All Forum Posts by: Michael Novak

I just found out while analyzing a multifamily (3 units) property in St. Louis that water billing for the entire building is condensed into one. My agent tells me that water is not metered in St. Louis (city) and is instead based on the number of toilets in a building. A few questions:

1. Is this common? I've never heard of this before.

2. Any investors in STL know if the city allows installation of separate water meters? Or are they strict about maintaining a common bill?

3. Would utilizing a Ratio Utility Billing System (RUBS) make sense in this scenario (assuming the city allows it)?

Hi all! Michael Novak here from Columbia, MO. Joined BP a year ago and then work blew up! That's the nature of healthcare IT (what I do)! I've listened to dozens of the BP podcasts and audiobooks and just need to get that first deal under my belt. 

I've decided to pursue multifamily properties (2-4) in St. Louis, MO utilizing the BRRRR strategy. Since I joined last year, I've formed an LLC and secured a HELOC for some much needed capital. My goal is to acquire at least 16 doors by this time next year and then at least 16 more the following year - ultimately having 100 by the end of year four. Definitely not a slow burn.

Columbia is a college town with stiffer competition while St. Louis is a bigger market which seems like a better option for getting started.

I am in contact with an agent and a couple of lenders in STL, but need a rehabber and property manager. I had a PM lined up, but then that fell through. Either way, I am chomping at the bit to get going!