for landlord who own less that 12 units in my area.  Where is your drop box located and how you set it up?  My fear would be that someone would tamper with it or destroy it. 

Thank you all, I got a unit in rehab now and will try for section 8 this go around.