All Forum Posts by: Keith Albrecht

@David Moore Mo , Thank you for your response. The education system around that area isn't the best by any means, hopefully it will get better with time but I'm not going to try to make that gamble just yet. Honestly, the views and the proximity to the city is what I was impressed with. Do the properties you own come close to the 2% rule?

@Chris Christianson I appreciate you taking your time to reply to my post. I agree with you, about knowing my market. There is more stability with families which is very appealing, but I wouldn't fell as bad about having to evict select singles and couples without children. How many properties do you own in Minneapolis? What areas do you think are the best to invest in?

@Bret Lorenson  Thank you for your response, I really do appreciate it. Your insight into the age of the house has brought some perspective and added a new piece of vital criteria to my list. I've noticed in a couple of the houses I looked at there were foundational problems, that coupled with the age of the building is a guaranteed recipe for disaster. Also the geographical location was helpful as well. Do you own any properties in Frog Town? Or have you looked at any?

Once again that you all for you time. I just started school again so my time has went from plenty to scarce. One good thing is that now I have several teachers, who are all experienced in different parts of the business world, who are helping me with the vision of my business plan and a couple are also going to help with in the acquisition of funding.

Kindest regards,

-Keith Albrecht

I have to get better at proof reading before I post. Sorry for improper grammar and punctuation. 

Good Afternoon,

I'm looking at buying my first duplex in one of these three areas. Thomas-Dale (frog town), Dayton's Bluff, or Payne and Phalen. Does anyone on BP own any multifamily homes in these areas, and if so are there places to steer clear from. I've done my due diligence and have driven the areas and looked up the crime reports on-line and so far there are a couple rough areas that I've found but compared to other cities in the U.S. these areas are hardly considered dangerous to me. Minnesota has also build a new public train which just opened a month ago to the public, I'm guessing this will bring value to the areas it operates, is my thought process valid? Any information would be very helpful.

Here is my market research for the area, MN unemployment 4%, vacancy rate 2%, average cap rate 10%. Crime rates for the past 30 days; Frog Town 174 (reported) or 11.6 per 1,000 people, Dayton's bluff 195(reported) or 11.8 per 1,000 people, Payne-Phalen 257 (reported) or 8.4 per 1,000. How do these numbers compare to other cities in which people invest?

Also, can anyone refer a good CPA local to St. Paul?

Welcome to BP

Hey @Brandon Turner thank you for the OUTSTANDING podcasts you've made, I listen to them over and over and over! I've started writing my business plan from research from this site, there is so much information to learn and not enough time in the day. You have inspired me and I want to thank you personally.

-Keith

@David Moore thank you for warm welcome and I just want to ask you if you had any tips when approaching investors.

Thank you all for the warm welcome!

Good Evening Bigger Pockets Members,

I've been a member for about a month now and have been soaking up all the information that I possibly can from this amazing site. Everyone here has done an amazing job networking and sharing the rewards and horror stories of REI. I'm excited to meet local investors in the Twin Cities area that can help guide me on this long and treacherous journey.

A Little background on myself-

One year ago yesterday, I was honorably discharged from the Marine Corps after 8 years and 7 months of duty. My first 4 years I spent in the infantry with 2nd Battalion 5th Marines. The last 4 years I moved into the Marine Corps Bomb Squad as an Explosive Ordnance Disposal Technician stationed in Hawaii. There is not doubt that I learned a lot of very valuable lessons while serving but I needed to break away from that stability.

Upon my discharge I immediately started working at Village Lawn Service, which is owned by my family, and enrolled in college full time. Over the winter I hurt my knee by  standing up, that's when I realized I NEED to explore different avenues of wealth building. So, last month I started K&K Estates with my wife, a licensed real estate agent with Keller Williams. Our focus is on multifamily homes for cash flow and from my research we have found a couple properties that meet the criteria.

Yesterday I signed a purchase agreement for Village Lawn Service giving me part ownership of the company. According to a lender, because I did this it is going to set me back another 2 years before I will be able to count my income towards getting a loan. This has only added fuel to my already unrelenting determination. My road in life has not been easy, like most I have scars to prove it, and I welcome adversity with open arms. After all, if we all had everything handed to us we wouldn't really be able to appreciate our accomplishments.

My goal over the next 20 years is to build K&K Estates into one of the largest REI Groups in the Midwest. My goal with Bigger Pockets is to network with like minded people and to learn and retain as much information as I possibly can. Thank you for your time and if you are local to the Twin Cities Metropolitan area I would love to meet.

-Keith Albrecht