All Forum Posts by: Eric Mayo

The problem with hanging your license is that if you do 1 deal you are an active agent and will have to pay the broker all the fees and a split of the commission. Also if you want access to the MLS you are going to have to pay, whether you are active or not.

You could look into a Limited Broker license. Check the MN Dept of Commerce website: http://mn.gov/commerce/licensees/real-estate/applications.jsp for more info. Basically you can only do deals for yourself or your company (LLC, partnership, etc.) and can't have agents working for you. There are no classes or tests required, just pay $180. This will get you the ability to access the MLS (your own subscription $) but you don't have to pay a broker all kinds of other fees. Some have said as a draw back that listing agents may be opposed to sharing commission with someone who doesn't have the traditional license and is buying for themselves. However, everything is negotiable.

Welcome Christian from another Richfield guy. I am in the middle of the age spectrum and still looking for the right 1st property. Good Luck.

I would agree with @SeanBlomquist. Look a little south on Hwy 169. I don't know about Elk River but Anoka & Coon Rapids have a lot of duplex, tri's & quad's (only 1 listed on MLS currently). You could also try heading west to St. Cloud (good college town with plenty of business & industry). There are 16 units currently on the MLS in St Cloud ranging from $97K -$215K. Good Luck!

I've been doing some work with a broker who does a lot in REO properties. @TimCampbell I think you really need to define what a "nice neighborhood" is and if you are referring to getting the $1200 - 1400 rents in those same neighborhoods for a 3/1 at 100k or less. The ones I have seen close in the past 6 months that have sold for under 100k are not in what most investors would call nice neighborhoods and they have definitely needed more than 20k in repairs let alone updates. In the south metro you will find 3/2 with a 2 car garage for that rent range and the properties start at 200k and only go up from there.

Hey David,

Just wondering, what kind of percentage have you used and what are you upping it to now? I've looked at Multi's in the south metro and have seen a lot of deferred maintenance even on the surface level. I've also seen a lot of SFR that fall into the deferred maintenance category as well. It seems anything (MF or SF) that's well maintained is going to cost enough to destroy my cash flow margins with financing payments. I guess it's you get what you pay for.

Welcome Laura,

You're starting off great. There are still deals in the Twin Cities, you need to find them and be able to act quickly. Good luck!

Welcome Ryan.

Are you focusing on the MN River Valley/169 corridor or expand into the Twin Cities or down to Mankato? There are so many great resources on BP, take advantage of them. Good luck to you!

I am looking into modular homes for vacant lot infills in the metro and Brainerd Lakes area. Are you referring to Manufactured or Modular? Modular are traditional homes built in a factory and shipped to the site and placed on a permanent foundation. Everything I have seen about modular homes says that most banks, if they understand the difference, have no issues financing a modular home.

Manufactured homes (mobile homes) would be the equivalent of personal property like a car or RV, as it has a title. If this is the case, you would have to purchase the land and the seller would have to include specific personal property (the manufactured home) or as you thought, buy the house separately from the land.

Anderson Homes in Detroit Lakes sells both Modular & Manufactured homes. Check out the FAQ section on their website for more info.

Welcome Jordan. You are going to be far ahead of others, even 10-20 years older than yourself. Keep at it and remember you're not too young, you just have to find ways to make it happen.

@CaseyAnderson

If you are only looking at being able to do your own deals (not assisting anyone else) you can consider the Limited Broker license in Minnesota. I just replied to another post with the same info. Go to the Dept of Commerce website for some details (http://mn.gov/commerce/licensees/Real-Estate-License/index.jsp).

You don't have the 90 hours of classes, tests and continuing education requirements but it gets you access to the MLS and from what I understand, the commission you would have been paying someone else.