All Forum Posts by: Jared McKie

 Thanks Jay! I sent you a PM

Shane - I would be interested in attending. Have you nailed down a date/time/location yet?

 Thanks Dan!

Thanks for the comment - Being this would be my first home purchase my assets are limited, however the current rent I pay for the past 3 years is 20% greater than the hypothetical mortgage payment when factoring in the rental income from the unit so hopefully with some financial history it will work out. 

 Thanks for the advice Bill. I know his existing lease has 11 months remaining on it currently so hopefully that will create some favorable results for me. I'll work on obtaining the estoppel letter with the existing owner and tenant.

Hello, 

I've identified a Duplex that currently has two tenants renting both sides. One side rents for $1,000 and the other for 1,200 per month. The existing owner is an old colleague looking to sell due to he's not living in the area anymore. My plan would be to buy the property and live in the side that rents for $1,000 per month Thus terminating the existing lease on that side and keeping the other side rented. The tenant that lives in the $1,200 per month side has lived there for 5+ years. 

My question is does anyone have experience with any specific Lenders in the Minneapolis area that will consider the existing lease when qualifying me for financing?  This would be conventional financing, 30 year term less than 20% down if possible. Any recommendations are appreciated!

Thanks,

- Jared

Thanks all for the warm welcome- I'm sure I'll need the luck!

Hey Everyone! Since joining a few weeks ago I've been reading many forums and discussions and there sure is a lot of information out on BP!

I joined BP to network with local investors, contractors or anyone with similar interests in Real Estate. I want to use Real Estate as an vehicle to accumulate long term wealth for retirement and some additional income along the way. Furthermore I think BP is a great way to gain knowledge about residential RE investing for the long term and potentially flipping sometime down the line (5 + years).

About me:

I'm a Minneapolis area resident and MN native with 3 years of experience in commercial real estate management. I have a degree in Real Estate and Business along with my MN Real Estate License with a brief stint in residential condo & association management right out of college in Rochester MN before moving up to Mpls.

My goal is to purchase a duplex within the next 12 months (before interests rates increase substantially) that may need some work for less than $200k, conventional financing and occupy on side while renting out the other. The intent would be the rental pays the mortgage and I can use those savings to improve each space over the course of 3 years, progressively increasing the rents and eventually move out and have a cash-flowing property. I'm currently looking in the NorthEast area or St. Louis Park (less likely). Beyond that knowing that RE prices are inflated in the Mpls market I also have interest in Eau Claire, Madison and Milwaukee WI. Those areas would need to be single family units-long term hold. 

I look forward to contributing more to BP discussions and hope to attend a Minnesota meetup sometime in the near future!

-Jared