All Forum Posts by: Andrew Robbins

Happy Holidays BPeeps.  I have a 12-unit building in Tower Grove area.  Tenant just left after a few years, and upon inspecting the unit, it was revealed that the floors are sinking.  A more thorough investigation revealed some structural issues.  My head of maintenance is insisting that there is no way around a major, bank-breaking solution.  I am reaching out to get a second opinion.  Anyone have a trustworthy contractor they can recommend?

Thanks!

Wow.  It's been a while.  I did end up finding a guy who advised me on some properties.  His name was Tony Duarte of Duarte Construction.  I did ultimately end up flipping a house, and he gave me a bid on the job, but I didn't end up using him because our visions didn't exactly match up. 

Hey BPeeps,

My insurance agent just informed me that my underwriter is no longer insuring buildings like mine.  I have a 12-unit building in Shaw that was built in 1910.  Any leads I could get would be greatly appreciated.  Thanks!

Andrew

Alex, thank you so much for the recommendations.  I will give them a call.

Hi Stephanie,

Thanks for your reply.  Yes, I expect to answer all those questions once I have found a prospective lender.  At this point, I was just looking for leads to call institutions that do commercial lending.  I'm out of state, and therefore not familiar with all the lenders in the state/region.  So does US Commercial refi?  As stated in title of post, it is a 12-unit residential building.  Happy to share the rest of the details with you offline.

Thanks,

Andrew

Yes. Refi.

Looking for any recommendations for a commercial building I own in St. Louis. Thanks!

Hey Josh,

I'm an out of town investor in STL.  I have a 12-unit building in the Shaw neighborhood, right across from the Botanical Gardens.  Much better part of town.  I might be putting it on the market in the spring, but if you're looking to buy something now, maybe we can talk offline.  Hit me up if you're interested.

Andrew

I have a 12-unit building on Tower Grove in STL.  2 of the units are airbnb's.  My property manager handles all bookings, maintenance, re-stocking, cleaning, and all general headaches -- and for that, I give her 20% of the booking fees instead of the 10% she makes for the long-term rentals.  All in all, the net numbers are pretty similar to long-term rental.  The pros are that you never have to worry about vacancies, deposits, make-ready costs, leasing fees, etc.  The cons are that STL is very seasonal, so we crush it in the spring and summer, but we get destroyed in Jan and Feb.  You also have to furnish the units, pay utilities, etc. so the gross numbers are great, but the expenses definitely cut into your bottom line.  Only been doing it for about a year, but gonna continue with it for another year and then decide.  Hope that helps.

Congrats on your investment!  I have a 12-unit in Shaw, and have turned two of the units into airbnb's. For the most part, it's been successful.  But you have to be prepared for fluctuations in income depending on the time of year.  November to February is pretty rough, but spring and summer is great!