All Forum Posts by: Mackal Smith

Originally posted by @Scott Keating:

just a heads up, when I searched your property on Zillow it does not show up

Hmm, maybe it has come off the mls already. Try this link. I just got there...

http://www.zillow.com/homes/6-meadowbrook-country-club-estates,-63011_rb/?fromHomePage=true&shouldFireSellPageImplicitClaimGA=false

 

I'm not sure why it hasn't sold. I'm in the process of pulling it off the mls for the winter and relisting it in March. Comps were hard to come by when we listed in July. It is in Meadowbrook Country club off Clayton and Clarkson. Townhouses in the subdivision were listed at 1.2M, there were no other listings in the subdivision. Houses near (outside the country club) were listed in the 250's. We started at 500K and are currently at 450K. A neighbor's house down the street just listed at 529K. Here's the listing if you want to take a look.

http://www.zillow.com/homes/6-meadowbrook-country-club-estates,-63011_rb/?fromHomePage=true&shouldFireSellPageImplicitClaimGA=false

 Why didn't it sell? I'm a little perplexed. We had many showings and lots of open houses. All the feedback was that it was priced about right. Most of the time the feedback would be that it was too early in their search to make an offer...

Thanks Catherine,

Unfortunately (or maybe fortunately...) there are really no other listings in St Louis suburbs per se. I don't know if that means maybe I would have the market cornered out here (lol) or if it would be impossible to get short term tenants. When I pull up the airbnb map to be honest there are not more than a few dozen rentals in all of St Louis, and none close to West County. Maybe it's just a try and see situation. What could it hurt? Some income would be nice (as opposed to sitting on the market for 6 months with no movement...). The good thing is that the house is nicely staged and ready to go...

Has anyone used one of your properties for airbnb (and if so what was your experience)? I'm interested because I have had a primary residence on the market for 6 months with no offers. (I know... but it's in the 500K range and that market is not moving like the 150K to 250K market).

Anyway, it is in West county 4 bdrm, 4 bath on an acre in Meadowbrook Country Club. With airbnb I'm thinking I could easily get 1,000 to 1,200/week. Before you ask, I'm sure I could not get positive cash flow leasing it longer term and airbnb appeals to me because I could still have it listed and shown other than the times it is rented.

Feedback?

I think it is indeed a desire to help my son, but I know I want to grow my business. My thought was that it could be a way to accelerate the flipping part of my business (which I definitely want to get into in 3 years when I retire) and help him. *BUT*... I definitely want to keep an open mind. I appreciate the feedback about keeping my business and desire to help him separate.

Much thanks for the feedback so far. Other inputs?

My son just graduated college with a degree in Music. He is a super talented guy, but like a lot of college students today he's not able to make a living with that major. Let me lay out my situation here a little and get some feedback.

I currently own 2 multi-family properties that are doing quite well in terms of positive cash flow. I definitely am looking to expand my "empire" and I have about 120K in equity on these 2 properties as well as another 100K or so in cash I can invest to grow. I have started off as a buy and hold investor because I like the idea of passive income for retirement (I'm 55 and looking to retire in about 3 years). I am really interested in some flipping as well, but I have stayed away from that for now since I really don't have the time to oversee a project working full time.

Here's where I think my son may be able to play. I trust him. He has a good head on his shoulders and a great work ethic. I really think that at his age after learning something about the business he could start getting some of his own deals. With that in mind I'm thinking about picking up a distressed 4 family with a livable unit. I could put him in there rent free and have him oversee the rehab of the other 3 units for me. I would also pay him as a 1099 employee. At the end of the rehab, I would either sell the property for profit or keep it and continue to expand my passive income portfolio.

So a few of questions:

1.) I could pay him by the hour, I could pay him a flat monthly income (I'm thinking around 3,000 with free rent) or I could pay him a percentage of the flip for the work. Have any of you done something similar and has it worked out for you?

2.) If I don't flip the property, it is going to begin to limit how I can keep him employed longer than 6 months or so. Remember I do have some cushion with a couple hundred thousand but maybe I can work some type of deal where I give him part ownership and after a few properties I can let the income from the properties start to supplement what I'm paying him. Have any of you done deals like this?

3.) If I go down the flip path, I'm going to need to find a decent mentor here in STL that can help me find the right GC and can walk the potential properties with me to help me get a realistic feel for what I can get out of the flip. Anyone interested in mentoring (meaning really having coffee once a week so I can bounce questions and ideas off of you?

Thanks!

Hey all,

I have 4 properties now. (2 multi-families, 1 personal home in Ballwin, and 1 Lake house in St Clair). Up to now, I have bought all these properties in my (and my wife's) name (sole proprietorship). I'm looking to buy more multi-families and know that I have left my assets at risk. I'm looking from recommendations:

I'm looking for a real estate attorney that can help advise me about asset protection and a CPA to help me with taxes etc. Can anyone suggest people you have had good experiences with. I would really like to interview 2 or 3 different firms to get someone that really lines up with me and my goals 

Thanks Peter,

I just signed up on the meeting page. I can't make Wednesday due to a former engagement however I would love to attend your next one. I'll take a look at the SOutside Investment Club as well.

Thanks!

Thanks guys, I really like investing in the city. The two properties I own now are great. I love the fact that multi-families in the city are relatively cheap and the rents are decent. Do you folks know of real estate investment groups in STL?

Hey all,

I have a couple of multi-family rental properties in St Louis City. I'm really looking forward to participating in the community and acquiring more properties. Eventually hope to own 25 to 30 units to help my income in retirement.