All Forum Posts by: Joe Schaak

Advice needed : I have an older duplex in Minnesota that has had all the radiators removed. The old boilers are shot as well. I’m putting in a heating system from scratch.

Electric heat is the least expensive to install. Does electric heat make the property less valuable upon resale? More importantly, does it make it less attractive as a rental? This property will be a Class C property.

Great single level living in a 2-bedroom bungalow in the hot West 7th neighborhood. This is mostly a cosmetic project. Other 2-bedroom homes in the W 7th area have sold for up to $200k. This great location is walking distance to the new Keg & Case shopping and restaurants at the Schmidt Brewery, Mancini's Charhouse, grocery store, walking paths, parks, across the street from elementary school, etc.. It needs some simple cosmetic updates to reach its full potential. Tons of custom built-in cabinetry, hardwood floor (in living room), and great layout. Roof less than 8 years, boiler replaced '04, huge 2-car garage, fenced yard. Buyer to purchase as-is. Please Reply to schedule tour/inspection requests or ask questions. TISH to be completed prior to sale.

http://bit.ly/2xIlWY4

Really looking forward to this! Can't wait to meet other Eastern Metro investors ~

@Casey Andersen I work with Max Pizano at Pizano Insurance Agency. Feel free to PM me to get contact info if you'd like.

He gets raves from me (I use him on 90% of my deals including rentals) and from my lenders.

Great idea, @Matt J.! I was just thinking about this the other day.

@Tim Swierczek has a good point - although any place East will shorten our drives significantly! 

Let me know if I can help with anything.

Maybe people can sound off where they're coming from. Me = Stillwater.

@David Moore Great deal! Nicely done and smart to dig deeper to find it.

@Andy Saquing Yes, there are HOA fees but I've figured those in to my numbers already. And - YES! - finding a GC that "gets it" makes everything worth while.

@Bo Kim I had the fortune of already owning a very similar unit in this complex so it made this purchase a no brainer. For the prior property, I estimated the repairs and did a thorough study of the sales in the previous 6-months as well as what the rental market within the area was dictating for a 2-bedroom place. Then, truthfully, I used the BRRR calculator here and moved forward. And - yes - it looks like I'll be able to pull all my equity out of the property on refinance.

Thanks to @Dennis Zwirchitz for bringing this deal to me. Great to help out a charming couple that was overwhelmed with their sister's property after she passed away. And great to meet such a great guy like Dennis! My main contractor flaked out soon after I purchased this property and it took a while to qualify a new one. However, the results are terrific (and I found a much better GC!). Purchased for $79k; repairs approx $13k; monthly rent $1240. I'll refi next month and should be able to pull my equity out. 

Check out the Before/After photos here : 4844 Grenwich Townhome