**WANT TO LIVE MORTGAGE and RENT FREE?**
** CALLING SAVVY INVESTOR /OWNER OCCUPANTS**
Would you like to have a new home, and have someone else pay or help pay? Time for you to start thinking about Investing but need a place to call home?
An Investment property can also be a great place to live rent free and buy. It is a financially smart way to begin investing, build equity and minimize or eliminate a house payment. Sometimes, there’s even money to be made on top of that.
Check out this #FEATURED PROPERTY in Prestigious University City, MO, where you can live in one unit and rent the other one, and also can consider having a roommate or two for additional income.
Owner-occupants of multifamily properties often qualify for low or now money down on loans, minimizing the cash out of pocket. A home mortgage on a property of $559,500 would be somewhere in the $3000-$3500 monthly payment, depending on interest rates, down payment, etc. Market rents for 3-4 bedroom properties in this area are roughly $2400, or $4800 per month if you fully rent both apartments in the building. Let’s say you live in one bedroom and rent to a few others, maybe the total income would be $4200. That s a small profit and no house payment. Or live alone, and ($3500-$2400=$600) $600 estimates your monthly payment, while the second apartment builds equity in your mortgage!
Picture this:
- $31,200: Cost for 4 years of rent @ conservatively estimated rent of $650/month
- $192,000: Gross rents collected on a duplex with 4 bed 2 bath units renting at $2000/unit
- $168,000: Gross rents collected if owner occupies one of the bedrooms and doesn’t pay rent, but has 3 roommates.
Here’s a real example, for sale today, from which these numbers were projected. A #GORGEOUS #TWOFAMILY #PROPERTY near walkable entertainment areas and convenient to schools, hospitals, etc. This fully occupied duplex has 4 has bedrooms and 2 bathrooms per unit, a 2-car garage and a gorgeous pool – not to mention overlooking Flynn Park. It earns $1905 and $2005 in rents, and these rents are under market, could easily be $2400 per unit. Priced to sell at $559,500, it comes with roughly $60,000 equity – as its neighbor and very similar property just sold at $640,000. Click here to review 7238 Pershing In #UCITY MO
Close but not your price range or cup of tea? There are multi-families in all price ranges and locations in St. Louis! You could buy a great 4 family in the #TowerGrove area for roughly $250,000 with units that rent from $650-$850 that’s $2600-3400 monthly and $31,200-$40,800 gross annually.
If you’re not looking in #STLOUIS #MO to buy the next set of properties for your #INVESTORS, you need to start HERE and NOW. St. Louis is a great place to get more for your dollar in purchasing multifamily property and has great establishments that serve highly qualified renters right to your doorstep. The cost of living in St. Louis is one of the lowest in the country, and various attractions bring great renters, like Washington University (#WUSTL) Medical, Applied Sciences, and Law Schools, St. Louis College of Pharmacy (#SLCOP), Barnes Jewish Hospital (#BJC), and the #Cortex Innovation Center and more!. All are drawing new residents to St. Louis. These institutions are all centrally located by great multifamily property where new construction is adding capacity to address the incoming residents!
Want to hear more about multifamily opportunities for owner occupants or how to find a low or no money down loan that fits your finances? Contact Lynne Hart for more information and to get started!
(all numbers subject to change due to market variations)
Want something with a lower price? (Maybe a little further away from this area) Click HERE
Here's a real Bargain! $126,900 FourFamily Generating $2000+ monthly. New Roof, Tuckpoitning and apartment updates! Check it out HERE
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