New Investor Looking to jump into the MSP/STP multi-fam market

[Danny Curtis]

Hi BP community! I'm Danny, a total noob investor trying to get over my analysis-paralysis and jump into my first investment.

I'm interested in finding Multi-family property in the MSP/St.Paul MN area and would love to connect with someone who knows the market and can offer some advice. 

Thanks in advance! 

[Brandon Plombon]

Hi Danny - Nice to meet you! I do a lot of work in Minnesota and the Minneapolis Area. I would love to connect with you and maybe grab a coffee or lunch sometime if you'd be interested.

[Tim Swierczek]

@Danny Curtis analysis-paralysis is very common.  The best way to get over it is to gain confidence in the numbers, get confidence in the assumptions, and most importantly get proper expectations on what a buyable deal looks like.  I'd be happy to do a zoom if you want to discuss it more or go over your assumptions.

[Mike Juliff]

@Danny Curtis

Hey Danny!

I’m an investment focused real estate agent in Minneapolis. I own/manage a few rentals of my own and I focus on helping new investors buy rental property around the twin cities. I would be happy to sit down with you and answer any questions you may have about the process and how to analyze deals. PM me if you are interested!

Mike

[Mya Toohey]

@Danny Curtis

Hey Danny,

We have all been there. I am an investor, property manager and Realtor in sunny Florida. I have a lot of experience with multi family properties and please feel free to reach out to me if you need some advice. My door is always open...LOL. (my phone is always on). Best of luck!

[Jeff Schemmel]

Hey @Danny Curtis welcome!  I'm a big believer in house hacking for first-time investor-landlords and I house hack in St. Paul.  Great way to learn and break the ice.  Getting started with a lender and agent is probably the logical next step, however, walking into a MFH property and seeing it, talking with tenants, digging through the details of a property makes it real.  It's great that you've got your analysis on lock, I always recommend seeing properties of various conditions and neighborhoods so you can help establish where your sweet spot or greatest value lies.  Shoot me a DM or email/text if you want to chat about my experiences over coffee, otherwise hit up some lenders and see what they have to say about strategizing your first purchase :)  Good luck!

[Adam Tafel]

Welcome to BP @Danny Curtis! Fellow MSP investor here - always happy to chat. Best of luck! 

[Alyssa Strom]

@Danny Curtis Welcome! The REI community in the Twin Cities is a pretty great group of people. I just posted an event (1/18) on BP for an investor group I run. A lot of newer investors attend so no need to feel like a noob. We all have to start somewhere :-)

The winter market in MN is relatively slow compared to the rest of the year so don't get discouraged by the inventory you see out there. Things will pick up again near the end of February. Also, keep tabs on the rent control ordinance that passed in St. Paul and the proposals on it in Minneapolis. The majority of MF inventory will be in either city so it's good to be aware of it. Buying a property with under-market rents is one way to find a deal but you'll want to take into consideration the 3% yearly rent increase cap in St. Paul if you buy a property with existing tenants. 

Also, patience isn't necessarily a bad thing since good deals are difficult to find with current prices. I assume you want to be doing this for the foreseeable future and it's still true that you make money when you buy.

[Jay Lohn]

@Danny Curtis

Feel free to reach out with any questions you have and would be happy to help.

[Alex Corbishley]

Hi Danny, I’m not a real estate agent or a broker. I own my own real estate business concentrating on SFRs in Minnesota.  What you’re describing is common.  The first one, two and three are scary but it gets easier.  By number 10 it’s normal and you can look at houses or multi family quickly to see if things meet your criteria.  You have to look a lot to find deals that work, it’s not easy.  We buy for cash flow and have 4 years of experience in SW MN.  I close on number 14 on Tuesday.  Let me know if you want some help and mentoring for the price of a Starbucks.

[Eric Janson]

Hi Danny!  I would love to connect.  I work on the Encore Investment Team her in Minneapolis/St. Paul area as a Real Estate Agent.  Feel free to reach out.