All Forum Posts by: Jeremy Host

Are the HUD requirements for a property the same nationwide or different for specific certain areas?

I have a list of items my PM is recommending to meet the section 8 standards, I want to make sure all of them are necessary. For example I have seen some landlords removing blinds and not providing window coverings.

Thanks

Quote from @Nathan Gesner:

I did this before in a multi-family. If you are charging for the storage then their belongings should be secure. Make sure they store only in the designated space and that it doesn't overflow. You may want to create a storage agreement with rules about what can/cannot be stored, security, liability, etc.

Thanks for the advice! I will definitely partition off so they have designated space that they can lock so it is secure. Nice thought on the agreement and what can and cannot be stored, I hadn't considered that.

Quote from @Joe Schaak:

It's a great idea, @Jeremy Host. I own several duplexes in St Paul and the East Metro and always look for this opportunity. The amount depends on the size of the storage unit but mine range from $15-25/month. I'm sure you could ask for more but I want them to be utilized fully. If it's possible, I also enclose the furnace and water heater so that they aren't readily accessible (the tenants have access). Hope this helps!

Certainly does help, thank you!

Welcome to the BP Community!

My wife and I are newer to investing too (closing on our first duplex in two weeks, also have a short term rental) so I certainly understand the anxiety that you are feeling right now as well as the overwhelming feeling of where to start this journey and wanting to do it as soon as possible. A few of my recommendations based on what I have experienced over the last year or so of searching for our first buy and hold property.

1) Choose a path that best fits your goals for the lifestyle you envision. There are so many options in real estate: buy and hold, BRRRR, fix and flip, wholesaling, etc. You will find a lot of information on this website, Youtube, or Facebook groups that will help you choose your right path. Some will say that "This is the best way!" In my opinion there isn't a right or wrong answer.

2) Focus on networking and becoming well educated on your chosen path. We spent over a year looking at places and evaluating hundreds of properties before we landed on our duplex. I finally figured out I needed more help and reached out on here and Facebook groups to help connect and met people over coffee just to talk real estate and we ended up landing our first property a month later.

3) As you are networking and researching, spend time building a good list of contacts from Lenders, Insurance Agents, Contractors. Reach out and say you are an investor and you are interested in hearing about what their business offers. Get pre-qualified with lenders too so you are ready to move on something right away.

4) Get creative with saving, there are hundreds of videos about side hustles online to make extra cash. There are also hundreds of videos and books on how to invest in real estate with little or no money down.

I am by no means an expert and there are plenty of people on here that have way more experience than I do, but I am not much further along then you so it is fresh in my mind what its like to buy your first investment property. Good luck!

Hello,

We are closing on a duplex in St. Paul, MN next month. The basement is pretty large and unfinished, I plan to put in laundry down there for the tenants but will still have plenty of additional space. I was thinking about sectioning off two areas (one for each unit) and offer additional storage space for a fee to each unit since there is not a lot of storage in the units themselves and there is no garage either. Has anyone had experience with this and how much you charge?

Thank you

@Paul De Luca Thanks for that insight, I will definitely look to connect with other investors to compare numbers. I guess I just assume that my numbers are close to accurate based on the number of deals I've analyzed and research time I have spent on the subject but I could definitely be too conservative which is pushing me away from deals. I know when we were looking for fix and flips there were two properties in particular where I was way to conservative on ARV and missed out on two good deals because of it.

I am a newer real estate investor and my biggest difficulty in starting to develop my portfolio is finding the right deals. I have developed detailed spreadsheets and done a bunch of research of on analyzing a deal but I am having a tough time knowing where and how to look for the right deal. The MLS is difficult and the competition is pretty fierce. All the online experts and people on BP Podcasts seem to find deals with ease, and I know it is a snowball effect once you find 1 and 2, then 3, 4, and 5 become easier and so on.

I am currently in search of small multifamily in the Minneapolis Metro area and would love to connect with any local RE investors or wholesalers and discuss methods they use for finding deals. I am willing to help in analyzing deals or offer insight into rehabs/budgets or construction related questions as I have been a General Contractor for a large construction company for 10+ years specializing in industrial/commercial construction (it is a pretty easy transition to residential).

Reach out, I would love to chat!

@Daniel Anshus We would love to be introduced to some local investor groups! Tonight isn’t going to work but we will certainly connect and go to meet ups in the future.

Thanks!

My wife and I are new investors in Minneapolis looking to network with lenders, wholesalers, contractors, and fellow investors. We have one short term rental property and we are looking to expand into BRRRR and/or Fix & Flip.

Reach out and say hi!