All Forum Posts by: Mario Russo

Thanks @Jordan Moorhead, I will have to check that out. Can you send me the link, having a hard time finding it. Do you work and live in the cities or are you based out of Austin? 

Thanks @Alyssa Strom for the reply, I appreciate it. My assumptions have been correct, the deals don't seem to be hitting the market like I'm seeing. Lot of stuff over priced. Ideally looking for western suburbs but those seem really hard to come by. Which areas of Minneapolis do you see the most appreciation/opportunity in? 

Hello, my wife and I live in Minneapolis and have one townhome rental. We love the long term buy and hold strategy and have dreams to buy more property - ideally a 4 unite multi-family property or larger. However, as I search online to find 4+ unit multi-family properties I don't find very much at all. Does anyone have any advice on how to get get into the multi-family game in Minneapolis? Correct me if I'm wrong but the multi-family inventory (4+ units) in Minneapolis seems hard to come by. Thanks in advance! 

Hello, My wife and I just put in a Google Nest Thermostat in our townhome. We are now about to rent out our place. I am curious to know if anyone has ever setup a good nest for their renter..?! How do I go about doing that? Do I need to assign the tenant as the primary on my account? Is there a way I can still be primary and just give the tenant access? Thanks for your help! 

@Pavel U. Thanks so much for the advice, I will definitely begin to compile the list. If you have any other words of wisdom, I would certainly take it - I am all ears. If you were me, would you do any outreach, prior to owning a property ,to these individuals? Or would it be best to just wait until I actually own a property and then start establishing relationships?

Thanks @Pavel U.. Really good advice. Talk to me more about what getting a team together actually looks like and means before I invest in a property. Am I calling around, talking to these individuals, asking about their services/prices, and telling them "Hey, when I'm ready to go, I'm going to give you a ring?" I'm assuming I can read reviews online before hiring them, but without actually having a property for them to do work on, won't they respond with something along the lines of "When you have a property that you purchase, give me a ring and we can talk?" Pardon my beginner mindset here, I'm trying to wrap my head around Real Estate investing as best as possible as a newby! 

@Tim Swierczek I guess this question goes for financing as well. How does one go about getting approved for financing without having to run multiple credit checks and taking a hit on your credit score? If you aren't sure exactly when you are going to find a property, but want to be "approved" essentially for when you're ready to make an offer, how does one go about accomplishing this? 

@Account Closed Thanks for the knowledge, this is really helpful! 

@Mark S. Thanks so much for the advice, this is good to know!

Thanks @Bruce Runn @Tim Swierczek @RandyBloch and @Alyssa Strom for your advice, all of this is really appreciated! I think I'll definitely have to open up my search quite a bit. Working with a Realtor is another great piece of advice. My hesitancy in doing that is that I'm not quite as familiar with these areas like I am with the ones I mentioned above (simply because I haven't lived in any of the neighborhoods outside of the ones I've mentioned above). 

At first I thought it was just me, but after hearing from you all, it seems like finding a good rental in the Minneapolis market is tougher than it looks given the demand and the acquisition prices. 

On a side note, are there any local meet ups that any of you guy attend on a regular basis that you would recommend for networking, educational material, etc..? 

Hello BP,

My wife and I live in Minneapolis and have been looking at purchasing our first investment property in and around the West Minneapolis area as we currently live here and these are the areas we're most familiar with. (Minnetonka, Plymouth, Wayzata areas). Our strategy is long term buy and hold, we even like the BRRR method and would be open to fixing up a property. Eventually we'd like to acquire 5-10 rental units to provide some passive income for us in retirement.

The market in Minneapolis is very strong. We are noticing that there aren't a great deal of multi-famly units available in these areas. We are seeing a lot of townhomes on the market but these don't seem to yield the best ROI and cap rate for after running a few numbers on them.

Does anyone have experience with rentals in the Minneapolis area? Whether that be a multi-family unit, townhome, house, etc... Would you be willing to share more about your experience in this market? What would your advice be for a young couple looking to acquire their first rental property?

Thank you!

Mario 

Hello BP,

My wife and I live in Minneapolis and have been looking at purchasing our first investment property in and around the West Minneapolis area as we currently live here and these are the areas we're most familiar with. (Minnetonka, Plymouth, Wayzata areas). Our strategy is long term buy and hold, we even like the BRRR method and would be open to fixing up a property. Eventually we'd like to acquire 5-10 rental units to provide some passive income for us in retirement.

The market in Minneapolis is very strong. We are noticing that there aren't a great deal of multi-famly units available in these areas. We are seeing a lot of townhomes on the market but these don't seem to yield the best ROI and cap rate for after running a few numbers on them.

Does anyone have experience with rentals in the Minneapolis area? Whether that be a multi-family unit, townhome, house, etc... Would you be willing to share more about your experience in this market? What would your advice be for a young couple looking to acquire their first rental property? 

Thank you!

Mario