All Forum Posts by: Bryon Andrews

Hey Steven, I just sent you a message. I have a great connection for you down in Pensacola and am happy to answer any questions you have about Minneapolis/St. Paul.

@Matt Wignall I just sent you a message. Sorry, I am just seeing your responses now. I think you have a solid opportunity with the 12 unit. 

Hey Alison, I just sent you a message. You are starting out with a great mindset. There are many great neighborhoods in the Twin Cities. As for the size of units, that is a personal preference based off your investment strategy. I have had great luck with 2 bed 1 bath units here. I know other investors who do great with 4+ bedroom units. Feel free to reach out with other specific questions!

Hey @Ryan Smith I have been house hacking in the Twin Cities since 2019. You can look at this two ways. 

1.) I think there is nothing wrong with renting for a few months to determine your desired location and gain knowledge regarding that specific rental market. 

2.) If you are simply waiting for interest rates to come down, my "crystal ball" tells me that as soon as that happens, prices for properties will raise due to a lack of inventory and more demand in the market from buyers. There are a lot more benefits to house hacking than just cashflow. 

@Matt Wignall Depending on what you have for available funds and your heloc, it may be worth looking into a larger property. (5+ units) Commercial lending may be attractive as you can typically get creative with the seller and find terms that work for your cashflow requirements. 

I have done this a couple times in Western WI where I bring 5% down, seller carries 20% as the second mortgage and bank finances 75%. 

Hey @Eric J Bartholomew There are great house hacking opportunities around The Cities. My wife and I have house hacked in Stillwater in a couple of duplexes since 2019. House hacking has opened up other investment opportunities as well as we have gained more knowledge and credibility. 

Hey Chris, you can have a collections agency go after them. One option that I have heard of people having some success with is simply sending a letter stating that the next step is collections. This might get the former resident to pay the back rent without you actually having to go through collections.

(This is not legal advice and I am not a lawyer)

Yaseen, I think a good way to get started is to know your buyer's "buy box". This helps you narrow down what to look for. As for numbers, everyone runs them differently, but make sure there is enough meat on the bone for the next guy. Make sure you are always providing value to both the seller and buyer. 

Hey @Eric Cybulski I just sent you a message with who I use in St. Paul here.

I haven't worked with anyone in particular over there, but I would reach out to local real estate agents. In MN to manage other people's properties, you need to be a licensed agent. (There are specific exceptions to this rule). Hopefully it works out for you. Those small towns can have strong tenant pools!