All Forum Posts by: Jeff Schemmel

@Mike Nelson, here's a good article on the amendments they just passed to loosen up the original policy.  it takes effect at the new year.

https://spaar.com/saint-paul-c...

Heriberto,

welcome, man!  You should talk to a lender about your first question, and they can cover fees with you.  No realtor fees on a refi, but likely closing costs.

a person can only have one FHA loan at a time, howeve, one can re use their FHA loan, provided they sell or refinance the first. There are also other low down payment options for owner occupants.

give me a shout and we can talk more and I'm happy to connect you with lenders as well.

They'll go up before they go down.

I think owning and paying a mortgage is better than renting for two reasons:

1.) rent is 100% interest.

2.) you're creating wealth for your family each time you make one of those payments, interest rate aside.  Each month you get principle pay-down, which is like a savings account over time.  In theory, the market value could drop but this is seriously unlikely, especially if you hold for even just a few years.  The bank will never lend more than an asset is worth to start with anyway.

As a realtor, I can't give you advice when you're working with your own realtor, but others here have mentioned what you can do with rate buydowns, situationally.

Good luck, you got this!

@Shu Matsuo Post I've seen Bradley Schaeppi recommended on here quite a lot, although I've never required those services for myself.  @Tim Swierczek has personally used his services and could offer a word on it if you'd like a 2nd opinion on him.  He's easy to find.

Minneapolis & Saint Paul both require them and use a tiering system.  I like it, but it's obvious they have a hard time enforcing them in both cities.

@Spencer Perron @Tim Swierczek has a contact he recommended to me for this same purpose.  Reach out to him about it and he can get you in touch.

 Hey Jake!  happy to meet and share my story, experiences, market knowledge, etc. feel free to DM me.

 @Shilpa Matlock I'm in saint paul and represented a non owner occupied investor on a 1% duplex @400k price point last month. I have also seen more than one listed at 1% on the MLS sub 350k in the last month or two. This is a deeper conversation, but just wanted to inform that investing as a cash-flow investor in Minneapolis/Saint Paul has been a thing and will be for a while.

Along that note, most of the money I made so far in real estate has been through forced equity and appreciation.  The rent is awesome, and I'd never recommend buying a non cash-flowing property, but for someone who's worried about barrier to entry it shouldn't be your first primary target.  Long-term, the cash flow will come, but I certainly would not write-off Minneapolis/Saint Paul in favor of out-of-state deals, especially on your first one or two given you haven't quite learned how to be a property manager or how to manage tenants and contractors yet.  I think it's seriously worth considering partnering with a great local team and getting your feet wet where you have a lot of control.

Finally, as someone from small-town Minnesota, I have considered investing in SW Minnesota for a while now, but vacancy is a concern and I don't want to build another team to try and sleep at night about doing a deal there - at least not yet.  I think that's just so much work, but that's a lot of opinion from me in one post so I'll leave it there :)

I'm always happy to have a chat about the local market, DM me if you'd like to connect.

 @Marc-Antony F. reach out to @Tim Swierczek

Reach out to Tim Swierzcek.  He can help you.  I tried to tag him but I'm on my phone so it's not working.  Dm me for his info if you'd like