Small multi-family (2-4 units) buy & hold investment in St. Louis.
Purchase price: $65,500
Cash invested: $32,000
2-Family, 1bd/1/bth units
What made you interested in investing in this type of deal?
It was a good value add deal.
How did you find this deal and how did you negotiate it?
MLS and negotiated the price with a realtor
How did you finance this deal?
Hard money and will refi into a 30 year.
How did you add value to the deal?
Upgraded the electrical to 200Amp. Added central AC and various cosmetic upgrades
What was the outcome?
I was able to increase the value of the property 30% and increase rental rates for both units.
Lessons learned? Challenges?
Hire the correct GC! I had to go behind the original GC and correct a ton of cosmetic issues. Also, hire a local project manager to keep an eye on the GC. And never disburse payments until everything is 100% correct. Never just take the GC's word for it.
This is awesome man, I'm from STL and am looking to invest in the area as well. Would love to connect some time and learn about your experience
Hey Shane, I'm so sorry for the slow response, I literally just realized I never replied to you. Message me if you still want to chat about STL real estate. I definitely have great knowledge of that city.
@Bennie Williams wow, nice!
@Dmitriy Fomichenko Yep, that was a super fun project. Looking forward to many more!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you