Purchasing Older Properties
I’m looking to purchase some rental property in the Saint Louis, MO area but the majority of the properties in my price range are older (built in 1910’s to 1930’s). Has anyone had any positive or negative experiences with properties this old? Should I just continue to save until I get enough for a newer property (something built in the 1940’s or 1950’s lolol)? The areas I’m looking to purchase in are rated as (A) and (B) neighborhoods and I’m interested in buying and holding long term.
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The negative for me, personally, would be the concern about buying a money pit. But if you have an inspection, cash for repairs as needed, and a great contractor, I wouldn't worry too much. Try to find a house that is well cared for (in other words, may be completely outdated but has a newer HVAC system, etc) and most importantly that cash flows. Don't stretch your budget so far that you can't sleep at night. I would absolutely buy an older home if it cash flowed, I had an inspection, and I had cash to make any repairs. But it is ultimately up to what is most comfortable for you. Good luck!