All Forum Posts by: Ed Taslak

Come hang out to talk real estate. 

Also, please join the Meetup group so we can count attendees:

https://www.meetup.com/Rochester-Real-Estate-Meetup/

Thanks.

I know there are wholesalers in Minnesota. The MnREIA group had a wholesaling 101 event just a few days ago. Unfortunately I was busy with a property I have under contract to attend but I do want to get into wholesaling here. I was trying to find a video they had put out on wholesaling in MN but I can't for the life of me find it. 

You all have me worried now. I suppose I need to talk to an attorney first. Any recommendations? I'm in Rochester. 

@Ned Carey

There is a financing contingency. How should I go about picking a title company? My agent’s group has an in house one but I don’t know if they would have my best interests in mind either.

@Alan Pederson

I am using a realtor but I never have a good feeling about someone getting a commission based on something I’m buying. I never think they have my best interests in mind. For example, I refused to sign the as is addendum even though my realtor was telling me to, even though I had given the highest and best offer.

I worry about exactly what you said... finding stuff that the inspector did not find because I don’t have a huge budget to repair and I know the place needs a lot of repairs.

I just got an offer accepted for my first property ever. 

I've never bought or sold a home before. I put in an offer for a triplex that I can barely afford, and they just accepted the offer. I'm a little excited but definitely scared as well as the property does need a decent amount of work. I have also never done construction/remodeling, but I do know how to use tools. 

I only have a 10 day inspection window. Does that mean I have to request fixes and items from the inspection to be addressed in those 10 days? is it like writing a new offer based on the new information from the inspector? 

Any tips on what I should do/not forget to do from you professionals out there? 

Thanks. 

Definitely do not leave wood burners in a rental. There are a lot of mistakes that can be made with wood burners if the tenant doesnt know how to properly use one.

I recommend switch it out for gas inserts. That said, I don't know if it would provide value or not, it really depends on your market.  I would imagine it will get you a higher appraisal for the property. 

Source: I'm an Engineer in a Fireplace manufacturing plant. 

Has anyone wondered where List Source (and others) get their data? 

I go on all these county assessor sites and they all make me confirm that I am not using an algorithm to mine the data off their records. I'm guessing that as big as LS is, they would probably get caught using some advanced data mining algorithm. I'm sure some small guys can do it and perhaps get away with it. 

Can anyone shed some light on this? Where do they get the data from? 

Hi There Everyone,

I'm wondering if I can split the utilities cost between tenants for a duplex I am looking at. Unit 1 is a 3 bed 1 bath (upstairs) and Unit 2 is a 1 bed 1 bath (downstairs). Is it possible/legal to have the utilities under my name and I charge the tenants for the usage? 

I'm thinking like based on number of people living in each unit; so say 3 people living upstairs 1 living downstairs, upstairs unit gets charged 75% of the utilities cost, downstairs gets charged 25%. 

Any advice for a new investor? I think this property I found is a good deal but the utilities are not split. Also the heating/cooling is not split up either so I would need to figure something out for that as well. Any tips in these departments? 

Thanks,

-Ed 

@Kevin Tuttle Newbie here.... with a whopping 0 properties but when I think about this, and what other posters alluded to, is: depends on your risk tolerance. Generally can be safer to not leverage but an argument can be made that if you don’t leverage, you’re letting the market bring up or down the value of your assets. Do what youre comfortable with.

Newbie here. I found BP at the beginning of August and have consumed tons of the content here, but I'm still not seeing how to find good investment properties.

I got myself a realtor in my area, and I have him sending me every Multi-Family that pops up. There are a total of 6 Multi-Family properties in my area. This one just popped up 4 days ago and I have already visited the property and been in every unit. 

Everything looks like its in great shape, all 4 units are rented  (I believe too low currently) and the only major thing is the kitchens of all 4 units are old. They would need to be completely upgraded at some point. The spaces for the stove/oven and fridge are too small for newer appliances to fit into. 

My problem is, even with the higher rent I believe I can get, the deal still sucks! I'm specifically looking at the Yearly ROI and Monthly Cash Flow. This property is listed at 30K less than another 4plex in my area that is in much worse shape and I still can't get the numbers to work out. Am I analyzing incorrectly? I don't really know what I am doing.

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