All Forum Posts by: Dominique Mitchell

Ok Hello Bigger Pockets. First of I would like to say I take another step in starting my business and attended my first meet up. I meet many amazing investors.

So I am starting my investing in rural Minnesota. From what I can see not many investor out this ways most are in the city.

So there is this property that has been on the market for some time now. It is a distressed property, needs a lot of work, ALOT. But is has been occupied by tenants. I'm guessing just a terrible landlord let the property get as bad as it is. It's an old building that used to be owned by the hospital, was converted into three units. Currently on the market for 38,000. I'm guessing since there aren't many investors in the area others are just afraid to touch it. I'm calculating $85,000 rehab give or take 5k. Estimated rents to be 700-850 a month. Not great with CAP rate but I'm calculating it can be around 7-8%. Giving me a value at up to $300,000 on the building.(am I doing the calculations correct?) This deal seems to make sense to me, although I'm a newbie not an expert. Can I get some thoughts on this potential buy. Again I think it's just sitting because of the lack of investor in the rural area, and others just see it and get afraid of the work that needs to be done. Thanks in advance

@Eric Johnson

Thank you.

Why does Loop net have such a bad rep?

I have heard it’s where apartment sales go to die?

Well with an investor mind set isn’t that what I want? Dead deals that I can negotiate to a price that’s worth the investment? Or should I just stay away from loop net?

I don’t mean to make this a place to vent, but I’m sure starting out most of us had people who do not invest in real estate telling us it’s stupid.

I’m a current Law enforcement officer I’m Minnesota.

And I am starting to get into the business of real estate investing. I’m networking with many people who know the business and learning as much as I can before doing my first deal. I let people know that I’m an investor, and so many of my coworkers tell me how crazy I am to invest in real estate. Or how I should not even try. None of them are investor.

Through bigger pockets I have been so educated. I have always had an entrepreneurial mind set and quite frankly being in law enforcement until I’m 65 is not a dream of mine. I am currently 27 years old. I am more than ready to change my life and my families life with the decision. I have a “WHY”. And nothing is going to stop me from succeeding and learning everyday. I grew up poor and have worked hard everyday to get to where I am now in law enforcement. My mindset is far beyond settling in life with maybe having a good retirement. I want financial freedom, I want my kids to see me succeed, I want to create generational wealth.

But any time I mention real estate people around me tense up and say nothing but negative things about it.

Other than not asking for advice from non-investors, how do you guys handle the negativity you get? It drives me crazy.

I know this isn’t a place to just rant, so sorry for the rant, just wanted to get the opinion of people who actually invest.

I am a new investor ,I haven’t done my first deal yet. are there any new investor seminars in Minnesota that I should attend?

I’m looking to do some of my investing in homes that are on the auction websites. What are things I need to know before doing so.

I’m a first time investor.

I'm planning to buy the homes with a HELOC, then BRRRR.

Thanks in advance

@Christian Nachtrieb did you put the 25% down into a conventional loan? Or with a hard money lender?

@Corey Hawkinson thank you very much for the feedback. I'm thinking I'm going to go with the HELOC option, that seems to be the better option in this area

Hello,

I am new to the real estate investing world and like everyone else I have a ton of questions. I have not bought a property yet, as I am trying to make sure I'm making the right decisions. So I currently own my him out right.I plan on using a HELOC to get started investing. But what step should I take? I am looking to get into multi family and some single family rentals. Should I use a hard money lender to help me with the purchase, and use my HELOC to rehab and then refinance it? Or should I use my HELOC as a 20% down payment in a normal conventional loan? Also is it possible to use my HELOC as a down payment with a bank loan and then refinance that and start over again with my HELOC? Im investing in the state of MINNESOTA, outside of the Twin Cities.