All Forum Posts by: Corey Blane

Hey Monica Morff say hi to Ken! Glad to hear you guys are digging into the rental market even further!

So you received a gift of equity from the seller essentially, very nice! Glad to see someone taking advantage of what's available!

I have a single family rental located near 38th and Clinton in S. Minneapolis.

It's 5 bed, 2 bath and 2700 square feet.

We're closing tomorrow, rehab will be done by 05/15.

We have a signed lease agreement and security deposit ($2,400) to start June 1.

The June rent will be $2,400 and will increase to $2,900/mo starting July 1 and will continue at $2,900 for the remaining 11 months of the lease.

These will be long term renters.

At $325,000 selling price and 15% down the cash flow is $900/month.

We can professionally manage the property if need be.

Please contact me if interested.

Question: In Minnesota what cap rate are investors looking for (generally speaking)? I'm in the process of securing a duplex (up down). It's 3/1 up and 3/1 down. The leases are 1500/mo each for a total of 3000/mo. 

I'm wanting to sell the property to an investor almost immediately after the purchase. 

In looking at comps there's a duplex (up down) 3/1 and 2/1 that recently sold for $300k a few blocks away. It's renting at 1000/mo and 850/mo. Same age, location...etc. 

Thoughts on how to price this property with the limited information you have?

Are there any Investors out there that have current vacant properties for sale that would allow an agent and I to host an open house? No we don't want the listing and we're not using this as a "way to meet you and get your future listings". We've been testing long open house events, 10a - 5p daily, with targeted Facebook and Craigslist advertising which we've found to generate a ton of traffic and leads. If you know of anyone with opportunities please PM me.

A few years back I purchased a house at Sheriff Sale for $48,000. We waited the entire redemption period to take possession of the property. 5 days before the redemption period expired an investor put a mechanics lien on the property so he could redeem it. Unfortunately the junior lien holder then has the right to payoff the first and redeem the property. There's most likely nothing you can do.

I'm in the process of helping several buyers obtain FHA financing for 2-4 unit properties. If you have any questions feel free to message me.

No better way to learn than to get thrust into the game! Ask a lot of questions, great people and resources here. Good luck!

Welcome Anna! Lots of great resources don't hesitate to ask questions. Good luck!

Welcome!