Many docs from Barnes-Jewish/Children's Hospital select CLAYTON for its central location (proximity to Barnes-Jewish), its abundance of Luxury Apartments and its nice selection of upscale eateries and its reputation as being totally safe. If you haven't done so already, I would inquire with other docs (especially those that recruited you to the area or those with whom you will work) to get granular information/recommendations on specific Luxury Apartment communities they suggest. Given your criteria, Clayton is your very best choice... more
Most landlords require their tenants to make at least three times the amount of one months rent. So if you rent an apartment for $300 per month, typically landlords will want to see, via pay stubs, that your monthly gross income is around $900. Some landlords ask you make 2 1/2 times the monthly rent. I would advise asking up front what the requirements are. Best of luck!... more
I'm not aware of any particular restrictions or requirements in Missouri. The only state that's imposed restrictions (not banning them, but affecting the way they can be done) that I know of is Texas.
You certainly wouldn't need a license to do lease options (or sandwich lease options) in Missouri. Your main concerns would be on the lease side--and that would be the same same requirements that Missouri (and possibly St. Louis) have regarding any lease.
You'll find attorneys who know and understand lease-options at real estate investment clubs. Here's a link to clubs in Missouri: http://www.creonline.com/real-estate-clubs/mo.html
Funny but true story: When I was first getting started in real estate investing, I met with a lawyer recommended by my accountant. I explained I was interested in doing lease-options, and wanted him to review my contracts. He responded that he didn't like lease-options because they were unilateral agreements. (Not that they were illegal or immoral. He just "didn't like them.") Well, duh! They are unilateral agreements; that's the beauty of them. We Realtors are told not to pretend that we're lawyers, or to give legal advice. Fair enough. It's surprising the number of ill-informed lawyers who love giving investing advice.
It may be possible to have someone else rent the apartment from you and you pay the lanlord. Look at your lease to see if there is a section on subleasing. If not still unsure after reading, have a local Realtor or Lawyer read it for you. There is also an the option of buying yourself out of the lease (paying the monthly rent in one lump sum for the rest of the term).... more