Thank you for your feedback! I will look into it - I did see a decent multifamily within my budget in that neighborhood back in October but that sold fast!Laife Fulk wrote: ↑Dec 05, 2023Honestly, either expand your search radius or up your budget. Because the market is just not there for turnkey multifamilies to be had for cheap in the most desirable neighborhoods. If something is that good of a deal, it's either going to go fast and/or way above asking.
Thanks Chris. What do you think of tower grove south neighborhood for an investment multifamily property? I am little worried about crime rate.Chris Stritzel wrote: ↑Dec 08, 2023There’s still room for grassroots investment efforts in St. Louis. Large swaths of the city need love and the only way they’ll get that love is by having a group of people go into them and make them better. It’s a challenge, but some of the most loved neighborhoods today were once rough and in decline. Yes, St. Louis will require more investment money than other markets, especially the tertiary markets, but it’s worth it as long as you can pull a team together.
The biggest problem anyone will run into now, in any market, is finding someone, or some people, who are willing to invest in this current economy. If you find someone, that’s the key to growing down the road. From personal experience in St. Joe, we have one investor signed on to help make our deal possible. If it works out, I’ve been told by others that they’ll invest in future projects done by my friend and I, but they want the first to work. Reason: we haven’t done anything solo before, so the risk is much higher than someone who’s already done something.
Tower Grove South is a solid bet when it comes to multi-family, especially the area north of Gravois. Like any big city, there will be crime issues. I wouldn’t let that deter you from investing though. Residents have to act smart to try and avoid car break-ins. Remove valuables from the car is the most practical option. Unfortunately, not every car break-in can be resolved that way. For other crimes, I feel that unless you actively go looking to get shot or assaulted, it won’t happen. Robberies also aren’t of much of a concern as long as you watch your surroundings. All these go for all cities and places. Just don’t be oblivious to your surroundings.stlurbanist wrote: ↑Dec 18, 2023Thanks Chris. What do you think of tower grove south neighborhood for an investment multifamily property? I am little worried about crime rate.Chris Stritzel wrote: ↑Dec 08, 2023There’s still room for grassroots investment efforts in St. Louis. Large swaths of the city need love and the only way they’ll get that love is by having a group of people go into them and make them better. It’s a challenge, but some of the most loved neighborhoods today were once rough and in decline. Yes, St. Louis will require more investment money than other markets, especially the tertiary markets, but it’s worth it as long as you can pull a team together.
The biggest problem anyone will run into now, in any market, is finding someone, or some people, who are willing to invest in this current economy. If you find someone, that’s the key to growing down the road. From personal experience in St. Joe, we have one investor signed on to help make our deal possible. If it works out, I’ve been told by others that they’ll invest in future projects done by my friend and I, but they want the first to work. Reason: we haven’t done anything solo before, so the risk is much higher than someone who’s already done something.
just came to a conclusion that market is really tough for first time investors who want a positive cash flow. I shopped around for a few property management companies and they charge arm and leg to maintain units. also, noticed that i am being outbidded in good neighborhoods where multifamily units are being offered more than the asking price.Chris Stritzel wrote: ↑Dec 18, 2023Tower Grove South is a solid bet when it comes to multi-family, especially the area north of Gravois. Like any big city, there will be crime issues. I wouldn’t let that deter you from investing though. Residents have to act smart to try and avoid car break-ins. Remove valuables from the car is the most practical option. Unfortunately, not every car break-in can be resolved that way. For other crimes, I feel that unless you actively go looking to get shot or assaulted, it won’t happen. Robberies also aren’t of much of a concern as long as you watch your surroundings. All these go for all cities and places. Just don’t be oblivious to your surroundings.stlurbanist wrote: ↑Dec 18, 2023Thanks Chris. What do you think of tower grove south neighborhood for an investment multifamily property? I am little worried about crime rate.Chris Stritzel wrote: ↑Dec 08, 2023There’s still room for grassroots investment efforts in St. Louis. Large swaths of the city need love and the only way they’ll get that love is by having a group of people go into them and make them better. It’s a challenge, but some of the most loved neighborhoods today were once rough and in decline. Yes, St. Louis will require more investment money than other markets, especially the tertiary markets, but it’s worth it as long as you can pull a team together.
The biggest problem anyone will run into now, in any market, is finding someone, or some people, who are willing to invest in this current economy. If you find someone, that’s the key to growing down the road. From personal experience in St. Joe, we have one investor signed on to help make our deal possible. If it works out, I’ve been told by others that they’ll invest in future projects done by my friend and I, but they want the first to work. Reason: we haven’t done anything solo before, so the risk is much higher than someone who’s already done something.
In Skinker DeBaliviere problem is the opposite. We have many corner retails and every single one of them is for lease and no retail is willing to fill it up.GoHarvOrGoHome wrote: ↑Jan 30, 2024One of my dreams is to start (or somebody else starts) a city-wide community land trust that preserves and manages neighborhood scale corner retail buildings. Turn upstairs into units of affordable housing and reactivate the street level retail.
We have so many of these buildings in the city and it's a shame to see them neglected, abandoned, or underutilized (IE retail has been converted to residential)
Shaw is awesome because while they don't really have a contiguous strip of retail like Cherokee or the Grove, it's filled with corner retail. Really adds texture and desirability to the neighborhood.
Some people cannot think of anything besides traffic (whether real or more usually imagined), it's a mindset that hinders so much development
Traffic, noise, parking, trash. Goes without saying.
