Any investors and landlords based out in Minneapolis MN?

Question

I’m looking to move to MN and already started to look for my first purchase. Any ideas on which local lending banks for first time investor?

Noah Chappell · Answer

@Ese A. O'Diah I think development is quite advanced investing, & I'm trying to see the benefit in your idea. If you're looking at affordable housing, there are abundant c+ 2-4 out there at a reasonable price that you can start by house hacking. The only way that would work in my view is if you had a plot in prime location & felt you had a competitive advantage in a niche (A+ luxury, student housing in dinky town, etc), otherwise the price and difficulty of building would far outweigh your profit. If you want to get your hands dirty with construction, just buy a cosmetically recked 4 plex & fix it - you'll stay busy & that's where you'll find the most value.

Tim Swierczek · Answer

@Ese A. O'Diah @Jordan Moorhead is a local house hacking pro. He is all the positive qualities listed above, but only focuses on investors and house hackers. He has local market knowledge of duplexes that realtors who are generalists just don't have. Jordan helped me by a true gem last year. It would be a mistake to not at least meet him for coffee before you choose your realtor.

Noah Chappell · Answer

@Ese A. O'Diah welcome. I'm a buy & hold investor in the Twin Cities, not an agent or a lender.

I'm assuming you're looking for a residential mortgage. Leaderone financial corp is know in this area for work well with investors. Myself, my twin bro & many investors I've talked to have used them. Reach out to Mike Ouverson or Kim Burk.

For a realtor, I've had a great experience with Alan Burgquist - great no pressure agent who understands investing, I've bought a house with him & my brother has bought several.

Reach out with any more questions.

Bryan Tinajero · Answer

@Ese A. O'Diah I think it’s fine as long as the numbers work. All about the numbers! The idea is great as long as it’s not small multi family- might be more work than the reward.

Adam Tafel · Answer

@Ese A. O'Diah, I second @Tim Swierczek’s advice, Jordan Moorhead is one of the best when it comes to newer investors and househacking. Low vacancy, great job market, and a lower barrier to entry make The Twin Cities one of the BEST markets for a newer investor (in my very biased opinion). Best of luck!

Bryan Tinajero · Answer

Hi @Ese A. O'Diah

I’m realtor in the area. Shoot me a message if you need some guidance or with what your goals are upon arriving. More than happy to help.

Charles Osugo · Answer

I am not investing yet, Once I finish this semester of college I plan to start taking action. Gerhardt Mahling has a team in MN that could be beneficial to you. Here is is website https://gerhardtmahling.exprealty.com/. I'm recommending him because he was the nicest to talk to and was competent what matters when you're buying a home for buy and hold investments.

Adam Tafel · Answer

@Ese A. O'Diah - expect to pay at least .75% more than a standard rate, which was hovering around 3.48% yesterday. It’s a pretty open ended question, I suggest meeting with an investor-friendly lender, no one on the forums will be able to give you an accurate number. Depending on a number of factors regarding the property in question and your personal financial health. As for today rates are historically low, that’s all I can say with confidence!

Ese A. O'Diah · Answer

Hello All,

What do you believe a business loan rates would be for Rental Property in MN?

Ese A. O'Diah · Answer

@Bryan Tinajero

What are your thoughts on purchase of plot to build rental property

Any investors and landlords based out in Minneapolis MN?

Any investors and landlords based out in Minneapolis MN?

Investor-friendly agents in Minneapolis, MN

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