All Forum Posts by: Kerry O'Neill

Hi all -- First off, thank you all for the feedback and sound critique of my approach so far. I completely agree that I'm unlikely to find a 'unicorn' in the areas I've been looking so far. I have seen plenty of properties I could have purchased so far but none of them have fit my cash flow requirements.

Based on the feedback I've received, I think I need to adjust my strategy to include one or more of the following:

1. Look outside of the hot zones of S. Minneapolis, Northeast, or St. Paul. I could definitely get into a turnkey property in any of these areas but it wouldn't align with my financial goals.

2. Purchase a distressed property for a lower amount and improve it via cash/FHA 203k program. @Ryan McMonigal -- good suggestion on single family properties; I haven't been looking at those but the idea is sound.

3. Continue business as usual until I find something that fits my cash-flow requirements -- ideally, I'd be living for less than rent/hopefully free and could use the savings to put toward capital expenditures/improvements or another down payment. This may not happen in the near term so diversifying my strategy is required.

Again, thanks all for the feedback; it confirms a lot of my observations so far and has given me a lot to think about. I'll keep researching, learning, and contributing to discussions on here where I can. I'm excited to learn and hopefully find a property that's a good fit!

Hi all-

Just dropping in for a friendly 'hello' to the community. I'm currently looking at getting started in real estate with a few (2-4) small multi-family units.

As a first step, I'd like to get into an owner-occupier duplex via an FHA loan. I've been looking at properties since mid-April (4 months) via a realtor/the MLS. I've been primarily looking in South Minneapolis and Northeast Minneapolis and am open to St. Paul as well. Given my work and lifestyle, living in the urban core makes the most sense to me.

While I haven't been looking that long, it seems like I may be looking for a unicorn. I've seen several properties with multiple offers on them that are extremely expensive given the rental income they'd likely generate. I've really only seen one property that would generate decent cash flow (on paper) and likely had low near-term capital expenditure requirements, but it sold within a day (an offer was actually accepted while I was driving up for the showing). I expect to have to wait until off-peak real estate season (fall/winter)or longer -- and be quick when something promising becomes available.

I don't know a ton yet but have been impressed with this community and am open to suggestions pertaining to the Minneapolis area. I'm excited to learn more!