All Forum Posts by: Hannah Diment

Hello- I'm closing on my first duplex is NE Minneapolis on Tuesday, and on Friday they informed me that the seller had not yet completed the updates mandated by the city in the TISH report.  The seller seems to have inherited this and several other properties at the same time, and according to them, there was confusion about who was responsible for this and ultimately they dropped the ball.  I have the option to either delay closing indefinitely until they make these changes, or it has been proposed to put a good chunk of money ($20,000) into an escrow account from  which I can draw to make the changes myself, after which the remainder will be returned to the seller.  I would have 90 days to complete these changes. It seems like a good deal to me, because I am able to hire the professionals that I'd like as opposed to if they were to hire someone to do a subpar job for less.
I just wanted to check in on the forums if any investors have done this, and if there are any unforeseen big problems I may be missing here.  
Thank you!
Hannah

Thank you everyone for all of your amazing advice!  I really appreciate it--it has given me a lot to think about as I go forward making offers on properties.  So far I have offered on two duplexes in the last two weeks, both around 100 years old, but for both, multiple offers were made the first day at or above asking price so I haven't gotten my feet wet yet with the inspection process. My RE Agent says that inventory is unusually low and that I'll have to make higher offers to secure a multi unit, however he is not an investor and raising my offers would take me away from the metrics I'm trying to hit- $100 cash flow/unit, 12% Cash on cash return.  I'd love to hear from other investors in this area though- do these metrics seem absurd given the current market, or are you just being more creative?

I have a super team that's been assembling, and I am looking to ramp up my networking and connections with investors in the area so please don't be a stranger!  I love love love learning from people with more experience than myself (everyone on here :'D ) and would love to buy you coffee if you're in the twin cities area and are open to sharing your experiences. 

Cheers and thank you!
Hannah

Hey, I'm a new investor in the twin cities, I have made two offers on duplexes in Minneapolis in the past two weeks, both went with other offers so I'm still working on my first deal, aggressively :)  I move out of my apartment in March, and the plan is to house hack.  

I would love to connect with other investors in the area, I have an amazing team I'm working with, who have great knowledge of the area/market but that have limited experience with investing.  

I would love to know how those of you who have invested in multi units in the twin cities have hit your Cash on Cash ROI & cash flow goals, given that the properties I've found on the MLS have multiple offers and seem to be flying off the market at or above asking price.

Hi Joel are you still accepting offers on this property?

Hello, I am a new investor in the Minneapolis area, and I am starting to look at properties-- I'm finding most if not all of the multi unit properties I'm going to see are 100+ years old... wow! While they have undergone various remodeling, I'm curious to hear from seasoned investors- what are your experiences with older properties like this?  What are the most important questions you're asking when buying and what extra costs/frequency of repairs have you found with your older properties?  The one I am going to see today is aesthetically nice, they clearly have done some updates, but my concern is with plumbing/structural things, have others had issues with this?

I am currently renting a unit in 100 yr old multi unit and since I have lived here (September) they have had to do nearly $20,000 in repairs between the heating system pooping out and the plumbing, is this typical?  

I love this community and really appreciate the wisdom :)

Happy investing!

Here's a question for contractors or anyone who is familiar with this topic in So.Cal Malibu area.  
I'm considering the logistics of purchasing a raw piece of land and developing a very modest home for two.  Property descriptions I have been reading for this land do not mention water, sewage or electricity.  Does anyone have an estimate for the costs of bringing these utilities to the property?
Any other comments about difficulties or things we should consider before we take on an endeavor like this?  
Thanks BP community!

Hi @Shaun Pruett, I've been living and renting in LA for years now--now looking at buy and hold properties there.  Depending on where you're buying, you can easily rent out a unit or home for $4000/mo if not more--but those neighborhoods you would be hard pressed to find a home, let alone apartment unit for $200,000.  We were lucky enough to have a rent controlled apartment, but those friends of mine who did not saw their rents steadily climb in the last few years. 
I've been running the 50% rule and the 2% test on different properties in LA, and none so far I have found to "pass".  Maybe like @Manolo D. said, no rules in the books can apply to LA.  Or maybe it's not a great time to buy there.. I'm not sure!  I would love to hear more from people who have been buying and holding/renting properties in LA in recent years.  That's where I would ideally love to own and rent.

Hello everyone, I'm so excited to be a part of the Bigger Pockets community!  I'm brand new, currently in the reading and education stage of my real estate investing journey. Ideally I would love to invest in small multi family homes (3-6 units) in Southern California.  I have a partner who is joining me--we're both currently living in the middle east, but our home base is Los Angeles, and we'd love to both network with others in our area and learn as much as possible before taking the plunge with our first property.  
Los Angeles may not be the most affordable place at the moment so we've also been looking at other markets, but our dream would be to have 50 units or so in the greater Los Angeles area in the next 10 years.  Thanks for having me, so far the books, podcasts, and blogs I've been reading/listening to are brilliant and very helpful.  I'm looking forward to meeting others!

Cheers