All Forum Posts by: Tyson Hosey

@Ciara Coleman Thanks. I'm really looking towards the county. The City offers a few deals, but obviously you have to be a little careful, so the county has the abundance of deals. I'm hoping to find something towards mid-town that I can BRRRR so I can eventually live in it when I move back to STL.

If you need recommendations on GC/handyman and Realtor...I have a team that I'm really happy with.

Thank you for the responses! Marcellus Pelton I might reach out to you for a few more questions if you don’t mind?

Welcome to BP Ciara Coleman !! I’m from STL living in Albuquerque, NM at the moment, but I do all my investing back home. Happy to see that you’re getting things going, and a duplex in South City isn’t a bad place to start! I’m on the hunt for my next property which might be a flip actually.

@Jerry Jenkins Thanks for the info, I was completely in the dark on that!

Good info @Jerry Jenkins The property is in Missouri, so I assume your rule of thumb applies there as well?

Hello all. I've got a lead on a property that I can pay all cash for, but the only experience I have is with a loan and realtor. So when I go to pay for the property, do I need to get a real estate attorney involved or can the title company take care of the transaction?

I was just presented with a VERY similar situation @Matt Tobler (grandma is going into assisted living, family is looking to sell -- 60,000 purchase est. value 100,000)

I have the cash for the purchase, great credit and income for the subsequent refinance, a team in place to help with a fix and flip exit strategy and also a rental portfolio that is professionally managed for a hold strategy. 

The issue that I'm concerned about is the finding a bank to refinance my cash out. I work at a big bank and I'm pretty sure they won't touch it. If I flip it then I wouldn't have to worry about it, but if I hold it and rent it, I'd need to cash out the equity to continue investing.

I was pretty sure I didn't need a Realtor....if I use a title company, would I need the real estate attorney?

I have an opportunity to purchase a property for with cash, with the intention to flip it. It’s off market as well... so, my question is: to facilitate the deal, would I really only need the title company? (While I love realtors) I don’t think a realtor is needed here, correct?

I really appreciate the advice from everyone. I'm starting to get a sense of what direction I might go.

@Dave Foster I agree. At first I didn't want to hurt the agent (he did pay the inspector out of pocket for us), but the more I think about it and hear what you said, the more I'm really starting to question motives of the agent and how much accountability should be placed on him.

@Brian Pulaski No it wasn't raining at the time of the inspection. My concern with that though is that the inspection stated that there had been roof leaks but they had been repaired and were no longer an issue. So he either just got that by word of mouth or he got up and inspected the roof to see that there were no issues, in which he would have been wrong still. And no, there were several other issues in the inspection that were either completely wrong, didn't exist or did exist where he said they didn't.