new to multifamily investments

[Daniel Anshus]

Are there any multifamily investors in the Minneapolis area that are currently doing deals with 10+ unit buildings? I would like to meet investors in the area as well as learn how to get started in multifamily. Also not to be a bandwagoner, but what do people think about syndicating deals, seems like a good way to get started.

[Brad Schaeppi]

@Daniel Anshus Purchase and owner occupy a duplex. You can get low $ down, etc. Find one that is in a C+/B- neighborhood that qualifies for FHA financing (real estate taxes are not brutal). Avoid total rehabs---do cosmetic--sand/stain hardwood floors, paint, light fixtures. Find one with a vacant unit from day 1. Fix your unit first, then consider moving units and doing the other a few months later (subject to lease or moving that tenant). Find a best of breed duplex--No 7' ceilings, No 8' x 8' bedrooms, no peeling exterior paint, ideally double pane windows, etc. Look for 10 x 12 or 10 x 14 bedrooms and 8-9' ceilings, good stucco/brick, clean no/low moisture basement, average shingle roof, etc.