All Forum Posts by: Eric Nelson

How is your team looking?

what market did you decide on?

Hello Tim, you may have noticed already, but once you leave MSP there are very few individuals on BP from up north.

I'm in Bemidji.  What're you thinking of doing in Duluth?

Always have to make sure the numbers work.

You will just have to account for 2 loan payments. HELOC and commercial mortgage.

The nice thing on the HELOC is it will be an interest only loan. But, make sure you add a little for principle pay down too. If your minimum payment is $1200, budget for $1500. Then if you're short, just pay $1200 .

As long as the numbers work you are good. As you get the HELOC paid off, they'll get even better.

good luck

@james fraundorf I'M IN BEMIDJI!

sorry, I get a little excited because there isn't much happening up here.

Bemidji is going to be cheaper, but you have to know a couple things:

- Downtown is all 1900's houses that are going to take some TLC if you get them for a good enough price to be a rental.

- From 9th st south to 1st from Minnesota ave west is the rougher part of town.

- If you can find a house around $120k within 3 blocks of BSU you will be golden.

I use vision properties for management.

We do have some new apt buildings built that are hurting some vacancy rates, but college rentals are doing great.

I use Riverwood bank.  They are an ESOP.  I can get a 25 year commercial loan through them.  Other banks will only do 15-20.

if you have any other questions about Bemidji, let me know.  I am looking right now for another rental.  If you have a lead on a great one, maybe we could do as @Partick Daniel was saying and partner up.

Next time you're in town, let's meet up.

Welcome!

I'm in Bemidji/Walker mn.  If you ever make it up, or find something up here let me know.

I haven't yet ventured to MSP investments as of yet.

Hey Jason, 

I hope you got this figured out.

I do not have the PA.  I have FB messaged them in the past to get info on something.  
https://www.facebook.com/mnreia/
Sorry I couldn't be more help.

If you are even in Bemidji or Walker let me know.

hoping to do this sort of thing!  What's the word boss?  Did you get it completed?

When you say 6 months reserves.  You're saying if your house rents for $1000 a month, you need to have $6k in the bank.  Then if you have 10 of those, you're running with $60k just hanging out?

I'm still pretty new here, so that just seems like a lot to not be using to purchase something new.

Thanks Wayne!

I have a friend who is selling his business.  It's not real estate, but it got me thinking.  

Is there some kind of 1031 exchange for moving money when you sell a business into either real estate or another business where you dont have to pay tax on the earnings?

Thanks for your help!