All Forum Posts by: Andrew Harthcock

Here is a link to the listing here

Hi everyone!

I am an out of state investor that is curious about the St. Louis market. I recently noticed the Mark Twain Building downtown has been for sale for several months. Here are some quick numbers on it. 

Sale Price: $4,950,000

NOI: $567,000

Number of Units: 238

Gross Rent Multiplier: 3.2

Cap Rate: 11.5%

While I understand the tenants are all low-income and the building has a not so good reputation, can anyone provide some general feedback on this place? The building itself is beautiful (on the outside at least), and the price seems reasonable. Why hasn't this place sold??

 Yes, that would be the plan. Ideally I would like to price the unit at slightly below market rates in order to have a better choice of quality tenants.

Hi everyone!

I am a recent college grad looking into buying my first property. My strategy is a buy and hold rental, and I am looking specifically at college towns. My own college hometown (Austin) is a bit too expensive, so I am looking at places more suited to my price range (San Marcos TX, Lubbock, College Station). Right now I am looking at single family residencies over multi-family. The reason for this is because the cost is much lower, and I don't want to get into too deep for my first investment property. 

Here are my questions: Is it worth it to buy with less than 20% down? For my first property, should I go with a property manager or manage it myself to learn the ropes?