All Forum Posts by: Jeremy Paschedag

Message me and I can send you a couple realtors.

Welcome to BP!

I'm in south county.

As for your decision, do more research on both wholesaling and buy and hold.  You can use BP and other sources.  Then make a decision and jump in.  I'm on the buy and hold side.  I'm sure there are pro's and con's to each side, and some will depend on your skill set.

Any Missouri BPers put together an IRA LLC? Want to ensure I'm completing the Articles of Organization correctly. I'm the agent, but am I also the organizer? Or is the trust company the organizer? If the trust company is 'foreign' does that pose any problems?

Sorry, I didn't check posts last night.  My understanding is he is going to take the best offer and today is the last day to make an offer.  Supposedly, there are 2 that are above asking.  But with the cash flow on this one, there's plenty of wiggle room.  FWIW, the insurance quote I got on this was $2911 and taxes were $1007.

3757 Dunnica Ave, 63116

Anyone here jump on the 4plex that hit last week in St. Louis?  I want to, but my lender won't let me.  Hopefully one of you get it.

Welcome to BP Danielle!  LOTS and LOTS of good information here.  @Paul Timmins posted some good newbie info.

I have a SFR (3 years) and am looking to buying MFRs soon. I try to do all of the work myself.

Let me know if you'd like to get together and talk about ideas and plans.

Thank you for the fast responses!

@J Bear

@Jeff B. - I am doing non-recourse loans at 50% down and DSCR over 50%. The properties I'm currently considering are duplexes. After adjusting my numbers based on your suggestions, I can get it to about $200/door. Thank you!

I've been reading posts and listening to podcasts and it seems that $150-200 per door is good. But is that for SFR? If so, what is a good per door for a duplex, triplex, or 4plex?

I'm just not finding an MFR that gets more than $130 per door. Maybe I'm factoring too much on expenses. I can get fairly accurate tax and insurance info. I'm factoring in about $2000/per door per year for repairs, and about 4 months rent per year in reserves (vacancy).

If you are getting $200/door, I would say that's a good deal.

In your numbers, you didn't list taxes nor insurance.  I ran your numbers through my worksheet, adding 1200 for insurance and 1500 for taxes with a 30 year note at 5% and show $206 total (or ~ $69/door).  My numbers do not show the fourth unit.  Once that's complete, and rents for $700, that would kick it up to $167/door.

Be warned, the $15k estimate may end up costing $20k. When you cash out refi, if you are going this route, you should recoup the rehab money (assuming ARV is $300k).

If you can get the purchase price down to $230k with the fourth unit, it brings your per door to $188.

I'm not an expert, so if someone can show how my numbers are wrong, I'd love to hear about it.

To help manage tenants, you need to have a good rental lease drawn up by a RE attorney.  When you have a prospective tenant, you'll need to have a good screening process.  The company I use for my Missouri rentals is based out of Illinois.  Not sure if she does New Jersey.  If you want to message me, I can send you her info.

With a properly screened tenant and a well written lease, the risks of eviction should be minimized.

The other piece of advice is that if a tenant is late with rent (3 days or whatever the time period is there), and hasn't contacted you prior, is to start the eviction notice.  You don't have to evict, but they'll know they can't pull anything on you.

Remember, it's nothing personal.  It's your business.  If they don't pay you, you might not be able to pay the mortgage or buy the next property.