All Forum Posts by: Adam Widder

There's lots of local banks here who can do a fix and flip loan with 25 or 30 year amortization. Some do interest only while you do the construction, then refi you in to another product 30 year fixed, 5 arm, etc. Jsut depends on the local bank. Best thing to do would be call them 7-10 to get a feel for the options. Some specialize in working in real estate. DM if you want a short list or go over some other local options. Pine Financial is a HML you could refi out of too.

Are you looking for a GC, Agent, wholesaler? 

By help needing finished, I'm guessing a GC? 

If you're looking to sell it as it is, as an agent, I would recommend, getting it cleaned up as much as possible, advertise what you've done, why you've stopped work, figure out how much you have spent and get it on market asap. You'll want to share as much information about what you've done to provide the buyer with more confidence in the situation bc this doesn't happen often. DM and we can chat. 

How your accountant set it up would be how most my larger clients do it. Definitely recommend that. I'm considering doing that as well in a similar place biz wise. 

In addition to Jeff's comment's, since your an agent, you may want to look at your agent biz being an S-corp. If you make over 60k usually it's wise. 

Hey Griffin, I'm an active investor and commercial agent/realtor here in the cities. TC is a great place to start investing. Jump into House hacking, its the best way imo to learn the biz. 

I use apartments.com There's a tab to add expenses and categorize per tax rules, upload receipts etc. It will populate reports for income/expenses and P/L. Saves me a ton of time.

Food hall? Small indoor mall? Storage? Church?!

Sounds like it will have to change use, so either way price may just have to reflect keeping the shell. 

If you keep it, is a national fitness operator looking to come into that market? I would call the YMCA, Lifetime, LA Fitness.. etc and see if you can pitch it to them.

You can dm me and add me to it.

some other ideas could be to do some open houses, maybe those will attract some flippers or rehabbers you could add them. More of a sniper approach vs shotgun. Those are likely serious buyers actively scouring the mls for discounts. Homestead Road does this when they wholesale, they just toss it on the MLS.

@Tucker Mortier

Ask her what her price is too sell now, without getting that 25k. Then add the 25k on to the sale price. Just avoid the whole issue. Talk with the tenants during your inspection to understand what's going on or figure out when their lease ends and address.. Or underwrite the deal, knowing your tenants won't be paying rent until they figure out the issue, which you'll help them as a compassionate landlord. Maybe that will solve the problem? Just trying to think outside the box! 

I love this idea. My wife and I wanted to do it, just not so sure I bullish on Duluth. I think a long term goal for me is doing this outside a national park! Just have to pull my wife outta MN! :( 

But in all seriousness, a similar plan could mimic this Netflix show that's out right now. Motel Makeover. That might get you the same result, but skip all the STR issues in those cities? Then your a commercial motel biz, but apply existing bnb type strategy and have a vaca rental that's cool and unique vs the standard boring hotel. idk just a thought!

Rent control has been passed in Saint Paul, and has the opportunity to be passed in Minneapolis. That doesn't mean avoid either of the those cities. That's where most of the 2-4 unit properties are located. It could make properties around MSP increase in price. Your theory on everywhere is good if the numbers makes sense holds true everywhere. Happy to jump on a call or check out my Youtube if that helps as well to understand the area or how properties are analyzed here.