All Forum Posts by: Donald S.

@Margaret Apel this seems like a bad situation, but you just have to take it one step at a time. If the property is in St. Louis County or City there's a flat fee eviction lawyer I can recommend, $400. If not, I'm sure others on here can point you in the right direction. 

As for jury trial, while he can ask for a jury trial thanks to a MO Supreme Court ruling from a few years ago, should that happen you can request a summary judgement. If your case and evidence (and lawyer) is strong enough, a summary judgement could be a slam dunk, and it bypasses the jury trial. 

Good luck!

@Lance Carpenter for Title company I always recommend True Title. Low fees, knowledgeable staff, and they work with investors so they know a lot of the common situations that come up. Things to look for in a title company, what are their fees? Are they familiar with situations outside the "traditional" homebuyer closing? After you close a couple of times, how is the process? Does it move smoothly, do they communicate quickly? 

As for home inspectors, we use Pillar to Post. 

Hi @Lance Ayar, welcome to the StL scene. I'll PM you. 

I'll PM you

@Gerry Gendron what about a 6 plex? 

I have a client who is in the middle of refinancing one of his multi families and a week after the refi closes that same money he pulled out is going to be used as the down payment on his next 4 family that we're in escrow on right now. Then he'll refi to get that money out once work is completed on the rehab. BRRRR works, it just requires the right property and patience.

HI @Taronda Ransom I'll send you a PM. 

I think it would be great for real estate investors. When doing rentals in the county you need to know each municipality's laws and and rules for rentals. On top of that, it'll make licensing for contractors much simpler. Currently there is a matrix on STL county's website that shows what type of contractors need what muni license and what county license depending on the work being done in which of the 89 municipalities, that's insane. 

On top of that, combining resources and lowering overall costs at the government level should have a net positive impact on the area and region to grow.  

@Anthony Wick Thanks for the additional insight. Yes sadly these are about the best applicants I've gotten that are actually interested. I say that because I can verify employment (neither are self employed 'hair dressers' like a few applicants claimed), they're willing to have a cosigner, and they claim to have savings for when the pregnant one has her kid. I told them they'd have to prove that they have enough savings to cover her out of work for 6-8 weeks. 

@Thomas S. i know you have high class rentals, do you have C properties that you use these same criteria on? I ask because if this rental was a few blocks north in a better neighborhood I would have no problem renting it, but as is, it's in an area we're expecting to increase in value over the next 5 years, but for now is transitional so  the best showings I've had the people didn't apply because they didn't like the area. 

I haven't rejected them yet. Told them the landlord is reviewing and asked for the proof of incomes and still need to call their managers. 

Honestly the other 2 tenants in my triplex don't have stable bank accounts either, but they pay via money order mailed to our PO box, or via credit card online. idk. 

I can't tell if I'm not getting good applicants because of the time of year/weather, or the apartment itself. My Facebook marketplace gets blown up daily with people interested in viewing, but most don't respond to my screening questionnaire, or don't pass the screening questionnaire. 

If we do accept them, it'll be a M2M lease of course and we'll probably have to require a double security deposit and co-signer. we'll see. 

Thanks for everyone's thoughts. My next property I'm looking into more B class neighborhoods. 

 Thanks for the information Greg. I know we'd have to improve the water lines, sewer lines aren't required to be updated unless they're damaged. Vinyl siding and windows are an obvious go to, but LVT floors in a new build? 

Also, with the lot size, 50w x135d, and the set back requirements and driveway that's in place, 1 level won't work, it'd need to be a 2 story to get the 1800 sf that would compete for the other new builds. The established neighborhood is 1300-1400sf 1.5 story homes. 

The other specs sold for 385k and 425k. Your insight is appreciated though.