In search of insight into finding properties, willing to help!!

[Jeremy Host]

I am a newer real estate investor and my biggest difficulty in starting to develop my portfolio is finding the right deals. I have developed detailed spreadsheets and done a bunch of research of on analyzing a deal but I am having a tough time knowing where and how to look for the right deal. The MLS is difficult and the competition is pretty fierce. All the online experts and people on BP Podcasts seem to find deals with ease, and I know it is a snowball effect once you find 1 and 2, then 3, 4, and 5 become easier and so on.

I am currently in search of small multifamily in the Minneapolis Metro area and would love to connect with any local RE investors or wholesalers and discuss methods they use for finding deals. I am willing to help in analyzing deals or offer insight into rehabs/budgets or construction related questions as I have been a General Contractor for a large construction company for 10+ years specializing in industrial/commercial construction (it is a pretty easy transition to residential).

Reach out, I would love to chat!

[Jeff Schemmel]

@Jeremy Host I'm happy to meet up and share my thoughts, sent you a DM.

Deals can be found on the MLS or OFF-market, but it depends on what you're looking for! If cash flow is the focus, interest rates are putting a lot of pressure on that right now - it's harder than it was a few months ago to find something that makes sense at face value, especially if you're a non owner occupant; this is putting pressure on sellers throughout the metro. Cash flow is often created, not purchased.... at least this is how I think about it in my head after learning first-hand. In my current duplex, I started with a goal of 250/door cash flow when I moved out, and I'll end up with nearly double that after doing some work to achieve this. The deal didn't look great when I bought it, but I had a plan to make it great after 12-18 months. I focused my energy not on how it looks now, but how to make it great later. This isn't the only way to make money in this business, but it's the way I chose because I wanted to live here, and I'm a bit handy and could do some work myself.

I often ask about goals first, and it would be helpful to know yours to provide some solid advice.  If you're fishing for cash flow, are you looking to house hack or buy and hold and not live in it?  If you're a little handy or willing to learn, I'd guide you to find something now that needs some work that you can improve a little over the cold season, and rent for top dollar in the spring when the rental market heats up again.  I'd also tell you about different approaches to renting to achieve better returns based on what your goals were and what you were open to.  Lastly, it really matters what purchasing strategy you use to buy the deal, and I would also ask if you've found a lending partner to work with who can provide advice.  If not, that is easy to accomplish and there are several local lending experts I am happy to recommend who are also investors and know how to start and scale.  A savvy investor-lender will help you find paths to entry that you may not have found on your own.

Hope this helps, man!  Reach out anytime.  I could go for hours.