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Updated over 5 years ago on . Most recent reply
Closing Soon on First Duplex, How to Keep Going with No Money?
My husband and I are closing on our first duplex early July through bank financing. With that, we have used up our capital for the down payment and small rehabbing that needs to happen.
Our overall strategy is buy and hold rentals in the Twin Cities area of MN, starting with small 2-4 unit buildings and then getting into the small apartment space. We do not want to have to wait to re-save up to keep making deals happen and so now we are wondering what the best next strategy is. Do we learn how to execute on a fix-and-flip to build up capital? Do we learn how to wholesale? Do we find a buy and hold deal and network to find someone who wants to partner on it? (Although in the Twin Cities MN area the buy and hold deals are very thin and hard to make a partnership work in our opinion).
I would really appreciate peoples feedback on this. As I said above, we do not want to slow down on account of not having the cash on hand for another 6-8 months. If your in the are, would love to connect, thanks in advance!
Most Popular Reply
IMHO, do not start looking outside your primary area until you've exhausted all options nearby - you want your properties as close as possible so you can self manage and save all those fees. I own 14 properties right now, 11 are within 2 miles of my house in Uptown and the other 3 properties are 4 miles away in a great neighborhood and within blocks of where I go to church so I'm over there often enough. Be an expert in what you specialize in or you won't be a master of anything. There is still a ton of opportunity in MPLS, I have bought 4 properties this year so far. The deals don't just come to you, in each case, I worked hard to get them. 3 were off market deals and the 4th was MLS but signed in the dead of winter when most people don't look and it was a bit of a complicated deal so not very many people would have jumped on it. It sounds like you have great drive so harness and be efficient with it as your time is valuable.