All Forum Posts by: Lindsey Iskierka

LA Southern REIA is a great place to start. You're able to just purchase a one day ticket (usually about $20) and they have a speaker as well as networking. You'll meet all kinds of investors, wholesalers, realtors, etc. You can decide if you like the group before becoming a member.

If you're interested in the Long Beach area for meetings, there's a meetup at The Grand in Long Beach by a group called FIBI (For Investors By Investors).  They meet once a month and you can buy tickets for just a day.  They discuss a topic in real estate and you get to network.  You can look them up on Facebook too, I believe they have a page with more information.  

Hope that helps!

Hi Alex, My husband and I have not purchased any properties in Duluth, MN. We had submitted about 4 offers, went into negotiations but in the end could not come up with a mutual buying/selling price. As determined as we are, we won't just buy to buy. It has to make sense for us financially but it's been a lot of fun throughout this process! Thanks for checking up and wishing you continued success in RE!

Hi Stephanie! Welcome to BiggerPockets and congratulations on turning to RE for your future investments! My husband and I just purchased a triplex here in Long Beach and are currently "House Hacking" and we love it! We want to buy a fourplex in the next year and also looking to buy out of state as well! If you need anything don't hesitate to ask us! P.S. my husband knows you from work! Lindsey

Hi Trisha! Welcome to BiggerPockets and best of luck to you in your RE goals!

@Travis Sperr Fantastic. Thank you!! 

Sent her a colleague request and private message. 

So my husband and I are "house hacking" currently by owning a triplex in Long Beach, CA; we live in one unit and rent out the other two.  

We've been looking for deals out of state in Duluth, MN near the University and Lake Superior.  

We found a cash-flowing fourplex that's updated and fully rented out.  We want to jump on this deal so we spoke to two local Minnesota banks and lenders; one never got back to us after speaking on the phone.  The other had us apply online and she basically said she couldn't help us.  

Our credit scores are both in the 700s, yet she said the bare minimum she'll accept is 740...is this standard??? We just bought a triplex this summer and our credit was not an issue at all.  

She also said we couldn't get any kind of loan for an investment property because our current rental doesn't have a track record of rental income? 

Basically she shut the door on us and said she couldn't help us. 

My husband and I both make good money (I'm a Realtor and he's in law enforcement), have good credit, and are looking for homes in price points far below our local Southern California market.  

Is this a fluke of a subpar lender?  Or is this a common rejection?  

We're ready to reach out to as many lenders as it takes to get approved; we just want to make sure we don't waste our time and have to figure out something else to buy our next property.  

Thanks!! 

Hey Bigger Pockets, 

My husband and I have found a cash-flowing 4-plex in the city we want to invest in (out of state for us).  

We're lacking the capital for the down payment and would like to do creative financing on this deal.  

Here's the link to the PDF report from the BP Rental Property Analyzer.  

PDF Report Minnesota 4-plex

Any insight, advice or recommendations for us to lock up this deal and raise capital would be greatly appreciated!  

Thank you! 

Hi Ryan,

I found this post and thought it was almost exactly as if my husband had wrote it.  Like you, he works in law enforcement and has a dream to earn enough money through real estate investing so he can retire if he so chooses to.  He works in the LA area, but he was originally born in the Twin Cities, MN and has similar goals to invest in Duluth!

We actually just got back from Duluth last weekend (my first time ever in Duluth, not MN) and he showed me the city and why he wants to invest in that town. It's a beautiful town!! His mother grew up there and still has family there.  My great grandpa came over from Sweden and built his own house in 1910 for his family!! We drove past the house and it looks exactly the same as it does in our old family photos.  

We both love the idea of investing in Duluth and met with an agent over the weekend and looked at a bunch of properties.  We are currently running numbers on a fourplex that we really have our eyes on.  

What kind of deals have you found up there? Are you still investing up there now? Have you made some good contacts? It would be great to share stories, bounce ideas off each other and maybe ultimately partnering on some deals!!

My husband and I hope to hear from you and stay safe in the streets!   

@Kevin Siedlecki

That definitely helps! From my understanding, CapEx deals mostly with properties having 5+units, not small multifamily? I thought that's what I read. All 4 units are occupied with long term tenants, but I should definitely factor that in. Thank you so much for your input and I'll check out your blog as well!

@Upen Patel

I understand now the requirement to live in the property for a minimum of 1 year. We'll have to strategize another way to acquire financing. If we were to do 25% down with the down payment coming from a private lender or hard money lender, would that be approved? Or does it have to come from personal accounts/IRA/savings, etc?