All Forum Posts by: Account Closed

Just read an article that this may be the calm before the storm on the foreclosure market, with record lows this previous month.  do we think this is the time to buy now, with extremely low mortgage rates?  Or will it be better to wait until foreclosures begin to rise and REOs become a hot buy again? Or is it still the same way it's always been: that at any time, and in any situation, you can find a good deal and just keep fishing?

According to the State legislature:

Broadly, essential jobs include:

• Health care workers
• Law enforcement and first responders
• Emergency shelters
• Child care facilities
• Grocery stores, take-out restaurant service, farmers and other agriculture workers
• News organizations
• Power, gas and water services
• Wastewater treatment and other sanitation or public works
• Critical manufacturing, such as iron ore mining
• Transportation and logistics
• *Construction and some trades, such as electricians, plumbers and elevator technicians*
• Financial services, including workers at banks

I too have a project underway and I have no plans on stopping, so flip away, Gus! 

Welcome @Jacori Hayes,

Everyone's correct - there are many great meetups, but since we are in our current situation, I'd highly recommend listening to the webinars from our local investors.  It will be a great way to "meet" our most outspoken leaders in the community of investors here while also being educational.

Good luck! 

My advice - There's no wrong way to do it, just so long as your in the Real Estate game.  Deals can be found anywhere at any time, so if you just stick your nose to the ground, build the relationships you need to have, and constantly hunt, you'll eventually find the deal you've been looking for and start building wealth.  

Glad that you found your way to Bigger Pockets. It's an excellent forum. Additionally, I would highly suggest going to the many Minnesota real estate investor associations. a bunch of like minded investors looking to build a network and grow together in REI.

Good luck!

@Joseph Griffiths You've made a big first step towards long term happiness - real estate.  As the Great Grant Cardone says, I can't guarantee you'll get rich quick, but I can guarantee you'll get rich... for sure.  

Glad you aren't just plugging in numbers.  Best way to learn is to do.  

Good luck Joseph on your REI endeavors. If you'd like to chat MF real estate more, PM me.

HHH

Adding to the no-brainer part of @Eric Johnson's answer, if you put that $30K into the property, the ARV (After Remodel Renovation) turning it from duplex to triplex could be significant. I'd say go for it... If it's legal...

@James Hamling - you'd be wise to listen to John on this.  Cash flow may be high, but there is not strong appreciation.  

Of the areas you listed, I'd have to say north Minneapolis.  Consistent growth, active beautification of the neighborhood and community make a good choice for strong buy and holds or flips.  

Good luck!

@Dianne Daraitis If house hacking is the name of the game for you, and you feel you can put significant value into the property, AND you want to stay there for long periods of time, you could potentially find lenders that could help bridge the loan, have you work on the property, and then refinance with a more long term conventional loan.  

Something to consider.

Good luck!

Hello everyone!

My properties are in a great area, where upon checking AirBnB, has great demand and pricing seems good as well.

The question is simple - anyone on here change from traditional long term rental to AirBnB, and would you recommend to others?

Thanks,

HHH

Welcome @Lucas Miles!  

A great way to connect with fellow investors, realtors, etc are the clubs.  Handfuls of people show up to these.  Here's a link to a few:

https://www.biggerpockets.com/rei/minnesota-real-estate-investment-clubs/

Good luck with your REI!

HHH