So I have been looking at the St. Louis, MO. area basically because properties are relatively inexpensive. I have a schedule trip planned to visit the area in a few weeks, but if anyone sees this message and would like to share some insider info/ experiences I’d appreciate it, thanks.
@Stord Jacob ... I live and invest in St. Louis. Yes, prices are relatively inexpensive here, but we still feel the pain of prices being on the high end right now. And we're a less expensive market in general, so our rents may also be lower than what you'd expect to see in hotter, coastal markets. Plus, like any city we have our good and bad areas. Oftentimes, the properties with prices that seem too good to be true are in not-so-great areas that may attract troublesome tenants.
All that said, you can definitely find cash-flowing rentals in solid areas, which is what I look for... but we're not a big appreciation market for the most part. What are you looking for? If cash flow is what you want, you'll have to dig to find the right opportunity in good neighborhoods, but they are out there. Just make sure you look into all the numbers involved -- price, taxes, utilities, rents, etc.
If you find yourself here in the last week of the month, I coordinate a monthly meetup of St. Louis real estate investors. It's an open event that you'd be welcome to join! We don't have a very formal agenda... most of the event is just open networking with investors and RE professionals of various experience levels. You can learn more from the BP event I posted:
@Megan Greathouse I truly appreciate your time and insights. I can select either buy and hold or flip mainly because I’ve done it in a few other states; Therefore, I can coordinate accordingly if the numbers are solid. I’ll be in the area on the 12th-15th I believe (I have to check tickets) but the mid part of April for sure.
@Stord Jacob @Megan Greathouse hit the nail on the head. There are great cashflow neighborhoods all around, but some of them can get a little dicey. I have heard people talk of a few neighborhoods they are looking at for long term appreciation, but as these are all questionable neighborhoods currently, you have to have the stomach to manage rentals in those neighborhoods while the turn around happens, if it does.
I would suggest getting with a local knowledgeable agent or investor and running around town for a while, checking out the different areas and getting a feel for them.
@Stord Jacob if you don’t have a realtor yet or need a wholesaler, I am happy to share my contacts with you.