All Forum Posts by: Curtis Regan

Hey Hunter! I'm in Grand Forks and just finished my first house hack. House hacking is a great way to start and considering the smaller size of our market (compared to MSP area) there are actually a lot of opportunities out there. Feel free to reach out if you have any questions or would like to meet up sometime.

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $255,000
Cash invested: 
- $8,900 Down Payment

-$13,000 Repairs

-$22,900 Total Cash Invested

Each unit is 3/2 with approx. 1500sf
3 stall garage
Purchase Price: $255,000
Monthly PITI: $1795
Monthly rent from rented unit: $1245
Estimated total monthly rent if both units were rented: $2645

What made you interested in investing in this type of deal?

I had been looking for a house hack to begin my real estate investing career. Of course I would have liked to find where the rent covered all of the PITI expenses but my main criteria was that my monthly expenses were less than or equal to the amount that I currently was paying in the apartment I was renting. I was able to cut monthly expenses from about $1000/month to about $850/month.

How did you find this deal and how did you negotiate it?

I found the deal from a client of mine who was looking to sell a large part of their portfolio.

How did you finance this deal?

30-year FHA loan with 3.5% down payment. Closing costs wrapped into the loan.

How did you add value to the deal?

$13,000 in improvements to the unit I live in. Estimated ARV of $275,000.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

If investing n the Grand forks market, I would highly recommend First International Bank and Trust for any services you need from banking and financing to insurance.

Hey Everyone!

My wife and I just put an offer in to purchase our first property. It is a duplex with a tenant in one side and we would be moving into the other side. Both sides are 2 bed/1 bath with an 800sf unfinished basement on both sides. My plan is to finish the basement and add a bedroom and possibly a bathroom. I've gotten approval from the city to make these additions. 

We currently do not have a lot of cash saved up and are looking to use an FHA loan with 3.5% down. After that we will only have a few thousand available for the rehab costs. I've gotten a few bids and estimated the rehab to be about $20k/side. My question is, what are some options for financing the rehab? The options I've considered are a 203k loan, a construction loan through the bank, or a home improvement credit card with 18 months interest free financing. Currently I am leaning towards the home improvement card as I plan to refinance out of the deal once the improvements are complete. Does that make sense to use the credit card and refinance my mortgage within the 18 month interest free time period to pay the card off? Are there any other rehab financing options anyone has used?

Thank you all in advance and I look forward to discussing this further!

Welcome Tim! I am a broker/investor in Grand Forks/East Grand Forks! If you're ever in the area I'd love to grab a cup of coffee. Our area has that unique sense of community that comes with a small city like Grand Forks, so it's always nice to meet new investors. 

Good luck in your retirement and again, welcome to the BP community!