New Member Minneapolis-St. Paul MN

[Mark Colburn]

Hello everyone.

My name is Mark Colburn and i'm a new member to BP.

I bought my first property in Nov of 2011 and it was a multifamily side-by-side duplex.

It was a bank owned property that we did an extensive renovation to including two new kitchens, two new bathrooms, new flooring, new paint, new water heaters, new vented bathrooms, tons of repairs to walls (was prior section 8) etc.

All in all I spent about one year and $35K on the renovation. I along with my dad did all of the work ourselves. I think it was a good learning experience to understand what goes into a rehab, but I plan on hiring out most of the work on future projects.

I currently occupy and rent one half of the duplex.

I was able to refinance at 3.3% and under an 80% LTV which brought my PITI to 1189. I currently get 1295 per month for rent on one unit.

Gross rent: $2590
PITI $1189
Garbage $40
Water $60
mgmt fee $158
Net income $1,143 or $572 per unit.

I'm looking to buy more rentals and possible flip a few homes if it looks like a deal.

I'm also very interested in Private Lending and Hard Money lending in my area. If there are any of these lenders looking to make some deals, please contact me.

I've already learned a whole lot since joining so Id like to thank BP and the members for all of the insight.