All Forum Posts by: Ben Dao

@Joshua Baynes I think it is great you started with a duplex. Now you have a tenant/neighbor that is offsetting your mortgage. So hopefully you are living rent free or very low. Plus you get some tenant management experience. Then you can probably save more and eventually get your next property!

@willie I still have a full-time job and work late so I don't get to the meetings that much. But I heard Southside Investment Club and Lifeonaire are really good. Check it out!

I believe Hard Money is too expensive for a rental . They are better for flips because you are only paying high interest for only short term. I would try to get a conventional loan if possible . That is how I did mine. I bought a 4-Family and you can get a regular mortgage on these also. I know that can be a challenge. But maybe some partner can use there credit if you cannot. If you can handle the management , 4 or 2 unit is good to start because if you have 1 vacancies it will still produce cash flow. As far as lender , I use First Community. If this is your first house, most banks will do a 1-4 unit as normal mortgage.

Willie I am not much of a flipper but I think you are right about not getting flip profits above $35k. Especially in the city and North County.  You possibly could in West County but those have high starting purchase prices. 

I am a buy and hold guy . I started in South City and think it is a good place to start. As a rule of thumb, The lower income  the area the more returns to will make. BUT the management, tenants , hassles ,etc are usually more. If you can handle that then the more power to you. But it can be overwhelming to others. Only you would know what you can handle. If you can't handle it , look for a C class neighborhood instead of a war zone. 

Good to have you. Hit me up if you ever have questions. I have a few rental properties locally and could share some of my experiences. Take care

I do think living in a multi-family is a great way to start. You can usually live for free and get some experience managing tenants. 

I have never attended his seminar . But I have listened to his videos . There are some helpful things he teaches. Plus he has been around for a long time. I have heard he is a great seller and his courses are not cheap. So prepare for a pitch fest. Good Luck!

I now live in St Louis, but was born and raised in San Jose, CA. You can make a lot of money with sub $30k properties here in St Louis.  For me these are usually D-F class neighborhoods. Which I do not want to manage.  I now choose $30-50k homes in C grade neighborhoods that are blue collar.  I feel more comfortable with that, but it is up to your comfort level.  There are some private lenders that will lend for Sub $30k homes but it will be around 6 points and 12-15% rate.