All Forum Posts by: Leana Ruggles

Quote from @Nadeem Alamgir:

Hey Leana, you should try interviewing some investor friendly agents who specialize in sourcing off market deals. They have deals you can look at with better margins and less competition compared to on market. 

 Thanks for the advise, I am trying to build a strong team to work with at the moment and have already found a few very helpful people through bigger pockets! 

@Jennifer Ayers 

Awesome, I will definitely check into that, thanks again!

Quote from @Jennifer Ayers:

You could check out Furnished Finder if you find a property close to a hospital. The website specializes in visiting/temporary nurses, an option if you didn't want students. 

Thanks for the suggestion! Would this be a viable option for hospitals of any size? Or does it need to be one in larger cities? From the little I've learned, it seems like it needs to be hospitals with a high need to bring on more staff/nurses but I'm not sure if local clinics would have that much of a need. I would hate to set something like that up and then have super high vacancy rates due to little demand in my area. How would you go about looking into demand in certain areas? Do you recommend calling the hospitals HR departments to get in contact with their housing recruiter or are there websites you can find that on?

 I will definitely check that out, thanks for the recommendation!

Hello, I don't really have a specific market that I'm looking in right now (which I know isn't super ideal), I've lived in most of the major areas around Minnesota. So I would feel fairly comfortable investing in the twin cities market all the way up to Duluth. As long as I can find a property that makes the numbers work, I'd be happy. I'll get in contact with you to see what you think the best option for me is, thanks!

 I appreciate the advice, because of the low availability in this area for multifamily homes with separate units, I thought room rentals could be a solution. When I was thinking of who'd want to rent just one room, one of my only thoughts were college students. With the college close by I figured demand would be fairly good.

You said it's more of a challenging market and it's clicky, is that in regards to finding and keeping tenants happy when it comes to multiple personalities? Or are you referring to there already being a lot of student rentals available, therefore the rent is closer to $300-$400 per room? 

Honestly, I am definitely open to other options, that's just the one that stood out to me as far as bringing in cash and learning to work with tenants while keeping my down payment low and being able to live there (house hack). 

Thanks again for the advice!

Hello, I think right now I would like to try to find something in Minnesota to start out with as I have somewhere to stay throughout the process and know the area more. However, I am definitely open to out of state investing later down the road when I have more experience. I will keep you in mind when I'm looking to cross over, thank you!

 Will do, I appreciate the advice!

Quote from @Clayton Silva:

Definitely a great place to start! I started my investment journey with a VA loan and house hacked. What branch of service were/are you?

In the Air Force right now 

Hello, I am new to Bigger Pockets and seeking guidance with my first real estate investment. I think now would be a good time for me to invest because I don't have any debt at the moment, a decent amount of money saved up, good credit score, and I have access to VA loan benefits where I could get a very low down payment. I just need a little extra help with the next steps and figuring out all of the details needed to make it happen.

I would like to close on a deal by the end of this year, using either my VA loan or an FHA loan to house hack. Not super sure of the exact market I'd like to invest in mainly because I've had trouble finding listings on the market. But, currently looking around the Saint Cloud area where I could do room rentals for college students or into the twin cities area, but the property insurance and taxes are a lot higher there. I also wouldn't be opposed to using a 203k loan to finance and renovate a multifamily to house hack and rent out (I know it's a lot more work and harder to achieve but I think the potential could definitely make it worth while, especially with the up coming changes going into effect soon).

In conclusion, I've done some research but definitely open to any opinions and suggestions from people with more experience. Any tips or advice for what exactly I should be looking into or staying away from would be great. Additionally, if there is anyone in or around Minnesota that has any state specific advice or contacts, I would love to get in touch to expand my network. 

-Thanks, Leana