All Forum Posts by: Cha Yang

Just wondering what everyone else does about people dumping their trash in your large dumpsters that you use for rehabing? I'm currently working on a rehab project in North Minneapolis and it seems like everyday I find more junk and trash in my 30 yard roll off container. I swear the last container that was hauled away had more people's trash then our trash from the rehab. People even started to just throw their trash on the ground around the dumpster when it is full. One day when the dumpster was full I found two mattress and three toilets next to the dumpster.  Need some ideas on how to get this under control.

Hi @Janie Briones. I am a relatively new investor and agent myself in the twin cities area. I know others have already reached out to you but if you haven't decided on working with anyone yet and would like a to hear how I got started, just shoot me a PM and we can chat. Also I could share with you some great tips that helped me in the beginning. Welcome to BP and get out there and do some deals!

@Pauline Misiak 

Your ability to take action will determine if you can get a deal under your belt. Don't be afraid of making mistakes or losing money, because if you are you will never get a deal done. Kind of like not learning how to walk because your afraid of falling. One tip I give to everyone who is starting out in REI and want all the best deals is: Every day go out and tell three people that you are a Real Estate Investor and tell them about what you do. Don't try to sell them on anything, just talk to them and let them know what you are doing. Do that every day with three new people. If you do this the deals will come to you.

@Jordan Archer I totally agree. I'm just wondering if other rehab investors are starting to buy at 70%+ in my area (twincities) since I am starting to see those numbers from wholesalers.

@Matthew Paul for that money that you have allocated to real estate investing, aren't you actually losing 2% a year to inflation. What do you do to keep the money you have accumulated, moving?

Back on the subject, the reason I ask is because I am starting to see a lot of different wholesalers send me deals where the numbers are creeping up to the 75%-80% range. 

Thanks for the reply guys!

@Matthew Berry all of the deals we work on are off MLS.

@Jeff S. the 70% rule is just a rule of thumb. We only use it as a starting point as stated in my original post. Every possibly good deal does go through our due diligence process. The second part of your post intrigues me. Are you suggesting that you should never adjust your numbers, even to compete in a competitive market?

Just want to get a feel for what other investors in the metro are see in the market. Most of the deals I analyze, I use the 70% rule as a starting point. Are you still using 70% or are you moving up to 75-80% to be able to access a larger pool of properties. This is based on Single Families in st.paul/minneapolis area.

Thanks @Andy Schornack will connect with you offline.

Hey @Joseph Duenas. I would say start looking for a lender that will be able to refi you as soon as your reno is complete. Make sure they are able to do a Cash-out refi. So far I have only been able to find lenders that will do a No-Cash out refi, then let you cashout refi after 6 months, So you might have to refi twice before you get your $10,000. If you reno takes more than 6 months then you have nothing to worry about besides super high interest rates on your CC. 

I think you just might need a limited broker license. In Minnesota you need a limited broker license if you do more than 4 transactions a year.