All Forum Posts by: Joseph Griffiths
Joseph Griffiths has started 1 posts and replied 3 times.
Post: New Investor from Minneapolis
- Architect
- Minneapolis, MN
- Posts 3
- Votes 6
Thanks all for the warm welcome and suggestions! I'll be sure to follow up on those and I will reach out to connect and talk more!
Post: New Investor from Minneapolis
- Architect
- Minneapolis, MN
- Posts 3
- Votes 6
@Evan Kraljic Thanks for your suggestion! I should have clarified a bit. I would use OPM (family friend) to purchase the property (I would manage and live in it) and then when I qualify for a loan such as an FHA or low down conventional I would then finance the property myself. Essentially I am stuck waiting till the middle of June to qualify for financing which puts me in a tight window to find a property with my lease ending shortly after that. I will definitely talk to more lenders to see if they have any advice. Thanks!
Post: New Investor from Minneapolis
- Architect
- Minneapolis, MN
- Posts 3
- Votes 6
This post is long overdue for me. After reading many books and listening to all the podcast episodes I have finally come around to making an intro post. I have been reading the forums and going to a few meetups already (I would love to go to more). I plan on buying a small multi-family property within the next couple of months.
About Me:
I am currently a Senior in college at the University of Minnesota Twin Cities. I will graduate with a degree in architecture in May 2020. I am interning at a small residential architecture firm in Edina at the moment while I finish up school. I have worked as an exterior siding contractor and have built and installed various products for luxury homes around lake Minnetonka. I have also helped my dad construct various side projects for friends or family (most recent was a boathouse for our neighbor). I have always wanted to invest in real estate and feel now is a great time since I will be wrapping up school and I will have more time and capital to use.
Goals:
My current goal - To get a small multi-family house hack going before the end of August 2020 (when my current lease ends). Unfortunately, I do not qualify for a loan right now because I am in school and working part-time so I do not have enough income. However, I did find OPM to use and it would be all-cash up to 300k. So I currently started looking for properties with the intention of buying instead of just running the numbers for practice.
Long Term Goal - I want to acquire a few multifamily properties that generate enough passive income so I have the option to quit my job (around $4000 a month). Once I achieve that I want to start scaling up my business to tackle larger properties such as a 15 unit building or partnering for even larger complexes.