All Forum Posts by: Sam Zes

@Justin Jenkins  Thanks!

@Sherry Byrne  I sent you a message.  Looking forward to talking with you.

I'm currently an investor in St. Louis, MO.  I have a lead on a package of 5 single family and 1 triplex in Springfield, Missouri.  I'm looking for a hard money lender, commercial lender, property manager, inspector and appraiser.  6 out of the 8 doors are currently rented. My current lenders do not lend out of the St. Louis area.  This is a situation where a family member inherited these properties and doesn't want to deal with it.  Please message me with any referrals.  Also, does anyone have any advice for me on the best way to purchase these properties other than the hard money, refinance process?  I was thinking possibly subject-to, owner financing, etc.  I've only been investing for a couple years with 6 properties and I purchased them using convention lending and hard money.  If I get this package of properties, it would more than double my portfolio so I feel like this is an opportunity that I can't let slip through the cracks.  Any advice would be appreciated.  Thank you.

@Brandon Roof  Thanks for your reply.  Yes, we have many tri-levels here (often called split-levels), where the bottom level is halfway which doesn't seem to count in the square footage.  I get why they do this but I don't necessarily agree with it.  On this particular property, none of the bottom level is even below grade, which is crazy why they wouldn't include it.  I did measure each room and the square footage of the bottom room isn't included in the 880 on tax records.  As far as I can tell, this was never a two story home.  There are many houses on the same street with the exact same set up and the square footage isn't counted.  There has to be some reason (locally) why they aren't including it.  I don't know whether to talk to an appraiser or the county first.  

I recently purchased a property that was listed at around 880 square feet. The county records show the same thing. However, including the "bottom" level, it's closer to 1250 square feet.  After doing research, it seems the bottom level isn't counted in square footage because it's considered below grade.  However, I would argue that none of this is below grade.  Walking in the front door, there are no steps to go down like a typical split level house.  It is finished similar to the rest of the house, has heating and it all seems to be above grade.

Is it possible to convince an appraiser to include this in square footage?  Do I try to get it changed on county records first?  Am I completely wrong about this?  I got a good deal at 880 square feet but this would just make it a great deal.  I wasn't banking on the extra square footage as part of the deal.  Any ideas?

Thank you.

Peter, thanks for the information.  The problem is that I can't find one that will manage north of Delmar.  It's a little frustrating.

Can anyone recommend a good property management company in Saint Louis, MO that specializes in lower income areas and Section 8?

Thank you!

Rebecca, thanks for the information.

I'm getting ready to purchase a property "subject to".   This will be my first time dealing with a subject to property so I don't have a title company set up that will do it.   Does anyone know a title company in the Saint Louis area that will deal with a subject to?  And please let me know if you have any other advice when it comes to these types of deals.  Just trying to protect myself.

Thanks!