All Forum Posts by: Donald S.

What would a common % be? Would it differ between jobs he does and ones he subs out? I assume a small % for subbed out jobs of 5%, and a bigger 20-25% for info house work? Or I may be way off.

Originally posted by @Peter MacKercher:

I agree great time!!!! Even though I had to leave early :(. Thank you @Megan and Andre for setting everything up, and the sponsors for the food and drink. Looking forward to the next one!

 It's too bad you had to leave early, I pulled your name for a book! I'm sure you could've used one of em lol. 

Contact John T. Banjak. My private lender uses him for all of his legal work and he's the attorney for True Title Company here in St. Louis. Not sure if I can post his info, so if you want it send me a DM. 

Andrew, I know Peter and I know he runs a pretty good pm company from what I've heard. I'm sure his guys know what to look for. I'm just saying if you get an applicant that's borderline, don't bend your guidelines, or give the benefit of the doubt to people etc...

I've also found 3x to be the minimum, and if it's low rent, you need to see what their real take home is vs debts. If they're making 2100/mo but pay 700 in rent, that's thin.

@Dennis S. Fortunately for you, Missouri tends to be a fair state when it comes to landlord tenant law. Use of space heaters (if not allowed per lease), bug problem, and chronic history of late payments should be enough ammo to get the eviction through. As long as you can document it. I would say this seems like a case for why a m2m lease would have been better. I did that for a similar situation when I bought my triplex earlier this year. And thankfully I did, all I had to do was give 30 day notice for them to leave when their bug problem became to bad to fix with them there.

@Andrew Moore I don't think you'll be "one of those out of state investors". Seems like you've got a pretty good property. You are in a risky area, so dont take chances with the tenant screening. I think the Patch neighborhood is poised to improve significantly over the next 5 to 10 years. But it is right on the tipping point now. Good luck!

@Art Bridgeman to be clear, I haven't had this contractor complete a build for me yet. But I've used him on smaller jobs. He just says he can hit those numbers if water/sewer and electric is on site. If you need to bring it in, that goes up. On another note, my current full gut rehab in the city is running ~64/sf.

@Eric A. Insurance is important, but it is not a catch all. All the insurance company has to do is show how the claim is invalid due to xyz clause of your policy... Bottom line: insurance is 1 part of a good asset protection strategy. An entity, trusts, and proactive thinking are other parts. Check out @Scott Smith blog posts.

@Josh Jacobson there's a Cushman & Wakefield office in Maryland Heights that'll be able to help you with any specific trends in the St. Louis Area. 

I would suggest True Title. They have offices all over the area, and work with investors a lot. They're the only title company the FasterHouse out in New Town uses. I've worked with them on a few things, and always had a good experience.