All Forum Posts by: Mark S.

Actually quite a few banks in the Twin Cities area offer business loans at 20% down. I would check with a number of the smaller ones in town and you should have success.

We typically take the 'nice tile over shower unit' approach as well. Looks good, low maintenance.

We also use IKEA on all our remodels, but these are on the lower end of the price range (under $300k) White shaker, granite and stainless appliances. Very easy to assemble and install, looks great. And easy to pick up and return if you have a store near you.

We have been having some success in the Minneapolis market.

Thanks for the responses. To be honest, in the Minneapolis area a 1% opportunity would be terrific in A/B neighborhoods.

Minneapolis is considering it.

We are looking to diversify beyond our current market of Minneapolis and are considering the Phoenix area We have family living there and enjoy visiting, and we would like to start building a base in a more southern locale. Our experience is in single family, townhouses and condos. We buy properties in A and B neighborhoods only, renovate and finance all expenses, looking to break even at a minimum and have solid tenants while building equity. Cash flow is a plus, of course, but we will trade that for quality of neighborhood, tenants and possible appreciation. Any thoughts or suggestions are appreciated.

Actually banks DO want your money. Most are looking for deposits. The reason they are offering 0% on demand deposits is because overall rates are very low and the spread, or margin, they are making on loans is compressing their earnings. So they want deposits to meet reserve requirements necessary to make the volume of loans they need to meet earnings expectations.

We used IKEA shaker cabinets in our last four projects and really like them. They work well for us - easy to get, assemble, hang, and customize to some extent. Buyers and renters like them as well. Returns and exchanges are a breeze. These are all lower end properties (under $300k) if we do some that are above that we will probable go custom.

I moved a number of properties into an LLC last year, worked with my lender on the change and had no issues. Depends on your relationship with your lender. Be aware that completing your taxes will be a challenge if you make the change mid-year, due to the change in ownership during the tax year. Do t forget to make the appropriate changes on your insurance policies and licensing entities as well.