Lessons From Buying My 2nd Investment Property in St. Louis, MO
Investment Info:
Small multi-family (2-4 units) buy & hold investment in St. Louis.
Purchase price: $106,000
I am beyond excited that I recently closed on my second duplex in St. Louis!
I secured an off market duplex where one side is tenant occupied and in good condition and the other side is vacant and in need of a light rehab. I am currently in the process of finishing the rehab that consists of new flooring, paint, fixtures, and a few plumbing and electrical repairs. This will be cash flowing rental property by March once the rehab is complete and a tenant is secured.
How did you find this deal and how did you negotiate it?
I drove by this property daily & noticed it was not being well maintained. I looked up the owners contact info & kept in contact with them for months until they were finally ready to sell. I wrote them an offer & they accepted it before listing it on the MLS. I negotiated the sales price by finding out what they wanted to get for the property, running comps & presenting them with a detailed market analysis for the property. I negotiated the price down further after inspections as well.
How did you finance this deal?
I financed this deal through a private lender.
Lessons learned? Challenges?
Following up is SO important. If I hadn't found the owners information and continuously followed up with them, I wouldn't have been able to secure this off market property for such a good price.
Sometimes you have to get creative with financing in order to fund a deal. There are many ways to do this, but I went with a private lender.
Small things like fresh paint, flooring, new light fixtures, etc. do WONDERS to a property!!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a licensed Real Estate Agent on the My Agent Investor team in STL. Feel free to reach out if you have any questions about investing, creative financing, finding off market deals, or anything real estate related!