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Updated over 8 years ago on . Most recent reply

User Stats

16
Posts
8
Votes
Jeff B.
  • Investor
  • Saint Charles, MO
8
Votes |
16
Posts

2bd / 1 bath- Duplex Closed Yesterday in St. Charles Mo.

Jeff B.
  • Investor
  • Saint Charles, MO
Posted

I have been following BP for 6-9 months and enjoy reading and learning about the RE Investing business.  I want to Thank everyone for their contributions, this is a great website. 

Yesterday afternoon I closed on a duplex in St. Charles MO.  This is my second property.  I purchased a 4plex, 13 months ago. (its going really well)  I don't have a slick "no money down" story, just my wife and I have lost faith in Wall Street and have been sticking some of our money in real estate for passive income and future retirement.  

This duplex is in the heart of St. Charles which is a great town.  The property is on a street where there are duplexes on one side and standard middle class homes on the other.  This particular duplex is the worst property on the street (go figure).  It was owned by your stereotypical slum lord.  (Bushes over grown, paint peeling, A/C looks like it was from the 70's, etc, etc etc).  I worked there all day today and have found numerous other items that need attention.  One side is rented while the other was refurbished by the previous owner just before the it was put on the market.  I think it was in such bad shape that they had to do it, just to make the property marketable. They upgraded the carpet, paint, bathroom but not the kitchen cabinets and countertops. All in All, it is nearly ready for a tennant. I plan on putting it up for rent as soon as I get the bushes removed, which should be in just a few days.  

Just a quick dive into the financials,  The property was purchased for $155,100. That was $100 over the asking price, which my excellent realtor suggested. (We were the second offer on the 1st day it was on the market).  A similar ( albeit nicer) unit was for sale at the same time for $175K on the same street, so I think I have some equity to gain with some inexpensive improvements and good tenants.  The property should cashflow @ $500 monthly.  

I just wanted to take a few minutes to share my story in hopes that someone will be able to use it for inspiration to become more successful.  Good Luck to everyone and keep posting on Bigger Pockets. 

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