Updated over 8 years ago on . Most recent reply
City Multi families St Louis
Hi Folks,
Brand new member here. Lots of great discussions! I am hoping you can help. My Wife and I owned single families years ago. We have been away from it for awhile and are getting the itch to get back in. Only this time, the advantages of multi families have peeked our interest. My issue is pulling the trigger on the properties in the city. I am just hesitant for the obvious reasons - safety, hassle, etc. Should I just ignore this hesitation and just do it? Just give me some advice to make me feel better about it please. because the number work well on alot of these properties. I gues there is value in no headaches though. Thanks in advance for your thoughts.
Matt
Most Popular Reply
Do your homework before diving in. Meet some people who are friendly and already operating in that space (here is a good start). Almost all of the 4-families in STL are 75+ years old, so you will always have old house headaches. May need updates, "what the heck where they thinking?", etc. Just build those numbers into your calculations and you should be fine there.
As you mentioned safety as a concern, the most important factor in your search should be neighborhood. St. Louis is spotty, with a lot of the sketchy neighborhoods having a lot of multi-families for sale. Talk to people and find your target areas you are interested in, then pursue a property there.
I would and have given up return on investment to get a property in a desirable neighborhood. To me it's worth it for the piece of mind.