All Forum Posts by: CJ Z.
CJ Z. has started 3 posts and replied 12 times.
Post: Potential First Deal St Louis- Any advice on the numbers?
- Saint Louis, MO
- Posts 12
- Votes 3
@Travis - The GPR is between $2000-2200 and each unit is 1 bed / 1 bath. This area is a good blue collar neighborhood. Their are window units in this property. Thanks for the advice on due diligence, I will definitely be getting a good inspection done if I get an offer accepted.
@ Mackal. I plan to manage the first property myself to learn the ropes and then switch to a a management company if all goes well and I buy more properties. I want to do a mix of cash-flow and equity plays but the cash flow will help accelerate the rate I can buy properties so I am focusing there first.
Per the price - there are fully rented turn-key buildings selling for $160-$180 on the same street with GPR at $2200. My thought was $120K purchase + $16K Repairs with an ARV of $160K would allow me to pull some cash out after seasoning to use in the next deal.
Thanks for the help!
Post: Potential First Deal St Louis- Any advice on the numbers?
- Saint Louis, MO
- Posts 12
- Votes 3
I'm looking for my first deal in St. Louis. This is a four family in the North Hampton neighborhood. My question is does the analysis look sound? Is this the type of return I should be looking for or can I do better? The list price is $147K but the property only has one tenant and has been listed for 3 months. The analysis is based on getting just under a 20% discount off list or $120K.
The property currently only has 1 tentant and will need about $4000 per unit to paint, update the kitchen and re-tile the bathrooms. Any advice is appreciated!