I am active duty Navy living in San Diego and am wanting to get into the real estate game in Missouri by the end of 2015. I grew up in St. Louis, and spent my College years in Springfield and have family in both.
My goal would be to invest in low-middle income multi-family homes in either St. Louis or Springfield. I am more inclined towards Springfield as I feel it may be more affordable and more rentable as there are a boat load of colleges in town.
Are there any seasoned vets out there that have a pulse on the St. Louis and/or Springfield buy and hold multi-family markets? Springfield seems to have some very cheap MFH's, but are rents too low or are they even rentable?
I will have about a $1000/month risk tolerance for leveraging to get in the game as this is our first REI.
Thanks in advance for the input guys!
Welcome to BP :)
Happy Tuesday Greg!
I haven't been active on here in a while and in looking through the different introductions I was curious to how getting started in Missouri went for you this year.
I saw the recent post, and as a buy and hold investor in St Louis I'm really curious how things are going. Would love to hear an update.
I am also an out of state investor who resides in California. I have property in MO myself. I don't want to scare you with this comment but it has been my own experience that financial institutions in MO will not lend or refinance with me simply because I am an out of state owner. Regardless of the fact that I own the properties free and clear and that my credit score is 760+. We never make it to that part of the conversation because of the distance. And California financial institutions mention that they dont want to lend on out of state properties. I don't mean to discourage I simply would like for you to not get caught in the position that I'm in and suggest that you have a plan if you intend to refinance the properties for any reason. It's a difficult position for me right now but tough times dont last, tough people do! (That's a tweetable topic, lol). Anyway, much success to you and GOD bless!!!
@Ivory Hayes I work with multiple out of state investors and haven't seen that issue with financing. I work with a few lenders who I've seen do excellent work time and time again for my clients, so if you're having issues securing financing I'd be happy to pass along their info to you.
@Greg Downey I'd also be happy to hear if you have any updates about your investing adventures in Missouri. I'll obviously advocate for St. Louis since that's my home turf, both as a Realtor and an investor, but I'd be happy to hear your story deciding between the two markets. Hope to hear from you soon!
@Peter MacKercher can you share what rates and terms your lenders are working with these days? Me might be looking to borrow some money to doors. 700+ credit scores
For a non occupied 4 family 30 yr fixed 4.5-5% 25% down. he can do up to 10 properties
Let me know if you want his contact info.
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