All Forum Posts by: Michelle Eisenberg

@Nick Tzenevrakis - Thanks for your response. I don't know the areas NW from St. Louis nearly as well. I know the areas within a couple miles of Forest Park in all directions the best, although I know some other areas as well. 

@Edward Burke - Thanks so much for your reply. It's great to hear from someone who has experience investing in St. Louis. I'd eventually like to get into larger multifamily properties -- up to 4 or more units, but I don't have the investment capital at this point to do that. I'd rather start small than not at all, though.

I really appreciate your offer to give me the name of the realtor you work. I am serious about investing within the next year (I'll PM you about this as well). I've been searching online for real estate agents and property managers, and it is so hard to know whether someone is actually any good. 

One thing I've noticed is that many property managers are also real estate agents/brokers. I'm not sure whether that's something I should be looking for (to get both done with the same company), or whether that can end up generating conflicts of interest. (I'll likely post this question in the main forums before too long as well, but if you happen to have an opinion, I'd love to hear it).

It's very helpful to hear that SFRs might make the most sense. I've been searching on the major real estate website just to get an idea of what could be available and to get experience running numbers. You're definitely right that it's hard to find decent duplexes in the range I'm looking at. There do seem to be some in the Dogtown area just south of Forest Park. It's not the best area but it's also not too bad, and I know people who have happily lived in that area. On the other hand, since I haven't been able to see them in person, it's hard to know exactly how much work they would need, and you might be right about the high cost of renovation. 

I hadn't realized that the market for multifamily properties would be so competitive in St. Louis, but it makes a lot of sense. I noticed that a lot of listed multifamily properties I've seen already have as-is as a selling requirement, but it's helpful to know that it can be a good idea to offer that up front in order to get a deal quickly. I think it will be a while before I can build up enough capital to invest in the $180-220 range, but hopefully I'll get there eventually. 

Thanks again for your response!

Thanks for your reply, and welcome as well! There are actually a number of reasons I'm interested in St. Louis:

1. There are a number of good universities that aren't going anywhere and attract a large number of potential renters to the city every year: Washington University in St. Louis, University of St. Louis MO, St. Louis University, and others. 

2. Cost of real estate is much more affordable there than where I'm living in California

3. The cultural scene is growing all the time, and I think more people will discover St. Louis and want to move there over time. The cost of living tends to be very low compared to almost any other city, and it is a really great place to live.

4. I have family and friends in the general area so traveling there to look at properties/meet with a team can also be excuses to visit family.

Those are the main reasons. It's not necessarily because I think it's the best place to invest in the entire country, but it makes a lot of sense for me.

My name is Michelle. I'm new on Bigger Pockets and to the world of real estate investing, but I am eager to learn and get started. I have been reading as many books on real estate investing as I can find in the library, and I've been listening to the Bigger Pockets podcasts on all of my commutes.

Investment Goals:

I live in the California Bay Area, but I'm looking to invest in St. Louis, MO due to the generally lower prices. I lived in St. Louis for 10 years, so I know many of the neighborhoods. I'm primarily interested in small multifamily properties, but if I found a single family home with a decent ROI I'd be interested.

Specific Goal: I'd like to buy my first small multifamily or single family property within the next year that nets at least $2000 a year after expenses and mortgage payments.

Currently Working On:

Step 1: Finding a real estate realtor/broker with experience working with investors in the St. Louis area

Step 2: Finding a property manager that I can trust to take care of my property while I'm in California

Step 3: Buying a small multifamily or single family property at or under $100,000 (with 25% percent or less downpayment) in the St. Louis, MO area.