All Forum Posts by: Eric Gunderson

@Dave Foster Thanks for the explanation. Sounds like there could be a way, with a lot of added steps and safeguards in place. Might be good to just use refi proceeds like you suggested.

I purchased a single family home on .75 acres in the city of St Paul, MN. I have since split the lot in half, leaving plenty of space to develop a multi-family building, probably 8-12 units. I'm wondering if it is possible to 1031 exchange a different property of mine to fund construction efforts on my vacant land. Does anyone have advice on this matter? Thanks in advance, BP community!

Hi BP community, I'm looking to open a real estate trust account. I've gotten a few weird looks when I've asked at a few banks in my area. Can anyone recommend a good bank that they use for a real estate trust account for their brokerage business in the Twin Cities? St Paul is the sweet spot, but not picky if a bank comes highly recommended.

Welcome Clint! I think you've got a great base of knowledge to start out with. One of the mottos I follow is: "Never stop learning". It sounds like you do the same. I may know of a few multi-family deals coming up in St Paul that might fit your criteria. Send me a PM if you're interested. Good luck on your journey!

@John Woodrich I've been active in real estate for about 5 years now. I used to work for Paster Properties ( a local commercial real estate company focused on shopping center properties, now pivoting to some urban mixed use and development) and then dove in and purchased my first 4-plex in April of 2016. It's been an experience ever since with lots of highs and a some lows too. I'm always looking to better educate and prepare myself for the real estate road ahead. See you around, John. 

@Nathan Platter and @Bjorik Mutize thanks for the kind words. 

@Chris Baber That's too bad your CU shut down their commercial lending dept. I think that's a missed opportunity for them. The CU's in Minnesota have good rates if your eyes ever shift to this part of the country. Or there are some great investor friendly banks as well. Good luck with your search.

If you want a look into macro level trends for the region, the Metropolitan Council offers data, maps, and projections. Here's a link to population projections for each city in the region. "Good indicators to buy" is really subjective. For me, my indicators are probably different than yours and every other investor out there. I like my properties to be within walking distance to grocery stores and bus lines but also highly value other amenities like proximity to major highways, proximity to schools, etc. 

Lastly, the boots on the ground technique of just driving a neighborhood is a great way to get the feel of the area. You can tell a neighborhood is on the move with the types of investment in the area. New shops? Properties being maintained? 

Good luck!

Don't forget about credit unions! They were a full .5% better on their loan offer for a 7-unit building I financed than all the other small banks. They are technically non-profits, which is why they can offer better rates. You're doing the right thing by putting all this work in to find the right bank. That can make or break a deal over time. Good luck!

I second Spencer's advice; networking is really important! It's how I found several of my deals including some that were strictly off market. As far as getting your real estate license, that doesn't really help with finding more deals. You could just as easy find an investor friendly agent with experience that can comb through new MLS listings for you. You might not find red hot deals on MLS, but it can be a treasure trove. IF you find something you like, make an offer. Just make sure to protect yourself with the right contingencies. Lastly, Bigger Pockets is an amazing resource for education. Hopefully it can shed some light on the stuff that frighetens you about real estate. Good luck on your journey!