Scared to take the Leap MN

[Brian Whetstone]

Thank you in advance for any advice/kind words. 

I have been a bigger pockets podcast listener for awhile now, read some books on Small multi fam, searched for deals and ran some analyst. I feel comfortable with the Math behind real estate and know a thing or two about small fixes around a house but by no means an expert on everything to look for.  

I Keep finding myself at the edge but scared to jump in head first. The 2 real estate friends I have (both own properties for few years) Have told me to find a deal I feel is good and the majority of the learning will come by doing. 

I have found an off market Duplex Close to Mayo hospital that's currently both rented out and coming in at .9% of the 1% rule. 

I have 2 main hang ups. 
1. Financing, I work as a solar sales Rep, 1099 with no base (love it) but financing has been harder to come by without 2 full years of commissions. Would waiting until this is fulfilled be advisable or getting creative and starting now.
2. House hack or no. Financially ether one works 5-30% down. I keep going back and forth on which is more appealing to my family. Myself girlfriend and 2 year old currently living in a apartment. 

I am excited about taking my first real steps in real estate and building a portfolio to support myself and my family in the years to come. 

Any feed back is greatly apricated.

[Brandon Plombon]

Hi Brian - It is true good deals are hard to find. There is not better time than now to get started, one of the most common regrets that I hear from people is that they didn't get started sooner with real estate. It will depend greatly on what you are trying to achieve and your goals with how you want to purchase the real estate. I would be more than happy to talk about your personal situation in further depth to make a more appropriate recommendation for you and your family.

[Account Closed]

Depending on where you're renting currently, you can probably rent that thing out for more then your paying. Unless a financial situation makes it more convenient to live there as well. 

The demand for short term furnished was incredible pre-covid. Not sure how it is right now. $3000 for a month still beats a hotel and eating every meal out with a family.

The expectations are high, needs to be super clean and look nice. Accessibility is a plus. The people renting wouldn't be here to party. 

I'm pretty sure there's a guy in the area that is in no financial situation to steal your deal, knows every street in town and would look at the property with you just as an opportunity to network with a future up and coming investor!

[Alex Corbishley]

Brian - DM me and I can take a look at the metrics with you.  We have 13 rentals in MN and close on number 14 on Tuesday.  I may be able to help with financing as well.