All Forum Posts by: Joey Newton

Hey @Bjorn Ahlblad,

I agree, St. louis is an area that varies block to block. Unfortunately. Both buildings were built in the late '50s. They are located in North St. Louis county, Florissant to be more specific. I am taking a guess and I will say the area is "C" class.

Hopefully that helps you understand my situation a little better now. 

Thank you.

-Joey

Hey @ AustinAndrews,

Thank you for the prompt response! It is 2 Quad plexes right across the street from each other in North St. Louis county, specifically Florissant area. 

Hopefully this answers all of your questions: 7 units filled out of 8. I am investigating a way to sub meter out each units water, but it comes into the building on a single line. There is a hookup in the basement for each unit to have there own washer and dryer in the basement. Pitched roof, and both were replaced in 2016. All of the stacks are cast iron, they appear to be in good shape, but they are NOT  PVC. All units have forced air/ heat, furnaces are located in the basement and each unit has its own outside condenser for AC. Furnaces/ hot water heaters appear to be pretty newer, outside condenser units are 50/50 newer/ older.

Some updates to units, only 1 washing machine in all 8 units! They could use updating. Average rents for the 8 units are $685, but i was told the average rent should be about $740.

Hopefully this helps paint a better picture.

Thank you

- Joey

Could some one double check my math?

Good morning everyone. 

Totally selfish question but, I am in negotiations with a landlord who wants to sell 2 quadplexes in St. Louis. I am very green when it comes to multifamilies, and I was hoping that some one could look in to there hearts, and go over the numbers on this deal just to make sure I am not making a bad purchase. Again, they are selling 2 buildings each with 4 units, each unit is a 2 bed 1 bath. The tenants have a laundry/ dryer hookup, and a small storage area in the basement. He is trying to get $195,000 per building, and the average rent for all 8 units in $685. The operating cost on each building is almost identical, so I will just use 1 building as an example. 

Taxes/ year: $3,002,  Insurance: $1,573,  Trash/ year: $654,   Electric/ year (exterior lights): $420,   Water/ year: $1,200 sewer/ year: $1,500,   Spray for bugs/ prevention: $311/ year,    Lawn cutting/ year: $640,   Misc (furnace filters/ 9v batteries): $250

I have gotten mixed reviews back from my colleagues when they go over these numbers with me. Some say it is a great deal, some think not. If some one who has some time in the saddle regarding multifamiles could look at this for me I would be forever grateful.

- Joey

Good morning BP universe!

I recently purchased a pair of 4 families in the St. Louis county area, and I am a total virgin when it comes to this. I want to sub meter each unit's water, so I would non longer have to bear that cost. I have heard of companies that are willing and able to get each unit on its own water meter. Has any one done this before/ can anyone recommend a company that can do this. 

Thanks everyone. Have a great day!

- joey

Good morning,

I am pretty new to bigger pockets, and VERY to the forums. I bought a SFR last month and need some help getting it rent ready. Can any one recommend good contractors in the St. Louis MO area that can help with some light rehab work?

Feel free to call me if necessary,

Thanks everyone!