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The video features a speaker visiting a 29-unit apartment complex in downtown St. Louis with an apartment broker named Ben. The building was renovated about 12-13 years ago and is an off-market opportunity with fair returns. The apartments have two or three stories, with each bedroom having its own floor and bathroom. The building has historic windows to get tax credits and allow natural lighting. The speaker likes the building's location in an up-and-coming area with new developments and the fact that everything in the building is 10 years or newer, making it more turnkey and requiring less maintenance. However, the speaker is uncomfortable with the different clientele and area, which is downtown and in the middle of the city.
The speaker discusses the financial aspects of the 29-unit apartment complex, noting that it is only about 80% occupied, which is concerning. The asking price is a little under $130,000 per door, totaling $3.8 million. The speaker plans to use private money lenders for the down payment and grow equity and value over the next few years by managing the property properly, increasing occupancy, and cutting down expenses. The speaker plans to do a cash-out refinance in a few years to pull out some equity and pay back the initial private lender. The speaker is interested in owning more properties in this area and believes that this building would be an excellent deal in an up-and-coming area. The speaker plans to make an offer of around $3.5 million, which is $300,000 off the asking price. The speaker notes that there is not much opportunity for rehabbing the units and raising rents, so there has to be a ceiling where it makes sense as a good investment.
The video features a speaker visiting a 29-unit apartment complex in downtown St. Louis with an apar