All Forum Posts by: Evan Uribe

@David Moore.  There is definitely a certain logic behind the competing interests.  I'm always up for great referrals if you would be willing to pass along the names.

Let me know if I can help you in any way as well whether it's an extra set of hands at a remodel or someone to bounce ideas off of!

Thank for your time David!

Hey everyone,

I'm looking for some good recommendations on general contractors that you trust in the Minneapolis/St. Paul/Greater Twin Cities Area of Minnesota.  

Up to now, my wife and I have been owner occupying properties and doing what work needs to be done. As we begin to transition out of solely OO, I'm looking for a reputable GC who can work with us to complete projects on our future endeavors.

The highest priorities are:

• Good communication.
• Able to complete jobs in a timely manner.
• Able to walk properties with us and give us estimates.
• Someone who wants to build a long-term relationship.
• Can manage subcontractors and is trustworthy.

Gotta shoot for the moon right?  Please feel free to leave any and all recommendations along with any additional contact info/website you may have.  My wife and I are hard workers who believe that good work should be compensated as such.

Thanks for your time BP,

Evan

Nathan Krogh is who I use.  He's based in Roseville.  He only does real estate, probate, and estate.  Let me know if you have any other questions or whether I can help in any other way!

http://www.kroghlawfirm.com/

I respectfully disagree that he would have trouble financing anything between a duplex to a quadplex.  

An FHA loan allows for financing with 3.5% down on up to a quad if I remember correctly. My first property was a triplex with an FHA loan.

There is a quad on nicollete in South Minneapolis that, depending on work history, assets, debt to income, etc he could most likely purchase with an FHA loan.

@Stuart Toepke, shoot me a PM and I can pass along the name of the local guy/company I used to get our triplex.  He is great and provided you have everything together on your end he would have no problem with getting you a product for something between a duplex to quad.

Evan

Hello everyone.
My name is Evan and I'm a relatively new investor located in the Twin Cities (Minneapolis, St. Paul), Minnesota.    I wanted to take a little time to introduce myself to the community and explain my background.

I run my own photography business called Lumen Photography.  My wife and I live off of my wife's income while using any income generated from my business to put towards investing in new real estate endeavors.

We currently owner-occupy a triplex in Minneapolis.  Here are the numbers on it:

• Purchase Price $315,000
• Unit 1 ($900), Unit 2 ($875), Unit 3 if we were to rent it out ($1200)
• Current monthly outlay including utilities, mortgage, escrow, etc:  $2185

At the moment we are near breaking even while living in the unit and expect to clear almost $800/month when we move on to our next property.

As of almost a month ago, we put an accepted offer (with the seller) in on a short sale duplex in a western suburb for $230,000.  We are waiting to hear back from the bank as to whether they'll authorize the short sale but are confident it will be because the price was preapproved by the bank holding the note.

It's a bit of a fixer upper and we are going in on the property with a  Homestyle renovation loan.  We plan on doing a new roof (current roof is shot), upper level windows, and electric breaker using the renovation loan.  With the estimates that we've gotten, the mortgage will most likely be around $250,000.  The comps in area range between $260,000 at the very lowest with an average around $290,000 and the high end of $320,000 plus.

I'm a handy guy who will be doing a lot of the work/sweat equity on the property to hopefully bring it up to the level of quality necessary to be on the high end of the comps.  We view this property as a short term hold (one year most likely) after which we are planning on selling the property and taking the equity that we gain and putting it towards our next deal.


I've created spreadsheets in excel for all my endeavors, my personal two favorites are:

• A sheet used to see whether a property is cash-flowing. It includes everything from mortgage prices to PMI to utilities and everything else inbetween. It's been priceless in regards to determining whether a deal is good.
• A new sheet I put together specifically for this short sale.  It's a renovation sheet that pulls prices for anything from sheet rock, to tile, to other items from home depot.  I plug in sq/ft necessary to redo and it gives me a very generalized number that I can expect to pay.  Also priceless.
  

Anyways, that's my experience in the real estate game so far.  I'm self-taught with a thirst for knowledge and networking.  Please feel free to reach out as I'm eager to learn and willing to buy a beer for those who are local and willing to share their knowledge!  Thanks again for your time and I look forward to becoming a member of this community.

Regards,

Evan