All Forum Posts by: Jon Peterson

Hello!

I am looking for a local CPA who has experience dealing with Real Estate investors who do both flipping and Rental property ownership. Preferably someone who is able to help advise on optimal business structures for the various ventures.

Thanks in advance!

 Hey Michael-

I did pull the trigger on the deal, and so far, I am quite happy with the deal. I ended up getting it at just under 150k. There is a clause in the lease that increases the rent every year on Jan1, so now we are up to 1850$ in rent. Rent is direct deposit through their company. The area is a solid A neighborhood with lots of development happening near-by, and since the local market has gone up and since I bought right, I could turn around and sell if I wanted to and do pretty well. 

As for the day-to-day running of the house, it is almost 100% hands off for my sake. The Corrections company handles everything. At most, there are 3 occupants in the house, though there are many months when there are zero, and more often there are only 1 or 2. The Corrections company takes care of all wear-and-tear and maintenance. The average occupant is there less than a month, and they treat it sort of like a hotel...respectful, with very little use to many of the spaces of the home. There have been 6 month spans where I don't hear anything at all and will only go over once a month just to check on the place. 

The one caveat I will say that I have learned is that you need to check in on the place more-so than with a regular rental. In a regular rental, a tenant will tell you very quickly if something needs repair or immediate attention. At this place, the occupants keep to themselves, or the place can be vacant, so latent problems could snowball into worse things if you just "set it and forget it" and don't check in on the place.

Feel free to reach out if you have any more questions on the place.

Thanks!

Awesome work! Its good to know that there are still deals out there for people willing to put in the time/effort!

Hello BPers!

I have a few long term rentals, but am thinking of buying a SFH to use as a short-term rental. Does anyone in this community have any experience with this? If so, what neighborhoods have you found to be best? Would you be willing to share a broad generalization of the financials? Do you prefer it over long term buy-and-holds? I'm looking to get educated, and talking to folks with experience is the best way I know how! Any input is welcome, and thanks in advance!

Hello community!

I am wondering if anyone has bought any Occupied properties from auction sites recently. Hudson and Marshall, Auction.com, Hubzu, all seem to be selling a lot of homes that have just been foreclosed on, with the redemption period 4-5 months out. You are buying these houses site unseen.   Any history or experience is greatly appreciated!

Any background info on how the foreclosure process affects this experience is appreciated as well.

Thanks!

Hello BP community! 

I am undertaking my 3rd flip in the twin cities area, but my first that needs some SERIOUS exterior work. Windows/Roof/Siding/Soffits/Fascia/etc. Does anybody have a group that they have worked with in the past that might be right for this kind of a job?

Thank you in advance!!

Hey guys-

Anyone have any experience with rentals over in North Minneapolis? I know that this area has historically been somewhat of a war zone, and definitely still is at points...but there are definitely some areas that are coming up. I am more of a Saint Paul guy, and am trying to familiarize myself with Minneapolis neighborhoods better.

Just wondering if anyone has any suggestions for specific pockets in North Minneapolis that they are liking these days?

Thanks in advance!

Hey guys-

Wondering if any of you have had interactions with Auction.com. I've read some of the other biggerpockets posts about peoples' experiences, but I'm looking for something more local. Any info is helpful...i.e failed bids, success stories, horror stories, etc.

Thanks for the input. There are requirements for parking space. We would need to at least add a parking pad which will already be in the 8-10k range. So in that sense, a garage wouldn't be that much of an expense on top.

Hey Mike-

Thanks for the reply. Unfortunately, there aren't many (or any) comps without garages. This is a very solid neighborhood and there isn't a huge inventory of duplexes. And the ones that are there all have had a garage.