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

[Brian K.]

Welcome Chris DeChantal to BP, lots of great info so you can make some important decisions and help you learn about REI. Sounds like you have pretty good plan, duplexes tend to not have as many buyers after them, getting others to help you pay the mortgage not a bad deal. Best of luck to you, keep posting, searching, but most of all take action. Keep in touch.