Homeless new investor in St. Louis

[James T.]

Hello Bigger Pockets community. I’m a new transplant to the Saint Louis area. I stay busy with my day job as a regional airline pilot based at the Lambert St. Louis Airport. Up to this point, I have been renting rooms month to month wherever I've been based. I have recently been promoted (came with the transfer to STL), and I’m looking to change strategies and use the money I saved to invest for financial independence. At this time, I’m temporarily staying at a friend’s house, and I’m actively looking to buy a duplex or multiplex to live and rent the remaining unit(s).

I am a first time investor and my goal is to start strong. Due to my occupation, I have lived in many different cities around the country over the past five years, and I’m looking for the right city to invest. I would be grateful for any information concerning the St. Louis area. The prices here look great, even with active tenants. However, there are a large number of multifamily properties listed for 100+ days, which is a concern for the exit strategy. I'm gathering as much information as possible. Thank you in advance! 

James

[Kathy Henley]

Welcome!  @James T.  There are so many neighborhoods to explore and choose from in St. Louis!

http://stlouispatina.com/south-st-louis/

The above my favorite blogger walking through the neighbor hoods and photographing the different kinds of brick buildings. It is a great overview.

First off, do you admire the old brick homes of St. Louis city? I do. There are plenty duplexes on the market and young people who want to rent them.  If you can update an older building, there are plenty to choose from.  Or, do you like more upscale neighborhood like Clayton? Or student oriented neighborhood of University City?  Secondly,  spend your weekends going to open houses of all the neighborhoods. Who is you ideal customer (tenant) and where would they want to live?

Thirdly, join one of the many investment clubs and meet people.  Investors love talking about their strategies.  Develop your own strategy.  If you live in one unit and rent the other, the banks will be very agreeable.

When you narrowed down your neighborhood, find an agent who is also an investor and learn the local habits of buyers and sellers.   Plenty to learn on this web site too.