All Forum Posts by: Alex Winder

Greeting Bp members. I am looking for my first property which I will be house hacking. Looking and finding some great foreclosures in the area and wondering about the process to buy a foreclosure in the Minneapolis area. The good bad and the ugly and what I should expect looking at foreclosures. Attached is a property I like and am very interested in. http://www.realtor.com/realestateandhomes-detail/1380-Jurdy-Rd_Eagan_MN_55121_M81200-52792 Any feedback is appreciated.

please delete multiple posts on accident

@Jeff Keller

That has been my thought, the feel of an association without the association fees. Plus you can do exterior wok without being told what you can and can't do with an association. I think they are a good option considering I am a first time home buyer.

@Billie Miller They are connected with a adjoining wall. But it is one side of the 2. Not a duplex as far as I understand. Both are purchased separately. Yeah they both have separate roofs and garages, yes I plan to get a 3 bedroom and live in one room while I rent out the other two to friends.

Greetings fellow bigger pockets members. I am currently in the process of buying my first property which will be a house hack. I am looking for a place in the minneapolis mn area. Focused on the south metro seeing as I work in apple valley. Have been looking at properties for a while now and have come across a few twin homes here and there that are priced quite well compared to some single family homes and town homes. Just wondering peoples opinions on twin homes compared to single family and town homes. I know you do share a wall like a town home but do not have association fees. Also how about exterior maintenance? Do the two owners split that or how does that work? Are they harder to sell? Just looking for some outside input in regards to twin homes and the pros and cons.

@Youa Vang

I am more interested in a single family because most multifamily or duplexes are in the minneapolis area and I would prefer to be in the suburbs closer to work and friends and where I commonly frequent during the week. For this first property I am thinking south metro just to put my roots down close to where I work/hang out. Save some money on commuting and stay with the area I know and possibly in the future look towards different venues.

@Tim Swierczek

I could not agree more,  written agreement makes everything more official and creates a sense of professionalism instead of just being roommates. I do have more than 5%, I just feel my extra money past 5% is worth more to me as a cushion of cash if anything were to happen and I would need to draw from it. I have been thinking that it is a buyers market in winter seeing as summer is the hot time to buy real estate, but with that comes the higher cost being a more preferred time of the year. I agree that saving will not improve anything if i have to pay a premium if i wait a few more months, I will be getting together with my friends hopefully this coming week and see where everyone is at as far as living situations and looking forward. I also have a automatic mls search for my criteria if anything new that is a great deal, I can jump on it.

@Deanna McCormick

yup, this is a long term investment that i would plan on a buy and hold. I think it will ease me into being a landlord and being honest for any given situation regarding rent and so forth. I have heard some horror storie of people renting to friends on a month to month basis and can definitely see the benefit and necessity to have a lease or some sort of a agreement in writing that saves your butt if anything were to go wrong. I plan to have a solid cushion of at least 10k if not more for life expenses and future mortgage payments if I were to not have roommates. Seeing as I am looking for a 4 or 5 bedroom, I plan to make the most of the property and be able to hopefully cash flow and enjoy the benefit of living for free. Appreciate your advice

@Jordan Moorhead

13k on renting in one year down to next to nothing? That's a massive raise just by being smart and being able to understand when opportunity is staring you in the face. I do plan to cash flow a decent amount and save that money for reserves for the house/life expenses and when I feel comfortable and have more cash to play with hopefully rent out my current residence and buy a new rental/personal residence when the law allows me to qualify my first property as strictly a rental. Lots of great possibilities when house hacking is done correctly.

@Scott S.

Great points,if i were to do this with friends i would make sure that all parties involved knew that this was a big investment for me and that it needs to be handled as such. I would also take much time and research for all advice regarding leases, down payment and things like that. I totally agree on financing keeping it to myself I think this creates less possible issues and is not something I want everyone knowing. Yes this will be a primary residence but I plan to keep it for a long time as a buy and hold or possibly sell if the market price rises dramatically to give me more cash for more properties. This is my start, hopefully make a few bucks a month and have some friends living with me, and as they leave for different reasons continue to rent out spare bedrooms. Valley park? Would that be off cedar closer to lakeville? I will have to check it out. I appreciate your advice and words of wisdom.