All Forum Posts by: Andrew Carlson

I would try to self manage not only for cost savings, but knowledge gained a long the way. 

I agree with the guy that says to find another realtor. If your realtor is trying to sell you your dream home, and that is clearly not your objective, it’s not a good fit. Find someone who understands investment properties. Just a hint, it’s probably not the shiniest, most sparkling realtor out there. It might be someone that comes across as a little crusty...but sometimes they know where the crusty homes are! 

@Account Closed 

Between state, city, and Mayo Clinic investment there is supposedly ~$6 Billion in development coming our way in the next ten or so years in what they are calling ‘Destination Medical Center’ 

@Matthew Banks 

"The complete guide to buying and selling apartment buildings" by Steve Berges is awesome. also, "Multifamily Millions" by David Lindahl. two very awesome books on the topic. After reading those, I found that analyzing deals was much more intuitive. good luck. 

If you are OK with having roommates, I would suggest go for the house hack for several reasons. 1.)There are a lot of good options for low/no money down loans for first time home buyers. 2.) Being an owner occupant, you have access to some homes before investors. 3.) If your roommates move out, then you're just paying the mortgage on your own, which you would be doing as a renter anyways. 4.) you will learn more about the owning/managing/fixing of real property. 

If you do decide to house hack, do not feel like you have to stop there. Use that momentum from buying your house hack to buy your first true investment property. As many people mention on BP, the most important thing is to just get started, so chose whatever strategy you have the best chance of actually going for!

good work! how did you find the deal and buyer?

@Account Closed I do not know much about the Sioux Falls market. It is reassuring to know that it is not exclusively propped up by one industry. But, being from Rochester, MN, we've accepted that the town is a one trick pony, and we are all betting big on that horse. 

https://www.argusleader.com/story/news/business-journal/2017/08/16/fewer-people-working-finance-insurance-jobs-sioux-falls/569729001/

@Account Closed, I realize now that this article is 3 years old, so take it with a grain of salt. 

One article I read sites the decline in Sioux Falls financial sector has created some uncertainty around the future of the city. Maybe people in that market are looking to make their money and 'get out'

Also, Are there cash flowing rentals readily available?

Everything is worth something...even a 'turd'. That being said, take all those barriers you mentioned to us and run them by the seller...get them bidding against themselves before you even make an offer. As far as financing, if you can get the price right, could you get a hard money loan to finance it for even say...6 or 12 months? It sounds like you have experience in your rental market, so take a shot.