All Forum Posts by: Kyle S.

Were you happy with Ballpoint Marketing? I keep hearing about them and was considering using them. 

 You're welcome! 

Welcome to the BP community! My two cents this might be a bit heavy for your first start in investing. That is just my opinion though. I would suggest starting with a house hack, once you have worked for 2 years and saved up a bit you should be able to do that. That will get you started and learning more about investing. 

But most investors if they were interested in this would use hard money so get a loan to get it done. But you never know if you find an investor that loves the deal they might buy it and you can get a fee for bringing them the deal but not sure how likely that is with it listed on the MLS.

Another thing you can do is go to airdna.co and see what it says it could get as a short-term rental. Bare in mind this is not super accurate but would give you a ballpark. 

Pick up both books by J Scott - The Book on Flipping Houses and Estimating Rehab Costs. They both are really great! 

Think I heard that area has had some new STR restrictions implemented as well. I heard an investor in that area also say locals are not happy about all the STR's in the area. He went as far as to say most locals hate STR's.

The partner brings the capital, and you live there a year and manage the property. Then the partner gets his investment back first with the cash flow then you two split the cash flow and any other profit moving forward. That is how I would structure it. Partner could be a co signor or be on the deed 50/50 with you. If done like this don't think it would hit the partners DTI would only hit yours.

@Lindsay Davis that's amazing, good to know thank you so much! Do you know if they have any restrictions on wholesalers? 

What a great thread and why I love this forum! @Kelley Ogletree posts this and get endless great information. Literally puts a smile on my face. 

I had the same thing happen to me with STR as I was going to buy one, but it was going to take up most of my cash reserve, so I decided against it. I've done no research on St. Louis for STR's but I would personally stay away from them in St. Louis. I love St. Louis use to go there all the time as I grew up in Chicago, but I don't see St. Louis being a great STR area. It's a great cash flow area though!

I'm in a fairly similar situation as I'm 43 and wanting to switch my focus to real estate. But to me the information @James Dainard gave was gold. If I was in your situation, I would have your son house hack if he's open to that and you can provide the capital (shouldn't be much capital only need 3.5-5%). Then you can be his co signor and he can manage the property so guys split it 50/50. Make sure you guys buy a great cash flowing property. I would find one that needs cosmetic work max if not all but turnkey so it's not overwhelming. Then I would buy one every year that he lives in. 

That gets you in the game then I would start going to REIA's in the area with your son to meet people in the industry. I would really try to network as that is going to really help!

I would not BRRR right out of the gate as in this market and just in general it's a tough strategy to pull off for a brand-new investor. To me ideally you guys meet someone local that has experience with renovating, and they help you in some way so it's not such a daunting task. Even if it's let you guys' tag along on projects to see the process. Then once you feel comfortable go that route with the r1est of your money/time. Another good option is doing lease options instead of LTR's as you can charge more for rent and then sell every 3-5 years and make money that way.

To me the most important thing in real estate investing is finding a way to get good deals. If you can find good deal it opens up every avenue. If that's through mailers, wholesaler's, cold calling, MLS, etc.

 Thank you so much for the explanation, this is perfect!