All Forum Posts by: Greg W.

You might be better off getting a contractor to do some of this. They may have good contacts for the other trades you need. One example from CL in MSP who works with flippers 651-two, seven, six-1886 ask for Ernesto.

https://minneapolis.craigslist.org/ram/sks/5384307511.html

David Dorman | Senior Mortgage Consultant | NMLS# 1015476

4510 W. 77th St, Ste 380 | Edina, MN 55435

[email protected]

C: 952.426.5194 | O: 612.294.0365 |F: 612.437.4769

You could also ask for bank statements showing deposit amounts and dates to verify tenants are actually paying. 

Also talk with some banks to see what kind of financing terms you can get. Then see if it meets, at a minimum, the 50% rule. Using a calculator or spreadsheet for income and expenses would be better.

sorry for the double post. My browser froze. 

I have no affiliation with Amica. Just like their low rates and good customer service. 

@carl Peterson might be able to help. https://www.biggerpockets.com/users/CarlP2

I am also an attorney licensed in Minnesota and Wisconsin. You are welcome to contact me for legal advice, setting up LLCs, drafting deeds, title research, etc. I'm pretty inexpensive (about half compared to typical small firms) because I also work full time as an attorney, and merely practice on the side to assist with my real estate deals and pay down law school debt (which is mortgage-sized), but I'm also very good (graduated with honors, guest lecturer, published papers, etc). 

This guy has the most inexpensive terms I have seen. They do traditional and investor loans. They were offing no origination fees and he shops around for the cheapest title insurance available too. 

David Dorman | Senior Mortgage Consultant | NMLS# 1015476

Edge Home Finance | www.EdgeHomeFinance.com

4510 W. 77th St, Ste 380 | Edina, MN 55435

[email protected]

C: 952.426.5194 | O: 612.294.0365 |F: 612.437.4769

This guy has the most inexpensive terms I have seen. They do traditional and investor loans. They were offing no origination fees and he shops around for the cheapest title insurance available too. 

David Dorman | Senior Mortgage Consultant | NMLS# 1015476

Edge Home Finance | www.EdgeHomeFinance.com

4510 W. 77th St, Ste 380 | Edina, MN 55435

[email protected]

C: 952.426.5194 | O: 612.294.0365 |F: 612.437.4769

Try Amica insurance. They want to have home, car, investment all with them but you'll have a hard time beating their prices. I love their dividend plan too. 

if you plan on renting out your home in the future you'll want to know what rents are in the area and for similar properties to make sure it covers your expenses and gives you some cash flow. Talk to some property managers to get that info. You can also check rents meter and Craigslist to see what they are going for. 

I would want a property in a desirable area which would mean good schools for families or a trendy, walkable, transit-friendly area for younger couples. 

If possible, go for a 3BR, 1 1/2 or 2 BA and 2GA. But, what's typical in the area you are looking at purchasing? If it's a trendy area for couples, then a 2BR might be fine. That's where talking to property managers is important. What do people want to rent and what are the rents they are getting?