All Forum Posts by: David Zheng

I was in the same boat as you with a rehab a couple months ago. I had to work with one of the most difficult municipalities in st.louis and they have cost me months of lost time and thousands in extra costs.

Things I've learned.

1. don't just leave it to your contractor. You should be calling/emailing everyday to get plans, etc across to the inspectors and making sure things are going. I've realized most people are just lazy

2. Make sure you get things in writing or email confirmations. So inspection dates, passed/failed permits, names of inspectors, etc. etc. things don't get recorded on the phone even when the automated messages say they are. I've gotten snubbed by the city so many times because I couldn't prove they told me one thing and didn't do it.

3. Sounds like you are only in the permit part and have not even started the building yet. Make sure you understand the intermediary steps. There's usually an approval of plans, then sometimes they require a rough or framing inspection halfway through, and then a final inspection. Be careful not to just assume approval of plans is good enough and finish the project. If they need to see something but you drywalled it up, they may make you open it.

In terms of doing things while waiting....anything that doenst require a permit, start now. ripping up carpets, tearing off loose paint, throwing out old crap. makes it a lot easier for your contractors when they are given clean bones to start with

2015, I was just doing a w-2 and used turbo tax

throughout 2016, I picked up 7 rentals including portfolio loans, regular investment loans, a 5% loan, 110k rehab, and an HML. Took me a couple days, but I used turbo tax deluxe only and seemed to get out of it ok.

Still waiting on the return to actually see if all is well though...

@Ahmad H. Net from 10 units

@Michael Wagner

Thank you for the wise words! And I will be honest it Is something I do struggle with because I have noticed I want more and more as my income grows. Thanks for bringing me back to reality and I really do hope to reach your level one day!

@Sean Kremer thanks for the advice sean, but telling others of my success is how I generate investors. I've raised over 250k from opening my big mouth ;)


@Joel Owens Hi Joel, may I ask what you mean by appreciate with portfolio? I didn't buy in less than B neighborhoods, but appreciation was never my game plan when I bought these. I've just focused on cashflow. my first properties cashflow an average about $150/bedroom and my latest purchases cashflow about $350/bedroom. None of my properties are cashflow neutral or negative or I wouldn't have bought them.


@Charlotte Edwards Thank you for the kinds words!!

Congrats again and keep on doing what you are doing :)

Great Stuff Ethan! Keep up the hustle. I too am curious as to what kind of cashflow you're getting to sustain off of it? I'm a year into RE investing as well with 10 units and cashflow 9k/month but still don't feel comfortable leaving my day job

I think that risk of not knowing anything is being reflected in the discounted price. I guess I would just research rents/neighborhood on Zillow/craiglist/etc. and make a decision from there if you don't have much time

right...I don't want to jump ship yet if I don't have to. I mean I'm just hoping the incoming number of students also jumps higher to the number of places available.


In terms of property value though..This high rise should be in additional restaurants and stores to the already booming Delmar loop. I'm guessing that should help a lot for my values?

So I'm reading that luxury apartments should help my cause?