All Forum Posts by: Brock Y.

@Kayla Joachim NE Minneapolis is a desirable area but keep in mind all the info people have been giving here. I own a few duplexes north of this location on central and they were purchased for less than 1/3 of the price (within past two years).They bring in 2100 a piece which 2 would be similar to this 4plex at 2/3 cost. If you can get them down significantly on the price it would be worth pursuing. Remember if you plan on investing in more properties, tying up a lot of your money will limit you, especially because most lenders will not include rental income until you own 20% of the property (another 73k) or at least I'm told. 

@Engelo Rumora Not that I disagree but rents are substantially higher in Minneapolis than throughout Ohio. Just depends if you want to buy a 300k (property in question is overpriced FYI) property making 2500 gross/month or 5 60k properties making 3500gross with more repairs, 5x taxes, etc. Not defending either market over the other just point out they are different,

As I have mentioned in other threads, Minneapolis prices are currently inflated. That being said, I only buy duplexes there. I should also mention rents are also inflated and supported by the market. The prices of duplexes are not much different than SFRs. Ex. One of my duplexes brings in 2150/month (cash flows 700 with mortgage). The SFRs in the same neighborhood bring in 1400 and only cost 10-20% less on average. 

Thanks all. @Joe Impagliazzo the loan is only in my name and I have a joint account with my wife. They will not accept that account since I guess she can spend all the money tomorrow. Only reason she is not on the loan is due to DTI. She hurts the ratio. I asked for her to be added during the process but was told that it would over complicate things at this point. They couldn't have been more wrong.

Other things include moving money between accounts for consolidation to show I have the x dollars they are looking for. They have the statements for all the accounts yet have issues moving to one account. Don't ask me why. I am transferring between one acct in my name to another. It's not external. 

As for big deposits that's been the worse. I have had to account for every paycheck, commission check, expense reimbursement, rental income, etc. for the past 5 months. I can't believe they do not understand that the same direct deposit that happens every 2 weeks is an unknown each time. 

I am in the process of buying a property in Chicagoland. Let's just say it's been less than ideal process. I am usually not one to get annoyed but it seems as if the lender is doing anything they can to not give me the loan. I have provided everything they want so they find more for me to prove. I have provided over 20 bank statements, letters of explanations, etc. To this point and am currently needing 4 more.  I would go more in depth to the absurd requests that make no sense but it's not for here nor there.

My question is, I am so far in the process I am going to go through with this lender but how quickly can I refinance with another? I hate the idea of them getting any money through interest of the poor service they have provided. I have purchased other properties and have never had a problem.

missed it! Got stuck with work on the other side of Chicago til late. Next one for sure.

in for recommendations. I have a property I will need work on here in the next month.

@Scott Hoefler  Welcome. You look to be in the right area (NE Mpls). I own a duplex near that area. Just an FYI prices are inflated. That area was ideal about 2-4 years ago but now like you said there is low inventory on top of inflated prices. I would say look a bit further out.

@Ryan McMonigal I am hoping for 12-20 units. I still need a developer to come out and shoot down my grand plan :) I am looking at Houston and Dallas. Right now my focus is on Indy though. That is due to proximity for the most part. I do not get down to Texas that often (was in Dallas this week) so I would need to partner up with someone I can trust to buy there. I am a sucker for a good deal though.

@Joe Demonte I do plan on being there next week, work pending. It is very close to where I live. Looking forward to meeting like minded folks. 

@Joe Fairless 1 on a conventional. The other two are paid for. Until that perfect lender contacts me ready to give me a portfolio loan, I will just be trying to buy with cash. 

@Bret Lorenson I usually am looking for multifamily in the touching cities to Minneapolis in the north (ex. Columbia Heights). I am not looking for a rehab project since I am in Chicago unless I can find a good partner. I haven't explored Minneapolis for that since the prices just don't make sense right now. 

@Ryan McMonigal Until Minneapolis comes down from its inflated prices, I will not be buying in the area. Which is unfortunate because our long-term strategy is to get back to the Mpls area. I just bought in Chicago and will be buying in the Indy area over the next few years. Hopefully Minneapolis can retrace to more reasonable prices to make it more of an option. I do have a piece of land in St. Paul just north of downtown that I plan on developing into an apartment complex over the next few years.