Investors in Minnesota(Twin Cities)

[Derek Paige]

Hi All,

I am looking to get involved in income properties and flipping houses in the Twin Cities area, and was hoping to connect with some local people. I need guidance and advice on which steps I need to take. I am just starting out and eager to get the ball rolling.

Thank you to everyone in advance!

Derek

[James Miernicki]

Greetings @Derek Paige .I live in the Twin Cities as well. Based on your post and your profile it looks like you are looking to flip a couple properties first then get into a buy & hold later on. As you probably know, in this area the market for single family and multifamily has turned hot, just as in most other major metropolitan areas. St. Paul seems to be slightly less competitive than in Minneapolis (where I’m at).

For your first flip you are going to want a good margin of safety. Given the hot market I wouldn’t count on being able to find an acceptable deal on the MLS. I would suggest using a combination of the MLS and marketing strategies such as yellow letters to increase your odds of finding an acceptable deal. Even if a good deal never comes through on the MLS it will still provide a sense of the marketplace. Be sure to read some BP posts on yellow letters on other marketing techniques.

Starting out you might consider wholesaling a property as opposed to flipping one since wholesaling involves much less risk. In my real estate life I focus on finding buy & hold properties and am thus not an expert on flipping or wholesaling. However, the material here on Bigger Pockets can provide you with quite a bit of education on each of the two.

Do you have a realtor yet who you can leverage for MLS access? I know a good one who works with investors, is an investor, and is highly knowledgeable of Twin Cities neighborhoods.

If you would ever like to get together for coffee to discuss this market more just let me know.

Cheers,

James

[Sawyer Lubke]

Hello Derek and James.

I bought a duplex in the uptown area and will be moving in at the end of the month. I got my real estate license in Nov 2012 and I'm now getting into investing (fix/flips and buy/hold).

I think it would be a good idea start up some type of young investors professional club or a reoccurring meeting for us to brainstorm ideas and share best practices.

Let me know if you guys are interested in meeting up.

Sawyer

[Derek Paige]

Hey Sawyer,

I think meeting up would not be such a bad idea for investors such as ourself. I am almost in the same stage of my real estate career as you. I currently own and just renovated my own home (considering selling it now), and my wife and I are now looking to start investing in another property. Either a flip or a buy and hold home. Either way nice to meet you and hope to talk to you soon.

Derek

[Shane Johnson]

I am in Hudson, so not too far. I actually attend church in Roseville, at the Northwestern campus. Similiar goals over here, just sold my first house, living in/fixing my 2nd house, and hoping to cash out some equity soon. Currently seeking Land Contract BAH opportunity, and OFF-MLS rehabs.

I have been thinking of attending an REIA meeting here soon. I think there is actually one tomorrow? First tuesday of the month if I remember right?

[Shane Johnson]

@Eric L. - did a flip last year in Northeast. Havent seen or heard much from him sense.

Eric you still alive and kicking? Any new flips? Give me some motivation to keep on the grind.


Its definitely harder to find deals this year than it was the last 2 years. I wish i had about 200k in 2010, I would have quit my day job by now....

[Ramon Jenkins]

@Derek Paige welcome aboard