All Forum Posts by: Eric Reed

Hi BiggerPockets friends!  My wife and I are looking to purchase our first commercial land deal for self-storage development.  I've gone through the initial phases of county meetings and city meetings, and all things are progressing towards a successful opportunity.  The target property is near Lake Mille Lacs.

Looking for anyone local to the Minneapolis market in the self-storage development space who is open and interested in mentoring me a bit through the first land acquisition and self storage facility build out.  Would love to buy you a coffee and meet up or connect virtually to discuss your experiences and recommendations.  Also open to private money lenders who may be interested in funding this deal.

In the market for a duplex, triplex or quad in the west metro of Minneapolis. Will consider W, SW or NW burbs under $600k. Must be within 45 minutes of metro.

In the market for a west metro duplex, triplex or quad outside of Minneapolis. Will consider NW, W and SW suburbs under $600k. [email protected]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $60,000
Cash invested: $11,500

Duplex with one bed, one bath each unit. Upper unit has flex space for office or second, non-conforming bedroom. 15 year commercial loan and this will be our first BRRR property. Starting approximately $25k in renovations next month, and should cashflow approx. $350/month once rented!

Hi BP family!

I’m an out of state investor looking at a duplex of interest in another state. Wondering what are some of the best questions to ask regarding the property? I’m trying to learn the sellers motivation for moving on the property so quickly after buying it just 2 years ago for $15k more than current listing.

From the photos, they've spent some money updating cosmetics, but this would likely be a BRRRR for me.

Any of your best questions to ask is appreciated!

Eric

Thanks @Michael Albaum!  We definitely looked at, and estimated those bigger items.  We'll let it cash flow until someone moves out, repairing/replacing items as needed!  

I appreciate the offer @Dennis Haefner!  We will definitely keep you posted if we need assistance.

Thanks so much for the replies, @Frank Wong @Joy Sandford @Jake S.!  We are very excited about the property (even with some of the updates that need to happen.  I think we'll let it cash flow this year and replace/repair any small items that pop up as we go.  

The area is decent, and comps are in the $120-$140k range.  We'll likely throw money at it once someone moves out and we need to improve it to increase rents yet again.  We should achieve $650/unit or more once rehabbed according to Rentometer and our own research.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Cedar Rapids.

Purchase price: $59,950

Cash invested: $12,000

Cash flow: $425

Duplex (2 bed/1 bath) in Cedar Rapids

Needs some work, but purchased with 20% down commercial loan, and with tenants already in place who extended for 12 months (previously month to month)! Looking at $1,025/month rent on a $600/month PITI, so cash flow is $425/month.

We're excited!

Hi BP Friends,

We just closed on our second property (a duplex) that we bought for under $60k! With current renters willing to sign a year-long extension, we have the place rented for $1,025/month. The property needs some love, and we're wondering if we should be doing renovation at the end of the year as a BRRRR update, or just let the cash flow roll in and not touch it until someone moves out?

Current PITI is about $600/month so our cash flow is about $425/month. Do we just let it stack up? Do we BRRRR?

Thanks!

Eric 

Stay diligent @Cody M.!  Timing (and some luck) is everything...you'll find the right thing soon!