All Forum Posts by: Andrew Assman

@Frank Patalano capitol is holding me back right now! Just bought our first property last year and takes a while to save up a down payment for Multifamily. Not seeing a ton of great deals in the Minneapolis market. They’re out there but people are hustling to get them. I’m actually seeing a lot of good cash flowing deals in my home state of Iowa. Hoping to have enough saved to pull the trigger on a duplex or fourplex in Iowa in the next year.

My wife and I currently have three Ally savings accounts: 1). Emergency fund (4 months or so) 2). Investment savings (automatic contributions each pay period and dedicated to investments outside of our Roth/401k’s) 2). Personal Savings (automatic contributions and dedicated for fun/non investing items such as vacation and personal residence projects) We really like Ally and the APY is much better than traditional savings accounts- currently 1.90% APY. Really starts to add up If you’re saving aggressively. What are other people’s strategies?? Does anyone put savings in other types of accounts? Our current investment horizon is about 1 year our so it seems like a savings account is our best bet to keep the cash liquid.

Awesome success story and case study! Great inspiration for those of us just looking to get started investing.

The realtor fees are in addition to the $7,300 anticipated closing costs and not included in that amount.

I should clarify- the breakout is below. $225,000 purchase price Closing costs: estimated to be ~$7.3K -Realtor fees: 2% which is roughly $4.5K

I am currently working on negotiating an off market deal purchasing a SFH from a colleague in Minneapolis. In order to discount the price we are working without a buyers agent and just have a facilitator to do the paperwork. Here’s the current deal terms proposed from sellers: $225,000 purchase price Sellers cover closing costs estimated at $7,300 Sellers cover facilitator fee of 2% purchase price Is $7,300 in closing costs realistic for a $225,000 purchase price in Minneapolis AND does that include both buyers and sellers closing costs? A little confused about what closing costs the sellers would incur and wanted to make sure I have my info right before going back to sellers. Would that $7,300 cover buyers closing costs, too? Any help from any experienced realtors would help! Thanks, Andy

@Nathan Platter thanks so much for the great tips! Sounds like we are going to need to put a lot of work in to find a deal in this market. The math doesn't work on most of what we are seeing on the market right now. I'm attending the REI meet up this week so hoping to network and build relationships with other folks out there looking for deals in this market.

Hello,

My wife and I want to start our real estate investing career by house-hacking in Minneapolis. Duplex, triplex or quadplex. The thought of getting our mortgage covered by tenants makes sounds ...especially with how hot the SFH market is in MPLS right now! We are looking up to about $450K with about 10% down.

Who are the experienced house-hackers out there? We'd love to hear any success stories of people house-hacking into financial freedom!

What advice would you give a couple 26 year olds looking for their first house hack?  What deal metrics are crucial to crunch before making an offer on a duplex?  Any general advice dealing with tenants who live under or next to you?

Thanks! 

Hello! I’ve just discovered BP this week. My wife and currently renting and have been browsing for our first SFH to live in. While browsing we’ve discovered that MPLS is a WHITE HOT market right now. We are looking for a SFH live in flip or a duplex/triplex to live in. We are thinking we would live in the duplex or SFH for 4-5 years and then move out and hold the property long term. Very interested in meeting local brokers/contacts to pick their brain about the local market. Feel free to introduce yourself or send me a message! I’d love to grab coffee with folks or attend any upcoming meet ups around MPLS/ST PAUL. Andy