All Forum Posts by: Jayna Stevens

My husband and I currently live in an apartment where we pay 750 a month. We are saving up cash to find a good invesent property but don't have enough yet. We have also been looking at potential houses to live in because it would be nice if our housing costs went towards something that we own. I found a Modular (built in a factory placed on a lot) home that we like. We would end up paying only 200 monthly on it, my question is after we have saved up enough to switch to a better home could we rent it out? If so what's some advice on renting Modular homes?

@David A. Yeah my family works with drug addicts in duluth so we tend to know the worst areas. Typically things on the west end of duluth you want to avoid. If something great came up in E duluth tho that would be great!

@Matt Groth your from grand Marais? I love it there! Thing definitely are more expensive there though 😆 how expensive is usually to turn a sfh into a duplex? I've thought about it before but don't know enough about renovation expenses.

@Joe Villeneuve I'm trying to invest in this market because it's where I want to live. I want to fix up something here so that if we can't rent it out for a profitable price we can at least live there. And the method I am using is the brrrr method, not any options for a fix and flip or a whole sale. Buy and hold wouldn't work because the markets at a peak, and there isn't any duplexes cheap enough to house hack. Not to mention if you invest in the wrong areas of duluth or superior your gonna get terrible tenants and a lower appraisal.

@Michael S. I can't unfortunately, most of the people I know are financially tied up right now. And the others are looking for a house for themselves (to live in) I'm working on a hard money loan right now but the main problem is that the house prices are too high to Brrrr, and to competitive to bargain for a lower price.

@Corey Hawkinson you can look at the houses up here and see for yourself. If there's something you think is a good deal I'd love to see it. The houses are just so over priced right now. I'm not just trying to find a house to brrrr but even a house to live in is hard to find. And all the good deals I do find already have offers and are booked full with showings. If you know any investors in the area that would meet with me that would be great.

I'm trying to find a property in my area, its not even a busy city just rural MN. There are no good deals in the area. Anytime one pops up there are all cash offers on it within the same day it pops up. Ive been trying to get pre-approved for a hard money loan myself but by the time I get them all the details on the property it's already got offers on it. I can't find ANYTHING. I have been looking for 2 years! I'm really starting to get frustrated with this. Properties in other states are selling for half the price as these inflated crap ones. By the time I'd fix and refinance and rent it I'd have have to charge a ridiculous rent price just to meet the mortage and I'd get $0 cash flow. I don't want to invest in an area outside of the state because it would be our first deal and I'm not completely comfortable with investing in an area I don't know well. It just feels hopless.

@Sam Horton

I'm thinking about doing a hard money lender now for the Brrrr process. How does that work during the refinancing stage? I've read that you refinance with a seperate bank and get a long term mortgage with them and use it to pay off the lender, but I'm not quite sure I fully understand that process.

I am a new real estate investor, I didn't think I was in a very competitive market but it turns out I am. I keep getting beat out by all cash offers. I'm considering a hard cash loan. Saving money isn't an offer for us it would simply take far too long to save up enough. Are hard money lenders good for getting started? Pros and Cons?

When renovating a property to rent. Is it worth it to get a metal roof for the longer life span? Does it increase property value substantially when compared to an asphalt roof? (I am investing in a area where I commonly find ice dams)

Thank you.