Believe it or not, there are plenty of properties in St. Louis City and County for sale that are selling for under $2000.00 a piece. Of course almost all of them need a rehab, an updating, or maybe just to be torn down. Some investors prefer to buy a $60,000 property and put $2,000 into it, but why not buy a $2000 property and put $60,000 into it. I would suggest that its possible for the second option, you may end up with a nicer property in better condition to last longer.
At Hermann London we are able to help you find these properties if they are listed on the MLS, but any Realtor can search the MLS. We also have experience actually purchasing these properties, and working through some of the different types of red tape you have to work through to get your results.
The truth is, there is another solution. You can purchase these properties directly from the City. Through the LRA or the St. Louis Development Corp. http://stlcin.missouri.org/forsale/ When someone doesnt pay their taxes for 4 years, the city will sell the property at a “tax sale” which is basically a property auction. Some of the houses dont sell. Those lonely properties work their way through the system and eventually end up on this government website. Dont worry, theres plenty of red tape with these properties too, and a whole new set of intracacies to understand. Luckily, the Hermann London group has agents in our office who are experienced with this type of property purchase too.
For any of your property purchase needs, no matter what type of investment strategy you choose to take, give us a call, we would love to talk about it. 314-210-5115.