All Forum Posts by: Justin Mason

Looking for an AI driven company that can text and and make phone calls. My goal is to replace my VA asap.

Does it text as well?

Hello BiggerPockets Community,

I've recently acquired a property through an auction, situated in a C area. My plan is to hold onto it as a rental property, targeting Section 8 tenants, as the rental income is quite attractive at nearly $1,500 per month.

Here's the challenge: The property's purchase price and labor is below $40,000, and I'm uncertain about my ability to secure a traditional mortgage for a property at this price point. I'm exploring alternative financing options and would greatly appreciate insights or experiences in similar scenarios.

Key Points:

• Property Location: Cahokia Heights
• Purchase Price: $17,000
• Rental Income: Approximately $1,500/month via Section 8
• Condition of Property: Updated plumbing, roof is in good shape, needs AC unit, paint, flooring and cabinets and counter top

I'm considering reaching out to private lenders but would like to gather opinions on:

1. Feasibility of securing a mortgage for a low-cost property.
2. Attractiveness of this deal to private lenders.
3. Any creative financing strategies that could be applicable here.
4. Legal and tax implications I should be aware of.
5. Potential risks and how to mitigate them effectively.

Any advice, suggestions, or contacts in the private lending space would be immensely helpful. Also, if you've had experience with Section 8 rentals in similar price brackets, I'd love to hear about your journey.

Thank you in advance for your time and insights!

Hey! I walked 15 properties this past weekend between the city and the county. I have a crew as well. Message me and I would love to help!

I live in St. Louis and I’m looking at properties in the city. Please message me. I have quite few resources I can share with you

Hello! My name is Justin Mason, and this is my first time posting here. I've been actively involved in real estate investing and recently acquired my first property, a single-family home. I've also been closely following the many insightful posts and discussions on this platform. The collective knowledge and collaboration here is truly remarkable.

Today, I'm reaching out to connect with fellow investors to exchange experiences, insights, and possibly collaborate on future endeavors. Whether you've been in the game for years or are just starting your journey, I'm convinced that there's so much we can learn from each other.

A bit about myself:

• Location: St. Louis, southern Illinois and Minneapolis
• Investment Interests: Multifamily and buy and hold
• Current Portfolio: single-family home in Cahokia Heights, IL

I'm especially interested  in exploring creative financing methods and strategies for scaling a portfolio. If you've had success or challenges in these areas, I'd love to hear your insights.

If you're open to connecting, please leave a comment below or send me a private message. 

Thank you for taking a moment to read my post. 

Thank You,

Justin Mason

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $8,000
Cash invested: $46,000

SFH
864 sq ft
3/1 on a slab
total gut

What made you interested in investing in this type of deal?

I was very fiscally conservative with this deal and wanted to learn from this property after two years of going to meetups, meetings and seminars.

How did you find this deal and how did you negotiate it?

I found with is deal on MLS and reached out to a realtor.

How did you finance this deal?

Used my HELOC

How did you add value to the deal?

New roof, new plumbing, new AC, new flooring

What was the outcome?

I am getting $1200 and I have learned so much. I am ready for the next project now!

Lessons learned? Challenges?

Getting honest contractors that know what they are doing and show up was the hardest thing to deal with. I have a crew that's hungry and I have system so eager to find deals!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Kim Hunt