All Forum Posts by: David Ounanian

@Janett Lewis great question. I'm thinking it will depend on a lot on what you negotiate with your partner. They could just be a private lender where you pay them a set interest rate for loaning the funds. Or they could have a piece of the profit (or loss) from the deal itself. I have seen deals where the person that brings 100% of the funds but does none of the work splits the profits 50/50. But it can vary based on who does what. If you were to organize a deal like this, all of the roles, responsibilities & finances need to be documented before hand. One could organize an LLC with the partner and document this in the operating agreement. You may also want to consult with an attorney.

Welcome @Jack Luzecky!  Best of luck on the test.  I found practice exams really helped me prepare for it.  Where do you plan to hang your license and what do you plan to do once licensed?

@Jack Luzecky I have clients that are having success with A class rentals in St. Louis.  PM me some of the listings that you are referring to and I will be happy to weigh in with any advice I can.

Hi @Josh Cook I would recommend you get a minimum of 3 different bids from local general contractors in your area and it will give you a good idea.  Get even more bids if you can.  When I was going through the process I had to call 10 contractors, meet 5 of them at my house and only actually received bids from 3 of them.  But once you find a good one you can keep a good relationship with them.

Hi @Edward Burke I'm in St Louis and can provide you with some references.  PM me and we can sync up.

Hi @Steve Crisp I may be interested in purchasing depending on the location.  PM me the details when you get a chance.

@Kurt McDowell great success story!  Thanks for sharing.  I'm curious as to what marketing strategy you used that allowed you to ramp up so quickly?  Did you have to send a lot of direct mail?  

That line @Megan Greathouse drew on the map is known as the delmar divide.  It is where you will find houses selling for $1000 one block away from ones selling at $400,000.  Personally I want to see St Louis break through these barriers that have been in place for so long.  I think we need good investors to step in like @Geoff Neidenbach to start displacing the 'slum lords' that have allowed the neighborhoods to continue to operate in despair.  @Carl Brown I think we are starting to see some of this transition in the 63112 zip code. I'm sharing a map from the MLS that shows listings that sold for over $100k in the past 12 months - as you can see there are some higher value houses starting to pop up there.

@Beary Bowles you could use hard money.  PM me the details, I'll send you a reference.

Hi @Carl Crain in St Louis there are 2 section 8 voucher programs one is run by St Louis County and the other is run by St Louis City.  The vouchers themselves can be used on properties in either territory but the processes are different for handling each voucher tennant.  I recommend you go to their monthly landlord meeting and they will tell you everything you need to know about it.  I've been to the one in the city and meets on the 3rd Wednesday of every month from 4-5p.  Webiste and info is below:

http://www.haslc.com/about/calendar/