All Forum Posts by: Lee Gierszewski

I'd definitely be willing to work with you. I've got multiple rental properties in Bismarck/Mandan currently. I'm relatively new to the rental investments but I have a decent size portfolio. I'm also a licensed Real Estate Agent here in Bismarck, so if there's anything you're interested in, feel free to give me a holler.

Are you looking for a Multi Family in Bismarck or out in Rogers, Mn?

I invest in Bismarck. There are some deals to be had here. I’ve picked up multiple properties in the last year. I’m a real estate agent as well. So if anything peaks your interest around Bismarck, I’d be glad to help

Some of it will depend on how old the property is. The older it is, the more problems seem to "pop up". I would try and keep at least $5000 on hand just in case something like a furnace decides to crap out on you or a tenant floods a unit and you need to repair that.

If you can do the sweat equity & all it really costs is materials, I'd say go for it. There's no way it can hurt the resale value and it could be a selling point in the future.

Back in early April i received a call from one of my properties claiming that there was water gushing out of the ceiling. I get over there & water is pouring out of the radiant heat system underneath a window. I shut the water off & investigate where the water is coming from. There was an approximate 1 inch split in the 3/4in copper piping. When the plumber came over to fix he stated right away that it was from the water freezing up in the pipe and then splitting the pipe under enormous pressure. Naturally the tenant claims they didn't have the window open. The temperature that night got down to 0 degrees farenheit. I sent the $2000 cleanup bill to the tenant for negligence and she is refusing to pay claiming that my homeowners insurance should cover "old pipes." 

Who do you think should cover this expense?

How should I proceed from here?

@Rohith Janga Yes, he was pretty motivated. Most properties around here that come up for sale on the MLS don't even get to the 1% rule. All of his properties were well above this. We met with him a couple times just to talk & he basically said he wanted to travel more to see his grandkids and it just wasn't feasable to try and maintain the properties as well.

Yesterday me & a partner closed on 6 separate properties/19 total units! I had found a local guy that wanted to retire on a local website. He had 9 properties for sale. We negotiated to take six of them for just under one million dollars. Then we had to get creative to come up with the 20% down. It took us a while, but the weekend before the closing we had gathered enough funds to purchase. When we initially agreed to a purchase price, we thought our price was good & we had instant value. When the appraisals came back all of them were over purchase agreement price except for one that came in real low. So we negotiated an even lower purchase price. Now as of closing according to the appraisals we have $112,000 in equity in the properties, which leaves us with about $90,000 to pursue other deals when we find one. After running the numbers, all of the properties were cash flowing around $4000/month total at our negotiated price. I couldn't take this deal down by myself so like Brandon Turner says: "50% of a good deal is better than 100% of no deal!"

Nice job dood! I plan on doing the same thing as soon as possible. I just became a real estate agent in January and finally have my 1st listing ready to go. I'm also in the process of closing on 6 properties, 19 units this coming Monday. I'm almost to the point of replacing my 9-5 income never to go back!