Minneapolis Newbie

[Chris D.]

Hey everyone! Over the past couple weeks I've been reading a lot of the different articles on BP and...WOW! What great information!

I am a first time buyer and am looking to invest in an owner occupied duplex/triplex in the Minneapolis area. I am looking at the edges of the 'dodgy' areas where hopefully prices are a bit lower. I am in the process of trying to overlay this with projected growth and income rates so that when it comes to resale (2-5 years from now) the investment will be more profitable.

In an effort to get started, I made my own CAP Rate and mortgage models, but then saw one that another guy already did and 'stole' that as it was a bit more user friendly. Other posts from the Mpls area said its was quite hard to get 10% CR around here...any thoughts on that?

Also, as I am a newbie, I realize that I probably don't know what I don't know. Any help regarding financial analysis, best ways to search for properties, pitfalls to watch out for, common mistakes, areas to look, etc. would be extremely appreciated.

Thanks and I look forward to the conversations!!

Chris