All Forum Posts by: Blake S.

Thanks for the info Brynn - thats kinda what I was expecting. 

Hey All,

I am hoping for some local feedback on something.. I have a friend with a property needing some work in Omaha 68111 zip. They are trying to sell on the mls for clearly too much.  Its a 1br/1ba/1car garage and wheelchair accessible. It needs around $18k if they fixed the basics remotely (roof, siding, garage fixes, stove/misc-straightforward rehab). I would guess it could cost a good amount less if you were local, and thats where I am interested to see if its worthwhile fixing instead of offloading to someone local for small to no loss to my friend which would turn into some value for the investor. What might the property get from a local investor or wholesaler? I know I am leaving out a lot of useful info, but just looking for general ideas given what you have/are seeing in that market.

Thanks in advance for any feedback on this!

I have had a difficult time finding help in 55106. Searched FB groups, angies list, craigslist, prop mgmt companies. Honestly either people want big money or more likely dont service the area. hopefully your in a different zip. Contracts are brutal sticker shock but seem more and more worth it every year.

The best help I found was through a FB contact last year and he was a one man side business kind of shop, sadly he is no longer doing removal. Dont discount the small shops - after all thats what 95% of us are.. PM me for the company that I went with this year. I cant say if they are any good yet for sure, but they were responsive on angies list and are a well established business. 

Without a doubt Structure Tech is the best. No competition. I can say from experience, you get what you pay for. I have gone with cheaper inspectors but regretted it. Also make sure to do a drain inspection. ~$200 saved me $10k.. no brainer. PM me if you want a specific name or two at Structure Tech.

The MN State Bar Association has a good starter/Template. There are many additions that you could research around the web but for free and with an eye on local use Its great: http://my.mnbar.org/residentialrealpropertyforms/viewdocument/rpf41-minnesota-standard-residentia

Love it, made a quick pic to remind myself Amber

Hello @Jerry Norris Nice work, are you buying properties needing rehab? what are you finding the best source for your deals?

@Jeremy Barth I am also in the market for a duplex, toss me a message if you have something worth a look.

@Joseph Lee, that plan is exactly what I did :) Sounds like you have a good plan for success. Im up near east lake and was able to raise rents and fill my vacancy (after adding 3rd BR) fairly easily (+350). I have opted against the second bath so far as im skeptical of the ROI on a rental.

I have an amazing friend who helped me out during the process when I had questions/issues, feel free to send me a PM or come to a Millenial meeting and we can swap tips. 

Welcome Joseph, for networking I would suggest checking out the Millenial investors group that meets Monthly. Its not a MNREIA event but its on their calendar along with tons of other good events. 

Did you find a duplex that needs a lot of work or some specific value add? Did you find it MLS or other? I also have a duplex in Longfellow. I ask because the ones I have seen lately (including mine) have all been overpriced unless you can find some way to add value.

A bit late to this but in case anyone comes across this and is debating the same. Consider that youtube and 30 minutes usually does wonders. Im no expert, but typically (I'm told) running but not heating is just an air flow issue. I recently had the exact problem and after just a couple screws and some obvious cleaning my old but still fine dryer is back and working.. for zero cost besides my time. I understand many investors dont have the time, but if you do, this could be just a fun easy fix.