Saint Louis, MO - Turnkey Buy & Hold

[Seth Wilcock]

Investment Info:

Single-family residence buy & hold investment in Saint Louis.

Purchase price: $62,500
Cash invested: $62,500

Cash purchase. Turnkey rental purchase.

What made you interested in investing in this type of deal?

I've been browsing on Roofstock.com for some time now. I do like the data and information they provide, but sometimes their info isn't always accurate. This appeared to be a pretty good cash on cash return for a turnkey purchase, and it was my first deal in Missouri. The property was recently rehabbed and there was a lease in place. Overall it was an easy deal, and I met a few new business partners in Missouri.

How did you find this deal and how did you negotiate it?

Turnkey rental on roofstock.com. I paid cash and made an offer online through their site.

How did you finance this deal?

Financed using a first lien HELOC on my primary residence.

How did you add value to the deal?

It was turnkey, so force equity or improvements have been made.

What was the outcome?

Overall, it was a very easy and simple process with good cash flow.

Lessons learned? Challenges?

Overall, I'm not the most excited about inheriting tenants, and I firmly believe that BRRRR is the path to multiple deals per year, but it was our first deal in Missouri and I don't have a network there yet, so starting out with a turnkey property made the property a little less scary.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No agents were used on this one.

[Jennifer Donley]

@Seth Wilcock Congratulations in your deal! I’m a St Louis native and a buy and hold investor as well. I sold 2 of my properties on Roofstock this year, I’m a fan of the platform.

[Corey Brinkman]

@Seth Wilcock Congratulations on getting this one closed. It has been a pleasure working with you so far and I look forward to helping you build your portfolio here in STL. Talk soon, Corey.

[Shaun Keune]

This is inspiring to hear. Congrats on getting it closed!

[Sakib J.]

@Jennifer Donley

Hi Jennifer

Being a WashU alumni, I have fond memories of STL. Would love to connect and buy something cashflow positive in STL.

[Jennifer Donley]

@Sakib J. sounds great, there are tons of opportunities in St. Louis. Cash flow positive isn't too hard to find, depending on what you're looking for.  Let me know if I can help further.

[Adam Hughes]

@Jennifer Donley I live in the St Louis Region and looking to get in to STL soon. Currently my investments are in the Metro East. If you look to sell again, I’d be interested in looking at what you have! Thanks!

[Jennifer Donley]

@Adam Hughes you got it, I’ll keep you in mind.

[David Warner]

@Seth Wilcock sounds like a solid purchase.  What part of St Louis is this?  I am also a native from the Illinois metro.  I am a licensed agent/investor in Illinois and have been looking at different areas of St Louis.  I like the north county (Florissant) area.  

[Sakib J.]

@Jennifer Donley

Lets chat.

SAQJAMAL at AOL dot com

[Duane Alexander]

Good job. I am also a STL native. What area is this in? KC gets a lot of notoriety here as the hotter Missouri market, but there are some good deals to be had in the STL area on roofstock. Congrats on scooping one. 

[Seth Wilcock]

@shaun 

@Shaun Keune - thank you!

[Seth Wilcock]

@Sakib J. - I've seen plenty of deals out there.  Definitely not a bad market to get started in according to my research.  MO is a landlord friendly state, but I would like to see some more population growth in St. Louis.

[Seth Wilcock]

@David Warner and @Duane Alexander - It looks like it's either the Castle Point or Dellwood neighborhood.  South of I-270 and East of Highway 367.  It's definitely a C class neighborhood.