All Forum Posts by: Aaron M.

Originally posted by @Dustin S.:

Generally around 500 per room, but my next door neighbor is renting 4 bedrooms, each for 600 in a single family. It's a very nice house.

With my house being two blocks from campus (1670 Hewitt) with 3-5 bedrooms depending on if I do turn it into a student rental and hold it for a bit, do you believe that I could get decent rent for it?  The finishes are excellent. 

Here is a link from the previous seller when the listed it.  I have did the following so far:

1.) removed old cast iron pipe and pexed in all new plumbing for better water flow and for safer shower operation

2.)  renovated and insolated the garage under the house

3.)  roughed in the new basement bathroom plumbing down stairs. Need to get a concrete truck, so I can finish the leveled floor now. 

4.) egres/bedroom added in the basement. Room can either be a bedroom or a movie room. 

5.)  half of the second story is going to be white washed for storage and the other part is going to be a master suite

6.)  thinking about insolating the three season room and turning it into a bedroor getaway. 

7.) bathroom floor is getting replaced because it's brown 

8.) kitchen a small 10x10 but the previous owner did a nice but loose rehab on the kitchen. 

All in all, I have put a lot of sweat equity into it. I am a Pipefitter by day, and this by night. And before you get nervous about me doing the work: I am a local 455 Pipefitter. We are Gods in the trades. I have every license the City offers, and I have also flipped and built houses in Michigan. 

Originally posted by @David Huynh:

I'm fully support Rex, list it in Spring and you will have a higher probability of offers and folks bidding on your home. It depends on weather at the same time and it is currently (warm today!), people will be out and about to shop. June IS great due to the fact that kids are out of school and people can move/remove them, but that doesn't meant you can't list in April and close in summer. 

If it has risen a value that you are satisfied with, make the decision. You can always change it later. 

I agree. 

Originally posted by @Rex King:

Do not waitbuntil June to list. Your best tines to list in MN is late March to early May. The summer months in MN are similar to winter months, slow. If you can list sooner I would. You can close later, post 1 yr. holding, for long term gains.

The reason that I have to wait until July 1st is because I bought it with an FHA loan. July 1st is 366 days.

Originally posted by @Dustin S.:

That's my investment area. I have a 4 unit just a few blocks directly south (1600 block). I'm not a seller... Now might be a good time to remove equity since you've made significant improvements and values in the area have already risen quite a bit.

Dan, the only reason that I want to off it this summer is to get into a multifamily instead of a SFR. What are you seeing rooms go for near Hamline University?

Hello,

My name is Aaron Marzec, and I am an out of state investor currently working/rehabing in the Twin Cities.

I live at 1670 hewitt ave in St. Paul, and I bought the house as an investment. It started out as a 1500sq ft. 2/1 and now it is a 2200sq ft. 3/2 (might finish the entire second story adding a master suite making it a 4/3.

I've also, fixed a heaving retaining wall by the garage, and will be adding some real curb appeal to the front landscaping this spring.

I bought the house with the intentions of house hacking it and selling June 30th, but now there is that new Minnesota United soccor stadium being built there in 2016, plus there will be a massive redevelopment for the whole university/snelling area.

Any thoughts on whether I should just hold it and pull the equity out and reinvest it in a multifamily, or should I just sell it.

Here is a link for the house when the previous owner had it listed:

http://www.zillow.com/homedetails/1670-Hewitt-Ave-Saint-Paul-MN-55104/2135879_zpid/

Thank you for your time, and I look forward to talking with you in the future. 

@Tom S.,

Thank you very much.  I am 99% sure they will let me because you should see the additions people get away with in this college town.  On that note, for future "Hold" value, I will contact they city and ask about added bedrooms.

Thanks Again

@Kevin Fox

Thank you for your reply. I was asking because I didn't know the proper procedure.  The attorney is actually a really nice guy.  But them more books that I read, the more they tell me to guard against everything. And with any professional relationship, they are best to map out while both parties are still friends.

@Tom S., Yes, my question was about seller financing.  I have always used regular loans, and do not know much about seller financing.

With the Values, let me clarify:

The seller wanted $189k, but it appraised at $150k. So, I am looking at adding the two bedrooms, and turning it into student housing instead of just renting per floor.

The house sat on the market because in that area houses do not sel- there are no jobsl.  Most houses on the mls in that area have been on there for well over 365 days.

Any other questions?

Hello,

I found a great deal on 2800+sq ft up/down duplex three blocks from major university in MI. The first floor is a 2/1, and the upper a 3/1. Both units have the square footage to make adding a bathroom in each extremely feasible making the house a 7/2. When we were in the house renting it (before we moved out) the upper and lower were both rented out for $700 each.

If I get it, I will add the two bedrooms making it a 7/2, turn it into student housing, and charge $450 per room (which is the going rate of a room in this town). The rehab would cost me $5000. $1000 for each new bedroom, and $3000 for installing carpet of the extremely beautiful Birdseye maple flooring. The house is a beautiful turn of the century 2.5story home.

The house is $150,000. I ran it through the BP rental analysis tool, and it said that I should make around $1500 after all expenses.

I have an attorney doing all my paperwork, and using the ARV of $189k, I offered the guy $132,000.

I currently have a SFH that I am doing a value add to that I bought for $196k. It is next to a private law school in the twin cities.

The value when I finish (adding two beds and a bath is $250,000. I bought it with an FHA loan, and was planning to sell it July 1, 2016 (FHA year and one day).

So, I don't have enough money for the full downpayment. But should have enough for something. They own the property free and clear, and have for 30years. They also, do not have a realtor anymore. The house sat on the market for 365 days without a single offer. I lived in the town for seven years during college, and the college is booming but the town ebbs and flows with the energies sector. The area is a depressed but growing area.

Aaron M. 

Hello, I have an attorney writing up a "low or no money down" offer for me. He is also a new RE investor like me too. My question is: Is there any paperwork on this site that I can give him that states that he won't go after this awesome property too? Like a no compete contract. Thanks in advanced, Aaron M.