All Forum Posts by: Erik Sill

James,

Very appreciative of your response! I feel like I just learned a lot through reading your response. Just wanted to add some responses to your questions: it's 75 feet of beach and it's right across from Goose Island, right between Phelps Bay and Spring Park Bay.

Thanks again for sharing your insights. Maybe 5-10 years down the road after some more experience, I'd be ready to make this one work. (But only if the numbers work out!)

Erik

Here's the opportunity I'd like some suggestions with:

• - Lake Minnetonka (MN) SF Home - 3 BR/1BA
• - Needs to be torn down or completely gutted
• - Seller is asking for $650,000. She may be willing to do seller financing since she owns the property outright. Has lived there for 40 years.
• - Comps are $1.2-1.8 million (Literally new builds on each side of the property)

My situation - I could either get the house under contract and go the wholesaling route OR see investors to fund the rehab of the property. (I have not done either. My real estate portfolio includes one duplex after one year of experience. I currently do not have the funds to put 20% down.

Recommendations?

@Tim Swierczek Sounds good! Looking forward to when that can be our reality again.

Appreciate the prompt responses gentlemen! This is the first property I've house hacked AND managed so I appreciate your help with this aspect of my new adventure. 

I recently purchased a duplex which will be owner-occupied with an established renter on the other side. Do you suggest that I create my own lease for the renter's or just allow their current lease to run its course? (Minnesota)

LOVE your help on this one....especially some additional help with the math. This house caught on fire so I was hoping that since it was in tough shape, I could buy low and turn it into a healthy return.

I appreciate your response Jacob! To clarify - the TOTAL of repairs, vacancy, and capex = 30%, correct?

It's in a B to B- neighborhood, however, rental rates have been historically strong. The reason I'd degrade it is due to the school system. 

The property is zoned as a triplex. In my projections, I left it as a duplex. 

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