All Forum Posts by: Fong Lee

Hello, my name is Fong Lee. I live in Saint Paul, MN. I know about real estate investing since I was 2011 but I never really jumped in until 2020 with my first house hack experience. I currently live in the bottom and my top tenant pays for 67% of my mortgage. I have read the BiggerPockets investing in real estate book and also read Rich Dad Poor Dad numerous times and I am motivated to be financially free and get out of my 9-5 job eventually. Investing in passive income and venturing to other business ventures. Nice to meet everyone, come add me on Linked in as well and let me know you found me through bigger-pockets!

Anyone got any rental properties in Saint Cloud, MN? How does the market perform there? I see that it has a population close to Maplewood, MN. Is the vacancy high? Is it hard or easy to find tenants? How is the job market there too if you live there, is it easy to find a job or not?

I'm looking for a lender offering the program

Is anyone familiar with Neighbor Works Home Partners Program that is a down payment assistance plan in the twin cities? A little bit about the program is:

NeighborWorks Home Partners is proud to be a provider of Project Reinvest: Homeownership Down Payment Assistance (DPA.) If you are a qualified buyer, you can receive a loan of $10,500 to be used toward a down payment on a home in Minneapolis or Saint Paul. The loan does not have any monthly payments and does not accrue interest, and is paid back when you sell the home. This may reduce the amount of the principal on your primary mortgage, so your monthly payments may be lower.

Your loan officer will submit your application for you. Your primary mortgage must be with one of these approved providers and your loan officer must be certified for this program. Please let your loan officer know you are interested in Project Reinvest: Homeownership DPA. Please allow 30 days to close from the time your application is submitted.

Once your application has been received, your loan officer will contact you for any additional documents we need.

After preapproval where should I shop to get the best deals?

@Jordan Moorhead

So, what are the first steps I should take? Is there any programs I should go through to help with down payment. Or should I go in with what I got?

@Tim Swierczek

Thanks for the suggestion Tim!

@Frank Wong

My older brother says if I buy a duplex, i should rent the other side out and he will live one side with me and pay same rent as the other tenant. He says his rent right now is already high so he rather pay me than his current landlord. Is this possible?

Hello. I have saved up 15k. I feel like I want to enter the real estate game. I want to start off with a fha loan. Is there any suggestions on what I should do? Also i heard there are programs to get 0 entry in with no down payment. Is that good? If yes is there any recommendations also? Im in Saint Paul, Mn area. Thanks!

Thanks for all the feedback. All of it is good knowledge!