First rental property in Minneapolis area- need help

[Arshad Khan]

I am a newbie. I am looking forward to purchase my first rental property.

I want to do all cash for my first buy. I am looking at Richfield and Bloomington area. Is there anyone who can guide me in this process. Are these area good for rentals with low vacancy rates?  I would greatly appreciate your help.

[Amber Gonion]

@Arshad Khan Paying all cash is "your" advantage in the market do not dismiss it use it.  You can pay cash for your purchase to give you the competitive edge in purchasing and then roll your buys into either a portfolio loan or regular mortgage.  We worked with a client last year that killed it with cash purchasing 14 high end properties.  Setting up an equity line for purchases and moving properties into portfolio loans, thereby refilling your equity line for purchases.  Depending on the amount you have to start you can also get lower rates on closing services etc.  Buying with cash for rehabs and short term purchases works also.  Long term your leverage is minimal since interest rates are so low right now.  We have a variety of clients, cash buyers are the most fun since their offers are taken very seriously, on reasonable offers we land most of our contracts.