The mentor of my mentor is Tim Grimmett, a St. Louis area investor since 1999. Earlier this year, Tim purchased a house for $5,000. The kitchen was burned out of the house, but it had good solid bones. He knew it’d only take about $7,000 to get the house into renting condition, and when all was said and done, he could rent the 3 bedroom house for $850.
The morning after the closing, Tim woke up and remembered that he needed to purchase home insurance, so he contacted his agent who agreed to backdate the coverage to midnight. Then Tim’s assistant called to say that at 7 pm the night before, an enormous tree had fallen on the house.
According to real estate law, the moment you sign at the closing, that’s when the sale is consummated. Even if the money hasn’t transferred, everything that happens to the house is your responsibility. Luckily, with Covid shutdowns in place, Tim had nothing else to do but get this house back into shape.
Doing good things in your community will come back to you in spades. Again and again, in his story, Tim talks about making choices that he knew were right, even if they took him more time or cost him more money. These choices ended up blessing him and the people around him in surprising ways.
If you want to work with Tim, or you’re interested in partnering with him for a couple of St. Louis rentals, you can reach him at Tim@hafpinc.com or (314)-283-6022.
Watch and Learn:
Listen and learn:
- Tim’s very specific requirements for a house really help him drill down exactly what he needs to do and how much he needs to spend to get it rented.
- Because of redlining in St. Louis, Tim recommends FCB in Illinois as one of the few banks that will loan in the areas he likes to buy in.
- Building a reputation in the community helped Tim again and again; with neighbors, with City Hall, and with his hard money lenders.
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