Hello from Minneapolis

[Jaden Ghylin]

I think it's time I introduce myself. I've been soaking up knowledge for the last two weeks trying to get up to speed here. There is certainly a lot to learn.

I'm Jaden Ghylin, my background is in Electrical Engineering and I am currently living in Cedar Rapids, IA, but will be investing in the Minneapolis area in the next few months.

I am a relatively new investor, I bought a rental property in 2005 here in Cedar Rapids and just sold it last year into the tax credit frenzy, which netted me a good gain that I otherwise would not have gotten. My first property was a good learning experience, but definitely was not a cash cow or huge equity earner. I cash flowed $200/mo, but managed it myself.

I am really starting to see deals in Minneapolis now that just didn't exist in 2005 and am trying to educate myself as much as possible so I don't miss this window of opportunity. My current strategy is to flip a couple of properties in the southern suburbs of Minneapolis and use the profits to begin building a rental portfolio. My short-term goal is to generate enough cash flow so that I can work part-time instead of full-time, I think this will take about $1500/mo (while using professional property management), which I'd like to get to within 2 years. I have no intention of being a property manager again.

I met with an investment realtor a week ago in Minneapolis and it sounds like most of the investment activity is going on in North Minneapolis on ~$30-40k homes. I find myself wondering if I should be focused on that instead of the suburbs. It is certainly more difficult finding distressed property in the burbs, but it seems like the resale will be easier given the higher demand and lower inventory. Prices are also much higher. I'm really looking for a $300k property that I can pick up for $160-170k with $40k of rehab or so. I've seen a couple on MLS that fit the bill, but they move fast. I've seen a lot of posts on here not to buy from MLS, but I am still stumped as to how else to buy properties while managing a full-time day job. I'd be more than happy to pay a wholesaler $5k to find a great deal on a property because I just don't have that kind of time. Finding wholesalers seems to be a challenge too. Any ideas are welcome!

Right now, I am searching high and low for great deals, but again most of my searching is on MLS.

Any input on strategy, investment location, or finding great non-MLS deals is welcome. Also, if you're in Minneapolis drop me a line, I'd love to grab a coffee and chat some time.

-Jaden :D