Being a BP Podcast junkie, I've naturally progressed to the forums. As a long time lurker, I'm excited to be here.
I have been a landlord for 5 years now but fall way short of being an expert in the field. By day I write software and by night I hang with the family, play soccer and (lately) indulge in RE books.
As far as REI experience goes, I own 2 investment condos in St. Charles County, MO, and I unknowingly house-hacked a property at a resort a few years ago.
My goal is to increase my position in RE and learn as much about the industry as possible.
I'm happy to be part of the community now (officially) and look forward to interacting with you all.
Hey welcome to bigger pockets from KC.
@Carl Hawke Thank you! It seems you live in the superior Missouri market. I really enjoy your city.
St Louis isn't bad either. I was just out your way back in April. Just remember though there is still the I-70 rivalry but come on over this way if you want and work it all over with me.
Welcome to the BP forums. I'm a new investor in St. Louis (South City), and I'm about to close on my first SFR. I live in the California Bay Area now, but I lived in St. Louis for about 10 years, and I can see myself moving back to St. Louis someday.
I'm curious to hear about your experience owning investment condos. It seems like there could be a lot of positives, but also some drawbacks. What have been some of the pros and cons of investing in condos for you so far?
Both of my condos are A/B+ class and in the fastest growing part of the fastest growing county in the region. They aren't necessarily in the most prominent rental market, but I'm yet to have a vacancy in 5 years.
I like the condos vs sfr because they are really low maintenance for me as a self manager. The condo fees cover the big ticket exterior items, so I view them as forced capex savings. They also cover pool, trash, sewer, snow removal, and landscaping. It's easier to sleep when a hail storm is rolling through the area, as I am only responsible for "studs in".
The newer age of the units has provided very few maintenence requests and the neighborhoods attract very good neighbors and have a great school district.
All that being said, my CoC returns leave some to be desired (7.xx%), but I have had great returns on appreciation with the areas boom.
Hi Josh! Welcome to the forums!
Interesting take on your HOA fees being "forced CAPEX" - I haven't heard that perspective before. I too own a rental property in St. Charles County though like you aspire to own many more. Have you had any issues/limitations with HOA rules regulating the amount of rentals in the complex?
Kristen Paquette, Realtor ® | Worth Clark Realty
@Kristen Paquette @Josh Copeland I too think the condos are interesting and I'm closing on my second one. I really like them because of the reasons Josh mentioned and for easy self management.
There's always the nagging thought that they could turn out like Brentwood Forest where they force more owner occupants, but I guess that's a risk I'm willing to accept.
I think they're a great investment ESPECIALLY when there's a mix of sfr, multi, and condo (and condos in different condo associations). I'm not big time yet but have one sfr, one duplex, and working on the second condo. Seems like this mix will turn out well when looked at as a whole.
Always love connecting!
Welcome to BP Josh! I own one property in St Charles County and the rest in St Louis city. There's so much opportunity in both areas, glad to see you're having good luck with condos even though we hear all the time that they are a pain from an HOA standpoint.
Keep going Josh!
Welcome to the fray @Josh Copeland . St. Charles is a great market as the economics are fantastic! I have property in S. City. STL as a whole has been on a tear the last couple of years. Let's hope that continues! Happy hunting!
Our St. Louis team will start hosting a free meetup to help investors connect and to learn about buying foreclosures and REO's. If any locals to St. Louis county want to attend, I'd love to meet you when I'm out there at our first event on the morning of Wednesday Sept 12th!
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