Nancy Linder

If you have enough to buy a home of $200K and place a down-payment of $50-100K, then banks should definitely be talking to you. However, lenders want to see a great deal of reserves saved in the bank after you purchase the home to provide more reassurance that if a change happens in your life your savings will be still be able to pay your mortgage. In this circumstance, your credit score and report will be a major factor the banks will evaluate when considering you for a loan, since you had not have income. The banks will want to know how you saved/obtained the large down-payment funds. Have you considered buying a less expensive house for right now, and therefore placing less down-payment allowing your bank account to show more stability. Lenders will look at Debt to income ratio, but will also look at Loan to Value ration. If you are able to purchase a house at a considerable discount, and place a large down payment down then what the home is really worth even in today's market, this is another factor that Lenders should be jumping to get your mortgage. Traditional Banks are not always the best place to get mortgage lending. Look into the options at Mortgage Lending firms/Businesses or see a mortgage broker. To help keep your credit score from showing a lot of inquires, ask a lot of questions about what kind of loans they offer and talk to them about your circumstances before giving them your Social Security Number (credit check info). A co-signer is another option too, if you have someone willing to do that. There is a way you can obtain a loan with your situation. Other than the lack of income, lenders should be jumping to get a loan from you. They need the money and you are a stable investment.
I hope this information has helped!

Sincerely,
Nancy Linder
Keller Williams Southwest
St. Louis, MO
314-966-4700
314-616-2313
http://NancyLinder.yourKWagent.com - Thu Aug 21 2008, 21:15

Check St. Louis City Metro Police website. It will provide type of crime and number of times that crime occured for each month by neighborhood. http://www.slmpd.org/crimestats/index.htm

Nancy Linder
Keller Williams Southwest
10805 Sunset Office Dr., Suite 102
St. Louis, MO 63127
Cell: 314-616-2313
http://NancyLinder.yourKWagent.com - Tue Jul 15 2008, 10:45

Seeing Stephanie's point, I want to clarify my answer. I sell a lot of homes in South City to first time home buyers and they want outside space, but they like homes that have a true, the NEW type of sunporch, which is what I may be visualizing. Maybe I should be more clear. Many young buyers do not like the old small add-on that feels more like a walk-thru dark covered back porch where the only use is to throw your shoes after working in the yard. This is not considered a sunporch in my mind or my buyers, but merely a mud room. However, what I consider a sunporch is a room (at least 10 x 10, bigger preferred) that has large windows on 3 sides, you can sit in a chair and be at the same height of the windows or higher, and the roof is high enough to let light shine into the room. The room should beam with light and make you feel like you are outside, but provide the cover and protection from the rain and bugs. I have seen old homes with the new modern sunroom addition and my buyers love it. Buyers like the bright room to relax in and entertain guest. If you were thinking about making just an "add-on" like many of the homes in the city, then I agree that a deck (10 x 10 or bigger) would be a better feature. I just didn't clarify myself and explain what I consider as a sunroom. - Tue Jul 8 2008, 14:22

It depends on the Buyer. However, a Sunporch can be used in rain or shine, keeps the bugs out, and if it possilbe, has the ability to close the windows for year-round enjoyment! Neither a deck nor a sunporch technically add value to a home, but it does make the home more desirable to buyers making them willing to pay a little more than other comparable homes. A deck has to be maintained more often and is only practical when it is warm outside (not in the cold weather or the Hot summer). My vote would be the sunporch for it's versibility. Also, since you are in South Hampton the typical buyer for that area would prefer a sunporch over a deck. - Wed Jul 2 2008, 14:54

Gravois Park is an area of Redevelopment. There are rehabbed homes or homes in the process of being rehabbed. It is south of the central corridor of St. Louis City and a few miles southeast of Tower Grove Park. The area is a combination of single family and multi-family units. It is mixed with Owner-occupied homes as well as renters. In 2007, the average home sale price (7 homes) was $129,404. The average home sale price so far in 2008 (3 homes) was $100, 500. For information try the following sites: http://stlouis.missouri.org/gravoispark/
safecity.slmpd.org/ - Mon Jul 7 2008, 12:57

Hi Rob,
In addition to being a REALTOR, I am an investor myself. I have "flipped", but I also hold rental units, I too am currently moving into commericial apartment buildings. My question back to you is, "Why are you not buying the apartment building now? What is holding you back?". If your properties are cash flowing and you are able to live off of the cash flow, then you are doing something right. As of now, you have 5 roofs to take care of, 5 buildings to maintain, 11 tenants to manage, and your vacancy rates affect you more heavily. Yes, you should consolidate into an apartment building, but maybe not in one chunk. Bigger unit properties usually give you more bang for your buck, if you do your due diligence. You have 5 properties cash flowing and you need the money to live off of (in a modest lifestyle). Here are a few options to think about: 1. Take equity out on one or more of the properties and use some of that money to live off of, but take as much as possible to buy another Commericial size apartment building (6+units) that is still providing you more cashflow than you were making, even after the refi/HELOC. 2. Find Private (not hard money) Money lenders to loan you the downpayment or partner with you and make more cash flow to add to what you are already making. 3. Sell one of the properties and do a 1031 Exchange into a commericial apt. building 4. Talk to other commericial apt. investors and get their knowledge and apply it.
Whatever you do: research, know the numbers, calculate higher expenses then stated, look at the buildings income/expense statements for "actual" figures for multiple years, consider the tenants and are these the tenants you want, have a management company for the larger complex or are you willing to do it all yourself, -- Be "smart", research and be prepared, but don't let fear stand in your way. I might not be the conventional response or person replying, but I'm providing some advice. How would you rather get your cashflow, small unit buildings or big unit buildings? The decision is yours in the end and so are the results (good or bad). - Mon Jun 16 2008, 19:01