All Forum Posts by: Andrew Moore

@Max Householder Thanks, Ya to be more clear, only one is a true two bedroom.. so no "White Whale" I guess.. Maybe I can convert the other units in the future if it makes sense. Numbers are still good for now, just need to wrap up a few loose ends. 

STL Mogul

 http://www.stlmogul.com/services/property-manageme...

@Addison Guyse Cash out refi of another property... 25% down on this one and used Chet Hileman at F & B Financial. Do you own property in the area?

@Addison Guyse.... just wrote an overview... feel free to post questions and I'll be happy to answer. Please let us know why you are interested in the area. Cash flow? take care!

https://www.biggerpockets.com/forums/850/topics/643006-my-fourplex-in-the-patch-neighborhood-south-saint-louis

People say around here... You can think about it or just do it... We'll I did it. I currently live outside of the US, own two rentals in Colorado and slowly working my way into real estate. With recommendations found here on BP I found Peter owner STL Mogul Realty. Brian with STL Mogul was an AWESOME agent and worked hard answering my questions and helping to find the property. Time zones and some turn-over at STL have made things interesting with STL Mogul management, I'll post a more detailed review for STL Mogul Realty at a later date.

Having NOT been to the area, I was/am really relying on the input of my agent, but obviously it fall on me. My agent said it was "Not great and not too bad." I hope not to be one of "those" out of state buyers, who overpay for properties, but I wanted to do something and this seems better than lottery tickets.  Time will tell.

Property is off South Broadway Sold For $142,500. Four 2 bed 1 bath units with two driveways and two garages. Garages can rent for $50-$75 each. Property is almost turnkey with some exterior differed maintenance and a couple water heaters.

I'll spare the details and keep the numbers simple.

Property without garage income.

Units leased for $625 each ($2500)

MGT 10% Vacancy 10% Repairs 10% Maintenance 5% =$875

Expenses = Water, Sewer, Electric (common area), Yard = $300

PITI= $780

Monthly Cash flow $545 = 14-15% CoC

+ garage income closer to 16-17% CoC

Hoping for a little appreciation to cover my closing costs and selling expenses down the road. 

Time will tell!

Hey @Chris Fenelon, thanks for the reply. I closed on a property on the 11th. Numbers looks pretty good. Time will tell. In the next few days I'll post a property overview and my experiences so far... @Kyle Eckert

I should have asked months ago, but hope to here your thoughts on the Patch & Carondelet areas of South City for multifamilies?  As an out of state investor, I am seeing some good cash flowing properties. I understand it can be block by block, but do the guys on the ground have a local pulse? At it's worst, improving, steady? Specifically in Patch off of Broadway..

From appreciation beginning in 2010 to 2018, I have gained almost $200k in equity on three homes in Northern Colorado.  I have read that investors shouldn't bet on appreciation, focus on cash flow, then any appreciation is a bonus. Sorta a tough pill to swallow when it has been so good

Submitting an offer this morning for a four family out of state, and just watched the 2nd Grant Cardone BP podcast and I'm pumped, lol.

My question, Keep my two Colorado SFH rentals for the appreciation (safe bet 10k maybe 20k per property per year) and almost zero cash flow, or sell them both to purchase three multifamilies making maybe 6-10k annual per property elsewhere???

thanks in advance