All Forum Posts by: Kelly Conrad

We used a Credit Union at have a %5 rate. 

@Jordan Moorhead I completely agree, we aren't banking on appreciation at this time, just cash flow, unless it's West Seventh! 

We're on he hunt for our first property, we just have to get in before the all cash investors come knocking!

Hey @Jordan Moorhead,

Gotcha, we're actually looking in St. Paul, but I totally get where you're coming from. The area's we're looking at tomorrow have a lot of Hispanic families and I have a friend who knows the area well and has given me some tips on things to check out and things to be aware of. 

I did take a peak at North, but knowing that the area values won't really be improving, we decided to stay away since we likely wouldn't be making anything back upon selling in 5 years.

Thanks for clarifying for me, it's good to hear from another local investor!! 

@Anthony Hurlburt ah, I see. We're checking it out tomorrow, some places are getting better and so it goes block by block it seems

Hey @Jordan Moorhead! Could you elaborate more on what you mean if I'm ready to deal with that?

@Laticia Braxton Those are GREAT ideas! I will absolutely do that! Thank you so much for your insight!

@Keith Smith I agree, it sounds like they've been using this same person for a long time and really like her. I'm thinking if we want to do this after seeing the place in two days, that we'd want to talk with the property manager just to see what she's like. We're fine to let her work her magic if it's been working and it doesn't mean hassle for us!

@Austin Fruechting so given the numbers I've mentioned above, you'd take that deal? Anything I should be asking about or anything? This is the first place we've encountered where someone is managing the place already.

Hey everyone! This property is duplex with an asking of 129,900 and has fresh leases for 1,025 and 1,000 that were signed in July. The tenants pay for water, heat, and electric, and the property itself is managed by a property management company. The person takes 1/3 of rent on the 1st month (when placing new tenants), and then $90/unit after. She handles maintenance, collection, filling vacancies, move-outs, and regular inspections. It sounds like we literally just sit back and collect cash for doing nothing. That rate looks to be pretty reasonable to some of the other prices I've heard of.

After running the numbers, it looks like this property as a monthly cashflow of about 426 and CoC ROI of 14.85% (I wasn't sure if I include her $180 as an additional expense or if I count the Property Management part of the expenses on my report. I just included both since I wasn't really sure). My question is, would I be dumb not to take this? I mean it almost seems too good to be true...I literally just buy the place and I don't have to do anything unless there is a serious issue that needs to be addressed.

Thoughts?

If you're a landlord in North End in St. Paul, I have some questions for you! I've been looking on Craigslist, but for anyone who is renting property around that area, are you finding good tenants? Do you have any trouble filling your properties? What are you able to get for rent (like 2 bedroom 950, 3 bedroom 1300, 4 bedroom 1400 etc)?

The neighborhood seems to vary block by block, some blocks look to be getting fixed up with others are looking more rough. 

I saw some properties for sale in the area so I'm hoping some of those landlords on watching this forum :)