All Forum Posts by: Kyle Vogt

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Detroit Lakes.

Purchase price: $90,000
Cash invested: $6,000

Large Triplex built in the late 1800's. Two of the units are 1 bedroom, 1 bathroom and one unit is 2 bedroom, 1 bathroom. Located in really nice neighborhood walking distance to almost everything in town (small town).

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

My original investment strategy was (and still is) buy and hold. i wanted to "BRRRR" properties and this one fit the criteria.

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

Driving for Dollars, the person i purchased the property from was also an investor and started his real estate career the same way in the 80's. He was really easy to work with, excited for me to start my career in real estate, gave me great advice and answered a lot of my questions.

How did you finance this deal?

I used an FHA loan at 3.5% down with the intent to live in the property and house hack

How did you add value to the deal?

i used an unsecured line of credit ($10,000) to update the 2 bedroom apartment, plumbing, electrical, paint and flooring. i did most of the work myself

What was the outcome?

i was able to bring rents up 26% from $1,575 to $1,985. I am currently working on refinancing.

Lessons learned? Challenges?

Lessons learned are that it will be much quicker and (probably) less stressful to hire out the work that needs to be done. I spent a lot of time learning how to do things and spent unnecessary amounts of money fixing my mistakes. i am glad i did this on my own to know that i can do it if needed though

I’m just wondering if there is anyone currently investing in Dahlonega Georgia? It seems like there are opportunities there but I’m unsure of the market, prIces range from 2 millIon to 100k. I was told Dahlonega Is a great area but I haven’t had a chance to see for myself I’d like to buy rentals there. If anyone has some info it would be much appreciated Also the company I work for has a plant in Dawsonville so I’d be willing to meet up with anyone the next time I’m there.

I’m currently looking for recommendations on a Property Management Company in Thief River Falls, MN 56701. I’m not from the area and figured I would start here before calling companies from google. Any and all recommendations will be much appreciated. Thanks!

Hey Matt,

There is a monthly meet up every first Monday of the month at 6pm. They are usually at Keller Williams inspire reality office in Fargo, This month they are meeting at a flip property in south Fargo.

 If you search "Fargo Moorhead Real Estate Investing Meetup Group" on facebook, ask to join and you can see all the meetups.  

Tim Campbell thank you! I keep trying to find more information on wholesaling in Minnesota and what qualifies for a limited brokers license, I just couldn't figure out if getting a house under contract then doing an assignment would qualify as 'buying and selling' and it's hard to argue with a lawyer considering it's his job to know the laws but also I don't think he is very experienced in real estate so I may need to look at finding another lawyer. Do you have any suggestions for someone just starting out?

I'm looking to see if I can connect with anyone wholesaling in Minnesota. I spoke with a lawyer today about it, I'm not sure how much experience he has with real estate or wholesaling but he told me from what he found in his research that it is his professional opinion that I need to become I licensed broker to be able to wholesale in Minnesota. Can anyone tell me if this is true or not?

Suzanne Griffiths thank you again! Now I guess I just need to get started!!

Matt Lennander I think that is the approach I'll take it does seem to be less risky- you already know what they want so it's pretty much a done deal if you find what they request. The only thing I think might be an issue with that is that my area is small and I don't know how long it might take to find a property that is close to what they request but I guess it might not actually be an issue either, since I haven't looked for any deals yet for anyone. Just kind of thinking out loud there. Thank you for your input! Suzanne Griffiths I met with an attorney today who has a title company that he works with so I think I have those two lined up already. I am looking for an accountant right now and taking suggestions from anyone that might point me to a good one. Do you think there is any need for a real estate agent or anyone else that could help me start? I really appreciate your help!

Suzanne Griffiths thank you! Glen Dall I'm thinking just around the Detroit lakes area, I don't know if you're familiar with it but I'm not far from the Fargo/Moorhead area which are much bigger and there might be more opportunity there. But for now, just getting started id like to keep it here in Detroit lakes. Any advice?

Hey everyone, I'm new to real estate, always wanted to get into it but haven't put much effort in until I read 'rich dad poor dad' a couple months ago than found bigger pockets, since then I have been listening to podcasts and reading a lot of material. From what I have read- I'd like to get into wholesaling in my area and make that my main business but in the future get into buy and hold properties. Currently I'm trying to learn as much as possible about wholesaling and would appreciate any stories (good or bad) other wholesalers have about how they started. Also advice on how to build a team i.e. who I should start with and who isn't necessary. I see some people suggest getting together a buyers list first, find out what they want then find the deal, while others suggest finding the best deals first and the buyers will come, does anyone have an opinion on if either method is best depending on how big/small your target area is? Anything helps!