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All Forum Posts by: Matthew Lindquist

Matthew Lindquist has started 6 posts and replied 27 times.

Post: Average water cost - Twin Cities

Matthew LindquistPosted
  • Investor
  • Minneapolis, MN
  • Posts 27
  • Votes 11

My bill is the same as @Marcus Johnson 's. About $50/unit

Post: First Duplex Closed in Minneapolis

Matthew LindquistPosted
  • Investor
  • Minneapolis, MN
  • Posts 27
  • Votes 11

Congrats from South Minneapolis! Reach out if I can help in any way!

Post: Help! Add a unit to my duplex?

Matthew LindquistPosted
  • Investor
  • Minneapolis, MN
  • Posts 27
  • Votes 11

Hey Everyone!

I have been posting a bit too much but I need some help! I just bought a duplex with an unfinished basement and am thinking about adding a unit in the basement (if zoning permits me to). I cant imagine it would ever make much more than $400 in my neighborhood, but it would dramatically increase the value of the property. I would need to put egress windows in, bathroom, and a basic kitchen. It would be a studio. Otherwise I could rent out the space as storage with no value add. Thoughts? I would love to talk to someone in minneapolis who has done this.

Post: HELP! Add a Unit to my Duplex?

Matthew LindquistPosted
  • Investor
  • Minneapolis, MN
  • Posts 27
  • Votes 11

Hey Everyone!

I have been posting a bit too much but I need some help! I just bought a duplex with an unfinished basement and am thinking about adding a unit in the basement (if zoning permits me to). I cant imagine it would ever make much more than $400 in my neighborhood, but it would dramatically increase the value of the property. I would need to put egress windows in, bathroom, and a basic kitchen. It would be a studio. Otherwise I could rent out the space as storage with no value add. Thoughts? I would love to talk to someone in minneapolis who has done this.

Post: Minneapolis Minnesota Newbie Investor

Matthew LindquistPosted
  • Investor
  • Minneapolis, MN
  • Posts 27
  • Votes 11

Hey all!

I joined recently and wanted to give a shout out to BP for such a platform! I just did my first deal (FHA) and am working on doing a second one within the next year if I can find numbers that work! If youre in the area and want to network, please reach out!

Post: New Member, Minneapolis MN

Matthew LindquistPosted
  • Investor
  • Minneapolis, MN
  • Posts 27
  • Votes 11

@Jon Radlinger What are you studying at the U? I graduated in 2014, just did my first deal and will have another done within the next year. Let me know if you want to discuss how I got started or helpful investment screening techniques! Welcome!

Matt

Post: New Buy and Hold Investors- Minneapolis, MN

Matthew LindquistPosted
  • Investor
  • Minneapolis, MN
  • Posts 27
  • Votes 11

@Joseph Lee Congrats! I am doing the same thing in Bancroft. My mentors have given me a lot of documents (leases, screening info, etc) if you'd like to have them! Makes the starting out process a lot simpler and they do this full time. I think it'd be great to network!

Matt

Post: Help Needed

Matthew LindquistPosted
  • Investor
  • Minneapolis, MN
  • Posts 27
  • Votes 11

@Isaac Kuehn Im a recent grad who just bought my first deal. Planning for the future is great, but put a plan in place, start finding good team members (CPA, attorney potentially, broker, management, etc), and take the first step. I dont think you need to wait until after college to begin if you prepare correctly. What I would do in your position (assuming you are rock solid on your RE dreams and collegiate pursuit - it's a long term game, be positive):

1. Talk to a source of funding (I did mine FHA through Bell Mortgage) and figure out what they need from you whether it is income history, credit, etc.

2. Figure out the kind of deal you want to do (turn key, BRRRR, etc).

3. Create a savings plan (auto draw from checking to savings, or budget) to figure out when youll be able to buy your deal.

4. Pull the trigger.

Reach out if you need any advice or want to know more how I did it. Im not an agent or broker or anything, just a guy trying to help!

-Matt

Has anyone tried / succeeded in south minneapolis AirBnb rentals? Thinking about giving it a shot with a 2 BR 1 BA unit.

Matt

Post: How do I take on investors?

Matthew LindquistPosted
  • Investor
  • Minneapolis, MN
  • Posts 27
  • Votes 11

As a hypothetical situation:

$500K 4plex 20% ($100K) down. An investor wants to put in $75K leaving me putting in the remaining $25K. Additional funds needed for whatever reason are split 50/50. How would divide the ownership and cash flow?

From here on out you can leave out information regarding self directed IRAs

Thank you for your responses @Will Barnard and @Carl Fischer !!