All Forum Posts by: Andrew Pappas

Can anyone recommend wholesalers/sellers in the area?  Also looking in the North end, Blackrock, Shelton, and Fairfield.  Thanks 

I use John wheeler with key realty for my Kansas City property. They’ve been great the past three years on my single family. I’m looking to sell if you’re expanding the Kansas City area. PM me if you’re interested

Brent, I’ve got multi family properties in south city and university city. Both do pretty well and get a decent return. I’m looking to trade up into a bigger property, so PM me if you’re interested.

John, PM me if you’re still interested in multi family homes in south city St Louis

Nicholas, I’ve invested in St Louis for a few years. Cash flow is definitely good, and I just bought a 4 family in university City. I’m currently selling my duplex in south city to trade up into a bigger property, and it is a relatively inexpensive way to get decent cash flow. Just pay attention to the area. PM me if you want to discuss further.

My 1 bed 1 bath duplex in Dutch town rents for $525 each unit. When I had it listed for $600 I had no bites. It’s about 850 square feet, and could command more rent if I really updated it. Right now it’s got new laminate flooring and everything else is pretty standard. At $525, I get tons of traffic but almost all applicants are sub 600 credit score with accounts in collection, so it takes time to find Someone decent. I’m Under contract to sell though.

So only the garage is in a flood zone, which requires about $540 a year in insurance. The numbers are still really good at the price I got. FEMA just reviewed it and confirmed the zone boundaries. I plan to improve and stabilize it, increase rents, get some cash flow, then sell for a little profit in a year or so if the market supports it

Does anyone see this area in the path of progress? It’s Ursula avenue just north of Olive. Got a good discount to make the cash flow work even if the property gets rezoned into a flood zone

Originally posted by @Grandon Brimley:

Hey

@Andrew Pappas, I recently moved to St. Louis and actually stayed a few blocks down from there in an airbnb when I first moved here. It's definitely a C area. I wouldn't expect any appreciation but the numbers probably work pretty good for a rental. It does get real bad real fast the further north and east you go.

 Yeah that’s what I’ve heard.  Do you know if the Ursula property is in the rough area?

My lender just informed me the detached garage is partially in a flood zone and requires flood insurance. The seller apparently didn’t know because he doesn’t have insurance on the property. The annual premium is only about $800, and a price reduction can offset that. My concern is the risk that the property gets rezoned to a flood zone. Is this a red flag to back out?