All Forum Posts by: John Ching

"Sam" = Christina Baird, lol! She's great to work with. As are Andrew and Casey.

Hi Brittany. I live in Springfield, MO. The monthly REIA meeting is later this week (6/20), I believe. Your first meeting is free and a yearly membership is $200/couple (I think). Fortune Builders (imo) is a HUGE investment upfront. But like any education, you are only going to get out of it what you put into it.

Wholesaling is one way to get your feet wet with regards to RE investing. There is a local crew here in Spfd that have made a great business for themselves wholesaling properties to investors. I also have a friend in St. Louis that does about 8-14 deals/month wholesaling. He regularly teaches courses on breaking into your local market.

Feel free to reach out if you want further information on getting started.

Good luck, Jesse. I just hung my license in June (+ Board membership, MLS access, lockbox access, etc.). I'm a total newb, but I believe MLS-access in MO is controlled by your local Board and NAR. Access to the MLS definitely has a mafioso-type feel to it, since you have to pay monthly dues.

Hi Elaine,

I am a transplanted Californian now living in Springfield, MO (SW part of the state). I have several CPA contacts for Missouri. Feel free to send me a message w/your needs.

Hi Fiona, I am from So Cal and relocated to Springfield, MO 7 years ago. I have contacts in Kansas City and St. Louis area. Feel free to reach out if you need more information, but Jeff F is essentially correct. Plenty of title/closing companies I can recommend to you if need be.

Some great responses to your dilemma! I would merely suggest tacking a small, "hassle fee", on top of the bank fees in order to issue a new cashier's check. Not your circus, not your monkeys.

I like where your head is at for Option #2. Sounds like the best way to go and you operate with integrity. Certainly get a Broker Price Opinion on the property value but also ask RE agents if they know or work with investors who would be interested in the property.

Another option (albeit more complicated) is this: Can you qualify for the conventional loan? If so, you could lease-option the property to a tenant-buyer, become the bank and seller-finance (this opens the door to more buyers than those that have to qualify for bank lending in order to buy the property from you outright). 

Ask the new tenant-buyer for a $5,000 Non-Refundable Option Deposit and a monthly payment that will at least cover your monthly. I would also put in the lease that the tenant-buyer is responsible for paying homeowner's insurance, property taxes and all maintenance.

As to your question about financing with regards to rental payments, lenders will count 75% of monthly rental payments as income. Lender guidelines vary, but count on having at least 12-months of rental history in order to qualify that rental income. 24-months is preferred by most lenders.

I would suggest starting at the local REIA(s) in/near St. Josephs/St. Louis area. The members would be able to give you savvy advice. At a minimum, I think they'd have a good RE attorney or two for you to have a consult with.

Those numbers look good to me, but, of course, it really depends on the condition of the property.

Use Google, LinkedIn and Facebook to search out St. Joseph area-investors and reach out to them for eviction advice. Eviction rarely turns out to be an easy game. It certainly is never fun. Especially if you are out-of-state and don't have a full team of professionals on speed-dial.

Looks like some pretty good advice given so far. But I'd like to know more details. 

Where in MO is the property located? What sort of "deal" do you think you are getting? Did you take into account eviction/rehabbing/property management fees when doing your property analysis?

Stepping right into an eviction/REO is not something everyone is willing to take on. There is much more low-hanging fruit to pick.

Joe, as already suggested, a great place to start is your local REIA (Real Estate Investment Association). There, you can mix and mingle with like-minded individuals and share ideas and strategies. You should also be able to find wholesalers with off-market deals. As you've seen, the competition for properties on the MLS, Craigslist, etc. is fierce. You need to get to sellers before they list/post their home for sale. Good luck and let us know your progress.