All Forum Posts by: Krissie Poplin

Investment Info:

Small multi-family (2-4 units) note investment investment.

Purchase price: $130,000
Cash invested: $17,000
Sale price: $155,000

This is a side by side 2 story duplex on a large lot in a quiet Brainerd lakes area neighborhood.

What made you interested in investing in this type of deal?

My brother & sister in law were interest in investing in their first rental property and were unsure how to get started, so we found this property and co-invested with them.

How did you find this deal and how did you negotiate it?

We found this deal through a friend who had a brokerage in that local community.

How did you finance this deal?

This deal was financed on a 30 year conventional mortgage with 25% down. The down payment was split 50/50 with my in-laws.

How did you add value to the deal?

We provided knowledge and experience.

What was the outcome?

We owned this property for almost 3 years and got great cash flow. We sold at the peak of the market for a profit that was split between us and our in-laws.

Investment Info:

Single-family residence note investment investment in Wadena.

Purchase price: $53,500
Cash invested: $25,000

This property is a single family 3 bed 1 bath home with a finished basement & an attached garage in a small community. It's located in a quiet neighborhood right across from an elementary school.

What made you interested in investing in this type of deal?

This was our very first deal ever.

How did you find this deal and how did you negotiate it?

We found this deal as a foreclosure in our local community. We actually put in an offer at asking with a 30 year conventional loan and somehow we lucked out and got it. Still forever grateful for this deal, this started our investing career.

How did you finance this deal?

This deal was financed with a 30 year conventional loan with 20% down.

How did you add value to the deal?

We had to rehab this property by cleaning, repainting, installing new lighting, removing mold from the basement, and installing new plumbing. We invested $10,000 in cash into the rehab.

What was the outcome?

We have since done a cash-out-refinance on this property and used the funds to invest in another multifamily property.

Investment Info:

Small multi-family (2-4 units) note investment investment in Wadena.

Purchase price: $122,500
Cash invested: $34,000

This is our second real estate investment. This property is a duplex. Each unit has two bedrooms, one bath, and an attached garage. The property sits on over two acres in town across the street from Sunnybrook Park.

Investment Info:

Single-family residence note investment investment in Wadena.

Purchase price: $75,500
Cash invested: $17,000
Sale price: $125,000

This property is a single-family 3 bedroom 1 1/2 bath with an attached garage. The home sits on a large lot in a quiet neighborhood on the edge of town.

What made you interested in investing in this type of deal?

The property had a great layout, and it needed cosmetic updates.

How did you find this deal and how did you negotiate it?

We actually got this deal from making a contact from a local investor when we purchased a duplex in the same community from them.

How did you finance this deal?

This deal was financed on a conventional 30 year mortgage with 20% down.

How did you add value to the deal?

We invested $20,000 dollars into rehabbing this property. We installed vinyl plank flooring throughout the main level, new interior doors, trim, a shiplap wall in the living room, new paint, new recessed lighting, new kitchen cabinets, counters, appliances, sink, and landscaping to the exterior.

What was the outcome?

We invested $17,000 initially, then another $20,000 in rehab for a total investment of $37,000. We sold the home for $125,000, profiting $41,000 off of the deal.

Investment Info:

Small multi-family (2-4 units) note investment investment.

Purchase price: $250,000
Cash invested: $32,000

This is a two story split level property with two units upstairs and two downstairs. There is a commons area with a coin operated washer and dryer, which provides an additional income for us.

What made you interested in investing in this type of deal?

My husband and our co-investor (my brother & sister in law) were looking for a multifamily unit larger than a duplex as we have never purchased one before and love the convenience of the multifamily properties.

How did you find this deal and how did you negotiate it?

We found this deal actually on Facebook and negotiated it.

How did you finance this deal?

This deal was financed on a conventional 30 year mortgage.

Investment Info:

Small multi-family (2-4 units) note investment investment.

Purchase price: $250,000
Cash invested: $32,000

What made you interested in investing in this type of deal?

My husband and our co-investor (my brother & sister in law) were looking for a multifamily unit larger than a duplex as we have never purchased one before and love the convenience of the multifamily properties.

How did you find this deal and how did you negotiate it?

We found this deal actually on Facebook and negotiated it.

How did you finance this deal?

This deal was financed on a conventional 30 year mortgage.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $75,500
Cash invested: $17,000

This property is a 3 bedroom 1 1/2 bath with an attached garage. The home sits on a large lot in a quiet neighborhood on the edge of town.

How did you find this deal and how did you negotiate it?

We discovered this deal by being approached by the same couple my fiancé and I purchased our last duplex property from. They were trying to sell all of their investment properties in Minnesota, so they could move to their dream home in Montana. This was their last property in Minnesota that they had to sell, and they loved the idea of passing it on to young investors like my fiancé and I.

How did you finance this deal?

We financed this deal on a 30-year fixed conventional mortgage with 20% down.

Investment Info:

Small multi-family (2-4 units) commercial investment investment.

Purchase price: $122,500
Cash invested: $34,000

This is our second real estate investment. This property is a duplex that we rent out to two couples. Each unit has two bedrooms, one bath, and an attached garage. The property sits on over two acres in town across the street from Sunnybrook Park.

How did you find this deal and how did you negotiate it?

We discovered this deal from driving past the property. The couple that my fiancé and I purchased this property from were selling it by-owner. They were trying to sell all of their investment properties in Minnesota, so they could move to their dream home in Montana. Once we met with the couple and we over their profit and the number, we were immediately interested in the idea of a multi-family home.

How did you finance this deal?

We financed this deal on a 30-year fixed conventional mortgage with 20% down.

How did you add value to the deal?

We added value to this deal by updating some light fixtures, flooring and faucets.

Investment Info:

Single-family residence commercial investment investment.

Purchase price: $53,500
Cash invested: $25,000

This property was my fiancé and I's first rental real estate investment. We bought this home as a foreclosure with a 30 year conventional investment loan. We spent one month rehabbing this property to bring its appraisal value up $30,000 with only $10,000 invested into the rehab.

How did you finance this deal?

We financed this deal with a 30 year fixed conventional mortgage. We put 20% down to secure the property.

Lessons learned? Challenges?

Throughout the rehabbing process we've learned that it's definitely OK to contract out some of the work, if not all, on a foreclosure.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

We worked with an awesome lender in Baxter, MN at First National Bank North. His name is Troy Friberg and he has helped us finance three 30-year fixed conventional mortgages on our properties.