All Forum Posts by: Johnny Nelson

Hi Amy - I'm also looking for an offer to purchase letter (from an elderly business owner). Would you mind sending me your letter as well? 

Hi Geoff! No I removed it. 

The reasons were many, but leading that decision was it was built tight to the house on one side and abutted the property fence on the other, and there was no other property access from front to back. Also there was old concrete sidewalk grading issues underneath the ramp, which was pitched to shed water TOWARDS the foundation, (not good). 

More generally, to take an old house built circa 1900 and ensure it could meet all (or even some) of the modern ADA requirements wouldn't even be practical. The floor layout was just too small to functionally accommodate. The conclusion is that if I couldn't advertise as Accessible and take advantage of that small market niche, then there truly was no point in keeping it from the Accessibility perspective. 

Been driving for dollars lately and realized the need to have the documentation ready in case an owner is willing to engage. Anyone willing to share or point me in the right direction on this or other sites?

Hi Mark - I'm looking for more info here as well. Unfortunately no one has been able to share anything yet. DealMachine's prices are kind of high. They should probably should have a better tiered payment system. Their lowest level barely offers anything of value

OMG I havn't been on BP in sometime, mainly because I've been so busy working on the rehab haha! 3/4 Finished, still have to finalize the upper unit. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Minneapolis.

Purchase price: $289,500
Cash invested: $45,000

Older duplex in a desirable area. The structure has good bones but still needs plenty of love (i.e. $$$). I'm running the rehab and even doing some of the work myself.

What made you interested in investing in this type of deal?

Continuing our REI pursuits from a start around year ago, this was the next deal that made sense.

How did you find this deal and how did you negotiate it?

MLS, nothing very special.

How did you finance this deal?

Construction + Purchase price loan. We'll refinance at the end of the construction period.

How did you add value to the deal?

Ongoing, but significant outside groundwork and water management issues will be followed by updated kitchens and baths in both units.

What was the outcome?

Ongoing

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jordan Moorehead was my agent, and he's the best!! Also Tim Swierczek was my loan officer and was absolutely key in the success of this transaction as well.

About to rehab a duplex, which has an access ramp but the ramp needs work, and cramps the front yard and will require ongoing maintenance. Should I remove or update? What are the pros vs cons of having a rental property with special access, from a business perspective firstly, or from some other perspective I'm not even considering? 

Many great ideas, guidelines, and comments from everyone! Thanks much for the great feedback.

About to close on a duplex, one side already rented. Can (or should) I raise the rent, practically speaking, and of course, legally? It’s several hundred below market value.

Thanks Brad! That's exactly what I was looking for. Thanks for the link and the reply.